Bajaj Allianz Cash Assure Plan is a traditional money back plan which is a mix of protection and savings. To meet the financial obligations, the plan offers liquidity in the form of money back at regular intervals, the policyholder gets lump sum amount at higher rate of return. Moreover, the policyholder can enjoy extra coverage by choosing the optional rider benefits at a nominal extra cost – there are total 5 riders available under this plan.
Death Benefit – In case of unfortunate death of the Life Assured during the policy term, then the nominee will get the below:-
Sum Assured on Death + Vested Bonus + Interim Bonus + Terminal Bonus if any, subject to a minimum of 105% of the total premiums paid will be paid as the Death Benefit.
Where,
Sum Assured on Death will be higher of:-
Survival and Maturity Benefit – the policyholder will receive the Survival Benefit as Money Backs on each due date and the Maturity Benefit on the maturity date.
Money Backs are paid at the end of the policy years as mentioned in the below table:
Money Back |
Policy Term (in years) |
|||
16 |
20 |
24 |
28 |
|
1st |
4th |
5th |
6th |
7th |
2nd |
8th |
10th |
12th |
14th |
3rd |
12th |
15th |
18th |
21st |
Policy Term (in years) |
16 |
20 |
24 |
28 |
Money Back (% of Sum Assured) |
15 |
20 |
25 |
30 |
Maturity Benefit |
60% of Sum Assured + Vested Bonus, if any + Terminal Bonus, if any |
Parameter |
Minimum |
Maximum |
Entry Age (in years) |
0 days |
54 |
Maturity Age (in years) |
18 |
70 |
Sum Assured (in Rs.) |
1,00,000 |
Subject to underwriting |
Policy Term (in years) |
16, 20, 24 and 28 years |
|
Premium Paying Term (in years) |
For 16 years policy term – 11 years |
|
For 20 years policy term – 15 years |
||
For 24 years policy term – 19 years |
||
For 28 years policy term – 23 years |
||
Premium Payment Frequency |
Yearly, Half yearly, Quarterly and Monthly |
You can customize your policy to suit your requirement in the following manner:
Step 1: Choose your Sum Assured
Step 2: Choose your Policy Term
Step 3: Choose your Premium Payment Frequency
Your premium will be based on Sum Assured, gender, age, policy term and premium payment frequency
The Policy Term chosen will determine your money backs and the intervals for receiving those money backs.
Let's Understand The Plan With An Example:
Ashish aged 30 years has taken Bajaj Allianz Cash Assure policy and opted for a Policy Term of 28 years. The Sum Assured
chosen by him is Rs.4,00,000 for which he is paying a premium of Rs.25,186 p.a.
*Ashish will receive 3 Money Back instalments of Rs.1,20,000 during the policy term
*These Money Back instalments will be payable to him starting from the end of every 7 policy year
*On maturity, 60% of the Sum Assured + Vested Bonus (VB), if any is payable. He will receive Rs.5,85,818 at investment
return of 8% or Rs.2,99,949 at investment return of 4% as Maturity Benefit.
In case of unfortunate death of Ashish during the 15 policy year, the nominee will receive ` 5,58,483 at investment return of 8% or `4,31,073 at
investment return of 4% as Death Benefit and the policy will terminate.
Year of Surrender |
3 |
4 to 10 |
11 to 15 |
16 to 20 |
21 to 25 |
26 onwards |
% of Premiums Paid till Date |
30 |
50 |
55 |
60 |
65 |
75 |