Bajaj Allianz Cash Assure Plan

Bajaj Allianz Cash Assure Plan

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.

 

Key Features of Bajaj Allianz Cash Assure Plan

• Money backs at regular intervals
• Guaranteed Money Back of up to 150% of the Sum Assured
• Choice of 4 policy terms, 16, 20, 24 and 28 years
• Special rates for female policyholder.

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Benefits you get from Bajaj Allianz Cash Assure 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:-

• 10 times of annualised premium - Annualized Premium and total premium is exclusive of extra premium, rider premium, service tax & cess, if any
• Sum assured

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

Income Tax Benefit – Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Proceeds are also tax free under section 10(10) D under the mentioned clauses.

 

Eligibility conditions and other restrictions in Bajaj Allianz Cash Assure Plan

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

 

Additional Features and Benefits of Bajaj Allianz Cash Assure Plan

Riders - 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.

1. Bajaj Allianz Accidental Death Benefit Rider
2. Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider
3. Bajaj Allianz Critical Illness Benefit Rider
4. Bajaj Allianz Family Income Benefit Rider
5. Bajaj Allianz Waiver of Premium Benefit Rider

Higher Sum Assured Benefit - Premium discount on higher sum assured

Free look: - The policyholder can cancel the policy if not convinced with the Terms and Conditions of the policy, within 15 days from the date of receipt of the policy document.
 

Plan Details

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.

What happens if?

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. The policy can also be revived within 2 years from the due date of first unpaid premium by paying all due but unpaid premiums with applicable interest.
You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years. The Guaranteed Surrender Value of GSV is according to the table:
 

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

You want a loan against your policy – Loan facility is available under this policy up to 60% of the Surrender Value under the Plan.