Bajaj Allianz Cash Gain Plan

Bajaj Allianz Cash Gain Plan is a Money Back Plan. This is a non unit-linked insurance traditional plan where the money is paid as pre-decided intervals.

In this policy, if the Life Insured survives then he would receive return every 1/5^th of the policy term. The first instalment is 10% of the Sum Assured, Second instalment is 10% of the Sum Assured, Third instalment is 10% of the Sum Assured, Fourth instalment is 10% of the Sum Assured and 50% of the Sum Assured is paid on maturity along with accrued Bonuses. Total 125% of the Sum Assured is paid throughout.

However, if the Life Insured dies within the policy tenure, then the nominee would receive the full Sum Assured irrespective of how much has already been paid out before and Bonus being calculated on the full Sum Assured and the policy terminates.

• This is a simple money back plan with both Death and Survival Benefits
• There are 4 variants of this plan
  • Bajaj Allianz CashGain Economy: The basic package with Death Benefit = Sum Assured only
  • Bajaj Allianz CashGain Gold: With double protection with Death Benefit = 2 times Sum Assured
  • Bajaj Allianz CashGain Diamond: With triple protection with Death Benefit = 3 times Sum Assured
  • Bajaj Allianz CashGain Platinum: With quadruple protection with Death Benefit = 4 times Sum Assured
• Survival Benefit is paid every 1/5^th of the policy term
• Optional higher cover through Riders
• There is Large Sum Assured Rebate in this policy
• There is an option to increase coverage upto 50% of the basic Sum Assured on each of the following happy moments in your life like marriage and child birth
• This plan provides a discount for female policyholders

Death Benefit – In case of death of the Life Insured, the nominee receives the full Sum Assured irrespective of what payment has already been provided + accrued Bonus

• In Bajaj Allianz CashGain Economy, Death Benefit = Sum Assured only
• In Bajaj Allianz CashGain Gold, Death Benefit = 2 times Sum Assured
• In Bajaj Allianz CashGain Diamond, Death Benefit = 3 times Sum Assured
• In Bajaj Allianz CashGain Platinum, Death Benefit = 4 times Sum Assured

Survival Benefit – The Life Insured would receive The following Survival Benefit

Maturity Benefit – At the maturity of the policy, the insured will get 50% of the Sum Assured along with accrued Bonus

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

The below illustration is for a healthy Male (non-tobacco user) opting for a

Age = 30 years, 35 years and 40 years

Sum Assured = Rs 1,00,000 in Economy Package

Policy Term = 25 years

Riders- There are 4 additional riders in this plan

·         Comprehensive Accident Protection:

o    Accidental Death Benefit

o    Accidental Permanent Total/ Partial Disability Benefit.

o    Premium Waiver Benefit

·         Critical Illness Benefit

·         Hospital Cash Benefit.

·         Family Income Benefit: In case of death or accidental total permanent disability of insured, all future premiums are waived and 1% of the sum assured is paid monthly.

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.

You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

You want a loan against your policy – Loan facility is not available under this policy