Bajaj Allianz Cash Rich Plan

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

In this policy, there are two phases, namely Premium Payment Phase and a Money Back Phase, both of which are selected at the inception of the policy. At the end of the premium payment term, the accrued compound reversionary bonus shall be paid. Then 5% of the Sum Assured + Annual Cash Bonus (if any) are paid at the end of each policy year, till the end of the policy term. When the Policy matures, the entire Sum Assured + Terminal Bonus is paid and the policy is terminated. However, if the Life Insured dies within the policy tenure, the full Sum Assured + all accrued Bonuses are paid and the policy is terminated.

• This is a simple money back plan with both Death and Survival Benefits
• There are 2 phases in this plan- The premium Paying Phase and the Money Back Phase
• Survival Benefit of 5% of the Sum Assured + Cash Bonus is paid every year after the Premium Paying Term is over till the policy matures
• Death Benefit is full Sum Assured + accrued Bonuses irrespective of the amount already paid
• Optional higher cover through Riders
• There is Large Sum Assured Rebate in this policy
• There is an option of converting this plan to a single premium term cover with return of premium (ROP) if you are unable to continue this plan
• There is a 3 year Premium Holiday facility that is available after 2 policy years
• Premiums can be paid in advance as well 

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

Survival Benefit – The Life Insured would receive 5% of the Sum Assured + Cash Bonus every year after the Premium Paying Term is over till the policy matures

Maturity Benefit – At the maturity of the policy, the Sum Assured + Terminal Bonus, if any, is paid

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

Policy Term = 25 years

Premium Paying Term= 10 years

Riders- There are 5 additional riders in this plan

·         Supplementary Death Benefit

·         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. The policy can be revived within 2 years from the due date of the first unpaid premium.

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

There is Special Surrender Value available in this plan as well.

You want a loan against your policy – Loan facility is available under this policy