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.
Key Features
Benefits
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
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
At the maturity of the policy, the Sum Assured + Terminal Bonus, if any, is paid
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)
There are 5 additional riders in this plan
- Supplementary Death Benefit
- Comprehensive Accident Protection:
- Accidental Death Benefit
- Accidental Permanent Total/ Partial Disability Benefit.
- 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.
How it works
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.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 1,00,000 | No Limit |
| Policy Term (in years) | 10 | 65 |
| Premium Payment Term (in years) |
5 |
30 |
| Entry Age of Life Insured (in years) | 0 |
16 |
| Age at Maturity (in years) | 18 | 100 |
| Premium (in Rs.) | Rs 8,000 for yearly, Rs 4,000 for Half-yearly, Rs 2,000 for Quarterly and Rs 750 for Monthly | |
| Payment modes | Yearly, Half-yearly, Quarterly and Monthly | |
FAQs
What happens if policyholder stop paying the premiumIf 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
What happens if policyholder want to surrender the policyThere 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.
What happens if policyholder want a loan against your policyLoan facility is available under this policy
