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.
Key Features of Bajaj Allianz Cash Rich Plan
Benefits you get from Bajaj Allianz Cash Rich Plan
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)
Eligibility conditions and other restrictions in Bajaj Allianz Cash Rich Plan
|
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 |
Sample illustration of premium of Bajaj Allianz Cash Rich Plan
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
Additional Features and Benefits of Bajaj Allianz Cash Rich Plan
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.
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 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