MyInsuranceClub
menu

Bajaj Allianz Lifelong Assure Plan

Sample Premiums for this plan
male | healthy | policy term =10 and 15 years
2 Lakhs Cover
35,400
2 Lakhs Cover
26,392
ambulance-cover-overview icon
Death Benefit
no-claim-bonus-overview icon
Loan
earn-and-burn-overview icon
Tax benefit

Bajaj Allianz Lifelong Assure is traditional, participating Whole Life Endowment Plan where premiums are payable only for a limited tenure. Thus, the plan provides lifelong insurance coverage without a break in the coverage continuity.

Bajaj Allianz Lifelong Assure Plan - Key Features

It is a Limited Premium Paying plan where the policyholder can choose any tenure from 10, 15 or 20 years.
day-care-treatment icon

The benefit payable under the plan can be availed in installments and coverage is provided till the insured reaches 100 years of age.
earn-and-burn icon

After the completion of the Premium Paying Term, the plan provides guaranteed cash backs.
earn-and-burn icon

Female lives are allowed premium rebates.
no-claim-bonus icon

Bajaj Allianz Lifelong Assure Plan - Benefits

Maturity Benefit

If the insured attains 100 years and the plan matures, the Sum Assured on Maturity is paid which is a percentage of the Sum Assured based on the Pr...

Death Benefit

If the insured dies before reaching 100 years of age and the policy is in-force, the death benefit payable would be higher of the following:

...

Benefits in installments

The maturity benefit or the death benefit can be taken in monthly installments instead of a lump sum amount over a period of 5 years or 10 years. T...

Survival Benefits

Guaranteed cash backs are paid to the policyholder after the completion of the Premium Paying Term @3% of the chosen Sum Assured. Cash bonuses, dep...

Loan

Loans are allowed under the plan only if the plan has acquired a Surrender Value. The maximum available amount of loan is 80% of the Surrender Valu...

Bonus

Cash bonuses are declared and paid from the 6th policy year.

Tax benefit

Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit re...

Riders

Five additional riders are available under the plan which can be added to the base policy for a comprehensive coverage option. The riders include:<...

Premium Discounts

If a higher amount of Sum Assured is chosen, the company provides premium rebates. This rebate is allowed per thousand of Sum Assured for Sum Assur...

Grace Period

A grace period of 30 days is allowed for payment of premium after the due date for annual, half-yearly or quarterly modes of premium payment. For m...

Working of the Bajaj Allianz Lifelong Assure Plan

  • The policyholder chooses the Sum Assured and the Premium Paying Tenure. Based on the age of the insured, the Sum Assured and the Premium Paying Tenure and frequency, the premium would be calculated.
  • If the insured dies any time before reaching 100 years of age, the death benefit is paid.
  • Guaranteed cash back as a percentage of the Sum Assured would be paid every year after the Premium Paying Term is completed as a Survival Benefit.
  • In addition to this cash back, cash bonuses are also paid every year from the 6th policy year.
  • On maturity when the insured reaches 100 years of age, the maturity benefit is paid.

Eligibility Criteria of Bajaj Allianz Lifelong Assure Plan

The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
 

  Minimum Maximum
Entry age (Last Birthday) 10 years 55 years
Maturity Age (Last Birthday) NA 100 years
Plan tenure (100 – age at entry) years
Premium payable  

Frequency PPT -10 PPT - 15 PPT - 20
Yearly Rs.18,303 Rs.13,401 Rs.10,811
Half-yearly Rs.10,000 Rs.8500 Rs.7000
Quarterly Rs.5500 Rs.4625 Rs.3875
Monthly Rs.2000 Rs.1667 Rs.1471
No Limit
Premium Paying Term (PPT) 10, 15 and 20 years
Sum Assured Rs.1lakh No limit
Premium payment mode Monthly, quarterly, half-yearly and annually

Bajaj Allianz Lifelong Assure Plan - Surrender Value

Surrendering the policy

Surrender is allowed only after the policy becomes paid-up. On surrendering the policy, higher of the Guaranteed Surrender Value (GSV) or the Speci...

Exclusions in Bajaj Allianz Lifelong Assure Plan

  • If the policyholder commits suicide within a year of policy issuance 80% of the premiums paid would be returned and no death benefit would be payable
  • If suicide is committed within a year of policy revival, higher of 80% of the premiums paid till death or the Surrender Value acquired would be paid provided the policy is in force