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Bajaj Allianz Lifestyle Protect Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Bajaj Allianz Lifestyle Protect Plan
 
Bajaj Allianz Lifestyle Protect Plan is a Pure Term Insurance Plan where the Death Benefit is paid over a period of time rather than as a lumpsum.
 
How it works – In this plan, premium needs to be paid for the entire Policy Tenure of 10 years in yearly, half-yearly, quarterly or monthly mode.
 
If the Life Insured dies within the Policy Tenure, the Sum Assured is paid as a fixed income to the family in the form of “Monthly Income” for a Fixed Tenure of 60 months as Death Benefit and the policy terminates thereafter.
 
For example, if Mr. X takes a Bajaj Allianz Lifestyle Protect Plan of Rs 10 lacs and dies within the tenure of 10 years, then his family would receive Rs (10lacs/60)= Rs 16,667 per month for the entire Benefit Tenure of 5 years, i.e. 60 months.
 
Monthly Death Benefit Installment= Sum Assured / 60 for a Tenure of 5 years or 60 months.
 
However, if he survives the entire Policy Tenure, then nothing is payable to him as Maturity or Survival Benefit.
 
 
Key Features of Bajaj Allianz Lifestyle Protect Insurance Plan
 
  • It is a simple Term Insurance Plan without Bonus facility
  • This is a fixed tenure plan of 10 years
  • If the Life Insured dies within the Policy Tenure, a fixed “Monthly Income” Benefit is payable to the family for a Fixed Tenure of 60 months as Death Benefit and the policy terminates thereafter
  • Being a Pure Term Plan, there is no Maturity Benefit in this plan
  • There is High Sum Assured discount in this plan
Have any doubts that need to be clarified? Request a Call Back
 
Benefits you get from Bajaj Allianz Lifestyle Protect Insurance Policy
 
Death Benefit – If the Life Insured dies within the Policy Tenure, the Sum Assured is paid as a fixed “Monthly Income” Benefit is payable to the family for a Fixed Tenure of 60 months as Death Benefit and the policy terminates thereafter.
 
Maturity Benefit – There are no maturity benefits under this plan as it is a pure protection plan.
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Death Proceeds are also tax free.
 
 
Eligibility conditions & other restrictions in Bajaj Allianz Lifestyle Protect Policy
 

 

 
Minimum
Maximum
Sum Assured (in Rs.)
3,00,000
15,00,000
Policy Term (in years)
10
Premium Payment Term (in years)
Equal to Policy Term
Entry Age of Life Insured (in years)
18
50
Age at Maturity (in years)
28
60
Annualized Premium (in Rs.)
1,045 (Yearly)
533 (Half-Yearly)
272 (Quarterly)
94 (Monthly)
16,014 (Yearly)
8,167 (Half-Yearly)
4,164 (Quarterly)
1441 (Monthly)
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
 
 
Sample illustration of premium amount in Bajaj Allianz Lifestyle Protect Plan
 

Premium illustration of a Healthy Male of 30, 40 and 50 years of age opting for a Sum Assured of Rs 5 and 15 lacs respectively, for a Policy Tenure of 10 years.

 

Sample Premiums in Bajaj Allianz Lifestyle Protect Plan

 

Additional Features and Benefits of Bajaj Allianz Lifestyle Protect Plan
 
Riders – There are no additional riders are available in this policy
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period. An application of revival can be made within 90 days from the due date of the first unpaid premium and it can be looked into after providing proof of good health.
 
You want to surrender the policy – There are no surrender benefits under this term plan.
 
You want a loan against your policy – Loan facility is also not available under this policy.



 
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