Bajaj Allianz Lifetime Care Plan
Bajaj Allianz Lifetime Care Plan is a Traditional Whole Life Plan. This is a non unit-linked insurance traditional plan. This plan works like an Endowment Plan where the policy ends when the Life Insured is 80 years old.
This is a simple Whole Life Policy where premium needs to be paid for a minimum of 10 years but the cover remains till 80 years of age. The Sum Assured along declared Reversionary Bonuses + Interim Bonus is paid to the Life Insured on Survival till age 80 or to the Nominee on earlier Death of Life Insured during the Policy Term. There are 5 additional riders that can be opted for to enhance the level of protection in this plan.
Key Features
- Economy: The basic plan
- Protect: This pack comes with the following 3 in-built additional benefits
- Accidental Death Benefit
- Accidental Permanent Total/Partial Disability Benefit
- Waiver of Premium Benefit (in case of accidental permanent total disability)
- Health: This pack comes with the following 2 in-built additional benefits
- Critical Illness Benefit
- Hospital Cash Benefit
- Total: This pack comes with all the 5 in-built additional benefits
- Accidental Death Benefit
- Accidental Permanent Total/Partial Disability Benefit
- Waiver of Premium Benefit (in case of accidental permanent total disability)
- Critical Illness Benefit
- Hospital Cash Benefit
Benefits
In case of death of the Life Insured, the nominee receives the Sum Assured + Reversionary Bonuses + Interim Bonus
At the maturity of the policy when the Life Insured is 80 years old, the Life Insured will get Sum Assured + Reversionary Bonuses + Interim Bonus
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 which are available according to the product variant opted for:
- Accidental Death Benefit
- Accidental Permanent Total/Partial Disability Benefit
- Waiver of Premium Benefit
- Critical Illness Benefit
- Hospital Cash Benefit
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.) | 10,000 | No Limit |
Policy Term (in years) | 80 – Age at Entry | |
Premium Payment Term (in years) | 10 | 80 – Age at Entry |
Entry Age of Life Insured (in years) | 15 (Economy)
18 (Others) |
60 (Economy)
50 (Others) |
Age at Maturity (in years) | - | 80 |
Premium (in Rs.) | 1,500 for Yearly, 800 for Half Yearly, 450 for Quarterly and 150 for Monthly | No Limit |
Payment modes | Yearly, Half-Yearly, Quarterly, Monthly and SSS |
FAQs
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.
There is a Surrender Value after 3 policy years
Loan facility is available under this policy after 3 policy years upto 90% of the Surrender Value under the Plan