India's 1st IRDAI Approved Insurance Web Aggregator

Bajaj Allianz Lifetime Care Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

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 of Bajaj Allianz Lifetime Care Plan

 

  • This plan is a whole life participating plan
  • In this plan, Sum Assured + accrued Bonus + Interim Bonus is paid to the Life Insured if he survives till 80 years of age or to his nominee on earlier death.
  • Interim Bonus is paid provided at least 15 years’ premiums have been paid
  • There are 4 variants of this plan
    • 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
  • There is an option to increase coverage upto 50% of the basic Sum Assured on each of the following happy moments in your life like marriage and child birth
  • This plan has large Sum Assured discount and female discoun
  • This plan has 5 additional riders according to the Policy Variant opted for
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

Benefits you get from Bajaj Allianz Lifetime Care Plan

 

Death Benefit – In case of death of the Life Insured, the nominee receives the Sum Assured + Reversionary Bonuses + Interim Bonus

 

Maturity Benefit – 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

 

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 Lifetime Care Plan

 

 

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

 

 

Sample illustration of premium of Bajaj Allianz Lifetime Care 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. 5,00,000 in Economy Package

Premium Paying Term = 25 years.

Bajaj Allianz Lifetime Care Sample Premiums

 

Additional Features and Benefits of Bajaj Allianz Lifetime Care Plan

 

Riders- 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

 

 

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.

 

You want to surrender the policy – There is a Surrender Value after 3 policy years

You want a loan against your policy – Loan facility is available under this policy after 3 policy years upto 90% of the Surrender Value under the Plan



 

Similar Withdrawn Endowment Plans from Bajaj Allianz Life
Compare Endowment Plans

Leave a Comment

Endowment Plan Calculator
Important: Insurance is the subject matter of solicitation | © 2009-2020 MyInsuranceClub.com