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.

 

 

 

• 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

 

 

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)

 

 

 

	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

 

 

 

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.

 

 

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

 

 

 

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