Bajaj Allianz Save Assure
Bajaj Allianz Save Assure Plan
Bajaj Allianz Save Assure Plan is a guaranteed returns endowment plan without Bonus facility. In this plan, 115% of the Basic Sum Assured would be paid to the policyholder on survival till the end of the policy tenure as Maturity Benefit. There is also an option to receive the Maturity Benefit in monthly instalments over a period of 5 to 10 years instead of lumpsum.
Key Features
Benefits
In case of death of the Life Insured within the policy tenure, the nominee receives the higher of
- 115% of sum assured
- 10 X Annualised Premium for Age less than 45 years and 7 X Annualised Premium for Age 45 years and above subject to a minimum of 105% of total premium paid as Death Benefit and the policy terminates.
At the maturity of the policy, the insured will get 115% of the Sum Assured as Maturity Benefit and the policy terminates.
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 Maturity Proceeds are also tax free under section 10(10)D under the mentioned clauses.
How it works
You can customize your policy to suit your requirement in the following manner:
Step 1: Choose your Sum Assured
Step 2: Choose your Policy Term
Your premium will be based on your current age, sum assured and policy term.
Let's Understand The Plan With An Example:
Ravi aged 30 years has taken a Bajaj Allianz Save Assure policy for a Policy Term (PT) of 17 years. The Sum Assured chosen by him is
Rs.5,00,000 for which he is paying a premium of Rs.30,605 yearly for premium paying term of 12 years. On maturity date, Ravi will
receive 115% of Rs.5,00,000 (the Sum Assured chosen), i.e., Rs.5,75,000
In case of unfortunate death of Ravi in the 7th policy year, his nominee will receive 115% of Rs.5,00,000 (the Sum Assured chosen),
i.e.,Rs.5,75,000.
Premium shown above is exclusive of Service Tax and any extra premium.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 1,00,000 | No Limit |
| Policy Term (in years) | 15 | 17 |
| Premium Payment Term (in years) | Policy Term – 5 Years | |
| Entry Age (in years) | 1 | 60 |
| Maturity Age (in years) | 18 | 75 |
| Payment modes | Yearly, Half-Yearly, Quarterly and Monthly | |
FAQs
You stop paying the premiumIf 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. The policy can also be revived within 2 years from the due date of first unpaid premium by paying all due but unpaid premiums with applicable interest.
You want to surrender the policyThere is a Guaranteed Surrender Value after 3 policy years. The Guaranteed Surrender Value of GSV is according to the table:
| Year of Surrender | 3 | 4 to 9 | 10 to 14 | 15 onwards |
| % of Premium Paid till Date | 30% | 50% | 55% | 60% |
However the policy is surrendered after paying 1st or 2nd year’s premium, there is Early Termination Value that is paid since the policy does not accrue any Surrender Value.
| No of year’s Full Premium Paid | Early Termination Value as % of Premiums paid |
| 1 | 11% |
| 2 | 15% |
You want a loan against your policyLoan facility is available under this policy upto 90% of the Surrender Value under the Plan but after at least 3 years’ premiums have been paid in full.
