Bajaj Allianz Save Care Economy

 

 

Bajaj Allianz Save Care Economy - Single Premium Plan is a Traditional Endowment Plan. This is a non unit-linked insurance traditional plan which is a Single Premium Plan for a period of 10 years.

 

This is a simple Endowment Policy where premium needs to be paid in a Lumpsum but the cover remains till the end of the policy term. The Sum Assured along accrued Bonuses are paid to the Life Insured on policy maturity or to the Nominee on earlier Death of Life Insured during the Policy Term.

 

 

 

• This plan is an Endowment Plan
• In this plan, Death or Maturity Benefit is Sum Assured + accrued Bonus
• Premium needs to be paid in a lumpsum in this plan
• The Sum Assured is called Minimum Guaranteed Amount that is payable on maturity as it is the least that is due
• Accrued Bonus is paid along with Minimum Guaranteed Amount on maturity or on earlier death. 

 

Death Benefit – In case of death of the Life Insured, the nominee receives the Sum Assured, i.e. the Minimum Guaranteed Amount + accrued bonuses.

 

Maturity Benefit – At the maturity of the policy, the Life Insured will get the Sum Assured, i.e. the Minimum Guaranteed Amount + accrued bonuses.

 

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.)	50,000	No Limit
Policy Term (in years)	10
Premium Payment Term (in years)	Single
Entry Age of Life Insured (in years)	0	60
Age at Maturity (in years)	-	70
Single Premium (in Rs.)	26500	No Limit
Payment modes	Single

 

 

 

The below illustration is for a healthy Male (non-tobacco user) opting for a

Age = 40 years

Sum Assured = Rs 50,000 and Rs 1,00,000

Assumed rate of Bonus = 1% Compounded

 

 

Riders- There are no additional riders in this plan

 

 

 

You stop paying the premium – Being a Single Premium Plan, there is no question of paying future premiums

 

You want to surrender the policy – There is a Surrender Value available in this plan

You want a loan against your policy – Loan facility is available under this policy. The loan amount shall be within 90% of the surrender value.