Bajaj Allianz Shield Insurance Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

Bajaj Allianz Shield Insurance Plan

Bajaj Allianz Shield Insurance is a single premium fixed-term unit-linked insurance plan or ULIP. In this plan, the premiums paid by you are invested in your choice of funds and the company allocates Units to you as per the unit price of the funds. On policy maturity, you get the Fund Value as on the maturity date.

ULIP is a combination of life insurance and market-linked investment. Thus it offers an opportunity to create wealth in the long term along with a life cover. Shield Insurance plan is a single premium plan, which means that you pay a lumpsum premium at the beginning of the policy, which gets invested for a fixed term.

It is important to know that the premiums paid in unit-linked insurance plans are subject to market fluctuation risks and this risk has to be borne by the policy holder.

Key Features of Bajaj Allianz Shield Plan

Single premium plan with fixed term of 10 years
Return of up to 6% of the single premium at maturity as Guaranteed Addition
Unlimited top-up premium payment allowed (except in Shield Plus Fund IV)
Flexibility to decrease sum assured to 1.25 times of the premium for age below 45 years and 1.1 times of the premium for other ages
Unlimited free switches
Partial withdrawal allowed after 5 policy years onwards
Choice of 8 funds to suit your investment needs
Guaranteed Addition paid at maturity as a percentage of the single premium
- For Single Premium Rs 25,000 to 3,00,000 – 6%
- For Single Premium Rs 3,00,001 and above – 3%

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Benefits you get from Bajaj Allianz Shield Insurance Policy

Maturity Benefit – On policy maturity, you get the Single Premium Fund Value and Top-up Premium Fund Value (if any) plus the Guaranteed Addition

Death Benefit –

§ In case of death of the Life Assured before attaining 60 years of age, the nominee gets Higher of Sum Assured less partial withdrawals made last 24 months (if any) or

The Fund Value

§ In case of death of the Life Assured after attaining 60 years of age, the nominee gets Higher of Sum Assured less partial withdrawals made in last 24 months before age 60 years and all partial withdrawals made after age 60 years or

The Fund Value

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 & other restrictions in Bajaj Allianz Shield Policy

	Minimum	Maximum
Sum Assured (in Rs.)	For Age 8-44 yrs = 1.25 x Single Premium	For Age 8-55 yrs = 5 x Single Premium
Sum Assured (in Rs.)	For Age 45-65 yrs = 1.1 x Single Premium	For Age 56-65 yrs = 1.1 x Single Premium
Entry Age of Policyholder (in years)	8	65
Age at Maturity (in years)	18	75
Premium Payment Term (in years)	5	Equal to Policy Term
Single Premium Amount (in Rs.)	25,000	No limit
Top-up Premium (in Rs.)	5,000	No limit
Policy Term (in years)	10

Sample illustration of returns of Bajaj Allianz Shield Insurance Plan

Below is an indicative projection of returns for Shield Plus Fund IV

Single Premium = Rs 50,000

Age at the time of taking the policy = 30 years

Policy Term = 10 years

Sum Assured = Rs 62,500

Returns:

Guaranteed Maturity Value (GMV) at 6% = Rs 75,542

Fund Value (FV) at Maturity = Rs 78,542

Guaranteed Maturity Value (GMV) at 10% = Rs 76,949

Fund Value (FV) at Maturity = Rs 99,878

Bajaj Allianz Shield Insurance Plan - Sample Illustration of Returns

Additional Features and Benefits of Bajaj Allianz Shield Insurance Plan

Riders – There are 2 riders available in this policy

Accidental Death Benefit Rider
Accidental Permanent Total/Partial Disability Benefit Rider

Investment Fund Options - Under this plan the policy holder gets the following 2 investment options:

Either he can opt for one of the 8 investment Fund Options like

Equity Growth Fund II
Accelerator Mid-Cap Fund III
Pure Stock Fund
Asset Allocation Fund
Bond Fund
Liquid Fund
Bluechip Equity Fund
Shield Plus Fund IV

Top-up - Unlimited Top Up is allowed except in the last 5 years of the policy. Minimum Top Up premium is Rs 5,000. Each top up premium has a lock in of 5 years. Each Top Up premium is accompanied by Sum Assured according to the multiplier:

Less than 45 years- Sum Assured is 1.25 to 5 times
45 years to 55 years- Sum Assured is 1.10 to 5 times
Greater than 55 years-Sum Assured is 1.10 times

Switching - Unlimited Switches are allowed in this plan. Minimum Switching amount is Rs 5,000 or the Fund Value, whichever is lower.

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. The minimum amount of partial withdrawal should be Rs. 5,000 such that Rs 5,000 or 1/5th the single premium should be maintained after Partial Withdrawal.

Charges in Bajaj Allianz Shield Insurance Plan

Premium Allocation Charge – This charge is deducted from the Premium Paid by you

Type of Premium	Premium Allocation Charge
Single Premium	3% of the Single Premium Paid
Top-Up Premium	2% of the Top-Up Premium Paid

Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis till a maximum of Rs 6000 per annum.

Policy Year	Policy Administration Charge
1^st -5^th year	1.90% of the Single Premium per month
6^th year onwards	0.85% of the Single Premium per month

Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

Type	Charge
Equity Growth Fund II Fund	1.35%
Accelerator Mid Cap Fund II	1.35%
Pure Stock Fund	1.35%
Asset Allocation Fund	1.25%
Bluechip Equity Fund	1.35%
Liquid Fund	0.95%
Bond Fund	0.95%
Shield Plus Fund IV	1.35%

Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure. There are no charges whatsoever.

Switching Charge— There are unlimited switches free in this plan.

Miscellaneous Charge— Rs. 100 is charged per transaction for the following:

Decrease of Sum Assured
Partial Withdrawal and
Issuance of copy of policy document

Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.

Service Tax would be applicable on the charges depending on the applicable rates.

What happens if?

You stop paying the premium – The Company gives a grace period of 30 days after which the policy is discontinued. Revival or reinstatement of the discontinued policy is not allowed

You want to surrender the policy – You have the option to surrender policy anytime from 6^th policy year. Surrender value paid will be equal to the Fund Value as on date of surrender

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