Bajaj Allianz Smart Insurance Plan III

 

 

Bajaj Allianz Smart Insurance Plan III is a regular premium unit linked insurance plan (ULIP) without Bonus.

 

The premiums paid under a unit-linked insurance plan are invested by the insurance company in the equity or debt markets as chosen by the policyholder. In this plan, if the Life Insured dies during the policy tenure, the nominee would receive the Sum Assured or the Fund Value, whichever is higher as Death Benefit. However, if the Life Insured survives the entire policy tenure, then he would receive the Fund Value as Maturity Benefit.

 

 

 

·         Regular premium unit linked insurance plan

·         Total Premium Allocation Charge is returned to the policyholder by way of Loyalty Additions

·         Choice of 7 investment funds to invest in as per the risk appetite of the policyholder

·         Flexibility to decrease your sum assured

·         Automatic increase in the sum assured from 6^th policy anniversary

·         Premium paying term and frequency can be altered in this policy
 

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Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher.

 

Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

 

 

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	For age<45 years, SA= 10 X AP For age>=45 years, SA=7 X AP	PT X AP
Policy Term (in years)	10	25
Premium Payment Term (in years)	6	25
Entry Age of Policyholder (in years)	1	60
Age at Maturity (in years)	18	75
Regular premium (in Rs.)	Rs. 50,000 for yearly, half- yearly & quarterly Rs. 17,000 for monthly	No Limit
Payment modes	Yearly, Half-yearly, Quarterly and Monthly

 

 

 

Premium               = Rs 50,000

Age                       = 30 years

Policy Term          = 15 and 20 years

Sum Assured       = Rs 5,00,000

Total Investment  = Rs. 50,000 x 15 years = Rs 7,50,000

Total Investment  = Rs. 50,000 x 20 years = Rs 10,00,000

 

Riders – There are 6 riders available in this policy

1.       Accidental Death Benefit Rider

2.       Accidental Permanent Total/Partial Disability Benefit Rider

3.       Critical Illness Benefit Rider

4.       Hospital Cash Benefit Rider

5.       Family Income Benefit

6.       Term Rider

 

Investment Fund Options - In this plan, there are 7 Investment Fund Options like

·         Accelerator Mid-Cap Fund II

·         Equity Growth Fund II

·         Pure Stock Fund

·         Asset Allocation Fund

·         Bond Fund

·         Liquid Fund

·         Bluechip Equity Fund

 

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- SA is 1.25 to 5 times

·         Greater than or equal to 45 years- SA is 1.10 to 5 times

 

Switching - Unlimited free switches are allowed under 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 at least 3 times the annual premium should be maintained in the Fund Value after Partial Withdrawal.

 

 

 

                                             

 

You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

 

You want to surrender the policy – – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

 

You want a loan against your policy – There is no loan facility in this product.

                                               

 

Policy Year	Premium Allocation Charge
1st Year	9%
2nd to 5th Year	6%
6th to 15th Year	2%
16th Year Onwards	NIL
Top Up Premium	2%

 

Policy Year	Policy Administration Charge
Every Year	Rs 40 p.m.
Increasing at	5% p.a.

 

Fund Name	Charge
Equity Growth Fund II	1.35%
Accelerator Mid Cap Fund II	1.35%
Pure Stock Fund	1.35%
Asset Allocation Fund	1.25%
Bluechip Equity Fund	1.25%
Liquid Fund	0.95%
Bond Fund	0.95%

 

Year of Discontinuation	Annual Premium > Rs 25,000 p.a.
1st	Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000
2nd	Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000
3rd	Lower of 3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000
4th	Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
5th onwards	NIL