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Bajaj Allianz Super Life Assure Plan
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Bajaj Allianz Super Life Assure Plan Review
Bajaj Allianz Super Life Assure plan is a traditional, participating, Endowment Assurance plan which helps individuals create a long-term saving corpus and at the same time provides the benefit of insurance protection.
Highlights of the Bajaj Allianz Super Life Assure Plan
This is a traditional Endowment plan which earns bonuses through participating in the company’s profits.
The plan comes with two variants of Super and Life.
The plan has an Income Benefit which comes with the Super variant and which provides regular monthly income post the death of the insured.
Females are charged lower premiums than males.
Working of the Bajaj Allianz Super Life Assure Plan
The policyholder has to choose the plan variant, the Sum Assured and the policy term.
Premiums are to be paid for the entire plan term and would be calculated based on the term, plan variant and the Sum Assured chosen.
Premium would be determined based on the Sum Assured and the policy tenure chosen by the policyholder.
On death during the period, the death benefit depending on the plan variant and accrued bonuses is paid.
Income benefit is payable only with the Super variant of the plan.
On maturity, the maturity benefit and the accumulated bonuses are paid.
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits and Features of Bajaj Allianz Super Life Assure Plan
Maturity Benefit – When the plan matures, the benefit payable would be:
Basic Sum Assured + vested Bonuses + Terminal Bonus, if any
The maturity benefit would be same in both plan variants and the minimum guaranteed maturity benefit would be 100.1% of the total premiums paid.
Death Benefit – If the insured dies during plan term, the death benefit payable would depend on the plan variant chosen by the policyholder. For Life Variant – The death benefit would be higher of the following:
Sum Assured on death + vested bonus + Terminal Bonus, if any
105% of all premiums paid till death For Super Variant - The death benefit would be higher of the following:
Sum Assured on death + vested bonus + Terminal Bonus, if any
105% of all premiums paid till death
In addition to the death benefit, an Income Benefit would also be payable in this variant. The benefit would be an additional Sum Assured which is paid in equal monthly installments over a period of 10 years after the death of the insured. Thus, each monthly installment would be:
Sum Assured /120
The Sum Assured on death for both the variants would be higher of the following:
Basic Sum Assured as chosen at policy commencement
10times the annual premium
Bonus – Bonuses are declared under the plan and are paid every year for which the policy is in-force. A terminal bonus may also be paid on death or maturity of the plan.
Loan –Loan can be taken on the policy after the policy has acquired a Surrender Value. The maximum amount of loan available is 90% of the acquired Surrender Value.
Tax benefit – Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. Premiums paid for the APC & CA option would be exempt under Section 80D. The death benefit or the maturity benefit received and the CI benefit if received would also be tax exempt under Section 10(10D) of the Income Tax Act.
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Eligibility Criteria of Bajaj Allianz Super Life Assure Plan
The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
Minimum
Maximum
Entry age (Last Birthday)
Super - 18 years
Life – 0 years
Super - 50 years
Life –55 years
Maturity Age (Last Birthday)
Super - 30 years
Life –18 years
70 years
Plan tenure
12 years
20 years
Premium payable
Frequency
Super
Life
Yearly
Rs.5328
Rs.5201
Half-yearly
Rs.2717
Rs.2652
Quarterly
Rs.1385
Rs.1352
Monthly
Rs.480
Rs.468
No limit. Depends on the Sum Assured chosen
Premium Paying Term
Equal to the plan tenure
Sum Assured
Rs.1 lakh
No limit
Premium payment mode
Monthly, quarterly, half-yearly and annually
Additional Benefits of Bajaj Allianz Super Life Assure Plan
Riders – Bajaj Allianz Waiver of Premium Benefit Rider can be availed under this plan for a more comprehensive protection.
Premium Discounts – Any level of Sum Assured above the minimum level of Rs.2 lakhs would attract a discount in the premium. The discount available would be Rs.25 per Rs.10,000 Sum Assured
Grace Period – A grace period of 30 days is allowed for payment of premium after the due date for annual, half-yearly or quarterly modes of premium payment. For monthly modes, the grace period allowed is 15 days. The life cover under the policy would continue during the grace period.
Free Look Period – A cooling off period or a free look period of 15 days is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid
Plan Details
You can customize your policy to suit your requirement in the following manner: Step 1: Choose your plan variant:Super or Life Step 2: Choose your Sum Assured Step 3: Choose your Policy Term Step 4: Choose your Premium Payment Frequency
Plan varient chosen at inception cannot be changed during the policy term.
Plan premium will be based on Sum Assured,plan variant,gender,age,policy term and premium payment frequency.
Let's Understand The Plan With An Example:
Nitin aged 30 years has taken Bajaj Allianz Life Assure (Super variant) and opted for a policy Term of 20 years. The Sum Assured chosen by him is Rs.3,00,000 for which he is paying a premium of Rs.16,136 p.a.
On maturity date,Nitin will receive the following Maturity Benefit:
In case of unfortunate death of Nitin at the end of the 10th policy,the nominee will receive trhe Death Benefit as given below:
1) Death Benefit payable immediately
2) Death Benefit payable Income Benefit:Rs.2,500 will be paid every month for 120 months.
Note:
Premium shown above is for 'Super' variant and is exclusive of Service Tax and any extra premium. Vested Bonus at 8% & 4% is not guaranteed and is for illustrative purpose only.
Premium Illustration
Here is a specimen illustration showing the premiums paid by a 30 year old male at Sum Assured (SA) levels of Rs.2 lakhs and Rs.5 lakhs and Super plan variant at different policy terms:
The table below shows the premium values of the above chart
Sum Assured (SA)
Term - 15 years
Term - 17 years
Term - 20 years
2 lakhs
14,444
12,738
10,924
5 lakhs
35,360
31,095
26,560
:
Exclusions in Bajaj Allianz Super Life Assure Plan
If the policyholder commits suicide within a year of policy issuance 80% of the premiums paid would be returned and no death benefit would be payable
If suicide is committed within a year of policy revival, higher of 80% of the premiums paid till death or the Surrender Value acquired would be paid provided the policy is in force
Non-Payment of premium in Bajaj Allianz Super Life Assure Plan
Premiums have to be paid for at least 3 years after which the policyholder can surrender the policy or make it paid-up.
Making the policy Paid-up
If at least3 full years’ premium has been paid, the policy would become a paid-up policy if future premiums are not paid. The benefits under the plan would be reduced and would be called Paid-up benefits. Bonuses would not be declared under the policy and the following benefits would be paid as and when they occur:
Death Benefit –Paid-up Sum Assured on death + vested bonus subject to a minimum of 105% of all premiums paid till death.
If the Super Benefit is selected where the Income benefit is provided, apart from the above mentioned death benefit, 100% of the paid-up Sum Assured would be paid as monthly installments over a period of 10 years. If the value of each installment is lower than Rs.400, then the income benefit would be paid as yearly installments over 10 years. The nominee can avail a lump sum benefit rather than taking the monthly or the yearly installments.
Maturity benefit – Paid-up Sum Assured + vested bonus subject to a minimum of 100.1% of all premiums paid.
Surrendering the policy
Surrender is allowed only after the policy becomes paid-up, i.e. after 3 full years’ premiums have been paid. On surrendering the policy, higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV) would be paid.
The SSV would be declared by the company based on its performance and would be calculated as:
SSV = {(Paid-up Sum Assured on death + vested bonuses)* SSV1 Factor} + {(Paid-up Sum Assured + vested bonuses)*SSV2 Factor}
Revival
Revival is allowed within 2 years from the date of the first unpaid premium. The policyholder would be required to pay the outstanding premium and any interest charged by the insurer to revive his policy.
Foreclosure
If a loan is availed under a policy, the loan and the interest therein should not exceed the Surrender Value in the policy. If the policy is in-force, this does not happen. If the policy is made paid-up, the policyholder would be notified and the policy would be foreclosed.
