Bajaj Allianz Super Saver Plan

 

 

Bajaj Allianz Super Saver Plan is a Traditional Endowment Plan. This is a non unit-linked insurance traditional plan.

 

This is a simple endowment policy where premium needs to be paid till the end of the policy term. The Sum Assured along with Guaranteed Additions and accrued Bonus is paid to the Life Insured on Maturity or to the Nominee on earlier Death of Life Insured during the Policy Term.

 

 

 

§  This plan is a simple endowment plan

§  Sum Assured + Guaranteed Additions + vested Bonus is paid on Maturity or on earlier Death

§  Guaranteed Additions of 4% of sum assured at the end of each policy year.

§  This plan has in-built Accidental Death Benefit rider and 2 additional riders

§  This plan has a 2 year premium holiday facility from second policy year onwards

 

Death Benefit – In case of death of the Life Insured, the nominee receives the Sum Assured + Guaranteed Additions + the Vested Bonus

 

Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + Guaranteed Additions + the Vested Bonus

 

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.)	20,000	No Limit
Policy Term (in years)	10	30
Premium Payment Term (in years)	10	30
Entry Age of Life Insured (in years)	18	60
Age at Maturity (in years)	-
Premium (in Rs.)	1055 p.a.	No Limit
Payment modes	Only Yearly

 

 

 

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

Age = 30 years, 35 years and 40 years

Sum Assured = Rs 1,00,000 in Economy Package

Policy Term = 25 years.

 

 

Riders- There are 2 additional riders in this plan

·         Accidental Permanent Total / Partial Disability Benefit Rider

·         Family Income Benefit: In case of death or accidental total permanent disability of insured, all future premiums are waived and 1% of the sum assured is paid monthly.

And 1 in-built rider

·         Accidental Death Benefit rider

 

 

 

You stop paying the premium – If 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 policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium

 

You want a loan against your policy – Loan facility is available under this policy upto 90% of the Surrender Value under the Plan