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.
Key Features
Benefits
In case of death of the Life Insured, the nominee receives the Sum Assured + Guaranteed Additions + the Vested Bonus
At the maturity of the policy, the insured will get Sum Assured + Guaranteed Additions + the Vested Bonus
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)
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
Eligibility
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 |
FAQs
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.
There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
Loan facility is available under this policy upto 90% of the Surrender Value under the Plan