Bajaj Allianz Swarna Vishranti Plan
Bajaj Allianz Swarna Vishranti Plan is a Traditional Deferred Annuity Plan from Bajaj Allianz Life Insurance Company. This is a non unit-linked insurance traditional plan.
This is a simple Deferred Annuity Plan. In this plan there are 2 parts:
the Deferment Period and
the Annuity Period.
In the Deferment Period, the premium needs to be paid for the accumulation of the fund such that pension can be paid from the same. The deferment period ends with the Vesting Date when the Annuity Period starts.
In the Annuity Period, the policyholder receives the entire Sum Assured along with accrued bonuses. With the corpus that he receives, he has 3 choices:
However, if the Life Insured dies within the Deferment Period, i.e. before the annuity starts then the spouse can take the Sum Assured + accrued Bonuses as a Lump Sum Amount or purchase an annuity to get regular income for life if he/she is more than 45 years of age.
If the Life Insured dies in the Annuity Period, i.e. after the annuity starts, then Death Benefit would be paid only if the same is allowed in the pension option selected, like Return of Capital and not otherwise.
Key Features of Bajaj Allianz Swarna Vishranti Plan
Benefits you get from Bajaj Allianz Swarna Vishranti Plan
Death Benefit – In case of death of the Life Insured during the Deferment period, the nominee receives Sum Assured + accrued Bonuses as a Lump Sum Amount or purchase an annuity to get regular income for life if he/she is more than 45 years of age.
If the Life Insured dies in the Annuity Period, i.e. after the annuity starts, then Death Benefit would be paid only if the same is allowed in the pension option selected
Maturity Benefit – Being an Annuity Plan, there is no Maturity Benefit.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and 1/3rd of the Maturity Proceeds are exempted from tax under Section 10 (10A)
Eligibility conditions and other restrictions in Bajaj Allianz Swarna Vishranti Plan
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
50,000 |
No Limit |
Policy Term (in years) |
5 |
40 |
Premium Payment Term (in years) |
|
|
Entry Age of Life Insured (in years) |
18 |
65 |
Age at Vesting (in years) |
45 |
70 |
Premium (in Rs.) |
Rs. 5000 for Yearly, Rs. 2500 for Half Yearly, Rs. 1250 for Quarterly & Rs. 500 for monthly |
No Limit |
Premium Modes |
Yearly, Half-Yearly, Quarterly and Monthly |
Additional Features and Benefits of Bajaj Allianz Swarna Vishranti Plan
Riders- There are 5 additional riders in this plan
What happens if?
You stop paying the premium – The policy lapses if the premiums are not paid on due time and the policy benefits cease.
You want to surrender the policy – There is a Surrender Value after 3 policy years
Guaranteed Surrender Value= 30% of premiums paid - the 1st year premium
You want a loan against your policy – Loan facility is not available under this policy.