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:

1. Option to take lump sum- To withdraw 1/3^rd of the entire corpus tax free and start receiving annuity from the remaining 2/3^rd of the corpus
2. Option to start Full Annuity according to the annuity options available-To start receiving annuity from the entire corpus without withdrawing anything
3. Open Market Option- To move to another insurer to receive annuity.

 

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.

 

 

 

• Deferred Annuity Plan
• Has 2 phases- the Deferment Phase where premium needs to be paid and the Annuity Phase where Annuity is paid
• Offers High Sum Assured Rebate
• Premium discount for female policyholders under this plan

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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 1/3^rd of the Maturity Proceeds are exempted from tax under Section 10 (10A)

 

 

 

 

	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

 

 

 

Riders- There are 5 additional riders in this plan

1. Comprehensive Accident Protection:
   • Accidental Death Benefit
   • Accidental Permanent Total/ Partial Disability Benefit
   • Premium Waiver Benefit
2. Critical Illness Benefit
3. Hospital Cash Benefit
4. 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.
5. Term Cover - Additional Protection for your family

 

 

 

 

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.