Bajaj Allianz Elite Assure

In order to be happy and successful in life, the key is going for the right options. This stands true for both, your life and your finances. Also, prudent financial planning and well-managed investment portfolio are equally important. In this respect, having a balanced investment solution is imperative. Therefore, Bajaj Allianz has come up with Bajaj Allianz Elite Assure. The policy provides you with two important options – sufficient life cover as well as attractive return on investments. Take a look!

 

Some prominent advantages of the policy

Bajaj Allianz Elite Assure is a conventional participating limited and regular premium endowment policy. Some of its prominent features are given as under:

 

    A perfect amalgamation of life insurance and good ROI (return on investments)

    Accrued guaranteed additions with Loyalty Additions of around 315% of the GMB (Guaranteed Maturity Benefit), on the basis of the term chosen for premium payments

    4 options of policy terms – 15 Years, 20, years, 25 years and 30 years

    Premium paying term – regular as well as limited

    Coverage enhancement options along with add-on benefits

 

How does the policy work?

One of the best things about Bajaj Allianz Elite Assure is, it can be customized according to your personal requirements. The steps given below you help you know – how it can be done:

 

    First of all, you need to select a policy term.

    Secondly, you need to choose the PPT (premium payment term).

    Thirdly, you need to select the PPF (premium paying frequency).

    Lastly, you need to choose the GMB.

 

Note – your premium would be decided on the basis of the GMB, age of the policyholder, PPT and PPF. Also, the amount of your sum insured would be 10 times of the annualized premiums.

 

Policy features and benefits

Maturity benefit

It is the sum of the GMB + GLA (Guaranteed Loyalty Additions) + VB (Vested Bonus) + IB (Interim Bonus), if any + TB (Terminal Bonus), if any. VB as per declaration would be added to every policy term from the date of commencement of the policy.

 

    Guaranteed Loyalty Additions, as the percentage of Guaranteed Maturity Benefit would be added to your plan at the end of every policy term, right from the commencement date of your policy to the end of the 10th policy term.

    GLA, as the percentage of GMB as well as the total amount of GLA payable to you at the date of maturity basically depends of the PPT and the policy term selected by you. To get a clear insight into the same, refer to the table given below:

 

PPT

7 Years

10 Years

15 Years

20 Years

25 Years

30 Years

Policy Term (Years)

15

20

25

30

15

20

25

30

15

20

25

30

GLA (%)

3

3

3

3

7

7

7

7

15

15

15

15

Total GLA (%)

18

33

48

63

42

77

112

147

90

165

240

315

 

Death Benefit

If the policyholder dies during the policy term, then the nominee of the policyholder is entitled to receive – sum insured on death + GLA + VB (if any) + IB (if any) + TB (if any), provided all the outstanding premium payments are done. It is subject to the GDB of 105 percent of the total sum of premiums cleared till death. Sum insured on death would be the higher of the following:

 

    GMB

    Sum Insured

 

Add-on benefits

You can also enjoy extra extent of coverage by opting for add-ons at additional nominal charges. Some of the available add-ons with Bajaj Allianz Elite Assure are:

 

    Accidental death benefit add-on

    Accidental partial or total disablement benefit add-on

    Critical illness rider

    Family income rider

    Waiver of premium rider

 

Surrender benefit

The policy can be surrendered at any point of time, provided all the premium payments are clear at least for 1 complete year for PPT < 10 years and minimum 2 years for PPT >= 10 years. The surrender benefits payable would be the higher of the following:

 

    SSV (Special Surrender Value)

    GSV (Guaranteed Surrender Value)

 

What are the eligibility parameters?

Here you go:

Eligibility Parameters

Details

Age of Entry (Min.)

0 Years

Age of Entry (Max.)

55 Years

Maturity age (Min.)

18 Years

Maturity age (Max.)

70 Years

Policy Term

15 years, 20 years, 25 years and 30 years

PPT

7 years, 10 years and equal to the term of policy

Premium

Depends on the selected GMB

Sum Insured

10 X the annualized premiums

GMB (Min.)

Rs. 5, 00, 000

GMB (Max.)

No limitation

PPF

1 year, 6 months, 3 months and per month

 

Some frequently asked questions

Is there any rebate on the premiums?

Well, yes Bajaj Allianz Elite Assure does offer a premium rebate, provided your GMB is more than Rs. 5, 00, 000. Take a look at the table given below for better understanding:

 

PPT

7 Years

10 Years

15 Years

20 Years

25 Years

30 Years

Rebate

Rs. 90

Rs. 76

Rs. 67

Rs. 72

Rs. 77

Rs. 81

 

Is there any tax benefit?

Premium payments are entitled to receive tax redemptions under the Income Tax Act, Section 80 C. Also, death benefit, maturity benefit as well as surrender benefits are eligible for tax rebated under the Income Tax Act, Section 10 (10) D. It is subject to the specified provisions. However, it’s always advisable to seek professional advice for the same.