Bajaj Allianz Guarantee Assure

When it comes to the well being and protection of your family, everything done does not seem enough. The desire to do something more keeps on coming on coming on your mind, which is quite obvious. Bajaj Allianz realizing your thought process, which is the same for almost every family man or woman, has introduced, Bajaj Allianz Guarantee Assure.

 

It is a non-participating, non-linked and individual premium (limited) policy that lets you bid adieu to your worries. Take a deeper look at the different aspects of the endowment plan:

 

Prominent Features of the Policy

    It offers fixed PPT of 5 years. PPT means Premium Payment Term.
    It provides 3 options on policy terms. They are – 7, 8 and 9 Years.
    It offers Guaranteed Additions (GA) of up to 60% of the amount insured on maturity.
    The rebate associated with high sum insured adds additional value to the policy.
    Female applicants are eligible to enjoy special premium rates.
    The option to receive the benefits in installments (monthly) is an added advantage. It can be taken over the tenure of 5 to 10 years.

 

How this endowment plan works?

In order to be the receiver of benefits under this policy, all you have to do is choose the sum you intend to insure and the policy term, as well. Policy customization option makes this policy extremely relevant. The premiums depend on your present age, policy tenure and sum insured.

 

Let’s discuss the benefits
Maturity Benefits –

As maturity benefit, you are eligible to get the amount you insured and the accrued GA (Guaranteed Additions). This benefit can be availed, only if you have cleared all your outstanding premiums.

 

GA gets accumulated at the end of each and every policy year. To know it is calculated – refer the chart given below:

 

Policy Term

Guaranteed Addition

7 Years

5% of Sum Assured every year

8 Years

6% of Sum Assured every year

9 Years

7% of Sum Assured every year

 

Death Benefit

– If the policyholder dies while the policy is in-force, then the death benefit disbursed is the amount insured on death + accumulated GA, provided there is no outstanding premium. Also the sum insured on death = the higher of the following:

 

    5 X the premium (annualized)
    105% of the sum of premiums payments done, as on the death date or
    The sum insured.

 

The policy will come to an end after the death of the policyholder.

 

Other Features

    Minor insured – Plans issued to minor candidates can mature after he or she has become adult.
    Loan – If your policy has accumulated a surrender value (SV), then you are eligible to tale loans under this endowment plan.
    HSAR – The policy provides you with an amazing premium rebate structure that allows you to enjoy a rebate of Rs. 7.5/- on your annual premium for every complete extra Rs. 1000 sum insured bought over and more than the minimum sum insured of Rs. 1,00000.
    Flexible PPT – At the end of each policy year, you can alter the frequency of premium payment. Go through the chart for a clearer view:

 

Frequency

Monthly

Quarterly

½ Yearly

Yearly

Frequency Factor

0.09

0.26

0.51

1.00

 

Check out, whether or not you are eligible –

Criteria

Explanation

Minimum Age at Entry

9 Year

Maximum Age at Entry

60 Years

Minimum Maturity Age

18 Years

Maximum Maturity Age

69 Years

Policy Term

7 Years, 8 Years and 9 Years

PPT

5 Years

Minimum Premium

Frequency

Monthly

Quarterly

½ Yearly

Yearly

Premium

Rs. 2145

Rs. 6198

Rs. 12158

Rs. 23839

Maximum Premium

No Limit

Minimum Sum Insured

Rs. 100,000

Maximum Sum Insured

No Limit

Frequency of Premium Payment

Monthly, Quarterly, ½ Yearly, Yearly

 

Frequently Asked Questions
What about the termination conditions?

The policy will immediately as well as automatically come to an end on the occurrence (whichever earlier) on any of the below given events:

 

    If the policyholder has paid the ETV (Early Termination Value)
    If he or she has surrendered the policy, fully
    If he or she has not cleared the premium payments (initial 2 years of the plan), at the end of the renewal period
    On the date of maturity
    On the foreclosure date of the same, in case any loan is taken
    On the death of the policyholder

 

Are deaths due to suicide covered?

No, such cases are excluded from the cover with a limited extent of liability from the company’s side.