Bajaj Allianz Lifelong Assure

An uninterrupted income flow! Most people need this security and wish to achieve the same at every walk of life. Some are fortunate enough to maintain a regular flow of income. However, for some it gets hard to maintain the financial equilibrium. Most importantly, this wish is subject to time and age. Keeping this concern on mind Bajaj Allianz has come up with Lifelong Assure.

 

It is an amazing retirement plan that provides the policyholder with a continuous flow of income and security till the age of 100 years. Learn more:The retirement plan – Features

 

    Under this plan the policyholder is entitled to get cash bonus. This privilege gets triggered at the end of the 6th year from the date of policy commencement.
    He or she can also avail certain cash back benefit that begins from the end of the (PPT) Premium Payment Term.
    It offers the benefit of lifelong insurance coverage, till the age of 100 years.
    Guaranteed death benefit can also be availed. It can go up to 300% of the total sum insured as per the selected PPT.
    The policyholder can opt for monthly installments when availing the benefits under the policy.
    He or she can also choose between 3 PPTs – 10, 15 and 20 Years.
    HSAR (High Sum Assured Rebate) benefit offers value for money.
    The policy offers lucrative rates to female candidates.

 

The retirement plan – Functioning

Policy customization option, just like most polices from Bajaj Allianz, makes this retirement plan more effective. Just go with the steps given below and enjoy the benefits:

 

Step 1: Select the amount you want to insure

Step 2: Select the PPT, as per your convenience

 

Important note – The amount of premium you need to pay depends upon certain parameters. They are – current age PPT, amount insured under the policy and frequency of premium payment.

 

The retirement plan – Benefits

The benefits under Bajaj Allianz Lifelong Assure are categorized into 3 types –

 

    Survival Benefit

    a. According to this benefit, the policyholder is entitled to receive guaranteed cash back. It is equal to 3% of the sum insured every year, from the completion of the PPT till 99 years.

    b. He or she is also eligible to get declared cash bonus (if any). It starts from the completion of 6 years of the policy from the date of commencement till 99 years.

    Maturity Benefit

    a. This policy gets matured at 100 years of age. On the date of maturity, the maturity value one is entitled to receive is given as per the table below:

 

PPT

Sum Insured on Maturity

10 Years

200% of the Sum Insured

15 Years

250% of the Sum Insured

20 Years

300% of the Sum Insured

 

    b. This benefit can be availed only if all due premium payments are clear.

    c. Also, once the amount is paid by the insurance provider, the policy will come to an end.

    d. One more thing – additional terminal bonus can also be availed, if any.

 

    Death Benefit

a. Unfortunately, if the policyholder dies during the tenure of the policy, the nominee is entitled to get the death benefit (provided all outstanding premiums are clear). The benefits payable are as under:

For Entry Age < 45 years, the higher of

    10 X annualized premium

    105 % of total amount of premium, disbursed till the death date

    200%, 250% or 300% of the amount covered, as per the chosen PPT.

 

For Entry Age >= 45 years, the higher of

    7 X annualized premium
    105 % of total amount of premium, disbursed till the death date

    200%, 250% or 300% of the amount covered, as per the chosen PPT.

 

Note: Apart from the benefits mentioned above, terminal bonus and interim cash bonus (if any) is also payable by the insurance provider. Annualized Premium as well as total amount of premium doesn’t include any extra premium, CESS and service tax.

 

Frequently asked questions

What additional benefits are offered?

    One of the best things about this retirement plan is, the policyholder can get loans under the same, provided his or her policy has gained a surrender benefit.

    He or he can receive the policy benefits in parts (monthly installments).

    One can also avail surrender as well as attractive tax benefits.

    HSAR is another added advantage of the policy.

 

What about the Eligibility Chart?

Criteria

Details

Entry Age – Min.

10 Years

Entry Age – Max.

55 Years

Policy Term

100 minus Entry Age

PPT

10, 15 and 20 Years

Premium – Min.

Frequency

PPT 10

PPT 15

PPT 20

Yearly

Rs. 18303

Rs. 13401

Rs. 10811

½ Yearly

Rs. 10000

Rs. 8500

Rs. 7000

Quarterly

Rs. 5500

Rs. 4625

Rs. 3875

Monthly

Rs. 2000

Rs. 1667

Rs. 1471

Premium – Max.

No Limit

Sum Insured – Min.

Rs. 100000

Sum Insured – Max.

No Limit

Frequency – Premium Payment

Yearly, ½ Yearly, Quarterly and Monthly