Expectations are beyond boundaries. When expectations meet reality, happiness spreads. Isn’t it? How about getting something more than the expectations ‘that too’ – guaranteed? You might be wondering that what impossible thing is being talked about here. But Dear Reader, Bajaj Allianz Save Assure has made this next to impossible, possible. Save Assure is a traditional endowment policy that not only shields you and your loved ones, but guarantees 115% of the sum insured by you, too. So, it is worth investing on a guaranteed tension-free life.
Salient Features of the Policy
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It is a non-participating, limited premium and non-linked individual endowment plan.
It guarantees death/maturity advantage of 115% of the amount covered under the plan.
It provides the policyholder with two policy term options – 15 Years & 17 Years.
It gives the policyholder two options with Premium Payment Term (PPT) – 10 Years & 12 Years.
As per the plan, the policyholder can get the benefits in installments (monthly) in the span of 5 Years or 10 Years.
High Sum Assured Rebate (HSAR) adds value for money to the policy.
The policyholder or the nominee (in case of death of the former) is entitled to get 115% of the total sum insured as maturity or death benefit. This benefit is given, only if all premium payments are clear.
Getting covered under the Policy
Getting this policy is very simple. All you need to do is select the amount of money you want to insure and the policy term. The best part – you can customize the plan according to your needs and preferences. The premiums are based on your age (current), policy term and sum assured.
Key Benefits of Bajaj Allianz Save Assure
Maturity Benefit
If all your premiums are paid till date, then on the date of maturity you can avail 115% of the sum insured.
Surrender Benefit
If you feel like, you can surrender the policy. This option is valid, if all your premiums for at least 3 years are paid. The amount you are entitled to get is the higher of the GSV (Guaranteed Surrender Value) and the SSV (Special Surrender Value). It can be allocated any time of the date of surrender, throughout the policy term.
Death Benefit
Unfortunately, if the life insured dies during the tenure of the policy, the sum covered on death is paid to the beneficiary/nominee by the company as death benefit (only if all outstanding payments are complete). The table will help:
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Age at Entry |
Sum Insured on Death (Higher of) |
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< 45 Years |
10 times of the annualized premium |
105% of the paid total premiums |
115% of the Sum Insured |
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= > 45 Years |
7 times of the annualized premium |
105% of the paid total premiums |
115% of the Sum Insured |
Note: Annualized and total premiums are exclusive of any service tax and/or extra premium and CESS.
Loan Benefit
You also have the option to seek loans from the insurance provider, under this traditional endowment plan, provided all premiums for minimum 3 years are pain. The loan amount you can enjoy would be 90% of the SV (Surrender Value).
Eligibility Table
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Criteria |
Explanation |
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Minimum Age at Entry |
1 Year |
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Maximum Age at Entry |
60 Years |
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Minimum Maturity Age |
18 Years |
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Maximum Maturity Age |
75 Years |
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Policy Term |
15 Years and 17 Years |
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PPT |
Chosen Policy Term < 5 Years |
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Minimum Premium |
Frequency |
Tenure 15 |
Tenure 17 |
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1 year |
Rs. 8140 |
Rs. 6620 |
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6 months |
Rs. 5000 |
Rs. 4200 |
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3 months |
Rs. 2500 |
Rs. 2100 |
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1 month |
Rs. 1000 |
Rs. 800 |
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Maximum Premium |
No Limit |
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Minimum Sum Insured |
Rs. 100,000 |
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Maximum Sum Insured |
No Limit |
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Frequency of Premium Payment |
Monthly, Quarterly, ½ Yearly, Yearly |
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Frequently Asked Questions
Does the policy offer tax benefits?
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Yes, all the premiums paid under the policy are eligible for certain tax benefits, under the Income Tax Act, Section 80 C.
Death, maturity and surrender benefits are eligible for tax rebates, under Section 10 (10D).
What’s not covered by the policy?
If the policyholder commits suicide, the liability of the company gets restricted to the following:
In case, the date of demise is 1 years from the commencement date of the risk cover, it’s 80% of the premiums.
In case the date of demise is 1 year from the latest date of renewal, then it’s higher of the premiums. It is applicable, if the plan has not accumulated any SV.
What if you are not able to pay off your premiums?
In case, you haven’t cleared your premiums for 3 years, then your policy will cease immediately at the end of the given grace period.
In case, you have cleared the premiums for 3 years and thereafter you have stopped doing that, then the plan will automatically change into paid-up policy.
