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Bajaj Allianz CSC Bachat Plus A Variable Insurance Plan

  • Guaranteed Interest Rate
  • Additional Interest Rate
  • Option for Partial Withdrawals
  • Option to alter premium payment frequency
CSC bachat, a variable insurance plan
Download Brochure 7 pages - 617 KB
Download Policy Document 11 pages - 156 KB
  • Overview
  • Key Advantage
  • Eligibility
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  • Policy Benefits
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A Variable Insurance Plan - Bajaj Allianz CSC Bachat Plus

Prudent investments take you closer to your life goals and also secure your family’s aspirations in case life takes an unexpected turn. Designed for the low-income group, Bajaj Allianz CSC Bachat Plus, a variable insurance plan, allows you to put together a corpus for future needs. At the same time it protects the dreams and ensures well-being of the family in case something happens to the life assured. With premiums as low as ₹ 150 it is extremely affordable and provides security against life’s ups and downs. 

Guaranteed Interest Rate (GIR)

With GIR you gain 1% per annum on balance in policy account at the beginning of each calendar quarter throughout the policy term.

Additional Interest Rate (AIR)

Credited at the start of every calendar quarter, AIR is 4% per annum on the balance in policy account for the first 5 years of your policy term and 0.5% per annum after that. 

Option for partial withdrawals

The plan allows you to make partial withdrawals anytime after the first five years of the policy period. The policy has to be in-force.

Option to alter premium payment frequency

On any policy anniversary you can change the premium payment frequency to monthly, half-yearly, quarterly or yearly as per your convenience.

Maturity Benefit equals to Policy Account Value

The Maturity Benefit is equal to the Policy Account Value, subject to a minimum amount equivalent to your regular premium paid compounded at 1% per annum till maturity minus partial withdrawals, if any. 

Entry Age

Minimum age is 14 years

Maximum age is 55 years

Maturity Age

Maximum age of maturity 65 years

Policy Term

10 and 15 years

Premium Paying Term

Equal to policy term

Sum Assured Multiplier

Age less than 45 years

Age greater than or equal to 45 years

10 times Annualised Premium

7 times Annualised Premium

Premium Payment Frequency

Yearly, Half Yearly, Quarterly and Monthly#

#The monthly mode will be allowed only under the salary deduction scheme and ECS

Total Sum Assured under all Policies

` 2,00,000

(The total sum assured allowed on a single life assured under all policies taken under this plan cannot exceed of `200,000).

Premium

Mode

Regular Premium

Yearly

Half-yearly

Quarterly

Monthly

Minimum(in `)

1,800

900

450

150

Maximum(in `)

20,000

10,000

5,000

1,665

 

 

Maturity Benefit

On the maturity date, the benefit payable will be equal to the Policy Account Value

The Maturity Benefit is subject to a minimum amount equivalent to total premiums paid, less Sum of all partial withdrawals made during the term of your policy, compounded at 1% per annum till maturity date

Death Benefit

In case of unfortunate death of the life assured, the benefit payable will be higher of:

  • the Policy Account Value or
  • the Sum Assured on Death

Please note that the Sum Assured on Death is the higher of (a) Sum Assured, (b) 105% of total premiums paid till the date of death or (c) Total premiums paid till the date of death compounded at 1% p.a.

Surrender Benefit

You have the option to surrender your policy at any time

  • On surrender during the lock-in period of first 5 policy years, the Policy Account Value as at the end of the lock-in period, will be available to you as surrender value.

  • On surrender after the lock-in period of first 5 policy years, the surrender value is the Policy Account Value as on the date of surrender

The policy shall thereafter terminate upon payment of the full surrender value by the company.

What is Guaranteed Interest rate (GIR) under this plan?

Bajaj Allianz CSC Bachat Plus offers a unique feature of Guaranteed Interest Rate (GIR) of 1% per annum on the balance in Policy Account and this would be credited at beginning of each calendar quarter through-out the policy term.

What are the benefits of Additional Interest Rate (AIR)?

This plan also provides the extra benefit of Additional Interest Rate (AIR), which is creadited in your policy account at the beginning of each calendar quarter. AIR for the first five years of the policy term is 4% per annum and after that, it is 0.5% every year until the end of the policy term. So, this is an additional reason to stay invested in the plan. 

Can I make partial withdrawal in CSC Bachat Plus?

Yes, you can opt to make partial withdrawals after the completion of five policy years up to a maximum of 25% of the Policy Account Value (PAV) in any policy year. 

Life Insurance Glossary

Annualized Premium

“Annualised Premium” means the total amount of Regular Premiums payable in a Policy Year, after due consideration of applicable premium factors for various Premium Payment Frequency. In this calculation, any extra premium, Rider Premium or applicable taxes are excluded.

Grace Period

“Grace Period” means a period of fifteen (15) days for a monthly Premium Payment Frequency and thirty (30) days for other than monthly Premium Payment Frequency, from the due date of the Regular Premium payment.

Life Assured

“Claimant” means the Life Assured (if alive) or Policyholder (if different from the Life Assured) or the assignee or the Nominee or the legal heirs of Policyholder/Nominee(s) to whom the Policy Benefit will be payable.

Maturity Date

“Maturity Date” means the date specified in the Schedule on which the Maturity Benefit as per policy document shall become payable to the Policyholder

Nominee

“Nominee” means the person who has been nominated in writing to the Company by the Policyholder, who is entitled to receive the Death Benefits under the Policy as mentioned in Policy Document

Paid up Sum Assured on Death

“Paid-up Sum Assured on Death” is the reduced value of the Sum Assured on Death arrived at by multiplying the Sum Assured on Death with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy.

Paid up Sum Assured on Maturity

If the Regular Premiums due for first three (3) Policy Years are paid and subsequent Regular Premiums are not paid, the Policy will, immediately and automatically, be converted to a paid-up Policy on the expiry of the Grace Period as per the conditions stated in the policy document.

Paid up Sum Assured

“Paid-up Sum Assured” is the reduced value of the Sum Assured arrived at by multiplying the Sum Assured with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy

Policyholder

“Policyholder” means the adult person named in the Schedule who has concluded the Policy with the Company

Rider Benefit

“Rider Benefit” means the benefit payable under the Rider on the happening of the contingent event covered under the Rider. For more details, refer to the Policy Document

Rider Life Assured

“Rider Life Assured” means the person named as the Rider Life Assured in the Schedule whose life is assured under this Rider

Rider Premium

“Rider Premium” means the amount exclusive of applicable taxes, if any, payable by the Policyholder at regular intervals during the Rider Premium Paying Term, in amount (along with and as part of the Regular Premium) and at the Premium Payment Frequency.

Rider Premium Paying Term

“Rider Premium Paying Term” means the period specified in the Schedule during which the Rider Premium is payable.

Rider Term

"Rider Term” means the period between the Date of Commencement of Rider and the Rider Maturity Date, as mentioned in the Schedule

Sum Assured

“Sum Assured” is the amount as specified in the Schedule under the Policy.

Surrender Benefit

“Surrender Benefit” means the benefit, if any, payable on the surrender of the Policy. For more details refer to the Policy Document

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  • Claim deposits via electronic transfer to make process faster
  • Solvency ratio of 804% **
  • Our Priority is not to sell Life Insurance, it is to serve you in the fastest & most convenient manner when you need us.

**All figures as on 31st March, 2019.

"What are your life goals?" is one of the most common questions that comes to one's mind while taking any step further in Life. Most just answer it by laughing it off or saying we will think about it.

A key reason that they feel this way is that they haven't spent enough time thinking about what they want from their life, and haven't set themselves any goals.

Goals keep changing as per different life stages and one has to plan meticulously for their future.

Deciding your Life Goal is all about planning to "Live your life, your way". There could be various Life Goals such as trotting the globe, becoming a food blogger to starting your own business, owning your dream house, or planning your Childs education or marriage.

L"IF"E is full of IF's... and one needs to plan to secure their loved ones and themselves against the Ifs of Life. When you opt for a life insurance plan, you transfer your family's financial risks in case of any unfortunate event to the life insurer. This allows you and your loved ones to live life fearlessly. Life Insurance protects your family's financial wellbeing from the consequences of living without an income.

When you purchase a life insurance policy, one of your major life goal gets fulfilled i.e. you purchase a sense of security. A safety net that cushions your family members from the financial impact of your sudden absence and ensures that any outstanding debts that were incurred during your lifetime don't fall upon your loved ones.

Having life goals is an important aspect in each one's life. One needs to be SMART and plan out well in advance to ensure nothing goes wrong in the future. Life insurance offers a range of products that could come in handy for meeting your financial goals.

To ensure that it is not too late, get your #LifeGoals insured with us today! It will help you smile in the face of tomorrow's uncertainties and let you live a worry free life!