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Bajaj Allianz Elite Assure A Non-linked Endowment Plan

  • Attractive return on investment and life cover
  • Guaranteed loyalty additions
  • Multiple rider benefits
  • Option of regular or limited payment terms
An investment plan with high returns called Bajaj Allianz Life Elite Assure
Download Brochure 9 pages - 499 KB
Download Policy Document 9 pages - 499 KB
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  • Overview
  • Key Advantage
  • How this works
  • Eligibility
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  • Policy Benefits
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Investment Plan With Attractive Returns - Bajaj Allianz Elite Assure

Sometimes attaining a perfect balance may seem near impossible. However, when it comes to protecting your loved ones along with having a strong investment proposition, Bajaj Allianz Life Insurance has got the balance just right. It brings to you a non-linked endowment insurance plan that offers these benefits in a single product, making it a thorough proposition for you.

Bajaj Allianz Elite Assure provides a life cover along with attractive return on investments. While life cover makes sure that your family members are able to pursue their life goals even in your absence, the returns ensure that your investments are working as hard as you are towards your life goals.

Balance of life cover and attractive returns

Enjoy potentially attractive returns from your investment, as the product comes with guaranteed maturity benefit (GMB), guaranteed loyalty additions, and bonuses, along with a life cover.

Guaranteed loyalty additions

Depending on the premium payment term and policy term, the policy offers guaranteed loyalty additions of up to 315% of the GMB.

Multiple policy terms

It offers multiple policy terms of 15, 20, 25 and 30 years.

Two options for premium payment term

You can either pay a regular premium over the full policy term or pay the premium for a limited period of 7 or 10 years.

Multiple rider options

Option to enhance your cover by opting for one or more riders from the five available under the policy at a nominal extra cost.

High sum assured Rebate

This plan offers a premium rebate if the chosen GMB is greater than ` 5 lakh.

Loan Facility

Under this plan, the life assured can avail loan up to 90% of the surrendered value.

You can customize your policy to suit your requirement in the following manner:

Choose your Policy Term

 

Choose your Premium Paying Term

 

Choose your Premium Payment Frequency

 

Choose your Guaranteed Maturity Benefit (GMB)

(Your premium will be based on GMB, age, policy term, premium payment term and premium payment frequency. Your Sum Assured is 10 times of Annualised Premium)

Entry Age

Minimum age is 0 year

Risk cover will commence immediately on the date of commencement of risk of the policy and, in the case of a minor life, policy will vest on the life assured on the earlier of attainment of majority (i.e., 18 years age last birthday) or on maturity date.

Maximum age is 55 years

Maturity Age

Minimum Age at Maturity is 18 years

Maximum Age at Maturity is 70 years

Policy Term

15, 20, 25 and 30 years

Premium Paying Term

7, 10 & equal to Policy Term

Premium

As per the chosen Guaranteed Maturity Benefit

Sum Assured

10 times of Annualized Premium

Guaranteed Maturity Benefit (GMB)

Minimum ` 5,00,000

Maximum No Limit

Premium Payment Frequency

Yearly, Half yearly, Quarterly and Monthly#

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

Naresh, 30 years old

He has taken Bajaj Allianz Elite Assure and opted for a policy term and premium paying term of 25 years. He chose a GMB of ` 6,00,000, for which he would be paying a premium of ` 58,424 yearly. Sum Assured = 10 times of Annualised Premium* = ` 5,84,240

*Annualized Premium is exclusive of extra premium, rider premium and Goods and Service Tax, if any

  • Maturity Benefit
  • Death Benefit

The Maturity Benefit based on the assumed investment return, are given in below table :

Policy Term: 25 Years

  • Elite Assure

At  Assumed investment return**

Guaranteed Maturity Benefit (GMB)

Guaranteed Loyalty Additions (GLA)

Vested Bonus (VB)

Total

@8%

` 6,00,000

` 14,40,000

` 15,56,274

` 35,96,274

@4%

` 6,00,000

` 14,40,000

-

` 20,40,000

Note:
Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws and any extra premium.

**The returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.

Vested Bonus at the assumed investment return is not guaranteed and is for illustrative purpose only.

The Maturity Benefit demonstrated at 4% and 8% does not include Terminal Bonus. Terminal Bonus, if any, shall become payable along with Maturity Benefit.

In case of unfortunate death of Naresh during the 17th policy year, the Death Benefit based on the assumed investment return, are given in below table :

Policy Term: 25 Years

  • Elite Assure

At Assumed investment return**

Guaranteed Maturity Benefit (GMB)

Guaranteed Loyalty Additions (GLA)

Vested Bonus (VB)

Total

@8%

` 6,00,000

` 7,20,000

` 8,31,947

` 21,51,947

@4%

` 6,00,000

` 7,20,000

-

` 13,20,000

Note:
Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws and any extra premium.

**The returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.

Vested Bonus at the assumed investment return is not guaranteed and is for illustrative purpose only.

Terminal Bonus, if any, shall become payable along with Maturity Benefit or Death Benefit

Maturity Benefit

The Maturity Benefit is Guaranteed Maturity Benefit (GMB) plus Guaranteed Loyalty Additions (GLA) plus Vested Bonus (VB) plus Interim Bonus (IB), if any, plus Terminal Bonus (TB), if any. VB as declared, will be attached every policy year starting from your first policy year

  • GLA, as % of GMB, will be attached to the policy at the end of each policy year starting from the end of 10th policy year.

  • GLA, as % of GMB and the total GLA payable at maturity depends on the premium payment term and policy term chosen as shown in the table below:

Premium Payment Term(years)

7

10

15

20

25

30

Policy Term (years)

15

20

25

30

15

20

25

30

15

20

25

30

Guaranteed Loyalty Additions

3%

3%

3%

3%

7%

7%

7%

7%

15%

15%

15%

15%

Total Guaranteed Loyalty Additions

18%

33%

48%

63%

42%

77%

112%

147%

90%

165%

240%

315%

Death Benefit

If all due premiums are paid, then, in case of unfortunate death of the Life Assured during the policy term, the death benefit payable will be Sum Assured on Death1 plus Guaranteed Loyalty Additions plus Vested Bonus, if any plus Interim Bonus, if any plus Terminal Bonus, if any, subject to Guaranteed Death Benefit of 105% of the total premiums* paid till the date of death.

1 Sum Assured on Death is the higher of:

  • Guaranteed Maturity Benefit

  • Sum Assured

Total premium is exclusive of extra premium, rider premium, Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws.

Additional Rider Benefits

You can enjoy extra coverage by choosing the optional additional rider benefits at a nominal extra cost. The riders currently available with Bajaj Allianz Elite Assure are:

Sr. no

Rider

UIN

1

Bajaj Allianz Accidental Death Benefit Rider

UIN: 116B034V02

2

Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider

UIN: 116B036V02

3

Bajaj Allianz Critical Illness Benefit Rider

UIN: 116B035V02

4

Bajaj Allianz Family Income Benefit Rider

UIN: 116B037V02

5

Bajaj Allianz Waiver of Premium Benefit Rider

UIN: 116B031V02

Please refer to respective rider sales literature or visit Company website or consult your 'Insurance Consultant' for more details and eligibility conditions.

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What is the Premium Rebate offered under Bajaj Allianz Elite Assure?

Bajaj Allianz Elite Assure provides Premium Rebate for each complete additional Guaranteed Maturity Benefit (GMB) of ` 50,000, over and above the minimum GMB of ` 5,00,000 as per the below mentioned table:

Premium Payment Term (in years)

7 years

10 years

15 years

20 years

25 years

30 years

Rebate (in `)

90

76

67

72

77

81

Let’s understand this with an example. Mr X is 30 years old and has opted for GMB of ` 6,00,000, policy term of 25 years and Premium Payment Term (PPT) of 25 years. His annual premium before Premium Rebate is ` 58,578. For GMB of ` 6,00,000 the Premium Rebate will be ` 154 (Rs 77 per ` 50,000 of GMB over and above the base GMB of ` 5,00,000). After deduction of Premium Rebate, Mr X will have to pay annual premium of just ` 58,424 instead of ` 58,578.

How does Waiver of Premium benefit rider actually work?

The Waiver of Premium Benefit Rider triggers only during the Premium Payment Term (PPT) of the policy and on the earlier occurrence of an accidental permanent total disability or critical illness of the policyholder who is also the life assured.

In case the life assured is a minor, WOP is triggered on the earlier occurrence of an untimely death, accidental permanent total disability or critical illness of the policyholder. For instance, if Policy Term is of 25 years and PPT is for 20 years, then in case of critical illness of the life assured in the 15th policy year, Waiver of Premium will trigger and thereafter all the future premiums will be waived off and the policy will continue without any hindrance.

How is Guaranteed Loyalty Additions calculated?

In Bajaj Allianz Elite Assure plan, Guaranteed Loyalty Additions (GLA) is calculated as percentage of the Guaranteed Maturity Benefit (GMB). GLA is added to the policy at the end of each policy year starting from the end of the 10th policy year and depends on the premium payment term and policy term chosen by you. So, the longer you stay invested in Elite Assure, the better is GLA going to be.

Premium Payment Term (years)

7 10 15 20 25 30

Policy Term

15 20 25 30 15 20 25 30 15 20 25 30

Guaranteed Loyalty Additions

3% 3% 3% 3% 7% 7% 7% 7% 15% 15% 15% 15%

Total Guaranteed Loyalty Additions

18% 33% 48% 63% 42% 77% 112% 147% 90% 165% 240% 315%

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

Vested Bonus

“Vested Bonus” is the amount of compound reversionary bonus already attached with the Policy, based on the rates of compound reversionary bonus declared by the Company in the past for this plan at the end of each Financial Year

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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 31 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!