Bajaj Allianz Life Income Assure Plan With Guaranteed Monthly Income

Guaranteed Monthly Income

The policy allows you to choose a monthly income that you start receiving once the premium paying term is over, which is tax free and will be paid over a period of 12 years.

Two Variants available

This life insurance cum savings plan offers two ways of receiving the death benefit. Under the Income variant, the nominee gets the death benefit in 144 monthly installments, while under the Assure variant the death benefit is paid in a lump sum.

Multiple Policy Terms

There are four policy terms – 17, 19, 22 and 24 years – available under the policy to suit your financial and life goals.

Bonus

Since this is a participating plan, you will receive accumulated bonus and terminal bonus, if any, which are paid as part of maturity or death benefit.

Multiple Rider Benefits

Option to choose among five rider benefits to enhance the coverage at a nominal extra cost. These include:

- Bajaj Allianz Accidental Death Benefit Rider - UIN:116B034V02
- Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider - UIN:116B036V02
- Bajaj Allianz Critical Illness Benefit Rider - UIN:116B035V02
- Bajaj Allianz Family Income Benefit Rider - UIN:116B037V02
- Bajaj Allianz Waiver of Premium Benefit Rider - UIN:116B031V02

Rebate on High Sum Assured

High Sum Assured Rebate is available on the annual premium for each complete additional ₹ 1,000 sum assured purchased over and above the minimum sum assured, which is different for different premium payment term.

Option to change Premium Payment Frequency

You can opt to change your premium payment frequency at any policy anniversary. It is subject to availability of the frequency and minimum modal premium criteria applicable under the plan then.

Variants

Bajaj Allianz Life Income Assure has two variants based on how the death benefit is paid– Income and Assure. You need to opt for the variant at the time of purchasing this protection plus savings plan, which cannot be changed later.

Income: The death benefit is paid in instalments in this variant.

In the unfortunate event of the death of the life assured, the vested bonus plus terminal bonus, if any, is paid immediately. Further, the nominee will get the sum assured over the next 144 months in equated monthly instalments (i.e. over the next 12 years) and the first instalment will start from the date of death.

Assure: The death benefit is paid in lump-sum in this variant.

In case of the death of the policyholder, the death benefit will be paid as lump sum and the policy will terminate on the date of death of the life assured.

Choose your Guaranteed Monthly Income

Your sum assured will be 144 times of the selected Guaranteed Monthly Income.

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

Choose your life cover variant: Income or Assure

Life cover variant chosen at inception cannot be changed during the policy term.

Choose your Premium Payment Term

Choose your Premium Payment Frequency

(Your premium will be based on Guaranteed Monthly Income chosen, life cover variant, gender, age, premium payment term and premium payment frequency.)

Entry Age

Minimum age is 0 year

Risk cover will commence immediately on 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 50 years

Maturity Age

Minimum age of maturity 18 years

Maximum age of maturity 74 years

Policy Term

17, 19, 22, 24 years

Premium Paying Term

5, 7, 10, 12 years

Minimum Guaranteed Monthly Income (GMI)

PPT	Multiplier
5 years	1,100
7 years	1,400
10 years	1,800
10 years	2,100

Maximum Guaranteed Monthly Income

No Limit, subject to prevailing Board approved underwriting guidelines

Premium Payment Frequency

Yearly and Monthly^~

^~The monthly premium frequency is only allowed under auto-debit process as allowed by RBI to financial institutions.

Minimum Premium

Variants	Premium (in ₹)
Income	21,965 per annum / 1,977 monthly
Assure	22,058 per annum / 1,985 monthly
Premium for female life will be based on the premium rate of 3 years younger male

Maximum Premium

As per the maximum sum assured

Sum Assured

Minimum

144 * Minimum GMI chosen

Example: If the minimum GMI opted is ₹ 1,100 then, minimum Sum Assured will be ₹ 1,100 * 144 = ₹ 1,58,400

Maximum

No Limit, subject to prevailing Board approved underwriting guidelines

Brochure

Download

Policy Document

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Product Presentation

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Survival and Maturity Benefit
Death Benefit

Amit aged 30 years has taken Bajaj Allianz Life Income Assure. He chooses Guaranteed Monthly Income (GMI) of ₹ 3,000 p.m. and a premium payment term of 12 years. The policy term will be 24 years with a provision for GMI for 12 years. His sum assured will be ₹ 4,32,000 (GMI * 144). The premium depending on variant chosen will be ₹ 31,788 p.a. for Income and ₹ 32,211 p.a. for Assure.

Amit, 30 years old

Survival Benefit: Amit would receive GMI of ₹ 3,000 per month from end of PPT till end of the Policy Term.

GMI	Total GMI during the Policy Term
₹ 3,000	₹ 4,32,000

On maturity date, Amit will receive the following maturity benefit:

At Assumed investment return^**	of 8%	of 4%
Non-guaranteed vested bonus (if any)	₹ 4,66,859	₹ 54,933

Premium shown above is exclusive of any extra premium, rider premium, Goods & Service tax/any other applicable tax levied, subject to changes in tax laws if any. Vested Bonus (if any) at 8% & 4% are not guaranteed and are for illustrative purpose only.

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

Amit aged 30 years has taken Bajaj Allianz Life Income Assure. He chooses Guaranteed Monthly Income (GMI) of ₹ 3,000 p.m. and a premium payment term of 12 years. The policy term will be 24 years with a provision for GMI for 12 years. His sum assured will be ₹ 4,32,000 (GMI * 144). The premium depending on variant chosen will be ₹ 31,788 p.a. for Income and ₹ 32,211 p.a. for Assure.

Amit, 30 years old

In case of unfortunate death of Amit at the end of the 8th policy year, the nominee will receive the death benefit as per the variant opted:

For variant Assure - Policy Term: 24 Years

Figure 1: For variant Assure - Policy Term: 24 Years Assure (Refer figure: 1)

For variant Income - Policy Term: 24 Years

Figure 2: For variant Income - Policy Term: 24 Years

Assure (Refer figure: 1)
Sum Assured on Death	₹ 4,32,000
Non-guaranteed vested bonus (if any)	₹ 1,19,510 (@ Assumed Investment Return^** of 8%)	₹ 17,585 (@ Assumed Investment Return^** of 4%)
Total Death Benefit	₹ 5,51,510 (@ Assumed Investment Return^** of 8%)	₹ 4,49,585 (@ Assumed Investment Return^** of 4%)

Income (Refer figure: 2)
Non-guaranteed vested bonus(if any) paid on date of death	₹ 1,19,510 (@ Assumed Investment Return^** of 8%)	₹ 17,585 (@ Assumed Investment Return^** of 4%)
And Rs. 3,000 per month as Monthly Income for next 144 months
	Monthly Income	Total Monthly Income incase of death
	₹ 3,000	₹ 4,32,000

Note:

Premium shown above is exclusive of any extra premium, rider premium, Goods & Service tax/any other applicable tax levied, subject to changes in tax laws if any. Vested Bonus (if any)at 8% & 4% are not guaranteed and are for illustrative purpose only.

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

Survival Benefit

Provided the life assured is alive at the end of the premium payment term, the Guaranteed Monthly Income (GMI)⁺(irrespective of the variant chosen) will be paid every month for 144 months, starting from the end of premium payment term.

In case of death of the life assured during the installment period of the Survival Benefit, the GMI will be stopped immediately. Any GMI paid during the period from the date of death to the date of intimation will be deducted from the death benefit.

The GMI has to be selected at the inception of the policy and is fixed throughout the term of the policy.

Maturity Benefit

Provided the policy is in-force, as on the maturity date and the life assured is alive, vested bonus (if any) plus terminal bonus, if any, will be paid.

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 will be higher of:

Sum Assured on Death# plus vested bonus (if any ) plus terminal bonus, if any, or

105% of the total premium** paid

Payment of death benefit as per the variant chosen is as follows:

Income	Vested bonus (if any ) plus terminal bonus, if any, will be paid immediately The sum assured on death will be paid to the nominee as monthly income, over the next 144 equated monthly installments (over the next 12 years), and the first installment will start from date of death The nominee will not have the option of taking the installments in lump sum All risk cover under the policy will cease as on the date of death of the life assured The policy will terminate on payment of the 144th monthly installment
Assure	Death benefit will be paid as a lump sum The policy will terminate on the date of death of the life assured

Income

Vested bonus (if any ) plus terminal bonus, if any, will be paid immediately
The sum assured on death will be paid to the nominee as monthly income, over the next 144 equated monthly installments (over the next 12 years), and the first installment will start from date of death
The nominee will not have the option of taking the installments in lump sum
All risk cover under the policy will cease as on the date of death of the life assured
The policy will terminate on payment of the 144th monthly installment

Assure

Death benefit will be paid as a lump sum
The policy will terminate on the date of death of the life assured

#Sum Assured on Death is higher of (i) sum assured (ii) 10 times of Annualised Premium *.

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

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

Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws will be collected over and above the premium under the policy.

Additional Rider Benefit

You have an option to get comprehensive protection by choosing the optional additional rider benefits at a nominal extra cost. The riders available with Bajaj Allianz Life Income 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

Bajaj Allianz Life Income Assure

Overview

Key Advantages

How this works

Eligibility

Downloads

Sample Illustration

Policy Benefits

Guaranteed Monthly Income

Two Variants available

Multiple Policy Terms

Bonus

Multiple Rider Benefits

Rebate on High Sum Assured

Option to change Premium Payment Frequency

Variants

Choose your Guaranteed Monthly Income

Choose your life cover variant: Income or Assure

Choose your Premium Payment Term

Choose your Premium Payment Frequency

Entry Age

Minimum age is 0 year

Maximum age is 50 years

Maturity Age

Minimum age of maturity 18 years

Maximum age of maturity 74 years

Policy Term

Premium Paying Term

Minimum Guaranteed Monthly Income (GMI)

Maximum Guaranteed Monthly Income

Premium Payment Frequency

Yearly and Monthly~

Minimum Premium

Maximum Premium

Sum Assured

Minimum

Maximum

Brochure

Policy Document

Product Presentation

Survival and Maturity Benefit

Death Benefit

Survival Benefit

Maturity Benefit

Death Benefit

Additional Rider Benefit

Why Bajaj Allianz Life Insurance ?

Customer Speaks

Frequently Asked Question

Life Insurance Guide

Yearly and Monthly^~