Bajaj Allianz Life Smart Pension

On survival of life assured till the date of vesting, Fund Value as on the vesting date shall be payable, provided all the due premiums are paid by you and policy is in force.

The proceeds from policy will be utilised as per options mentioned in ‘Options to avail Vesting Benefit’.

Options to avail Vesting Benefit -  On the date of vesting, you will have the following options:

• To utilize the entire Vesting Benefit to purchase immediate annuity or deferred annuity from us at the then prevailing annuity rate. You shall have an option to purchase immediate annuity or deferred annuity from another insurer at the then prevailing annuity rate, by utilizing not more than 50%, of the entire proceeds of the policy net of commutation.
• To commute/ withdraw up to 60% of the entire Vesting Benefit and utilize the balance amount to purchase immediate annuity or deferred annuity from us at the then prevailing annuity rate. You shall have an option to purchase immediate annuity or deferred annuity from another insurer at the then prevailing annuity rate, by utilizing not more than 50%, of the proceeds of the policy net of commutation.

In case proceeds of the policy (net of commutation) on vesting are not sufficient to purchase minimum annuity as allowed by Authority, as amended from time to time, such amount may be paid to the policyholder as lumpsum.

Variant 1: Classic
In the unfortunate event of death of life assured during the policy term, provided all the due premiums have been paid and the policy is in force, the nominee shall get:
Higher of:

• Fund Value
• Guaranteed Death Benefit

The policy shall terminate on date of intimation of death of life assured.

The proceeds from policy will be utilised as per options mentioned in ‘Options to avail Death Benefit’.

Variant 2: Assure

In the unfortunate event of death of life assured during the policy term, provided all the due premiums are paid and policy is in force, the nominee shall get Guaranteed Death Benefit as lump sum immediately on death.

The policy shall continue till the end of policy term and company shall fund all future due premiums after the date of death of the life assured. Future premiums shall be credited in the proportion of allocation percentage as applicable on date of death.

The above benefits are as on date of intimation of death.

At the end of Policy Term, Fund Value shall be payable to the nominee and policy terminates.

The proceeds from policy will be utilised as per options mentioned in ‘Options to avail Death Benefit’.

Following conditions will apply on death of life assured -

• Fund Value will continue to remain invested in the respective funds and strategies as on the death of the life assured.
• All the benefits i.e. Return of Allocation Charges, Loyalty Addition and Vesting Booster will be added to the fund as and when due.
• Only the Fund Management Charge and Policy Administration Charge will be levied. Life Insurance Cover will not apply and mortality charges will not be deducted.
• The nominee will be allowed to make Partial Withdrawals during the policy term and Surrender only after completion of the premium payment term.
• The nominee will also be allowed for performing limited fund switches.

Options to avail Death Benefit : The nominee shall have the following options:

• Withdraw the entire proceeds as lumpsum.
• To utilize the entire proceeds or part thereof for purchasing an annuity (immediate or deferred) from us at the then prevailing rate.
• Withdraw the proceeds in instalments over a maximum period of five (5) years (For details, please refer ‘Settlement option’ in the brochure)

In case the proceeds of the policy (net of commutation) are not sufficient to purchase minimum annuity as stipulated by the Authority from time to time, the proceeds of the policy may be withdrawn as lump sum.