monthly income and protection
A Guaranteed Monthly Income Life Insurance Plan
Each one of us makes a sincere effort towards enabling the well-being of our family. We understand the efforts you make towards your family and aim to help you reach your goal, irrespective of any eventualities.
Presenting 'Bajaj Allianz Life Income Assure' a plan which guarantees a regular monthly income for you and your family along with protection in case of any eventuality. A plan which provides for your 2nd income and helps you achieve financial freedom - 'Guaranteed'.
Bajaj Allianz Life Income Assure is a non-linked, participating, limited premium payment, monthly income endowment plan. The key advantages of this plan are:
You can customize your policy to suit your requirement in the following manner:
Choose your Guaranteed Monthly Income
Choose your life cover variant: Income or Assure
Premium Payment Term
Choose your Premium Payment Frequency
Life cover variant chosen at inception cannot be changed during the policy term.
Your sum assured will be 144 times of the selected Guaranteed Monthly Income.
Your premium will be based on Guaranteed Monthly Income chosen, life cover variant, gender, age, premium payment term and premium payment frequency.
0 years Minimum
50 years Maximum
Risk cover will commence immediately on issuance 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) and on maturity date.
18 years Minimum
74 years Maximum
17, 19, 22, 24 years
Premium Paying Term
5, 7, 10, 12 years
Maximum Guaranteed Monthly Income
No Limit, subject to prevailing Board approved underwriting guidelines
|Variants||Premium (in Rs.)|
|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|
As per the maximum sum assured
144 * Minimum GMI chosen Minimum
Example: If the minimum GMI opted is Rs. 1,100 then, minimum Sum Assured will be Rs. 1,100 * 144 = Rs. 1,58,400
No Limit, subject to prevailing Board approved underwriting guidelines Maximum
Premium Payment Frequency
Yearly and Monthly~
~The monthly premium frequency is only allowed under auto-debit process as allowed by RBI to financial institutions.
Bajaj Allianz Life Income Assure (UIN:116N139V01)
+ The GMI has to be selected at the inception of the policy and is fixed throughout the term of the policy.
Provided the policy is in-force, as on the maturity date and the life assured is alive, vested bonus plus terminal bonus, if any, will be paid.
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:
Payment of death benefit as per the variant chosen is as follows:
#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, loadings for modal premiums, Goods and Service Tax, if any.
**Total Premium is exclusive of extra premium, rider premium, Goods and Service Tax, if any. Goods and Service Tax 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:
|1||Bajaj Allianz Accidental Death Benefit Rider||UIN: 116B034V01|
|2||Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider||UIN: 116B036V01|
|3||Bajaj Allianz Critical Illness Benefit Rider||UIN: 116B035V01|
|4||Bajaj Allianz Family Income Benefit Rider||UIN: 116B037V01|
|5||Bajaj Allianz Waiver of Premium Benefit Rider||UIN: 116B031V01|
High Sum Assured Rebate (HSAR)
HSAR is available on the annual premium for each complete additional Rs. 1,000 sum assured purchased over and above the minimum sum assured. HSAR shall be as mentioned in the table below
|Premium Payment Term (in years)||5||7||10||12|
|Minimum Sum Assured||Rs. 1,58,400||Rs. 2,01,600||Rs. 2,59,200||Rs. 3,02,400|
Option to Change Premium Payment Frequency
At any policy anniversary, you can opt to alter your premium payment frequency to any other frequency (i.e. yearly, and monthly) subject to availability of the frequency and minimum modal premium criteria applicable under the plan then.
The modal premium for frequencies other than yearly frequency is arrived at by multiplying the annual premium by the premium payment frequency factors, given below:
Let's see an example
Amit aged 30 years has taken Bajaj Allianz Life Income Assure. He chooses Guaranteed Monthly Income (GMI) of Rs. 3,000 p.m. for a policy term of 24 years 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 Rs. 4,32,000 (GMI * 144). The premium depending on variant chosen will be Rs. 31,788 p.a. for Income and Rs. 32,211 p.a. for Assure.
Let's see the benefits available under each of the variants (Income & Assure):
Amit will receive GMI of Rs. 3,000 per month from end of PPT till end of the Policy Term.
|GMI||Total GMI during the Policy Term|
|Rs. 3,000||Rs. 4,32,000|
On maturity date, Amit will receive the following maturity benefit:
|At investment return||of 8%||of 4%|
|Non-guaranteed vested bonus||Rs. 4,66,859||Rs. 54,933|
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:
|Sum Assured on Death||Rs. 4,32,000|
|Non-guaranteed vested bonus||@ Investment Return of 8%||@ Investment Return of 4%|
|Rs. 1,19,510||Rs. 17,585|
|Total Death Benefit||Rs. 5,51,510||Rs. 4,49,585|
|Non-guaranteed vested bonus paid on date of death||@ Investment Return of 8%||@ Investment Return of 4%|
|Rs. 1,19,510||Rs. 17,585|
|And Rs. 3,000 per month as Monthly Income for next 144 months|
|Monthly Income||Total Monthly Income incase of death|
|Rs. 3,000||Rs. 4,32,000|
Premium shown above is exclusive of any extra premium, rider premium, Goods and Service Tax. 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. The sum assured amount and/or other benefit amount indicated, if any, is non-guaranteed illustrative figure and is subject to policy terms and conditions and claim scrutiny.
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Disclaimer:I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business.
Disclaimer:Insurance is the subject of the solicitation. For more details about risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. Please note that the name of the Bajaj Allianz product/plan does not indicate the quality of the insurance contract and its future prospects or returns. Investment in ULIPs is subject to market risks associated with capital markets. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Service Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.
Premium paid are eligible for tax benefits under section 80C of the Income Tax Act. Survival, Maturity, Death and Surrender Benefits are eligible for tax benefit under Section 10(10) D of the Income Tax Act, subject to the provision stated therein.