Bajaj Allianz Life Income Assure: A Guaranteed Monthly Income

Bajaj Allianz Life Income Assure

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'.

(Toll Free) 1800-209-0144

SMS LIFE @ 56070

Key Features

    Bajaj Allianz Life Income Assure is a non-linked, participating, limited premium payment, monthly income endowment plan. The key advantages of this plan are:

  • Guaranteed Monthly Income
  • Choice of 2 life cover variants: Income & Assure
  • Choice of 4 Policy Terms to suit your financial goals
  • Offer bonuses to enhance your saving
  • Option to enhance your coverage with rider benefits
  • Lower premium rates for female lives
How Does Your Plan Work

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

  • 1step

    Choose your Guaranteed Monthly Income

  • 2step

    Choose your life cover variant: Income or Assure

  • 3step

    Choose your
    Premium Payment Term

  • 4step

    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.

Am I Eligible?
  • Entry Age

    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.

  • Maturity Age

    18 years Minimum

    74 years Maximum

  • Policy Term

    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

    • Minimum Premium

      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
    • Maximum Premium

      As per the maximum sum assured

    • 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)

    For more details, please refer to the Brochure and Policy Document

    Policy Benefits
    • 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.
      • Incase 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 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 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 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, loadings for modal premiums, service tax & cess, if any.

        **Total Premium is exclusive of extra premium, rider premium, service tax & cess, if any. Service tax & cess 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: 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
    Policy Features
    • Surrender

      • You will have the option to surrender your policy anytime, provided at least 2 full years' premiums in full have been paid for premium payment term less than 10 years or at least 3 years' premiums in full for premium payment term of 10 years and above.
      • The surrender value shall be higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
      • The GSV is the sum of GSV1 and GSV2
    • 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
      HSAR 6 3.5 2.5 2
    • 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:

      Premium frequency Monthly Yearly
      Frequency Factor 0.09 1
    Sample illustration
    • 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):

      • Survival Benefit

        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

      • Maturity Benefit

        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

      • Death Benefit

        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:

      • Assure
        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
        Income Assure illustration
        Income
        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
        Income Assure illustration

        Note:
        Premium shown above is exclusive of any extra premium, rider premium, service tax & cess, if any. Vested Bonus at 8% & 4% are not guaranteed and are for illustrative purpose only. The sum assured amount and/or other benefits indicated, if any, is non-guaranteed illustrative figure and is subject to policy terms and conditions and claim scrutiny.

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    For more details on the risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

    Our Customer's Review..

    What are people saying?

    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. Service tax and education cess 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.

    Super Agent

    Tax Benefits

    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.

    Brochure

    10 pages - 4.29 Mb

    Document

    12 pages - 143 Kb

    For more information Click here
    *Life Insurance Claims settled as FY 2016-17