- 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
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)
- 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.
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.
- Sum Assured on Death# plus vested bonus plus terminal bonus, if any, or
- 105% of the total premium** paid
- 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
- Death benefit will be paid as a lump sum
- The policy will terminate on the date of death of the life assured
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, 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
- 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
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.
- Maturity Benefit
On maturity date, Amit will receive the following maturity benefit:
- 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:
GMI Total GMI during the Policy Term Rs. 3,000 Rs. 4,32,000
At investment return of 8% of 4% Non-guaranteed vested bonus Rs. 4,66,859 Rs. 54,933
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 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, 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.
- Survival Benefit
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