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Bajaj Allianz Cash Assure Watch Video A Traditional Money-Back Plan

  • Up to 150% of sum assured as money back#

  • High sum assured rebate
  • Multiple rider options
  • Option to change premium payment frequency
An assured savings and investment plan
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Download Policy Document 12 pages - 149 KB
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Money Back Savings Plan - Bajaj Allianz Cash Assure

Life goals, whether big or small, require planning. Doing so for your key milestones is a good practice. However, sometimes certain moments that are aptly backed by your life insurance product can help you make big memories. For instance, surprising your child with the new trending device as they enter college, or ensuring your parents always celebrate their anniversary with you and your children, or perhaps presenting your spouse their dream gift when they least expected it.

Bajaj Allianz Cash Assure, a traditional money back insurance plan can help you make more memories, as it offers money back at regular intervals. It helps you save in a disciplined manner over a period and then offers money back at pre-determined intervals, to take care of any experience or memory you want to create, without dipping into your existing savings. It gives you more reasons to celebrate as you will have the required financial support for the event you plan.

From shorter premium paying term, to bonus and riders, Bajaj Allianz Cash Assure, a life insurance savings plan can be that key, which helps you fulfil your life goals. It also offers a life cover to provide the financial support to your loved ones in case something were to happen to you.

Money back at regular intervals

You receive a percentage of the sum assured at a fixed intervals, which depends on the policy tenure.

Guaranteed money back of up to 150% of the sum assured

Depending on the policy term, up to 150% of the sum assured as survival and maturity benefit will be paid. If all due premiums are paid, you will receive the survival benefit as money back on each due date, and maturity benefit on the maturity date.

Bonus

On maturity, you will be paid vested bonus, plus terminal bonus, if any, in addition to 60% of sum assured.

High sum assured rebate

This life insurance savings plan offers a premium rebate of ` 4.50 for every ` 1,000 sum assured over and above the minimum sum assured of ` 1 lakh.

Get extra cover with riders

Choose from optional five rider options to increase the cover at a nominal cost.

Shorter premium payment term

The premium paying term is five years less than the policy term.

Multiple option for policy terms

The policy comes with four policy terms -- 16, 20, 24 and 28 years – thereby enabling you to plan for the different life goals at different life stages.

Option to change premium payment frequency

You have the flexibility to alter your premium payment frequency choosing from yearly, half-yearly, quarterly or monthly options at any policy anniversary.

Special rates for female policyholders

Premium for a female life will be the same as the premium for a three years younger male.

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

Choose your Sum Assured

 

 

Choose your Policy Term

 

 

Choose your Premium Payment Frequency

(Your premium will be based on Sum Assured, gender, age, policy term and premium payment frequency. The Policy Term chosen will determine your money backs and the intervals for receiving those money backs.)

Entry Age

Minimum age is 0 year

Maximum age is 54 years

Maturity Age

Minimum age of maturity 18 years

Maximum age of maturity 70 years

Policy Term

16, 20, 24 and 28 years

Premium Payment Term

Policy Term minus 5 years

Minimum Premium

Policy Term

Yearly

Half-Yearly

Quarterly

Monthly

16 years

` 9,000

` 5,000

` 3,000

` 900

20 years

` 8,000

` 4,500

` 2,500

` 800

24 years

` 7,000

` 4,000

` 2,300

` 700

28 years

` 6,500

` 3,500

` 2,000

` 650

Premium for female life will be based on the premium rate of 3 years younger male

Maximum Premium

As per the Sum Assured chosen

Sum Assured

Minimum Sum Assured is ` 1,00,000

Maximum Sum Assured is Subject to underwriting

Premium Payment Frequency

Yearly, Half Yearly, Quarterly and Monthly**

**The monthly mode will be allowed only under the salary deduction scheme and ECS

Ashish, 30 years old

Ashish has taken Bajaj Allianz Cash Assure policy and opted for a Policy Term of 28 years.

The Sum Assured chosen by him is ` 4,00,000 for which he is paying a premium of ` 25,186 p.a.

  • Maturity Benefit
  • Death Benefit

Ashish will receive 3 Money Back instalments of ₹ 1,20,000 during the policy term. These Money Back instalments would be payable to him starting from the end of every 7th policy year The maturity benefit based on the assumed investment return, are as given in the below table. On maturity, 60% of the Sum Assured + Vested Bonus (VB), if any is payable.

Premium Payment Term: 23 Years

  • Cash Assure

Assumed Investment Return^

@8%(in ₹)

@4%(in ₹)

Maturity Benefit

`5,85,818

`2,99,949

Note: 
^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.

Premium shown above is exclusive of Goods and Service Tax and any extra premium.

The sum assured amount and/or other benefit amount indicated, if any, is a non-guaranteed illustrative figure and is subject to policy terms and conditions .

Incase of unfortunate death during the15 policy year, the death benefit based on the assumed investment return, are as given in the below table:

Premium Payment Term: 23 Years

  • Cash Assure

Assumed Investment Return^

@8%(in ₹)

@4%(in ₹)

Death during the 15 policy year

`5,58,483

`4,31,073

Note: 
^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.

Premium shown above is exclusive of Goods and Service Tax and any extra premium.

The sum assured amount and/or other benefit amount indicated, if any, is a non-guaranteed illustrative figure and is subject to policy terms and conditions .

Survival & Maturity Benefit

If you have paid all due premiums under your policy, you will receive the Survival Benefit as Money Backs on each due date and the Maturity Benefit on the maturity date.

Money Backs are paid to you at the end of the policy years as mentioned in the below table:

Money Back

PT 16 years

PT 20 years

PT 24 years

PT 28 years

1st

4th

5th

6th

7th

2nd

8th

10th

12th

14th

3rd

12th

15th

18th

21st

The Maturity Benefit will be paid on the maturity date (end of the policy term)

Your Survival Benefit and Maturity Benefit are payable as mentioned in the table below:

Policy Term

16 years

20 years

24 years

28 years

Money Back (%)

15% of Sum Assured

20% of Sum Assured

25% of Sum Assured

30% of Sum Assured

Maturity Benefit

60% of Sum Assured + Vested Bonus, if any + Terminal Bonus, if any

Death Benefit

If all due premiums are paid, then, in case of unfortunate death of the Life Assured during the policy term, the Sum Assured on Death* plus Vested Bonus, if any, plus Interim Bonus, if any, plus Terminal Bonus, if any, subject to a minimum of 105% of the total premiums# paid will be paid as the Death Benefit.

This death benefit will be paid even after Survival Benefit has commenced during the policy term.

*Sum Assured on Death is the higher of: (a) 10 times of annualised premium# OR (b) Sum Assured

#Annualized Premium and total premium is exclusive of extra premium, rider premium, Goods and Service Tax.

The policy will terminate on the date the Company is informed of the death of the life assured.

Additional Rider Benefit

You can enjoy extra coverage by choosing the optional additional rider benefits at a nominal extra cost. The riders available with Bajaj Allianz Cash Assure are:

Sr. No.

Riders

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

Please refer to respective rider sales literature or visit Company website or consult your “Insurance Consultant” for more details and eligibility conditions.

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Is a Premium Rebate available on this plan?

Yes, Bajaj Allianz Cash Assure offers a Premium Rebate of ` 4.5 for each complete additional ` 1,000 Sum Assured over and above the minimum Sum Assured amount of ` 1,00,000.

Let’s consider the case of Mr X, aged 30 years, who has taken a Bajaj Allianz Cash Assure with Sum Assured of ` 4,00,000 and policy term of 28 years. His annual premium before High Sum Assured Rebate is ` 26,536. The premium rebate on sum assured of ` 4,00,000 comes to ` 1,350. So, after application of High Sum Assured Rebate of ` 1,350, Mr X’s premium significantly comes down to ` 25,186.

How much is the Survival & Maturity benefit?

Provided all due premiums are paid, Survival benefit as money back and Maturity Benefit amount is dependent on the policy term payable at various intervals as per below mentioned table:

Policy Term

16 years

20 years

24 years

28 years

Money Back (each)

15% of Sum Assured

20% of Sum Assured

25% of Sum Assured

30% of Sum Assured

Maturity Benefit

60% of Sum Assured + Vested Bonus, if any, + Terminal Bonus, if any

Money back at the end of the policy years as per the table:

Money back

Policy Term 16 years

Policy Term  20 years

Policy Term  24 years

Policy Term  28 years

1st

4th

5th

6th

7th

2nd

8th

10th

12th

14th

3rd

12th

15th

18th

21st

What is the death benefit under this plan?

Bajaj Allianz Cash Assure Plan provides death benefit in case of the unfortunate death of life assured, provided all due premiums are paid. The benefit amount includes Sum Assured on Death plus Vested Bonus, if any, plus Interim Bonus, if any, plus Terminal Bonus, if any, subject to a minimum of 105% of the total premium. Sum Assured on death is higher of 10 times of annualised premium or sum assured. 

Can the Money Back option be changed during the policy term?

No, you cannot change the Money Back option selected at the time of the policy inception. 

What are the tax benefits in this plan?

The premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. Further, the survival benefit, maturity benefit, death benefit and surrender benefit are also eligible for tax benefits under Section 10(10)D of the Income Tax Act 1961, subject to the provision stated therein.

Life Insurance Glossary

Annualized Premium

“Annualised Premium” means the total amount of Regular Premiums payable in a Policy Year, after due consideration of applicable premium factors for various Premium Payment Frequency. In this calculation, any extra premium, Rider Premium or applicable taxes are excluded.

Grace Period

“Grace Period” means a period of fifteen (15) days for a monthly Premium Payment Frequency and thirty (30) days for other than monthly Premium Payment Frequency, from the due date of the Regular Premium payment.

Life Assured

“Claimant” means the Life Assured (if alive) or Policyholder (if different from the Life Assured) or the assignee or the Nominee or the legal heirs of Policyholder/Nominee(s) to whom the Policy Benefit will be payable.

Maturity Date

“Maturity Date” means the date specified in the Schedule on which the Maturity Benefit as per policy document shall become payable to the Policyholder

Nominee

“Nominee” means the person who has been nominated in writing to the Company by the Policyholder, who is entitled to receive the Death Benefits under the Policy as mentioned in Policy Document

Paid up Sum Assured on Death

“Paid-up Sum Assured on Death” is the reduced value of the Sum Assured on Death arrived at by multiplying the Sum Assured on Death with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy.

Paid up Sum Assured on Maturity

If the Regular Premiums due for first three (3) Policy Years are paid and subsequent Regular Premiums are not paid, the Policy will, immediately and automatically, be converted to a paid-up Policy on the expiry of the Grace Period as per the conditions stated in the policy document.

Paid up Sum Assured

“Paid-up Sum Assured” is the reduced value of the Sum Assured arrived at by multiplying the Sum Assured with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy

Policyholder

“Policyholder” means the adult person named in the Schedule who has concluded the Policy with the Company

Rider Benefit

“Rider Benefit” means the benefit payable under the Rider on the happening of the contingent event covered under the Rider. For more details, refer to the Policy Document

Rider Life Assured

“Rider Life Assured” means the person named as the Rider Life Assured in the Schedule whose life is assured under this Rider

Rider Premium

“Rider Premium” means the amount exclusive of applicable taxes, if any, payable by the Policyholder at regular intervals during the Rider Premium Paying Term, in amount (along with and as part of the Regular Premium) and at the Premium Payment Frequency.

Rider Premium Paying Term

“Rider Premium Paying Term” means the period specified in the Schedule during which the Rider Premium is payable.

Rider Term

"Rider Term” means the period between the Date of Commencement of Rider and the Rider Maturity Date, as mentioned in the Schedule

Sum Assured

“Sum Assured” is the amount as specified in the Schedule under the Policy.

Surrender Benefit

“Surrender Benefit” means the benefit, if any, payable on the surrender of the Policy. For more details refer to the Policy Document

Vested Bonus

“Vested Bonus” is the amount of compound reversionary bonus already attached with the Policy, based on the rates of compound reversionary bonus declared by the Company in the past for this plan at the end of each Financial Year

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  • Claim deposits via electronic transfer to make process faster
  • Solvency ratio of 767% **
  • Our Priority is not to sell Life Insurance, it is to serve you in the fastest & most convenient manner when you need us.

**All figures as on 31 December, 2018.

"What are your life goals?" is one of the most common questions that comes to one's mind while taking any step further in Life. Most just answer it by laughing it off or saying we will think about it.

A key reason that they feel this way is that they haven't spent enough time thinking about what they want from their life, and haven't set themselves any goals.

Goals keep changing as per different life stages and one has to plan meticulously for their future.

Deciding your Life Goal is all about planning to "Live your life, your way". There could be various Life Goals such as trotting the globe, becoming a food blogger to starting your own business, owning your dream house, or planning your Childs education or marriage.

L"IF"E is full of IF's... and one needs to plan to secure their loved ones and themselves against the Ifs of Life. When you opt for a life insurance plan, you transfer your family's financial risks in case of any unfortunate event to the life insurer. This allows you and your loved ones to live life fearlessly. Life Insurance protects your family's financial wellbeing from the consequences of living without an income.

When you purchase a life insurance policy, one of your major life goal gets fulfilled i.e. you purchase a sense of security. A safety net that cushions your family members from the financial impact of your sudden absence and ensures that any outstanding debts that were incurred during your lifetime don't fall upon your loved ones.

Having life goals is an important aspect in each one's life. One needs to be SMART and plan out well in advance to ensure nothing goes wrong in the future. Life insurance offers a range of products that could come in handy for meeting your financial goals.

To ensure that it is not too late, get your #LifeGoals insured with us today! It will help you smile in the face of tomorrow's uncertainties and let you live a worry free life!

#based on premium term chosen