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Bajaj Allianz Guarantee Assure A Non-linked Endowment Plan

  • Guaranteed additions of up to 63% of Sum Assured on maturity#

  • Multiple policy terms
  • Short premium payment term of only 5 years
  • More value with high sum assured rebate
Guaranteed savings and investment option
Download Brochure 9 pages - 499 KB
Download Policy Document 9 pages - 499 KB
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  • Overview
  • Key Advantage
  • How this works
  • Eligibility
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  • Sample Illustration
  • Policy Benefits
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Investment Policy With Guaranteed Additions - Bajaj Allianz Guarantee Assure

As we grow, both responsibilities and expectations increases. The lists of life goals too becomes longer. Amongst the list, managing your money, or investing it or saving it for a rainy day also makes an appearance. To meet this life goal, we look for options that will help us manage our current and future responsibilities, as well as give us a little extra to help us meet any unexpected requirements. Hence, investing in a policy that assures you of guaranteed benefits can help you plan towards your life goals a little better.

Bajaj Allianz Guarantee Assure, a non-linked, non–participating individual limited premium endowment plan, helps in securing your future goals and also rewards you with guaranteed benefits. Thereby, giving you a little more than you expected from your life insurance policy.

Guaranteed addition

You get a guaranteed addition in the form of a percentage of the sum assured on maturity. This guaranteed addition can go up to 63% of the sum assured depending upon the chosen policy term.

Multiple policy terms

You can choose from three policy terms - 7, 8 and 9 years – depending on your medium-to-long-term financial goals.

Premium payment term of five years

The policy has a fixed premium paying term of five years irrespective of the policy term one chooses.

High sum assured rebate

Get a discount of ` 7.5 on the annual premium for each additional ` 1,000 Sum Assured over and above the minimum sum assured of ` 1 lakh.

Policy benefits in monthly installments

The policyholder or the nominee can choose to take the policy benefits in equal monthly instalments over 60 months or 120 months.

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

Choose your Sum Assured

 

 

Choose your Policy Term(PT)

(Your premium will be based on your current age, Sum Assured and Policy Term)

Entry Age

Minimum age is 9 years

Maximum age is 60 years

Maturity Age

Minimum age of maturity 18 years

Maximum age of maturity 69 years

Policy Term

7,  8 & 9 Years

Premium Paying Term

5 Years

Minimum Premium

Frequency

Yearly

Half-Yearly

Quarterly

Monthly

Premium

₹ 23,839

₹ 12,158

₹ 6,198

₹ 2,145

Maximum Premium

No Limit

Sum Assured

Minimum Sum Assured is  ` 1,00,000

Maximum Sum Assured is No Limit

Premium Payment Frequency

Yearly, Half-yearly, Quarterly and Monthly*

*Monthly premium payment frequency will be available under salary deduction scheme & ECS

Suresh, 30 years old

Suresh has taken a Bajaj Allianz Guarantee Assure policy and opted for a Policy Term (PT) of 9 years.  The Sum Assured chosen by him is ₹ 5,00,000 for which he is paying a premium of ₹ 1,28,020 yearly.

  • Maturity Benefit
  • Death Benefit

On maturity date, Suresh would receive ₹ 5,00,000 (the Sum Assured chosen) plus the accrued Guaranteed Addition of ₹ 3,15,000. The maturity benefit received will be ₹8,15,000.

Paying Premium Term: 5 Years

  • Guarantee Assure

Premium shown above is exclusive of Goods and Service Tax.

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.

Guaranteed Addition depends on the policy term chosen and is subject to policy terms and conditions.

In case of unfortunate death of Suresh during the 3rd policy year, the nominee would receive ₹ 7,10,100 (5 times the Annualised premium plus accrued Guarantee Additions) as Death Benefit

Paying Premium Term: 5 Years

  • Guarantee Assure

Premium shown above is exclusive of Goods and Service Tax.

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.

Guaranteed Addition depends on the policy term chosen and is subject to policy terms and conditions.

Maturity Benefit

You will receive the Sum Assured chosen by you and the accumulated Guaranteed Additions as maturity benefit on the maturity date, provided all due premiums have been paid.

The Guaranteed Additions that accrue at the end of every policy year in your policy depends on the policy term chosen by you and are as follows:

Policy Term

Guaranteed Addition

7 Years

5% of Sum Assured every year

8 Years

6% of Sum Assured every year

9 Years

7% of Sum Assured every year

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 payable will be 'Sum Assured on Death' plus accrued Guaranteed Additions.

Sum Assured on Death will be higher of

  • 5 times the Annualised premium
  • 105% of the total premiums paid as on the date of death or
  • Sum Assured

The policy will terminate immediately on death of the life assured.

Documents you’ll need before investing

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Will I be able to avail loan against my investment in Guarantee Assure? How much loan can I take under this policy?

Yes, Bajaj Allianz Guarantee Assure plan provides the policyholder an option to avail loan. The loan amount is subject to a maximum limit of 90% of the surrender value of the policy at the time of availing the loan. For instance, Mr X has opted for a sum assured of ` 10,00,000 under this plan and for a policy term of 9 years, he pays an annual premium of ` 2,55,290. At the end of the sixth year, the projected surrender value at an assumed investment return of 8% per annum is ` 10,14,611. Hence the maximum loan that he can avail will be 90% of ` 10,14,611, i.e. ` 9,13,150.

Can I opt to take maturity benefit in instalments? How is the monthly instalment calculated under Guarantee Assure?

Yes, you can opt to take maturity benefit in equal monthly instalments over a period of five or ten years depending on your requirement.. Let’s understand the calculation of monthly instalments with an example. Assuming that a policyholder’s maturity benefit is ` 10,00,000 and the policyholder has opted to take the maturity benefit in monthly instalments, his instalment amount will be:

For a 5-year period:

Monthly Instalment = factor1# * maturity benefit divided by 60 (number of months) = (1.04*10,00,000) / 60 i.e. ` 17,333 per month.

# factor1 is 1.04

For a 10-year period:

Monthly Instalment = Factor2## * maturity benefit divided by 120 = (1.08*10,00,000)/ 120 i.e. ` 9,000 per month

##Factor2 is 1.08 

What are the guaranteed additions benefit in this plan?

Bajaj Allianz Guarantee Assure Plan provides a benefit of guaranteed additions, if all due premiums are paid. It is applicable throughout the policy term as per the policy term chosen and the Sum Assured:

Policy Term

Guaranteed Addition

7 Years

5% of the Sum Assured every year

8 Years

6% of the Sum Assured every year

9 Years

7% of the Sum Assured every year

How is Guaranteed Surrender Value (GSV) calculated in Bajaj Allianz Guarantee Assure?

The GSV is calculated basis the number of premiums paid by you and the guaranteed additions already accrued in the policy. GSV is derived by applying separate factors on the number of premiums paid and guaranteed additions.

 

Let’s understand this with the example of Mr X, who is 30 years old and has opted for a sum assured of ` 1 lakh for the policy  term of 9 years. His annual premium is ` 26,204. Therefore, the total GSV is the sum of GSV 1 and GSV 2, where:

GSV 1= 30% of the total premium paid till date

GSV 2= 0.123762**guaranteed additions*sum assured

Therefore GSV= 0.3*26204*2+0.123762*0.07*100,000 = ` 16,589

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

X

#depending on policy term chosen