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Bajaj Allianz Life Income Assure Watch Video A Guaranteed Monthly Income Life Insurance Plan

  • Guaranteed monthly income for 144 months
  • Choice of 2 life cover variants: Income & Assure
  • Limited premium payment term
  • Bonus to enhance your savings
Income assured savings plan
Download Brochure 11 pages - 399 KB
Download Policy Document 13 pages - 161 KB
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Savings Plan With Guaranteed Monthly Income - Bajaj Allianz Income Assure

Did you spot the beautiful watch that you wanted to purchase, but didn’t? Or check the advertisement of your dream holiday and didn’t end up booking it immediately. Perhaps the amazing sport shoes your child wanted but you had to postpone the purchase. All because the budget for the month was getting tighter than usual. Wouldn’t it be satisfying if you could buy those things that really meant a lot to you, instantly? By dipping into a kitty that you were building for exactly these times, the stream of second income. That is when a life insurance plan, which guarantees a monthly income comes handy.

Bajaj Allianz Life Income Assure is a non-linked, participating, life, individual, limited premium payment, monthly income endowment savings plan. It guarantees a monthly income that allows you to dip into your second income to help you not think twice when you really want to indulge in some happiness. It also ensures that your family members will be on track with their goals even if something were to happen to you.

Guaranteed monthly income

The policy allows you to choose a monthly income that you start receiving once the premium paying term is over, which is tax free and will be paid over a period of 12 years.

Two variants available

This life insurance cum savings plan offers two ways of receiving the death benefit. Under the Income variant, the nominee gets the death benefit in 144 monthly installments, while under the Assure variant the death benefit is paid in a lump sum.

Multiple policy terms

There are four policy terms – 17, 19, 22 and 24 years – available under the policy to suit your financial and life goals.

Bonus

Since this is a participating plan, you will receive accumulated bonus and terminal bonus, if any, which are paid as part of maturity or death benefit.

Multiple rider benefits

Option to choose among five rider benefits to enhance the coverage at a nominal extra cost. These include:

  • Bajaj Allianz Accidental Death Benefit Rider - UIN:116B034V02
  • Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider - UIN:116B036V02
  • Bajaj Allianz Critical Illness Benefit Rider - UIN:116B035V02
  • Bajaj Allianz Family Income Benefit Rider - UIN:116B037V02
  • Bajaj Allianz Waiver of Premium Benefit Rider - UIN:116B031V02

Rebate on high sum assured

High Sum Assured Rebate is available on the annual premium for each complete additional ` 1,000 sum assured purchased over and above the minimum sum assured, which is different for different premium payment term.

Option to change premium payment frequency

You can opt to change your premium payment frequency at any policy anniversary. It is subject to availability of the frequency and minimum modal premium criteria applicable under the plan then.

Variants

Bajaj Allianz Life Income Assure has two variants based on how the death benefit is paid– Income and Assure. You need to opt for the variant at the time of purchasing this protection plus savings plan, which cannot be changed later.

Income: The death benefit is paid in instalments in this variant. 

In the unfortunate event of the death of the life assured, the vested bonus plus terminal bonus, if any, is paid immediately. Further, the nominee will get the sum assured over the next 144 months in equated monthly instalments (i.e. over the next 12 years) and the first instalment will start from the date of death.

Assure: The death benefit is paid in lump-sum in this variant. 

In case of the death of the policyholder, the death benefit will be paid as lump sum and the policy will terminate on the date of death of the life assured.

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

Choose your Guaranteed Monthly Income

Your sum assured will be 144 times of the selected Guaranteed Monthly Income.

Choose your life cover variant: Income or Assure

Life cover variant chosen at inception cannot be changed during the policy term.

Choose your Premium Payment Term

Choose your Premium Payment Frequency

(Your premium will be based on Guaranteed Monthly Income chosen, life cover variant, gender, age, premium payment term and premium payment frequency.)

Entry Age

Minimum age is 0 year

Risk cover will commence immediately on date of commencement of risk 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) or on maturity date.

Maximum age is 50 years

Maturity Age

Minimum age of maturity 18 years

Maximum age of maturity 74 years

Policy Term

17, 19, 22, 24 years

Premium Paying Term

5, 7, 10, 12 years

Minimum Guaranteed Monthly Income (GMI) 

Age

Multiplier

5 years

1,100

7 years

1,400

10 years

1,800

10 years

2,100

Maximum Guaranteed Monthly Income

No Limit, subject to prevailing Board approved underwriting guidelines

Premium Payment Frequency

Yearly and Monthly~

~The monthly premium frequency is only allowed under auto-debit process as allowed by RBI to financial institutions.

Minimum Premium

Variants

Premium (in `)

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

Minimum

144 * Minimum GMI chosen

Example: If the minimum GMI opted is ` 1,100 then, minimum Sum Assured will be ` 1,100 * 144 = ` 1,58,400

Maximum

No Limit, subject to prevailing Board approved underwriting guidelines

Amit, 30 years old

Amit aged 30 years has taken Bajaj Allianz Life Income Assure. He chooses Guaranteed Monthly Income (GMI) of ` 3,000 p.m. 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 ` 4,32,000 (GMI * 144). The premium depending on variant chosen will be ` 31,788 p.a. for Income and ` 32,211 p.a. for Assure.

  • Survival and Maturity Benefit
  • Death Benefit

Survival Benefit: Amit would receive GMI of ₹ 3,000 per month from end of PPT till end of the Policy Term.

GMI

Total GMI during the Policy Term

` 3,000

` 4,32,000

  • On maturity date, Amit will receive the following maturity benefit:

At Assumed investment return**

of 8%

of 4%

Non-guaranteed vested bonus

` 4,66,859

` 54,933

Premium shown above is exclusive of any extra premium, rider premium, Goods & Service tax/any other applicable tax levied, subject to changes in tax laws if any. Vested Bonus at 8% & 4% are not guaranteed and are for illustrative purpose only.

The Maturity Benefit demonstrated at 4% and 8% does not include Terminal Bonus. Terminal Bonus, if any, shall become payable along with Maturity 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:

For variant Assure - Policy Term: 24 Years

  • Income Assure

Figure 1: For variant Assure - Policy Term: 24 Years Assure (Refer figure: 1)

For variant Income - Policy Term: 24 Years

  • Income Assure

Figure 2: For variant Income - Policy Term: 24 Years

Assure (Refer figure: 1)

Sum Assured on Death

` 4,32,000

Non-guaranteed vested bonus

` 1,19,510  (@ Assumed Investment Return** of 8%)

` 17,585 (@ Assumed Investment Return** of 4%)

Total Death Benefit

` 5,51,510 (@ Assumed Investment Return** of 8%)

` 4,49,585 (@ Assumed Investment Return** of 4%)

Income (Refer figure: 2)

Non-guaranteed vested bonus paid on date of death

` 1,19,510 (@ Assumed Investment Return** of 8%)

` 17,585 (@ Assumed Investment Return** of 4%)

And Rs. 3,000 per month as Monthly Income for next 144 months

 

Monthly Income

Total Monthly Income incase of death

 

` 3,000

` 4,32,000

Note:

Premium shown above is exclusive of any extra premium, rider premium, Goods & Service tax/any other applicable tax levied, subject to changes in tax laws if any. Vested Bonus at 8% & 4% are not guaranteed and are for illustrative purpose only.

Terminal Bonus, if any, shall become payable along with Death Benefit.

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, Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws if any.

**Total Premium is exclusive of extra premium, rider premium, Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, if any.

Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws 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: 116B034V02

2

Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider

UIN: 116B036V02

3

Bajaj Allianz Critical Illness Benefit Rider

UIN: 116B035V02

4

Bajaj Allianz Family Income Benefit Rider

UIN: 116B037V02

5

Bajaj Allianz Waiver of Premium Benefit Rider

UIN: 116B031V02

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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Does the plan offer High Sum Assured Rebate (HSAR)?

Yes, this plan offers HSAR. On every additional ` 1,000 sum assured purchased over and above the minimum sum assured, the policyholder can get HSAR. It is calculated on the basis of minimum sum assured and premium payment term as mentioned below:

Premium Payment Term (in years) 5 7 10 12
Minimum Sum Assured (in `) 1,58,400 2,01,600 2,59,200 3,02,400
HSAR (in `) 6 3.5 2.5 2

For better understanding, let’s assume Mr X, aged 30 years buys this policy and opts for Guaranteed Monthly Income (GMI) of ` 3,000 per month for a policy term of 24 years and a premium payment term of 12 years. His sum assured will be ` 4,32,000 and the premium will be ` 32,046 per annum before applying HSAR. However, after application of HSAR, the premium will come down to ` 31,788 after HSAR of ` 258 per annum is applied.

What is the Survival Benefit under this plan?

Under both variants, provided all due premiums are paid, the Survival Benefit is the Guaranteed Monthly Income (GMI), which is paid every month for a period of 144 months, beginning from the end of premium payment term.

How does the policyholder choose the Guaranteed Monthly Income amount? Is it fixed throughout the policy term?

The policyholder has to select the GMI amount at the time of purchasing the policy which then remains fixed throughout the term of the policy.

What are the riders available with Income Assure?

You have the option to choose from five riders by paying a nominal extra charge. These are Bajaj Allianz Accidental Death Benefit Rider, Bajaj Allianz Accidental Permanent Total / Partial Disability Benefit Rider, Bajaj Allianz Critical Illness Benefit Rider, Bajaj Allianz Family Income Benefit Rider and Bajaj Allianz Waiver of Premium Benefit Rider. 

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 804% **
  • 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 March, 2019.

"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!