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Bajaj Allianz Save Assure A Traditional Endowment Insurance Plan

  • Guaranteed maturity benefit
  • Rebate for high sum assured
  • Limited premium payment term
  • Rider benefits
Save Assure, our traditional endowment plan
Download Brochure 9 pages - 499 KB
Download Policy Document 9 pages - 499 KB
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  • Overview
  • Key Advantage
  • How this works
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Endowment Plan With Guaranteed Benefits - Bajaj Allianz Save Assure

Guarantees have a reassuring ring, especially when it comes along with an investment solution. Guarantees come into play to enable you maximise your returns, and hence an ideal investment portfolio should have some products that offer guaranteed returns. This is further sweetened when there is a long-term time horizon in play.

Bajaj Allianz Save Assure, a life non–participating individual limited premium endowment savings plan, not only secures your family but also guarantees 115% of your sum assured at maturity. Combine this with a rebate when a high sum assured is chosen, a limited payment term and a life cover with guaranteed benefits.

Guaranteed maturity and death benefit

Provided all the premiums have been paid on time, Save Assure guarantees a maturity or death benefit of 115% of the sum assured.

High sum assured rebate

For every ` 1,000 sum assured over and above ` 1 lakh, the policy offers a rebate on your premium, subject to a maximum rebate of ` 70,000.

Enhance your coverage with rider benefits

Option to choose among five rider options to expand the coverage at a nominal extra cost.

Choice of two policy terms

This insurance plus savings plan offers two policy terms of 15 years and 17 years.

Limited premium payment term

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

Option to take policy benefits in monthly instalments

The life assured or the nominee can opt to receive policy benefits in equal monthly instalments for five or ten years, to plan for meeting certain expenses.

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

Choose your Sum Assured

 

Choose your Policy Term

(Your premium will be based on your current age, sum assured and policy term)

Entry Age

Minimum age is 1 year

Maximum age is 60 years

Maturity Age

Minimum age of maturity 18 years

Maximum age of maturity 75 years

Policy Term

15,17 years

Premium Paying Term

Policy term selected less than 5 years

Minimum Premium

Frequency

Yearly

Half-Yearly

Quarterly

Monthly

Policy Term 15

` 8,140

` 5,000

` 2,500

` 1,000

Policy Term 17

` 6,620

` 4,200

` 2,100

` 800

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.

Ravi, 30 Years Old

Ravi has taken a Bajaj Allianz Save Assure policy for a Policy Term of 17 years. He is paying a premium of ₹ 30,605 yearly for premium paying term of 12 years.

The Sum Assured chosen by him is ` 5,00,000.

  • Maturity Benefit
  • Death Benefit

On maturity date, Ravi would receive 115% of ₹ 5,00,000 (the Sum Assured chosen), i.e.,₹ 5,75,000

Paying Premium Term: 12 Years

  • Save Assure

Premium shown above is exclusive of GST/ any other applicable tax levied, subject to changes in tax laws.

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.

In case of unfortunate death of Ravi in the 7th policy year, his nominee would receive 115% of ₹ 5,00,000 (the Sum Assured chosen), i.e., ₹ 5,75,000.

Paying Premium Term: 12 Years

  • Save Assure

Premium shown above is exclusive of GST/ any other applicable tax levied, subject to changes in tax laws.

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.

Maturity Benefit

On the maturity date 115% of the sum assured chosen will be paid as maturity benefit, provided all due premiums have been paid.

Death Benefit

If all due premiums have been paid, then, in case of unfortunate death of the life assured during the policy term, the Sum Assured on Death will be payable as death benefit to the nominee.

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 Save 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.

Documents you’ll need before investing

Goal Based Investment Planning For Family From Bajaj Allianz Life

Realise your Life Goals with a proper goal-based investment plan

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What are the riders available under Save Assure?

Bajaj Allianz Save Assure plan provides you the option of additional benefit of riders at a nominal extra cost. The riders available with this plan 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.

What is the maximum loan that one can take under Save Assure?

Under this plan, you can avail a maximum of 90% of the policy’s Surrender Value as loan, provided premiums of at least three full years have been paid.

What tax benefits can I get in this plan?

The premiums paid under Bajaj Allianz Save Assure plan are eligible for tax benefits under section 80C of the Income Tax Act 1961. Also the maturity benefit, death benefit and surrender value are eligible for tax benefits under Section 10(10D) of the Income Tax Act 1961, subject to the provision stated therein.

Can I take the maturity or death benefit in instalments?

Yes, the policyholder or the nominee has the option to take the maturity benefit or death benefit in equal monthly instalments over a period of 5 or 10 years. These instalments can be taken from the date of maturity or the date of intimation of death (as applicable).

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

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  • Claim deposits via electronic transfer to make process faster
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**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!