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    Bajaj Allianz Life Super Life Assure A Traditional Endowment Plan

    • Sum assured plus income benefit#

    • Multiple policy terms
    • High sum assured rebate
    • Option to choose waiver of premium benefit rider
    A super life assured savings and investment plan
    Download Brochure 10 pages - 1100 KB
    Download Policy Document 11 pages - 144 KB
    • Overview
    • Key Advantage
    • How this works
    • Eligibility
    • Downloads
    • Sample Illustration
    • Policy Benefit
    birthday_image

    Savings Plan With Income Benefit - Bajaj Allianz Life Super Life Assure

    Life insurance enables us to meet our life goals in several ways. Most critically it offers a life cover that is a financial support for one’s dependents. Some life insurance policies offer more than that, to enable you to enjoy the returns on the investments made.

    Bajaj Allianz Life Super Life Assure is a non-linked, life, individual, participating, regular premium payment endowment savings plan, bringing the dual benefits of savings and life cover in one policy. It helps you save in a disciplined manner towards your life goals.

    Here, you can choose from multiple policy term options, thereby enabling you to plan for your key financial milestones. Further, it comes with an Income Benefit option under super variant that pays an additional monthly income to your family, in case of unfortunate death.

    Sum assured plus income benefit

    In the ‘Super’ variant, in case of death of the life assured, the nominee will receive sum assured plus income benefit, which is additional 100% of sum assured paid in 120 monthly instalments.

    Multiple policy terms

    This Life insurance savings plan is available in multiple tenures of 12-20 years, making it a suitable option for your key financial milestones.

    Maturity Benefits

    Sum Assured plus Vested Bonus plus Terminal Bonus, if any, if you have paid all due premiums under your policy. The minimum guaranteed maturity benefit is 100.1% of total* premiums paid. The maturity benefit will be same for both the variants.

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

    Bonus

    On maturity, you will be paid any accumulated bonus, plus terminal bonus, if any.

    High sum assured rebate

    The plan offers a rebate of ` 25 for each complete additional ` 10,000 sum assured purchased over and above the minimum sum assured of ` 2 lakhs.

    The plan offers a premium discount structure, where you can have a discount of ` 25 for each complete additional ` 10,000 Sum Assured purchased over and above the minimum Sum Assured of ` 2,00,000.

    Example: Nitin aged 30 years has taken a Bajaj Allianz Life Super Life Assure with Sum Assured of ` 3,00,000 and Policy Term of 20 years. His annual premium before High Sum Assured Rebate will be ` 16,386. After application of High Sum Assured Rebate of ` 250, Nitin’s premium payable is ` 16,136 p.a.

    Waiver of Premium Rider

    Get added protection by choosing Bajaj Allianz Waiver of Premium benefit rider at a nominal extra cost. Here, future premiums of the policy will be waived in case of:

    1. Death/critical illness/accidental permanent total disability of the policyholder; and when life assured is a minor.

    2. Critical illness/accidental permanent total disability of the policyholder, when policyholder and life assured are the same.

    Variants

    Bajaj Allianz Life Super Life Assure comes in two variants – Super and Life.

    Super: If Super variant is opted, in case of death, the death benefit is paid as lump sum and an additional 100% of sum assured as income benefit is paid in 120 monthly instalments.

    Life: If you have opted for Life variant, in case of death, the death benefit will be paid as lump sum.

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

    Choose your plan variant: Super or Life

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

    Choose your Sum Assured

    Choose your Policy Term

     

    Choose your Premium Payment Frequency

    (Your premium will be based on Sum Assured, plan variant, gender, age, policy term and premium payment frequency.)

    Entry Age

    Minimum age is Super - 18 years and Life - 0 year

    Maximum age is Super - 50 years and Life - 55 years

    Risk cover will commence immediately on the date of commencement of risk of the policy and, in the case of a minor life, policy will vest on the life assured on at least attainment of majority, i.e., 18 years age last birthday and on maturity date.

    Maturity Age

    Minimum age of maturity Super - 30 years and Life - 18 years

    Maximum age of maturity 70 years

    Policy Term

    12 to 20 years

    Premium Paying Term

    Equal to Policy Term chosen

    Minimum Premium

    Variant

    Yearly

    Half-Yearly

    Quarterly

    Monthly

    Super

    `5,328

    `2,717

    `1,385

    `480

    Life

    `4,500

    `2,295

    `1,170

    `409

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

    Maximum Premium

    As per the Sum Assured

    Premium Payment Frequency

    Yearly, Half yearly, Quarterly and Monthly**

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

    Sum Assured

    Minimum

    Variant

    Sum Assured

    Super

    `1,00,000

    Life

    `50,000

    Maximum

    No Limit, subject to underwriting

    Nitin, 30 Years Old

     

    Nitin  has taken Bajaj Allianz Life Super Life Assure (Super variant) and opted for a Policy Term of 20 years

    The Sum Assured chosen by him is ₹ 3,00,000 for which he is paying a premium of ₹ 16,136 p.a.

    • Maturity Benefit
    • Death Benefit

    Nitin’s maturity benefit, based on the assumed investment return, are as given below:

    At Assumed investment return##

    Sum Assured (A)

    Vested Bonus (B)

    Non Guaranteed

    Maturity Benefit (A+B)

    @ 8%

    `3,00,000

    `2,31,409

    `5,31,409

    @ 4%

    `3,00,000

    `77,085

    `3,77,085

    Note: Premium shown above is for ‘Super’ variant and is exclusive of Goods and Service Tax/any other applicable tax levied, subject to changes in tax laws and any extra premium. 

    Vested Bonus at 8% & 4% is not guaranteed and is for illustrative purpose only.

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

    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 Nitin at the end of the 10th policy year, the death benefit, based on the assumed investment return, are as given below: 1) Death Benefit payable immediately (refer table) 2) Death Benefit payable as Income Benefit: ₹2,500 would be paid every month for 120 months.

    At Assumed investment return##

    Sum Assured (A)

    Vested Bonus (B)

    Non Guaranteed

    Death Benefit payable immediately (A+B) 

    @ 8%

    `3,00,000

    `99,278

    `3,99,278

    @ 4%

    `3,00,000

    `36,341

    `3,36,341

    Note: Premium shown above is for ‘Super’ variant and is exclusive of Goods and Service Tax/any other applicable tax levied, subject to changes in tax laws and any extra premium. 

    Vested Bonus at 8% & 4% is not guaranteed and is for illustrative purpose only.

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

    Maturity Benefit

    • Sum Assured plus Vested Bonus plus Terminal Bonus, if any, if you have paid all due premiums under your policy. The minimum guaranteed maturity benefit is 100.1% of total* premiums paid.

    • The maturity benefit will be same for both the variants.

      *Total premium is exclusive of extra premium, rider premium and Goods and Service Tax/any other applicable tax levied, subject to changes in tax laws, 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 death benefit will be:

    • If Life variant is opted, higher of:
      • Sum Assured on Death# plus Vested Bonus plus Terminal Bonus, if any, or

      • 105% of the total premiums* paid

    • If Super variant is opted, higher of:
      • Sum Assured on Death# plus Vested Bonus plus Terminal Bonus, if any, or

      • 105% of the total premiums* paid

    • Income Benefit: The nominee would get an additional 100% of Sum Assured as Income Benefit, payable in 120 monthly installments, over the next 10 years starting from the date of payment of the death benefit. The amount of monthly installment is equal to Sum Assured/120

    The risk cover under the policy will cease on the date of death.

    #Sum Assured on Death is higher of Sum Assured or 10 times of Annualized Premium*

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

    *Total Premiums Paid means total of all premiums received, excluding any extra premium, any rider premium and Goods and Service Tax/any other applicable tax levied, subject to changes in tax laws, if any

    Additional Rider Benefit

    You have an option to get comprehensive protection by choosing the optional additional rider benefit, Bajaj Allianz Waiver of Premium Benefit Rider (UIN: 116B031V02) at a nominal extra cost.

    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

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    ⭐ What is the Income Benefit available in Super variant and how does it work?

    Bajaj Allianz Life Super Life Assure policy comes with the feature of Income Benefit in its Super variant, which is triggered in the case of unfortunate death of the policyholder. In such a situation, the nominee will get an additional 100% of Sum Assured payable in 120 equated monthly instalments for next 10 years beginning from the date of settlement of death benefit. The monthly instalment amount is calculated by dividing the Sum Assured by 120 (months).

    ⭐ Is there an option to change the premium payment frequency in Super Life Assure?

    Yes, this plan gives you the freedom to move from one premium payment frequency to another, as per your convenience and financial goals. At any policy anniversary, one can opt from yearly, half-yearly, quarterly or monthly premium payment frequency, subject to availability of the frequency and minimum modal premium criteria. 

    ⭐ Is there any bonus declared in this plan?

    Yes, the Super Life Assure plan gives you the benefit of vested bonus declared by the Company, and will be attached to your policy at the end of each financial year. 

    ⭐ What is the benefit of opting for Waiver of Premium Benefit rider?

    As the name suggests, the Waiver of Premium benefit rider means that all the future premiums payable will be waived and the policy will remain in-force with all its benefits and facilities. The Waiver of Premium Benefit applies in the following situations:

    • The Waiver of Premium benefit rider will trigger in case of Accidental Permanent Total Disability or the first diagnosis of Critical Illness of the Life Assured, where the Life Assured is the rider Life Assured.
    • In case Rider Life Assured is the proposer/policyholder under the base policy, then the Waiver of Premium Benefit will trigger in case of the death or Accidental Permanent Total Disability or Critical Illness of Rider Life Assured.

    ⭐ Can the nominee choose to get 50% of death benefit as a lump sum and 50% as Income Benefit in case of Super variant?

    No, in this plan, the nominee does not have the option of taking 50% of death benefit as a lump sum amount and the remaining 50% in equated monthly instalments. The income benefit is payable only in 120 equated monthly instalments over next 10 years from the date of settlement of death benefit.

    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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    • Amongst ‘Top 75 most valuable Indian Brands 2019’1
    • One of the most Trusted Brand2
    • Claims Settlement Ratio 98.02%~
    • 1 Day Claim Approval7
    • Solvency ratio of 745% **
    • AAA (In) Rating by CARE – Highest Claims Paying Ability$
    • Claim deposits via electronic transfer to make process faster
    • ` 56,085 Total Assets Under Management (AUM)
    • 3.44 Crore number of lives covered#
    • Our Priority is not to sell Life Insurance, it is to serve you in the fastest & most convenient manner when you need us.

    787% of non-investigative individual claims approved in one working day for FY 2019-20. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices

    ~Individual Claims Settlement Ratio for FY 2019-2020

    **All figures as on 31 March, 2020

    #Individual & Group

    1 Report published by Kantar millward brown

    2Survey conducted by brand equity – Nielsen in March 2019

    $For details refer to press release published by CARE

    "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!

    #depending on variant chosen