Insurance Plans 143 views April 10, 2020

Bajaj Allianz Cash Assure plan is a traditional, non-linked, participating money-back scheme which aims at providing a regular payout to the life that has been assured.

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Features of Baja Allianz Cash Assure plan

  1. This plan is a mixture of protection and savings where the policyholder obtains money backs at regular intervals.
  2. Money-back up to 150% of sum assured is guaranteed for policyholders.
  3. Policyholders can select the policy term i.e. 16, 20, 24 or 28 years.

Eligibility criteria for Bajaj Allianz Cash Assure plan

The eligibility criteria for the Bajaj Allianz Cash Assure plan can be mentioned in a tabular form.

 Minimum AgeMaximum Age
Entry0 years54 years
Maturity18 years70 years

Coverage provided by Bajaj Allianz Cash Assure plan

Survival and Maturity Benefit

When the entire premium has been paid by the policyholder, then he can receive the Survival benefit in the form of money backs on the specified due date. The money backs which a policyholder would receive depend on the term of the plan.

 Survival benefit (Money-back amount)Maturity BenefitFirst money back payoutSecond money back payoutThird money back payout
Policy term=16 years15% of the sum assured60% of sum insured +vested bonus +terminal bonus At the end of 4 policy yearsAt the end of 8 policy yearsAt the end of 12 policy years
Policy term=20 years20% of the sum assured60% of sum insured +vested bonus +terminal bonusAt the end of 5 policy yearsAt the end of 10 policy yearsAt the end of 15 policy yearsPolicy term=24 years
Policy term=24 years25% of the sum assured60% of sum insured+ vested bonus+ terminal bonusAt the end of 6 policy yearsAt the end of 12 policy yearsAt the end of 18 policy years
Policy term=28 years30% of the sum assured60% of sum insured +vested bonus + terminal bonusAt the end of 7 policy yearsAt the end of 14 policy yearsAt the end of 21 policy years

Death Benefit

If the death of the policyholder occurs during the policy term and all premiums had been paid then,

Death Benefit=Sum assured at death + Vested Bonus +Interim Bonus +Terminal Bonus

Sum assured at the time of death= Highest amongst 10 times of annualized premium or the Sum assured.

 Tax Benefits

  1. The premiums paid towards this plan are eligible for tax rebates under Section 80C of the Income Tax Act, 1961
  2. The benefits from this policy are also eligible for tax rebates under Section 10(10D) of the Income Tax Act, 1961.

Surrender Benefit

The policyholder can surrender the policy anytime during the policy term if the premiums for 3 years have been paid.

Surrender Value=Highest amongst Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)

GSV is an amount that is guaranteed throughout the policy term whereas SSV is not guaranteed and can change.

Additional Rider Benefit

Several additional riders can be used to increase the coverage obtained from the insurance plan.

  1. Bajaj Allianz Critical Illness Benefit Rider
  2. Bajaj Allianz Family Income Benefit Rider
  3. Bajaj Allianz Accidental Death Benefit Rider
  4. Bajaj Allianz Waiver of Premium Benefit Rider

Exclusions

In case of the suicide of the policyholder, the nominee will be offered the below-mentioned limited benefit.

  1. 80% of the paid premium is offered if the suicide date is 1 year from the risk commencement date of the policy.
  2. If the suicide date is 1 year from the date of policy revival, then the amount paid is highest amongst 80% of the premium paid minus the survival benefits paid till death The surrender value of the policy on the date of death

Conclusion

Hence, the Bajaj Allianz Cash Assure plan is extremely beneficial for policyholders with many other additional features like free look period, Grace period, policy loan, policy revival, etc.

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