Investment Plans 145 views July 15, 2021

Bajaj Allianz Lifelong Assure Plan

If you want a lifelong income with a lifelong cover, consider buying Bajaj Allianz Lifelong Assure Plan. With this plan, you can get regular income via cash bonuses and protection against death till your 100th birthday. Longer policy term, multiple premium payment term options, rider options are some of the reasons behind the popularity of this plan.

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Before we move to the next section, check out the key highlights of the plan mentioned below.

  1. Cash Bonus from the end of the 6th policy year
  2. Guaranteed Cashback from the end of the premium payment term
  3. Life Cover up to the age of 100 years
  4. Death Benefit up to 300% of the sum assured
  5. Option to Receive Death Benefit in Installments
  6. Multiple Premium Payment Term Options
  7. High Sum Assured Rebate
  8. Loan Against Policy
  9. Multiple Premium Payment Frequency Options
  10. Premium Rebate for Female Policyholders
  11. Multiple Rider Options
  12. Tax Benefits under Income Tax Act, 1961
  13. A Grace Period of 15 or 30 days
  14. A 15 or 30-day Free Look Period

Go through this page to have detailed information about the Bajaj Allianz Lifelong Assure Plan.

Let’s Understand the Features and Benefits of the Bajaj Allianz Lifelong Assure Plan in Detail

Bajaj Allianz Lifelong Assure Plan is a non-linked participating life individual limited premium endowment savings plan that protects policyholders for the whole life (up to the age of 100 years). We have discussed the benefits of this plan below. Please check.

What is the Policy and Premium Payment Term?

For this plan from Bajaj Allianz, the policy term will be 100 minus the age at entry. Suppose your age at the time of entry is 30 years, the policy term will be 70 (100-30) years. You can choose from different premium payment term options according to your needs – 10, 15 or 20 years.

What is the Minimum Sum Assured?

The minimum sum assured for Lifelong Assure Plan stands at INR 1,00,000, while there is no maximum limit.

Survival Benefit

From the end of the premium payment term until the age of 99 years, the policyholder will start receiving guaranteed cashback of 3% of the sum assured every year. Other than this, you will get a cash bonus (if any) from the end of the 6th policy year till the age of 99 years.

Maturity Benefit

Bajaj Allianz Lifelong Assure Plan will mature by the time you attain 100 years. On this date, you will get the maturity value of your policy according to the below table.

Premium Payment Term (In Years)Sum Assured on Maturity
10200% of the Sum Assured
15250% of the Sum Assured
20300% of the Sum Assured

Death Benefit

If a policyholder dies during the policy term and all due premiums have been paid, the nominee will get a death benefit. The payout will depend on the entry age of the policyholder. To know more, check the below table.

For Age at Entry Less than 45 yearsFor Age at Entry 45 years and Above
Highest of the following amounts

10 times the Annualized Premium

105% of total premiums paid till the date of death

200%, 250% or 300% of the sum assured depending on the premium payment term
Highest of the following amounts

7 times the Annualized Premium

105% of total premiums paid till the date of death

200%, 250% or 300% of the sum assured depending on the premium payment term

Note: In addition, the nominee will also get a cash bonus (if any) and a terminal bonus (if any).

Multiple Rider Options

You can also enhance your coverage by choosing from the following rider options. To opt for the same, you will need to pay an additional premium.

  1. Bajaj Allianz Accidental Death Benefit Rider
  2. Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider
  3. Bajaj Allianz Critical Illness Benefit Rider
  4. Bajaj Allianz Family Income Benefit Rider
  5. Bajaj Allianz Waiver of Premium Benefit Rider

Loan Against Policy

If your policy has acquired a surrender value, you can opt for a loan against your policy. The loan amount can go up to 80% of the surrender value with an interest rate of 9% per annum compounded half-yearly.

Note – The interest rate shown above is the present one. It can change from time to time.

Multiple Premium Payment Frequency Options

Bajaj Allianz offers multiple premium payment frequency options – Yearly, Half-yearly, Quarterly and Monthly. You can also change your current frequency to any other mode according to the below table.

Premium Payment FrequencyFrequency Factor
Yearly1
Half yearly0.51
Quarterly0.26
Monthly0.09

Option to Take Death Benefit in Installments

The nominee can also get the death benefit in equal monthly installments over 5 or 10 years from the date of intimation of death. Each monthly installment will be an amount equivalent to

  1. For 5 years: 1.04* death benefit divided by 60
  2. For 10 years: 1.08* death benefit divided by 120

What is the Minimum Premium Amount?

The minimum premium amount under the Lifelong Assure Plan depends on premium payment frequency and premium payment term. There is no limit on the maximum premium amount. To know more, check the below table.

FrequencyPremium Payment Term of 10 years (In INR)Premium Payment Term of 15 years (In INR)Premium Payment Term of 20 years (In INR)
Yearly18,30313,40110,811
Half-Yearly10,0008,5007,000
Quarterly5,5004,6253,875
Monthly2,0001,6671,417

Bajaj Allianz Lifelong Assure Plan Eligibility Criteria

Please check the important conditions related to the plan mentioned below.

  1. Minimum Age at Entry – 10 years
  2. Maximum Age at Entry – 55 years

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