Bajaj Allianz Lifelong Assure

While being prepared for all the challenges in life is a smart move, it isn't easy to foresee them coming our way! We can be equipped with a solution that provides us with a steady financial backup at different stages in our life.
Bajaj Allianz Lifelong Assure is a non-linked participating whole life insurance plan that provides income and life cover till your 100th birthday so that you can live worry-free for a lifetime.

 

Key features and benefits

• 

  Cash bonus

  A cash bonus, if any, is paid at the end of each policy year. It starts from the end of the 6th year till the end of the year in which the life assured is aged 99 years.

• 

  Guaranteed cashback

  The policy offers guaranteed cash back of 3% of the sum assured from the end of the premium paying term (PPT) till the end of the year in which the life assured is aged 99 years.

• 

  Sum assured

  This is the amount the policyholder needs to choose at the inception of the policy to decide the survival benefits, coverage against death, and maturity benefits. The minimum sum assured allowed under this policy is Rs. 1 lakh.

• 

  Maturity benefit

  Provided all due premiums have been paid, on the maturity date, the following benefit under the policy shall be paid:

  PPT	Sum Assured on Maturity
  10 years	200% of the sum assured
  15 years	250% of the sum assured
  20 years	300% of the sum assured

  
  In addition, a terminal bonus, if any, will be paid.

• 

  Death coverage

  In case of unfortunate death during the policy term, provided all the due premiums have been paid under the policy, the death coverage payable to the nominee shall be as follows:
  
  a) For age at entry less than 45 years, higher of
  i) 10 times annualised premium*
  ii) 105% of total premium* paid till the date of death
  iii) 200%, 250%, or 300% of the sum assured depending on the PPT chosen
  
  b) For age at entry 45 years and above, higher of
  i) 7 times annualised premium*
  ii) 105% of total premium* paid till the date of death
  iii) 200%, 250%, or 300% of the sum assured depending on the PPT chosen
  Also, an interim cash bonus (if any) and terminal bonus (if any) will be paid.
  
  *Annualised premium and the total premium are exclusive of extra premium, rider premium, and goods and service tax or any other applicable tax levied, subject to changes in tax laws.

• 

  Policy loan

  If you need money, you can avail of loans under this policy, provided the policy has acquired a surrender benefit. The loan amount shall be up to 80% of the surrender value. The company will decide the loan interest rate applicable for the loan from time to time.

• 

  Premium paying flexibility

  Get complete flexibility to change the prevailing premium payment frequency at any time. The premium for frequencies other than annual is given by the annual premium multiplied by the frequency factor.

  Premium frequency	Monthly	Quarterly	Half-yearly	Yearly
  Frequency factor	0.09	0.26	0.51	1.00

• 

  High sum assured rebate (HSAR)

  The plan offers an attractive premium discount structure, where you can avail of a discount on the annual premium for each complete additional Rs. 1,000 sum assured purchased over and above the minimum sum assured of Rs. 1 lakh as mentioned in the table below:

  Age band (in years)	HSAR (in Rupees)
  	10 years	15 years	20 years
  10 to 25	19	15	14
  26 to 40	14	12	10
  41 to 55	11	9	8

• 

  Tax benefit

  Premium paid, survival benefit, maturity benefit, death coverage, and surrender benefit may be eligible for tax benefits per the Income Tax Act, subject to the provision stated therein.

• 

  Surrender benefit

  • Insured will have the option to surrender the policy provided they have paid for two full policy years.
  • The surrender value shall be higher than the guaranteed surrender value (GSV) and the special surrender value (SSV).
  • The guaranteed surrender value (GSV) will be a percentage of premiums paid less than the total of all the guaranteed cashback, where premiums paid exclude premiums for all additional rider benefits if any, and extra premiums.

  GSV factor as % of total premiums paid (sample)
  Policy Surrender year	Policy term in years
  	45	50	55	60	65	70	75	80	85	90
  2	30	30	30	30	30	30	30	30	35	30
  10	53	52	52	52	52	51	51	51	51	51
  30	74	71	69	67	66	64	63	62	61	61
  50	NA	90	86	83	80	77	75	73	72	70
  70	NA	NA	NA	NA	NA	90	87	85	82	80
  90	NA	NA	NA	NA	NA	NA	NA	NA	NA	90

You are eligible for this policy as per the requirements given below:

Under the Bajaj Allianz Lifelong Assure policy, the insured can opt for additional rider benefits at affordable rates. The following riders are available:

• 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
• Bajaj Allianz Waiver of Premium Benefit Rider

You can follow these simple steps to buy this policy:

• To apply for the product, click on ‘Apply Now’ and fill in the necessary details in the application form.
• Make the fee payment online.
• If required, opt for a call back from our representatives or complete the process by clicking on 'Buy Now'.

The following documents will be needed to buy the policy:

• A filled-in proposal form furnishing all the details of the proposed life assured
• A recent passport-sized coloured photograph of the life assured
• A self-attested photocopy of proof of address like Aadhaar card, passport, electricity bill, etc.
• A self-attested photocopy of proof of identity like an Aadhaar card, PAN card, passport, etc.
• A self-attested photocopy of age proof like PAN card, passport, school leaving certificate, etc.
• A cheque towards payment of the first premium of the insurance policy

The major exclusion for the policy is as follows:

In case of death of the policyholder due to suicide within 12 months from the date of commencement of risk or the date of the latest revival of the policy, whichever is later, the nominee or beneficiary shall be entitled to receive the higher of 80% of the total premiums paid or the surrender benefit as on the date of death, provided the policy is in force.

Note: For the other terms of exclusions under the policy, it is advised to refer to the plan brochure.

BFL helpline number: 08698010101

Bajaj Allianz Life Insurance helpline number: 1800-209-7272

E-mail:  wecare@bajajfinserv.in

Mailing address:Ground Floor, Bajaj Finserv Corporate Office, Off Pune-Ahmednagar Road, Viman Nagar, Pune – 411014.