Bajaj Allianz Lifelong Assure

Being prepared for all the challenges in life is a smart move, but 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


The key features covered under this policy are as follows:

  • Cash bonus

    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 benefit. 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 Sum Assured
    15 Years 250 % of Sum Assured
    20 Years 300 % of 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 annualized premium*
    ii) 105% of total premium* paid till the date of death
    iii) 200%, 250%, or 300% of sum assured depending on the PPT chosen.

    b) For age at entry 45 years & above, higher of
    i) 7 times annualized premium*
    ii) 105% of total premium* paid till the date of death
    iii) 200%, 250%, or 300% of sum assured depending on the PPT chosen.
    Also, an interim cash Bonus (if any) & terminal Bonus (if any), will be paid.

    *Annualized premium and the total premium is 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 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 loan interest rate applicable for the Loan will be as decided by the company, 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 with 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 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 as 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 the full two 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 Cash-Backs, where premiums paid are excluding 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

Eligibility Criteria

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

Parameters Details
Minimum Entry Age 10 Years
Maximum Entry Age 55 Years
Policy Term 100 minus Age at Entry
Premium Paying Term 10, 15 and 20 years
Minimum Premium Frequency PPT 10 PPT 15 PPT 20
Yearly Rs. 18,303 Rs. 13,401 Rs. 10,811
Half-Yearly Rs. 10,000 Rs. 8,500 Rs. 7,000
Quarterly Rs. 5,500 Rs. 4,625 Rs. 3,875
Monthly Rs. 2,000 Rs. 1,667 Rs. 1,417
Maximum Premium No Limit
Minimum Sum Assured Rs. 1 lakh
Maximum Sum Assured No limit
Premium Payment Frequency Yearly, half-yearly, quarterly and monthly
Monthly premium payment frequency will be available under the salary
deduction scheme and ECS.

Additional Riders

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

Kindly refer to the sales literature to know more details and eligibility conditions for each of the mentioned riders.

How to Purchase the Policy

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 ‘Buy now'.

List of Documents to Buy the Plan

The following documents will be needed to buy the policy:

  • A filled proposal form furnishing all the details of the proposed life assured
  • A recent passport-sized coloured photograph of the life assured
  • A self-attested xerox copy of proof of address like Aadhaar Card, Passport, Electricity Bill
  • A self-attested xerox copy of Proof of Identity like an Aadhaar Card, Pan Card, Passport
  • A self-attested xerox copy of Age Proof-like Pan Card, Passport, School Leaving Certificate
  • A cheque towards payment of the first premium of the insurance policy

Major Policy Exclusions

Suicide Exclusion

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.

Claim/Assistance Contact Details

BFL Helpline Number: 08698010101

BALIC Allianz Life Insurance Helpline Number1800-209-7272

E-mail –  wecare@bajajfinserv.in

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


*For claim related issues please refer to your policy document or certificate of insurance (COI).

Disclaimer

Bajaj Finance Limited (BFL) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, Tata AIG General Insurance Company Limited, ACKO General Insurance Limited, Max Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited, and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA0101.

Please note that BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely voluntary after you exercise independent due diligence on the suitability, viability of any insurance product. Any decision to purchase an insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. This product provides insurance coverage under Bajaj Allianz Life-Long Assure UIN: 116N122V02.

Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions, and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product.