Insurance in India

Aegon Religare

Insurance Companies

Sponsored Links

Bajaj Allianz Super Saver Plan


Introduction

Regular saving is the best tool to protect ones family. We at Bajaj Allianz Life Insurance realize the value of your saving and present a non-linked, participating regular premium endowment plan, which will help you save regular amounts for a safer tomorrow. Also get extra benefits with Guaranteed Additions of 4% of sum assured, at the end of each policy year.

Key Features:
  • Extra Protection with in-built Accidental Death Benefit.
  • Guaranteed Additions of amount equal to 4% of Sum Assured at the end of each policy year, provided all premiums till date have been paid.
  • Policy shall remain in-force for the full sum assured for 2 successive years, even if you forget to pay your premiums on due date.

Other limits:
Minimum
Maximum
Annual Premium Rs. 1,055/- No Limit
Sum Assured Rs. 20,000/- No Limit
Age at entry 18 Years 60 Years
Policy term 10 Years 30 Years

Death Benefit:
  • Sum Assured with Guaranteed Additions plus the Vested Bonus.
  • In case of accidental death, an additional sum assured shall be payable.

Maturity Benefit:
Sum Assured with Guaranteed Additions plus the Vested Bonus.

Surrender Value:
Higher of the guaranteed surrender value (GSV) and special surrender value. The policy acquires Surrender Value after three years from the date of commencement of policy provided first three years’ premiums have been paid in full.
GSV = 30% * (Total premiums paid till date less premiums paid in the first year less any extra premiums and additional rider benefit premiums, if any).

Auto Cover:
Even in case of non-payment of premium from second policy year onwards, the policy shall remain in-force for full Sum Assured for 2 successive years (auto cover period) from the due date of first unpaid premium and the Guaranteed Additions and vested bonuses as accrued till due date of the first unpaid premium shall remain attached to the policy. During the Auto-Cover period, the policy will not accrue any further bonus or Guaranteed Additions.

Paid-Up Value:
The policy will acquire a Paid-up value in case the Premium Payment ceases after at least first three years’ premiums have been paid in full and after the expiry of the Auto-Cover period of 2 years. The Paid-up value will be equal to the Sum Assured multiplied by the proportion of the number of premiums paid to the total number of premiums payable under the policy, called as reduced Sum Assured, plus the Guaranteed Additions and the vested bonuses as on the paid-up date. A Paid-up policy will not accrue any further bonus or Guaranteed Additions.
In case of death of the Life Assured when the policy is in Paid-up state or on survival to the maturity date, the Paid-up value will be paid and the policy will terminate.

Loan:
Policy loan equal to 90% of the Surrender Value can be availed under the Plan.

Premium Paying Mode: Annual mode only.

Additional Rider Benefit:
Option to avail Accidental Permanent Total / Partial Disability Benefit rider and Family Income Benefit rider provided Sum Assured chosen under the base plan is Rs. 50,000 or above.

A)Accidental Permanent Total / Partial Disability Benefit Rider
i. Minimum Sum Assured: Rs. 50,000
ii. Maximum Sum Assured: Rs. 5,000,000 (for all policies taken together)
iii. Minimum Entry Age: 18 years last birthday
iv. Maximum Entry Age: 50 years last birthday
v. Maximum Maturity Age: 65 years last birthday

The amount payable in the event of accidental permanent partial disability as a result of an accident within 180 days from the date of the accident will be the lower one of:

a) 50% of the sum assured of the base plan
b) Rs. 25,00,000 under all the policies of the policyholder taken together

i) If the policyholder has not received the benefit for accidental permanent partial disability earlier, the amount payable in the event of accidental permanent total disability will be the lower one of:
  • The sum assured of the base plan
  • Rs. 50,00,000 under all the policies of the policyholder taken together

ii) If the policyholder had already received the benefit for accidental permanent partial disability and the time passed from the occurrence of the partial disability is less than one year, the amount payable in the event of accidental permanent Paid-Up Value: total disability will be the lower one of:
  • 50% of the sum assured of the base plan
  • Rs. 25,00,000 under all the polices of the policyholder taken together

iii)If the policyholder had already received the benefit for accidental permanent partial disability and the time passed from the occurrence of the partial disability is at least one year, the amount payable in the event of accidental permanenttotal disability will be the lower one of:
  • The sum assured of the base plan
  • Rs. 50,00,000 under all the polices of the policyholder taken together

The policyholder has the option to receive the benefit either as a lump sum or as a 10-year guaranteed annuity, the annual annuity being 11% of the total amount payable. The payment mode of the annuity is annually in advance. In case the insured person dies within the annuity payment period, the discounted value of the unpaid installments will be paid as a lump sum to the nominee and the policy terminates.
In the event of accidental permanent total disability, the premium for all benefits are waived and the full insurance coverage for all benefits remains.

B)Family Income Benefit Rider
  • Minimum Sum Assured: Rs. 50,000
  • Maximum Sum Assured: No limit
  • Minimum Entry Age: 18 years last birthday
  • Maximum Entry Age: 50 years last birthday
  • Maximum Maturity Age: 70 years last birthday
In the event of death or accidental permanent total disability of the life assured a Family Income Benefit of 1% of the Sum Assured per month is paid to the proposer/ life assured/nominee till the end of the policy term or for 10 years whichever is higher subject to the Family Income Benefit not running beyond the calculated age of 70 years of the policyholder. Further in the event of accidental total permanent disability all future premiums are waived. However on accidental total permanent disability of the life assured after age 65 the policy will not be eligible for Family Income benefit arising as a result of accidental permanent total disability.

Free Look Period:
Within 15 days from the date of receipt of the policy, you have the option to review the terms and conditions and return the policy, if you disagree to any of the terms & conditions, stating the reasons for your objections. You will be entitled to a refund of the premium paid, subject only to a deduction of a proportionate premium for the period on cover and the expenses incurred on medical examination and stamp duty charges.

Revival Period:
Premium payment may be revived within 2 years from the due date of first unpaid premium by paying all due but unpaid premiums with applicable interest. The current chargeable rate of interest is 10% per annum.

Tax Benefits:
Premiums paid are eligible for tax benefits under Section 80C and Death Benefit, Maturity Benefit and Surrender Value are eligible for tax benefits under Section 10(10)D.

Suicide Clause:
If the policyholder commits suicide in the first policy year, no benefit other than the premium (excluding any extra premium or additional rider benefit premium(s)) paid less stamp duty charges and expenses incurred on medical examination shall be refunded.

Nomination:
Nomination facility is available and all nominations will be subject to section 39 of Insurance Act 1938.

Bonuses:
Bonuses under the plan are variable and will be declared at the end of each financial year.


Source: Bajaj Allianz Life Insurance