Bajaj Allianz Life Insurance Plans: Detailed Info
Bajaj Allianz Life Insurance Plans: Detailed Info
Below are several of their prominent life insurance plans and what they offer:
1. Bajaj Allianz Life iSecure II Term Assurance Plan
- Type: Term / Pure risk life cover (non-linked, non-participating) with optional return of premiums etc.
- Entry Age: Minimum 18 years; Maximum 65 years.
- Maturity Age / Age at Maturity: Between 28 years to 85 years depending on term.
- Policy Terms / Premium Payment Terms:
- Several combinations: Limited pay (e.g. pay for 5, 10, 15, 20, 25 years) with policy term of 10 to 50 years; Regular pay also available.
- Sum Assured Range:
- Minimum: ₹ 25,00,000 (₹25 Lakhs)
- Maximum: No fixed upper limit under standard underwriting (subject to company’s underwriting policy)
- Key Benefits / Special Features:
- Flexibility in premium payment frequency (annual, half-yearly, quarterly, monthly)
- Death Benefit: On death during the policy term, nominee gets sum assured.
- Guaranteed Death Benefit: Minimum 105% of total premiums paid up to date of death.
- No maturity benefit (if survival to end of term) in basic version (pure risk cover)
- Option for payout of death benefit in instalments over several years (5 / 10 / 20 / 30 / 40 years)
2. Guaranteed Saving Goal (Savings Plan, Single Premium Endowment)
- Type: Savings / Endowment type plan, single premium payment.
- Entry Age / Other Age Limits: Specific ages not fully detailed in summary, but policies typically have minimum age of adult lives (likely ~18) and maximum ages depending on term. (Would need brochure for exact)
- Premium Payment: Single Premium (one-time premium) only.
- Sum Assured / Benefit Options:
- Offers two sum assured options: “Enhanced Sum Assured” (often defined as 10× Single Premium) or a multiple of Single Premium (lower multiple) depending on age etc.
- Policy Terms: Multiple policy term options (medium to long term) depending on life goal.
- Key Features / Advantages:
- Guaranteed Maturity Benefit: The maturity amount is guaranteed from the beginning.
- Guaranteed Enhancer: Depending on age, chosen SA option, policy term & single premium paid, there is an additional enhancer % for maturity (for online-sourced policies there may be additional enhance benefit)
- Loan option: If the policy acquires a surrender value, a loan can be taken against the policy.
- Death Benefit: On death, higher of the chosen SA / enhanced SA or guaranteed maturity benefit.
3. Bajaj Allianz Life ACE (Savings / Income Plan)
- Type: Savings plan with regular income / deferred income options. (Variant: “ACE Savings Plan”)
- Key Features:
- Option to start income immediately after premium payments begin, or defer income for up to 5 years.
- Income tenure options: Policyholder can choose how long income will be paid (e.g. 10+ years) up to high ages.
- Goal Protection Benefit: If policyholder dies during term, the family continues getting income for policy term.
- Sum Assured / Benefit Options: Depends on premium, age, income options etc. Full details in product docs. (Exact SA / premium sample not in summary article)
4. Bajaj Allianz Invest Assure Plan
- Type: Traditional participating life insurance / savings + protection plan.
- Entry / Maturity Ages:
- Entry age for “Gold” version: 18 to 50 years
- “Silver” version: 0 years (newborn) to ~50 years; maturity ages up to ~65-70 years in some variants.
- Policy Tenure: From about 15 years up to about 40 years depending on variant.
- Sum Assured / Premium Limits:
- Minimum Sum Assured: ~₹1 lakh in many cases.
- No fixed upper limit in some variants (subject to underwriting)
- Premium payment frequency: Monthly, quarterly, half-yearly, annual.
- Key Benefits:
- On death: nominee gets sum assured plus accumulated bonuses.
- Surrender benefit after certain years of premium paid (usually 2-3 years).
- Discounted premiums for higher sum assured.
- Tax benefits under Sections 80C / 10(10D) of Income Tax Act.
5. Other / General Info (eTouch Plan etc.)
- Bajaj Allianz Life eTouch / eTouch II is one of their term insurance / non-linked pure protection plans.
- From illustrated examples: For a 25-year-old male non-smoker, with policy term 30 yrs, sum assured ₹1 Cr, annual premium is about ₹ 6,238 for first year (for some variant), changing later.
- Features typically include: death benefit, option of income payout (instead of lump sum) for some percentage, online discount etc.
