Bajaj Allianz Elite Assure Plan

Death Benefit

In the event of death of the life insured during the policy term, provided all due premiums are paid, the death benefit payable is sum assured on death plus guaranteed loyalty additions plus vested bonus plus interim bonus plus terminal bonus. Guaranteed death benefit is 105% of the total premiums paid as on the date of death. Sum assured on death is higher of sum assured or guaranteed maturity benefit.

Maturity Benefit

Maturity benefit under this plan is Guaranteed Maturity Benefit (GMB) plus Guaranteed Loyalty Additions (GLA) plus Vested Bonus plus Interim Bonus plus Terminal Bonus.

Loan Benefit

Loan amount is payable up to 90% of the surrender value. The outstanding loan amount plus interest is deducted from the benefit payable on death/surrender/maturity.

Surrender Value

Surrender Value can be acquired after payment of all due premiums for at least 1/2 full policy years, when the premium payment term is less than 10 years/premium payment term is 10 years or more, respectively. Surrender Value is higher of Guaranteed Surrender Value and Special Surrender Value.

Tax Benefit

Premiums paid and maturity/surrender/death benefit under this policy provides tax benefits under section 80C & 10 (10D) of the IT Act, 1961.

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 can be opted under this plan.

Let us understand the plan with the example:
 

Age of Life Insured: 30 years
 

Naresh (life insured) opted policy term and premium paying term of 25 years. He chose a Guaranteed Maturity Benefit of Rs 6,00,000 with annual premium of Rs 58,424. Sum assured under this scenario is Rs 5,84,240.
 

In the event of death of Naresh during 17^th policy year, the nominee will receive the following death benefit:
 

Please note, vested bonus at the assumed rate of investment is at 8% & 4% and it is non-guaranteed and it is for explanatory purpose only.