Bajaj Allianz Traditional Plans

Traditional plans are conventional insurance plans where the investment made is regulated under the Insurance Act. The insured person pays premiums and is promised payment in case of his/her death, the plan's maturity, or the money back.

Traditional plans are issued as endowment or money back plans and are for the long-term. The insured person cannot withdraw the principal amount under the plan before maturity without surrendering the plan as a whole.

Traditional plans are issued as participating and non-participating plans. Under the participating plan, the money invested by the insured is used in the participation of the company's profits and earn bonuses. Non-participating plans simply accrue a sum assured when the plan matures or meets its objective (death of the insured).

What are Bajaj Allianz Traditional Plans?

A joint venture between Bajaj Finserv Limited & Allianz SE, the Bajaj Allianz Life Insurance Company, is a major player with a considerable market share in the country's insurance sector. The company provides many insurance products across a diverse portfolio to cater to varying investors' demands, including protection plans, saving & investment schemes, pension plans, micro-insurance plans, and child plans.

The company also boasts a robust after-sales support team to provide grievance redressal and manage customer queries, making them a leading figure in the Indian Insurance sector.

Why choose Bajaj Allianz Traditional plans?

Bajaj Allianz has made a name for itself due to the reasons mentioned below:

  • High Claim Settlement Ratio

    The claim settlement ratio is the percentage at which an insurance provider reimburses the claims made by policyholders. This ratio is made available by the Insurance Development and Regulatory Authority of India (IRDAI) annually on their website. It is currently an impressive 98.02% for Bajaj Allianz, making it a secure bet for individuals to invest.

  • In-house Health administration team

    The organization has an in-house health administration team for speeding up the claim process.

  • Quick claim settlement

    All cashless claims are settled within 60 minutes of intimation by the policyholder or his/her family members/representatives.

  • 24×7 Customer Assistance

    All queries and grievances are dealt by the customer support team 24×7.

Benefits of Bajaj Allianz traditional plans

Bajaj Allianz is a leading name in the insurance industry, and it offers a number of benefits to its policyholders:

  • Quick claim settlements

    Bajaj Allianz is known for its speedy resolution in settling claims, which saves unnecessary hassles of getting reimbursed.

  • Flexibility

    All Bajaj Allianz traditional plans offer customized choices in terms of benefits and plan features, as well as policy term; the sum assured, rate of premium, etc.

  • Convenience

    Bajaj Allianz is spread across a wide network in multiple cities and a robust digital presence, making it accessible easily, and all the convenience is provided to customers, where they can buy, renew, and pay premiums in just a few minutes online.

  • Tax benefits

    The premiums are exempted from tax as per Section 80C of Income Tax Act, 1961, along with the policy's benefits as per Section 10(10D) of Income Tax Act, 1961. *Tax benefit is subject to changes in tax laws.

Types of Bajaj Allianz Traditional Plans

Following are some of the leading plans offered by Bajaj Allianz:

  • Bajaj Allianz Cash Assure

    Bajaj Allianz Cash Assure is a participating money-back plan which provides regular returns to the investor at recurring intervals. Key features of Bajaj Allianz Cash Assure are:

    • Upon the life insured's death, the amount paid to the nominee is either 10 times the annualized premium or the chosen sum assured along with vested and terminal bonuses (if any). In either case, such an amount cannot be less than 105% of all the premiums paid by the policy owner till his/her death.
    • Depending on the policy chosen tenure, Bajaj Allianz Cash Assure provides 15-30% of the sum assured as a survival benefit.
    • Upon maturity, 40% of the sum assured, along with the vested & terminal bonuses, are paid to the insured.
    • The plan comes with five optional riders to enhance the scope of coverage. Policyholders may choose accidental death benefit rider, accidental permanent total/partial disability benefit rider, waiver of premium benefit rider, family income benefit rider, and critical illness benefit rider.
    • Bajaj Allianz Cash Assure plan provides a discount on premium rate for female policy owners and a sum assured of more than 1 lakh.
    • The premiums paid are exempted from tax under Section 80C of The Income Tax Act, 1961, along with the benefits received under the policy under Section 10(10D) of the same legislation. *Tax benefit is subject to changes in tax laws.

    Eligibility criteria

    Age of entry 0-54 years
    Maturity Age 18-70 years
    Policy tenure 16,20,24 & 28 years
    Sum Assured 1 lakh - No upper limit
    Premium payment frequency Monthly, quarterly, half-yearly, yearly

    Inclusions under Bajaj Allianz Cash Assure

    The policy covers the following:

    Survival & Maturity Benefits

    If the policyholder has duly paid all the premiums, they will receive survival benefits on the due date selected. The maturity benefit will be paid on the date of maturity of the policy.

    For a policy term of 16 years-

    • The survival benefits are paid at the end of 4, 8, & 12 years, which is 15% of the sum assured.
    • Maturity benefit is 60% of the sum assured along with vested and terminal bonuses.

    For a policy term of 20 years-

    • The survival benefits are paid at the end of 5, 10, & 15 years, which is 20% of the sum assured.
    • Maturity benefit is 60% of the sum assured along with vested and terminal bonuses.

    For a policy term of 24 years-

    • The survival benefits are paid at the end of 6, 12, & 18 years, which is 25% of the sum assured.
    • Maturity benefit is 60% of the sum assured along with vested and terminal bonuses.

    For a policy term of 28 years-

    • The survival benefits are paid at the end of 7, 14, & 21 years, which is 30% of the sum assured.
    • Maturity benefit is 60% of the sum assured along with vested and terminal bonuses.

    Death benefits

    In case of the policyholder's death during the policy term, subject to all premiums paid, the death benefit will be paid to the nominee, which will include the sum assured plus vested, interim, and terminal bonuses.

    The death benefit shall not be less than 10 times the annual premium or the sum assured, whichever higher.

    Exclusions under Bajaj Allianz Cash Assure

    In case the life assured commits suicide during the active tenure of the policy, irrespective of their mental condition, the insurer's liability is limited to the following:

    • If the suicide occurs within a year of commencement of the plan, 80% of the total premiums paid are paid to the nominee.
    • Suppose the suicide occurs within a year of renewal of the policy. In that case, the higher amount of 80% of paid premiums minus survival benefits paid till date or surrender value of the policy will be paid to the nominee.
  • Bajaj Allianz Elite Assure

    A participating, endowment assurance plan, the Bajaj Allianz Elite Assure is an insurance policy with the dual benefit of providing life cover and wealth creation for policyholders. Being an endowment plan, bonuses are declared for the plan's holder along with guaranteed loyalty additions.

    Key features of Bajaj Allianz Elite Assure are-

    • The plan provides maturity benefits, which is the guaranteed maturity benefit amount + the guaranteed loyalty additions + vested bonus + terminal bonus ( if any) + interim bonus (if any). The guaranteed maturity benefit amount is 100.1% of the total premiums paid.
    • In case of death of the life insured during the policy term, the amount paid will be the Sum assured on death + Guaranteed Loyalty Additions + vested bonuses + interim bonuses ( if any) + Terminal bonus (if any). The Sum assured on death is 105% of the total premiums paid till the date of death.
    • Bonuses are declared and paid under the policy every year for which it is in force. Additionally, terminal and interim bonuses may also be paid upon the policy owner's death or maturity of the plan.
    • The policy provides for loyalty additions, a bonus amount which is added every year once the policy attains 10 years of tenure.
    • A loan can also be availed under the policy once it attains a surrender value. The amount of loan can be up to 90% of the surrender value.
    • The premiums paid are exempted from tax under Section 80C of The Income Tax Act, 1961 up to a maximum of Rs. 1.5 lakh, along with the policy's benefits under Section 10(10D) of the same legislation. *Tax benefit is subject to changes in tax laws.

    Eligibility criteria

    Age of entry 0-55 years
    Maturity Age 18-70 years
    Policy tenure 15, 20, 25 & 30 years
    Sum Assured 10 times the annual premium amount
    Guaranteed maturity benefit Rs. 5 lakh - No upper limit
    Premium payment frequency Monthly, quarterly, half-yearly, yearly

    Inclusions under Bajaj Allianz Elite Assure

    The Bajaj Allianz Elite Assure includes the following:

    Maturity benefit

    Upon the plan's maturity, the policy owner will be paid the guaranteed maturity benefits + guaranteed loyalty additions + interim bonus + vested bonus + terminal bonus. The vested bonuses are added to the policy every year, while the guaranteed loyalty additions start accumulating after the policy attains 10 years of its tenure.

    Death benefit

    In case of the death of the policyholder during the policy term, subject to all premiums paid, death benefits will be paid to the nominee, which will include the sum assured on death, guaranteed loyalty additions (if applicable) plus vested, interim and terminal bonuses.

    Exclusions under Bajaj Allianz Elite Assure

    In case the life assured commits suicide during the active tenure of the policy, irrespective of their mental condition, Bajaj Allianz is only liable to pay the following:

    • If the suicide occurs within a year of commencement of the plan, 80% of the total premiums paid are paid to the nominee.
    • Suppose the suicide occurs within a year of renewal of the policy. In that case, the higher amount of 80% of paid premiums minus survival benefits paid until the date or surrender value of the policy will be paid to the nominees.
  • Bajaj Allianz Guarantee Assure

    One of the most affordable instruments amongst the Bajaj Allianz traditional plans, guarantee to assure is a traditional, non-linked, non-participating endowment plan which provided a life cover and also facilitates a savings facility for the future benefit of the policy owner. This plan has a limited premium payment tenure for a larger cover as the sum assured.

    Key features of the Bajaj Allianz Guarantee Assure Plan are:

    • The plan provides a sum payable as death benefits, which would be 5 times the annual premium amount or 105% of the premiums paid until the date of death or the chosen sum assured by the policyholder and guaranteed additions.
    • If the policy owner survives the policy term, then he/she shall be paid maturity benefit, which will be the sum assured upon maturity along with the guaranteed additions.
    • The guaranteed additions are added at the end of each policy year, a specified percentage of the sum assured based on the policy term.
    • The plan has a limited premium payment term, which is 5 years.
    • The policyholder may choose to receive the maturity benefit or death benefit in monthly Instalments of 5 & 10 years. The amount can also be obtained as a lump sum at a discounted value.
    • Loan facility is available under the plan, subject to a maximum of 90% of the surrender value.
    • Under the plan, there is a provision for a rebate in the premium rate for choosing a sum assured of higher than 1 lakh and for female lives.
    • The premiums paid are exempted from tax under Section 80C of The Income Tax Act, 1961 up to a maximum of Rs. 1.5 lakh, along with the policy's benefits under Section 10(10D) of the same legislation. *Tax benefit is subject to changes in tax laws.

    Eligibility criteria

    Age of entry 9-60years
    Maturity Age 18-69 years
    Policy tenure 7, 8 & 9 years
    Sum Assured 1 lakh - No upper limit
    Premium payment frequency Monthly, quarterly, half-yearly, yearly

    Inclusions under Bajaj Allianz Guarantee Assure

    The policy includes coverage for the following:

    Maturity benefit

    Upon fulfillment of the policy term, the amount paid as maturity benefit to the life insured will be the sum assured on maturity + guaranteed additions.

    Death benefits

    Upon the death of the life insured within the policy term, the nominee will be paid 5 times the annual premium, or 105% of the total premiums paid till the date of death, whichever higher, along with guaranteed additions.

    Exclusions under Bajaj Allianz Guarantee Assure

    In case the life assured commits suicide during the active tenure of the policy, irrespective of their mental condition, Bajaj Allianz is only liable to pay the following:

    • If the suicide occurs within a year of commencement of the plan, 80% of the total premiums paid are paid to the nominee.
    • If the suicide occurs within a year of renewal of the policy, then the higher amount of 80% of paid premiums minus survival benefits paid until date or surrender value of the policy will be paid to the nominees.
  • Bajaj Allianz Invest Assure

    Invest Assure is a participating endowment plan with limited premium paying years. Though the premiums are paid for a limited number of years, its coverage extends until the policy owner's full tenure.

    Invest Assure is a traditional endowment plan, and the life insured enjoys participation in the company's profits, thereby earning bonuses. The plan has two options of varying tenures, with up to 2 times the sum assured to be received by the life insured.

    Key features of the plan are:

    • Upon the death of the life insured, their nominee would be entitled to the sum assured on death + vested bonuses + interim bonus (if any) + terminal bonus (if any). The sum assured on death would be either 10 times (if age is over 45) or 7 times (if age is below 45) the annual premium or 105% of all premiums paid till date or 2 times (Gold variant plan) the sum assured or 1.25 times (sliver variant plan) the sum assured.
    • If the life insured survives the policy period, they will receive the sum assured on maturity + vested bonuses + interim bonus (if any) + terminal bonus (if any). The sum assured on maturity shall be 100.1% of all premiums paid.
    • This is a limited premium payment plan with two variants to choose from. Both of them have different eligibility, the sum assured, premium rate, and tenure.
    • The life insured has the option to receive the benefits in a lump sum as well as in monthly installments over a specified period of years.
    • The policy owner can avail of a loan against 90% of this policy's amount of surrender value.
    • Rebate on premiums are offered for choosing a sum assured of over Rs. 1 lakh.
    • The premiums paid are exempted from tax under Section 80C of The Income Tax Act, 1961 up to a maximum of Rs. 1.5 lakh, along with the policy's benefits under Section 10(10D) of the same legislation. *Tax benefit is subject to changes in tax laws.

    Eligibility criteria

    Age of entry

    Gold: 18-50 years

    Silver: 0-50 years

    Maturity Age

    Gold: 18-65 years

    Silver: 18-70 years

    Policy tenure

    Gold: 15-40 years

    Silver: 17-40 years

    Sum Assured

    1 lakh - No upper limit

    Premium payment frequency

    Monthly, quarterly, half-yearly, yearly

    Inclusions under Bajaj Allianz Invest Assure

    Bajaj Allianz Invest Assure includes the following

    Death benefit

    Upon the death of the life insured, their nominee would be entitled to the sum assured on death + vested bonuses + interim bonus (if any) + terminal bonus (if any).

    The sum assured on death would be either -

    • 10 times ( if age over 45) or 7 times ( if age below 45) the annual premium; or     ~ 105% of all premiums paid till date; or
    • 2 times ( Gold variant plan) the sum assured or 1.25 times ( sliver variant plan) the sum assured.

    Maturity benefit

    If the life insured survives the policy period, they will receive the sum assured on maturity + vested bonuses + interim bonus (if any) + terminal bonus (if any). The sum assured on maturity shall be 100.1% of all premiums paid.

    Exclusions under Bajaj Allianz Invest Assure

    In case the life assured commits suicide during the active tenure of the policy, irrespective of their mental condition, Bajaj Allianz is only liable to pay the following:

    • If the suicide occurs within a year of commencement of the plan, 80% of the total premiums paid are paid to the nominee.
    • If the suicide occurs within a year of renewal of the policy, then the higher amount of 80% of paid premiums paid till date or surrender value of the policy till date will be paid to the nominees.
  • Bajaj Allianz Save Assure

    Bajaj Allianz Save Assure is an endowment plan with guaranteed returns but without the facility of bonus.

    Key features of the Bajaj Allianz Save Assure Plan are:

    • The plan provides for death benefits to be paid as 115% of the chosen sum assured to the policyholder's nominee.
    • Under the policy
    • maturity benefits are also 115% of the chosen sum assured, to be paid to the policyholder. The policy owner can receive this amount either as a lump sum or in monthly installments for a period of 5 & 10 years.
    • The plan offers two options of the policy term, i.e., 15 & 17 years.
    • The premium paying years are 5 less than the term chosen. The policyholder's premium paying frequency can be chosen during the inception of the plan and can also be changed anytime thereafter.
    • Discount in the rate of premium is available for choosing a high sum assured of over Rs. 1 lakh.
    • The policy owner can avail a loan against 90% of this policy's amount of surrender value.
    • The premiums paid are exempted from tax under Section 80Cof The Income Tax Act, 1961 up to a maximum of Rs. 1.5 lakh, along with the policy's benefits under Section 10(10D) of the same legislation. *Tax benefit is subject to changes in tax laws.

    Eligibility Criteria

    Age of entry 1-60years
    Maturity Age 18-75 years
    Policy tenure 15 & 17 years
    Sum Assured 1 lakh - No upper limit
    Premium payment frequency Monthly, quarterly, half-yearly, yearly

    Inclusions under Bajaj Allianz Save Assure

    The following are included under the plan:

    Death benefit

    If the policyholder expires within the tenure of the plan, then his/her nominee will receive the higher of-

    • 115% of the sum assured on death
    • 10 times the annual premium for individuals less than 45 years of age and 7 times the annualized premium for individuals above 45 years of age. This amount cannot be lower than 105% of all the premium paid till the date of death of the life insured.

    Maturity benefit

    If the policy owner survives the policy term, then he/she is entitled to 115% of the sum assured as maturity benefit.

    Exclusions under Bajaj Allianz Save Assure

    In case the life assured commits suicide during the active tenure of the policy, irrespective of their mental condition, Bajaj Allianz is only liable to pay the following:

    • If the suicide occurs within a year of commencement of the plan, then 80% of the total premiums paid are paid to the nominee.
    • If the suicide occurs within a year of renewal of the policy, then the higher amount of 80% of paid premiums paid till date or surrender value of the policy till date will be paid to the nominees.

How to buy Bajaj Allianz Traditional Plans?

One may easily buy Bajaj Allianz Traditional plans online:

  • Visit Bajaj Allianz official website and click on the ‘get plan' option.
  • Select the plan for coverage and fill in the requisite details.
  • Select tenure and sum assured.
  • Upload all relevant documents.
  • Once done, a confirmation mail and message will be sent to the registered e-mail ID and the applicant's phone number with a reference number for the policy.

Documents required to buy Bajaj Allianz Traditional Plans

The following documents are required to buy Bajaj Allianz Traditional plans:

  • Identity proof: PAN Card, Voter’s ID card, Passport, Aadhar Card, Driving Licence
  • Address proof: Driving license, bank statement, Passport, Aadhar Card, Ration Card, Electricity or telephone bill
  • Age proof: Birth certificate, Passport, SSLC mark sheets
  • Passport-sized photographs
  • Medical check-up reports, if required.

Renewal of Bajaj Allianz Traditional plans

Bajaj Allianz traditional plans can be renewed online as well as offline:

  • Visit Bajaj Allianz official website and click on 'renew policy.'
  • Enter personal details like policy number, customer ID, etc.
  • Select the amount of renewal.
  • Make the payment through the online modes of payment.
  • Henceforth, a confirmation mail will be sent on the policyholder's email id and mobile number.

FAQs

  • Q1. What are the modes of payment available for Bajaj Allianz traditional plans?

    Ans. One may make payment for premiums through any of the below-approved modes of payment:

    • ECS
    • NEFT
    • Cash
    • Cheque 
  • Q2. What are the guaranteed additions available under Bajaj Allianz traditional plans?

    Ans. Upon maturity of some of the Bajaj Allianz traditional plans, the life insured is paid the sum assured on maturity as maturity benefit along with the total accrued guaranteed additions. These additions are based on the policy tenure chosen by the policy owner at the start of the policy.

    It works as follows-

    • Upon completion of 7 policy years, 5% of the sum assured is paid every year as guaranteed additions.
    • Upon completion of 8 policy years, 6% of the sum assured is paid every year as guaranteed additions.
    • Upon completion of 9 policy years, 7% of the sum assured is paid every year as guaranteed additions.
  • Q3. Can a minor avail his/her benefits under Bajaj Allianz traditional plans?

    Ans. A minor individual who is a policyholder can only avail of their benefits once they attain 18 years of age. Before that, a guardian has to be appointed for them under the policy.

  • Q4. What is the early termination value?

    Ans. An early termination value is an amount that is paid to the insured individual if he/she terminates the policy before the date of maturity. However, such a value is only accumulated if at least a year's premium has been paid in full by the policy owner, but an outstanding amount of 2 years of premium are still overdue.

    In such a case, the early termination value shall be:

    • 10% × all the premiums paid till date + 10% × the guaranteed loyalty additions accumulated till date.
  • Q5. What are the additional riders available with Bajaj Allianz Traditional plans?

    Ans. The following rider benefits are available under the plan:

    • Waiver of premium benefit rider: Where the policyholder avails the benefit of this rider, then all future premiums are waived off in case of any unfortunate event like accidental disability or critical illness suffered by the life insured during the policy tenure. However, the plan's protection still remains, as the insurer themselves bears all the premiums due.
    • Family Income Benefit rider: Under this rider, in the event of any critical illness or accidental disability suffered by the policy owner during the policy term, 1% of the sum assured is paid monthly to the nominees for the policy's remainder period of 10 years, whichever higher.
    • Accidental death benefit rider: In case of accidental death of the life insured, the accidental death benefit rider pays an additional amount along with the sum assured to the nominees.
    • Critical Illness benefit rider: Under this rider, an additional amount along with the sum assured is paid for critical illnesses specified under the policy, suffered by the life insured during the policy term.
    • Accidental Permanent partial/total disability benefit rider: A lump sum amount is paid to the nominees along with the sum assured if the life insured suffers an accident that renders him/her permanently disabled, regardless of such disability being partial or total.
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Bajaj Allianz Traditional Plans
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