- A non-linked, traditional plan with attractive returns over long term
- Premium rebate available on frequency of premium payments, higher sum assured and for female lives insured
NewZNew (Chandigarh) : Bajaj Allianz Life Insurance, one of India’s leading private life insurers, has launched Bajaj Allianz Cash Assure – a traditional money-back plan with higher rate of return as compared to other traditional plans.
The plan provides comparatively higher percentage of the sum assured (SA) as “money-back” benefit at specified intervals for a longer policy term. For example, if a person buys Bajaj Allianz Cash Assure for 20 years policy term, he will get 20% of the SA at the end of 5th, 10th and 15th years. Similarly, for a 28 years policy, he will get 30% of the SA at the end of 7th, 14th and 21st years.
At maturity, the plan provides 60% of the sum assured plus the bonus. While the minimum entry age for Bajaj Allianz Cash Assure is below 1 year, minimum maturity age is 18 years. The plan offers a premium rebate on frequency of premium payments, female lives insured and higher sum assured. Loan against policy is also available with this plan.
Commenting on the launch of this plan, Anuj Agarwal, MD & CEO, Bajaj Allianz Life Insurance, said: “Bajaj Allianz Cash Assure ensures lump sum payout at specified intervals during the policy term considering the need for money at different stages of life. With a higher internal rate of return, we are hopeful that plan will be useful for both getting money at various needs of life and assuring financial protection.”
As death benefit, Bajaj Allianz Cash Assure will pay out the higher of the ‘sum assured on death’ plus bonus (subject to a minimum of 105% of the total premiums paid). Under this plan, the policyholder can opt for rider benefits at nominal extra cost and the available riders for this plan are 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.
If a 30-year-old male buys a Bajaj Allianz Cash Assure policy for a 20 years policy term and pays a premium of Rs 20,000 (excluding tax) for 15 years, he will receive Rs. 54,400 each in the end of the 5th, 10th and 15th years and a total survival benefit of Rs 315659 at 8% return on investment and Rs 191732 at 4% return on investment on maturity of the policy.