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04.08.2015
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In this plan, premium can be paid under limited period or till the end of the entire policy tenure.
Under Bajaj Allianz Life Assure Plan – Sure option, the returns are guaranteed as the investment is done in Assured Return Fund. Under Bajaj Allianz Life Assure Plan – More option, there are 2 unique portfolio strategies available, namely Investor Selectable Portfolio Strategy and Wheel of Life Portfolio Strategy.
However, if the Life Insured dies within the policy tenure, 100% of the Sum Assured is paid to the nominee as Death Benefit, subject to a minimum guaranteed amount of 105% of all regular premiums paid.


If the Primary Life Assured dies after the death of the spouse, then Sum Assured + Fund Value would be paid as Death Benefit and the policy would be terminated.
Bajaj Allianz Life Assure Plan – Sure option, the Maturity Benefit =higher of Guaranteed Maturity Value or the Regular Premium Fund Value.
Income Tax Benefit - Premiums paid under life insurance policy are exempted from tax under Section 80C and the maturity proceeds are exempted from tax under Section 10 (10D) subject to fulfilment of all terms and conditions. Premium illustration of a Healthy Male of 30 years of age opting to pay Annual Premium of Rs.20,000 for a Policy Tenure of 20 years with Premium Paying Term of 15 years. Switching - Under Investor Selectable Portfolio Strategy Bajaj Allianz Life Assure Plan – More Option, there is Unlimited Switches are allowed in this plan. Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later. Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis. Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis. Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure. Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. In this policy, there are two phases, namely Premium Payment Phase and a Money Back Phase, both of which are selected at the inception of the policy.
You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. There is a lot being written on IRDA’s reluctance to approve new single premium life insurance products.
The comparatively low charges on single premium plans as compare to regular premium ones and the convenience of not having to pay for a long period of time seems to be tilting it in favour of single premium life insurance policies. Mentioned below are the sales of Single and Non-Single Premium life insurance plans sold by life insurance companies in the current financial year 2011-2012.
For the first time ever, Life Insurance Corporation of India (LIC), will sell insurance policy online. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Bajaj Allianz General Insurance offers add-on covers, which gives benefits like Depreciation Shield, Engine Protector & 24x7 Spot Assistance. It is a market linked plan and policyholder can allocate their funds depending on their risk profile.
The premium, net of charges is allocated in the fund chosen by the policyholder as per the plan and the portfolio strategy chosen and among the 7 Investment Funds available.


Guaranteed Maturity Value is the value of all the base regular premiums paid less guarantee charge, premium allocation charge, policy administration charge, mortality charge less all applicable service tax on the above charges less all partial withdrawals from the regular premium fund, all accumulated at 3% p.a. However, switching from the plan variant Bajaj Allianz Life Assure Plan- More to plan variant Bajaj Allianz Life Assure Plan- Sure Option is not allowed.
This is based on the mortality rates which are specified for all ages and amount of cover being provided. The Discontinued Policy Fund will earn a minimum guaranteed interest rate as applicable to the State Bank of India and the proceeds from this will be payable after the fifth policy anniversary. This is a non unit-linked insurance traditional participating plan where the money is paid as pre-decided intervals. At the end of the premium payment term, the accrued compound reversionary bonus shall be paid. Single premium life insurance products have been selling well with consumers opting for it more for the convenience factor rather than from an insurance coverage angle. The Maturity Benefit is the higher of the Guaranteed Maturity Benefit or the regular Fund Value. In this plan, the regular Fund Value is paid to the policyholder on maturity as Maturity Benefit. In case of death of the Life Assured during this period, only the accumulated Fund Value will be payable to the nominee. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. Then 5% of the Sum Assured + Annual Cash Bonus (if any) are paid at the end of each policy year, till the end of the policy term.
From an insurance perspective, single premium policies definitely do not serve the purpose.
Here's a presentation based on the add on packages that you can opt for with our motor insurance policy.
When the Policy matures, the entire Sum Assured + Terminal Bonus is paid and the policy is terminated.
Actually it does not serve the purpose from an investment angle also when compared to regular premium policies.
However, if the Life Insured dies within the policy tenure, the full Sum Assured + all accrued Bonuses are paid and the policy is terminated.



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Comments to “Bajaj life insurance premium online payment”

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