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Bajaj Allianz Life Long Assure| Retirement Insurance

Bajaj Allianz developed Lifelong Assure - a unique plan that provides you income

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Bajaj Allianz Life Long Assure| Retirement Insurance

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  1. BajajAllianz Lifelong Assure ANon-linkedWholeLifePlan BajajAllianzLifelongAssure BajajAllianzLifelongAssure-Assuringyoulifelongincome withalifelongcover! Weallwishforregularflowofincomeatallstagesofour life,butmostofthetimeachievingthoseoverage&timeis not possible.Helpingyouwithasolution,weatBajaj AllianzdevelopedLifelongAssure–auniqueplanthat providesyouincome&protectiontillyour100thbirthdayso thatyoucanliveworry-freeforalifetime. Futuresafetillyour100thbirthday

  2. LifelongAssure KeyAdvantages BajajAllianzLifelong AssureisaparticipatingindividuallimitedpremiumwholelifeendowmentplanThekeyadvantagesof thisplanare: •CashBonusstartingfromtheendof6thyear • • • • • • • GuaranteedCashBackstartingfromtheendofPremiumPaymentTerm Lifecoveruptotheageof100yearsGuaranteedDeathBenefitofupto300%ofSum AssureddependingonthePPTchosenOptiontotakepolicybenefitinmonthly installmentsChoiceof3premiumpaymentterms,viz.,10,15and20yearsMorevalue formoneywithhighsumassuredrebate Premiumrebateforfemalelives HowdoesyourPlanwork? Youcancustomizeyourpolicytosuityourrequirementinthefollowingmanner: Step1:ChooseyourSumAssured Step2:ChooseyourPremiumPaymentTerm(PPT) Yourpremiumwillbebasedonyourcurrentage,SumAssured,PPT&premiumpaymentfrequency. Benefitspayable SurvivalBenefit a.YouwillstartreceivingGuaranteedCashBackof3%ofyourSumAssuredeveryyear,fromtheendofyourpremiumpayment termtilltheageof99years b.YouwillbeentitledforCashBonusdeclared,ifany,startingfromtheendof6thpolicyyeartilltheageof99years. MaturityBenefit Yourpolicywillmatureattheageof100years.Onthematuritydate,ifallpremiumsarepaid,theMaturityValueunderyourpolicy, asmentionedinthebelowtable,willbepaidandthepolicywillterminate. PPT SumAssuredonMaturity 10years 200%ofSumAssured 15years 250%ofSumAssured 20years 300%ofSumAssured Inaddition,terminalbonus,ifany,willbepaid.

  3. LifelongAssure DeathBenefit Incaseofunfortunatedeathofthelifeassuredduringthepolicyterm,providedalltheduepremiumshavebeenpaidunderthe policy,thedeathbenefitpayabletothenomineeshallbeasfollows a.Forageatentrylessthan45years,higherof i) 10timesannualised premium* ii)105%oftotalpremium*paidtilldateofdeath iii)200%,250%or300%ofsumassureddependingonthePPTchosen. b.Forageatentry45years&above,higherof I) 7timesannualised premium* ii)105%oftotalpremium*paidtilldateofdeath iii)200%,250%or300%ofsumassureddependingonthePPTchosen. Inaddition,interimcashbonus&terminalbonus,ifany,willbepaid. *AnnualizedPremiumandtotalpremiumisexclusiveofextrapremiumandservicetaxandcess,ifany SampleIllustration Raviaged30yearshastakenaBajajAllianzLifelongAssurepolicyforapremiumpayingtermof20years.TheSumAssured chosenbyhimis`5,00,000forwhichheispayinganannualpremiumof`51,805afterahighsumassuredrebateof`4000.The benefitsreceivedbyRaviwillbeasfollows. CashBonusfromtheendof6th year ` ` ` ` ` ` ` ` OnMaturity Benefitof `15,00,000 Premiumpayingterm20years Age30years Age50years Age60years Age80years Age100years PolicyTerm70years GuaranteedCashBackof3%fromtheendofPPT

  4. LifelongAssure Incaseofunfortunatedeathatage65years,thenomineewillreceive`15,00,000 CashBonusfromtheendof6th year ` ` ` ` ` ` ` ` Premiumpayingterm20years Age80years Age100yea Total DeathBenefit Total rs Total DeathBenefit Total Age30years Age50years Age60years PolicyTerm70years TotalPremiumPaid- `10,36,100 GuaranteedCashBackof 3%fromtheendofPPT DeathBenefit of`15,00,000 willbepaid TotalCashBonusPaid- `8,70,000 TotalGuaranteedCash BackPaid- `2,25,000 DeathBenefitpayout- `15,00,000 TotalBenefitReceived- `25,95,000 PremiumshownaboveisexclusiveofServiceTax&cess,andanyextrapremium. Forfemalelives3yearsagesetbackisapplicableinpremiumcalculation. Forsubstandardandsmokersextrapremiumshallbe chargedasperboardapprovedunderwritingnorms. Cashbonusmentionedaboveisnotguaranteedandwillbebasedonactualexperience. Features Loan Youcanavailloansunderyourpolicy,providedyourpolicyhasacquiredasurrenderbenefit.Theloanamountshallbeupto80%of thesurrendervalue. OptiontotakePolicyBenefitsinmonthlyinstallments Youoryournomineewillhavetheoptiontotakethematuritybenefitordeathbenefitinequalmonthlyinstallmentsoveraperiod of5or10yearsfromthedateofmaturityorthedateofintimationofdeath.Thesameneedstobeinformedpriortothedateof maturityorinwritingatthetimeoffilingthedeathclaimform. Eachmonthlyinstallmentwillbeanamountequivalentto: • For5years: factor1*maturity/deathbenefitdividedby60 • For10years:factor2*maturity/deathbenefitdividedby120 Wherefactor1is1.04fora5-yeartermandfactor2is1.08fora10-yearterm. AfterapprovalfromIRDA,thesefactorscanberevisedinthefuture. Thepolicyholderorthenomineewillhavetheoptionatanytimetodiscontinuereceivingthemonthlyinstallmentduringthe installmentperiod. Onreceivingtherequest,thepolicyholderornomineewillbeeligibleforanamountequaltothematurityordeathbenefit(as applicable)lessthetotalamountofinstallmentsalreadypaidasonthedateofrequest.

  5. LifelongAssure HighSumAssuredRebate(HSAR) The planoffersanattractivepremiumdiscountstructure,whereyoucanhaveadiscountontheannualpremiumforeach completeadditional`1,000sumassuredpurchasedoverandabovetheminimumsumassuredof`1,00,000asmentionedin thetablebelow: AgeBand (inyears) HSAR(in`)forPPT Example:Raviaged30yearshastakenaBajajAllianzLifelongAssurepolicy for apremiumpayingtermof20years&SumAssuredof`5,00,000.The annualpremiumwillbe`55,805beforehighsumassuredrebate.Aftera highsumassuredrebateof`4000,theannualpremiumwillbe`51,805. 10yrs 15yrs 20yrs 10to25 19 15 14 26to40 14 12 10 41to55 11 9 8 TaxBenefits Premiumpaidareeligiblefortaxbenefitsundersection80Cof theIncomeTaxActandmaturitybenefit,deathbenefitand surrenderbenefitareeligiblefortaxbenefitsunderSection10(10D)oftheIncomeTaxAct,subjecttotheprovisionstatedtherein. SurrenderBenefit • • • Youwillhavetheoptiontosurrenderyourpolicyprovidedatleast3fullyears’premiumshavebeenpaid ThesurrendervalueshallbehigheroftheGuaranteedSurrenderValue(GSV)andtheSpecialSurrenderValue(SSV) TheGSVwillbeapercentage ofpremiumspaidlessthetotalofalltheGuaranteedCashBacks,wherepremiumspaidare excludingpremiumsforalladditionalriderbenefitsifany,andextrapremiums,ifany PolicySurrenderYear 3 4to20 21to25 26to30 31to35 36to40 41onwards Proportionofthepremiumspaidtilldate 30% 50% 52% 53% 56% 60% 65% • TheSSVfactorsarenotguaranteedandmaychangefromtimetotimesubjecttotheapprovalofIRDA Example: Raviaged30yearshastakenaBajajAllianzLifelongAssurepolicyforapolicyterm(PT)of70years.TheSumAssured chosenbyhimis`5,00,000forwhichhehaspaidtotal5annualpremiumof`431,525forpremiumpayingtermof10years.At theendof5thyearhewantstosurrender.ThesurrendervaluereceivedbyRaviwillbeasfollows: GSV=`215,763(50%oftotalpremiumspaid)Outstandingterm=65years,surrender factor=0.950359,reducedsumassured=250,000; SSV=0.950349*250,000=`237,587 Surrendervaluepayable=`237,590(HigherofGSVorSSVwillbepayableasaSurrendervalue) EarlyTerminationValue Ifatleastonefullyear’spremiumshavebeenandtwelvemonthshavebeencompletedbutthreefullyears’premiumshavenot beenpaid,theearlyterminationvaluewillbeavailable. Incaseofearlytermination bythepolicyholderornon-payment ofduepremium duringthisperiod,thefollowingEarly TerminationValuewillbepaid:

  6. LifelongAssure NumberofFullYears’Premiumspaid EarlyTerminationValueasaPercentageofthepremiumspaidtilldate 1 11% 2 15% Wherepremiumstakenareexcludinganyextrapremiumand/oranyservicetax&cessonpremium. Thisearlyterminationvaluewillbepaidonrequestforterminationofthepolicybypolicyholder,deathorendoftherevivalperiod, whicheverhappensearlier. ProductTermsandConditions EligibilityCondition Parameter Details MinimumEntryAge 10years MaximumEntryAge 55years PolicyTerm 100minusAgeAtEntry PremiumPayingTerm 10,15and20years MinimumPremium Frequency PPT10 PPT15 PPT20 Yearly `18,303 `13,401 `10,811 Half-Yearly `10,000 `8,500 `7,000 Quarterly `5,500 `4,625 `3,875 Monthly `2,000 `1,667 `1,471 MaximumPremium Nolimit MinimumSumAssured `100,000 MaximumSumAssured Nolimit PremiumPaymentFrequency Yearly,Halfyearly,QuarterlyandMonthly Monthlypremiumpaymentfrequencywillbe willnotbeavailableattheinceptionofyourpolicy. availableundersalarydeductionscheme&ECS.It Whathappensifyouareunabletopayyourpremiums? Ifyouhavenotpaidfirst3years’premiumsinfull,then,yourpolicywillimmediatelylapseattheexpiryofthegraceperiod. Ifyouhavepaidatleast3years’premiumsinfullandstoppedpayingsubsequentpremiums,then, a) Yourpolicywillbeconvertedtoapaid-uppolicywithareducedsumassured. b) Thematurityordeathbenefit,ifthepremiumsarediscontinuedafter3years’premiumshavebeenpaidinfull,willreduced sumassuredasmentionedinthetablebelow: PPT Death/MaturityBenefitforpaid-uppolicy 10years 200%ofReducedSumAssured 15years 250%ofReducedSumAssured 20years 300%ofReducedSumAssured c) Ifatleast5years’premiumshavebeenpaidinfull,then,guaranteedcashbackandcashbonus(ifany)willbepaid,basedon thereducedsumassured. Youmayreviveyourlapsed/paid-uppolicyduringtherevivalperiodof2yearsfromtheduedateoffirstunpaidpremium, subjecttotherevivalconditionsundertheplan.

  7. LifelongAssure Revival Ifyourpolicyislapsed/paid-upduetonon-paymentofpremium,youmayrevivethepolicysubjecttothefollowingconditions: a) Theapplicationforrevivalismadewithintwo(2)yearsfromthedateofthefirstunpaidpremium; b)AlltheduepremiumstogetherwithinterestatsuchrateastheCompanymaydecidefromtimetotimeispaid. c) Satisfactoryevidenceofyourgoodhealth,atyourexpense,issubmitted; d)Therevivalofthepolicymaybeontermsdifferentfromthoseapplicabletothepolicybeforeitlapsed/becamepaid-up,based onprevailingBoardapprovedunderwritingnorms; e) TherevivalwilltakeeffectonlyonitbeingspecificallycommunicatedbytheCompanytothepolicyholder; f) TheCompanymayrefusetorevivethepolicy,basedontheBoardapprovedunderwritingguidelines. g)TheduebutunpaidGuaranteedCashBackandCashBonusasonthedateofrevivalwillbepaidimmediately. Foreclosure Ifyouhavetakenloanandtheoutstandingloanplustheloaninterest,inapaid-uppolicy,becomeequalto thesurrendervalue availableunderthepolicy,then,yourpolicyshallbeforeclosedafteranoticetoyou,andnofurtherbenefitsunderthepolicywill bepayable. Termination Thispolicyshallautomaticallyandimmediatelyterminateontheearlieroccurrenceofeitherofthefollowingevents: a) OnpaymentofEarlyTerminationValue. b)Onfullsurrenderofthepolicyonreceiptofvaliddocumentsforthesame. c) Attheendoftherevivalperiod,ifpremiumshavenotbeenpaidduringthefirstthree(3)policyyears. d)Onthedateofintimationofdeathofthelifeassured. e) Ondateofforeclosureofthepolicy,ifoutstandingloanplusinterestunderapaid-uppolicyexceedsthesurrenderbenefit. f) Onthematuritydate. GracePeriod Ifyouhavefailedtomakepaymentofthepremiumbytheduedatespecified,youwillbeallowedagraceperiodof30daysfor premiumpaymentfrequenciesotherthanmonthlyand15daysformonthlyfrequencytopaytheduepremium. Ifthedeathofthelifeassuredoccursduringthegraceperiod,thedeathbenefitshallbe payableunderthepolicyasifthepolicy wasinforceforfullSumAssuredafterdeductionoftheoutstandingpremiumsdueunderyourpolicyasonthatdate.

  8. LifelongAssure Definitions 1)SumAssured:Thisistheamountyouneedtochooseatinceptionofthepolicytodecidethesurvivalbenefits,deathbenefit, maturitybenefitand,ifapplicable,thesurrenderbenefitundertheyourpolicy. 2)ReducedSumAssured:Thisisapplicablewhenyoudiscontinuethepaymentofpremiumunderyourpolicyafterpayingat least3years’premiumsinfull.Thisamountisarrivedat,asonduedateofdiscontinuance,bymultiplyingSumAssuredwith theratioofnumberofpremiumspaidtothenumberofpremiumspayableunderyourpolicy. 3)Bonus:TheCompanywillcarryoutannualvaluation(asperthecurrentIRDAregulation)attheendofeachfinancialyearand maydeclarefollowingthebonuses. a. CashBonus:Afterthepremiumpayingterm,theCompanymaydeclarecashbonusasapercentageofthesumassured whichwillbepayableattheendofeveryyearfortheapplicablepolicies. b.InterimCashBonus:TheCompanymaydeclareinterimcashbonus,whichwillbepayableforthedeathsormaturities occurringduringtheinter-valuationdates. FreeLookPeriod Within15days[thirty(30)daysincasethispolicyisissuedundertheprovisionsofIRDAGuidelinesonDistanceMarketing*of InsuranceProducts]ofthereceiptofthispolicy,youwillhavetheoptiontoreviewthetermsandconditionsofthepolicyandifyou disagreetoanyoftheterms&conditions,youwillhaveanoptiontoreturnthepolicystatingthereasonsforyourobjections.You shallbeentitledtoarefund comprisingtheallpremiums(excludingapplicabletaxes)paid,lesstheproportionateamountofrisk premium&additionalriderbenefitpremium,ifany,forthe periodthe lifeassuredwasoncoverandthe expensesincurredbythe Companyonmedicalexaminationandstampdutycharges. *DistanceMarketingincludeseveryactivityofsolicitation(includingleadgeneration)andsaleofinsuranceproductsthrough modesotherthaninperson. Exclusions Ifthelifeassuredcommitssuicide,whethersaneorinsane,theCompany’sliabilityshallbelimitedtotheextentof • ifthedateofdeathis1yearfromthedateofcommencementofrisk,80%ofthepremiumpaid; • ifthedateofdeathis1yearfromthedateofthelatestrevival,80%ofthepremiumpaidorthesurrendervalueasonthedateof intimationofdeath,whicheverishigher. Thevalidityofthecontractofinsurancewillbedeterminedinaccordancewiththeactualdateofdeathofthelifeassuredandnot thedateofintimationofdeath.

  9. LifelongAssure NominationandAssignment Ifyou effectapolicyonyourownlife,youneedtonominateapersontoreceivethedeathbenefitunderthepolicyintheevent of deathofthelifeassured.ThisnominationshallbeinaccordancewithSection39oftheInsuranceAct,1938. YouwillalsohaverighttoassignyourpolicyinaccordancewithSection38oftheInsuranceAct,1938. StatutoryInformation ProhibitionofRebate:Section41oftheInsuranceAct,1938 Nopersonshallalloworoffertoallow,eitherdirectlyorindirectly,asaninducementtoanypersontotakeoutorreneworcontinue aninsuranceinrespectofanykindofriskrelatingtolivesorpropertyinIndia,anyrebateofthewholeorpartofthecommission payableoranyrebateofthepremiumshownonthepolicy,norshallanypersontakingoutorrenewingorcontinuingapolicy acceptanyrebate,exceptsuchrebateasmaybeallowedinaccordancewiththepublishedprospectusesortablesoftheinsurer. Anypersonmakingdefaultincomplyingwiththeprovisionofthissectionshallbepunishablewithafinethatmayextendtofive hundredrupees. Fraud&Misrepresentation:Section45oftheInsuranceAct,1938 NoPolicyoflifeinsurance effectedafterthecomingintoforceofthisActshall,aftertheexpiryoftwoyearsfromthedateonwhich itwaseffected,becalledinquestionbyaninsureronthegroundthatastatementmadeintheproposalforinsuranceorinany reportofamedicalofficer,orreferee,orfriendoftheinsured,orinanyotherdocumentleadingtotheissueofthepolicy,was inaccurateorfalse,unlesstheinsurershowsthatsuchstatementwasonamaterialmatterorsuppressedfactswhichitwas materialtodiscloseandthatitwasfraudulentlymadebythepolicy-holderandthatthepolicyholderknewatthetimeofmakingit thatthestatementwasfalseorthatitsuppressedfactswhichitwasmaterialtodisclose. WhyBajajAllianzLifeInsurance? BajajAllianzisajointventurebetweenBajajFinservLimitedandAllianz SE.Both enjoyareputationofexpertise,stabilityand strength.Thisjoint ventureCompany incorporatesglobal expertisewithlocalexperience.Thecomprehensive,innovative solutionscombinethetechnicalexpertiseandexperienceof Allianz SE,andin-depthmarketknowledgeandgoodwillof “Bajaj”brandinIndia.CompetitivepricingandquickhonestresponsehaveearnedtheCompanythecustomer'strustand marketleadershipinaveryshorttime. Disclaimer Thissalesliteraturegivesthesalientfeaturesoftheplanonly.Thepolicydocumentistheconclusiveevidentofcontractand providesindetailsalltheconditionsandexclusionsrelatedtoBajajAllianzLifelongAssure.

  10. LifelongAssure ContactDetails BajajAllianzLifeInsuranceCompanyLimited, G.E.Plaza, Airport Road,Yerawada,Pune-411006. Tel:(020)66026777.Fax:(020)66026789. |www.bajajallianz.com SMSLIFE 56070 Foranyqueriespleasecontact: BSNL/MTNL Other (Chargeble) <PrefixCityCode>30305858 AnyMobile&Landline (TollFree) 18002095858 (TollFree) 1800225858 email:life@bajajallianz.co.in chat:bajajallianzlife.co.in/chat BajajAllianzLifelongAssure (UIN:116N122V01) ForMoreInformation:Kindlyconsultour“InsuranceConsultant”orcallustodayontheTOLLFREEnumbersmentionedabove.This brochureshouldbereadinconjunctionwiththeBenefitIllustrationandPolicyExclusions.Pleaseaskforthesamealongwiththe quotation. BajajAllianz LifelongAssure isANon-LinkedWhole Life Plan. Insurance is the subject matter of the solicitation BJAZ-PB-0385/11-Jan-14

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