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IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
Financial planning is one of the key priorities to keep pace with the challenges of the life. When it comes to a plan that will help you plan for your financial goals, you want to settle for nothingbut-the-best. Bajaj Allianz Life Insurance Co. Ltd presents the 'Bajaj Allianz Life Assure Plan' that provides you with the dual advantage of planning for your financial security and getting the best returns possible for every rupee you invest.
Bajaj Allianz Life Assure Plan offers you two variants to choose from, which you have to select at the inception of the policy: Plan Variant I: Bajaj Allianz Life Assure Plan Sure and Plan Variant II: Bajaj Allianz Life Assure Plan More
I). Partial withdrawals anytime after five years from the commencement of the policy. ii). Top-up premium payment over and above regular premiums iii). Option to decrease sum assured iv). Option to alter premium payment frequency v). Option to switch between funds, portfolio strategies and plan variants. vi). Option to change premium payment term
! Optional riders to enhance your protection ! Settlement Options for maturity benefit
The investment objective of this fund is to provide capital appreciation by investing in a suitable mix of debt and equities. The fund strategy would be to invest in following mix of assets: Equity & Equity Related Instruments Debt & Debt Related Instruments Mutual Funds (a) and Money market instruments
(a)
Mutual fund exposure will be as mandated by the IRDA guidelines The exposure to money market securities may be increased to 100%, keeping in view market conditions, market opportunities, and political, economic and other factors, depending on the perception of the Investment Manager. All changes in the asset allocation will be with the intention of protecting the interests of the Policy holders. If there is any cancellation of units under the Assured Return Fund due to any reason, the same would be at prevailing unit price. The plan variant Bajaj Allianz Life Assure Plan - More provides you with two unique portfolio strategies, which can be chosen at the inception of your policy or on any subsequent policy anniversary:
+ Investor Selectable Portfolio Strategy + of Life Portfolio Strategy Wheel
a) Investor selectable Portfolio Strategy: If you want to allocate your premiums based on your personal choice and decision, you can opt for this strategy and chose from among the seven (7) funds below to suit your investment needs. I) Equity Growth Fund II- Risk Profile Very High
(SFIN: ULIF05106/01/10EQTYGROW02116)
The investment objective of this fund is to provide capital appreciation through investment in selected equity stocks that have the potential for capital appreciation. Indicative Portfolio Allocation: Equity Bank deposits and *Money market instruments : Not less than 60% : 0% to 40%
(SFIN: ULIF05206/01/10ACCMIDCA02116)
The investment objective of this fund is to achieve capital appreciation by investing in a diversified basket of mid cap stocks and large cap stocks.
Indicative Portfolio Allocation:
: Not less than 60%, Out of the equity investment, at least 50% will be in mid cap stocks : 0% to 40%
(SFIN: ULIF02721/07/06PURESTKFUN116)
The investment objective of this fund is to specifically exclude companies dealing in Gambling, Contests, Liquor, Entertainment (Films, TV etc.), Hotels, Banks and Financial Institutions.
Indicative Portfolio Allocation:
The exposure to government treasury bills (non-interest bearing) may be increased to 100%, keeping in view market conditions, market opportunities, and political, economic and other factors, depending on the perception of the Investment Manager. All changes in the asset allocation will be with the intention of protecting the interests of the policyholders.
IV) Asset Allocation Fund - Risk Profile High
(SFIN: ULIF04528/09/07ASSETALLOC116)
The investment objective of this fund will be to realize a level of total income, including current income and capital appreciation, which is consistent with reasonable investment risk. The investment strategy will involve a flexible policy for allocating assets among equities, bonds and cash. The fund strategy will be to adjust the mix between these asset classes to capitalize on the changing financial markets and economic conditions. The fund will adjust its weights in equity, debt and cash depending on the relative attractiveness of each asset class.
Indicative Portfolio Allocation:
: 0% - 100% : 0% - 100%
(SFIN: ULIF06026/10/10BLUECHIPEQ116)
The investment objective of this fund is to provide capital appreciation through investment in equities forming part of NSE NIFTY.
Indicative Portfolio Allocation:
VI) Bond Fund- Risk Profile Moderate (SFIN: ULIF02610/07/06BONDFUNDLI116) The investment objective of this fund is to provide accumulation of income through investment in high quality fixed income securities
Indicative Portfolio Allocation:
: 100%
(SFIN: ULIF02510/07/06LIQUIDFUND116)
The objective of this fund is to have a fund that aims to protect the invested capital through investments in liquid money market and short-term instruments
Indicative Portfolio Allocation:
: 0% to 100%
* The exposure to money market securities may be increased to 100%, keeping in view market conditions, market opportunities, and political, economic and other factors, depending on the perception of the Investment Manager. All changes in the asset allocation will be with the intention of protecting the interests of the policyholders. b) Wheel of Life Portfolio Strategy : This provides you with a Years to maturity based portfolio management.
! At the commencement of your policy, your premium (base regular premium and top up premium, if any),
net of allocation charge, will be allocated in various funds (namely Bluechip Equity Fund, Equity Growth Fund II, Accelerator Mid-Cap Fund II, Bond Fund and Liquid Fund) in the proportion as mentioned below, depending on the outstanding years to maturity.
! On each policy anniversary, we will reallocate your fund value among various funds in the proportion based
Total
100 100 100 100 100 95 90 85 80 75 70 65 60 55 50 40 30 20 10 0
! You will not have the option to switch units or change the apportionment of premium to various funds,
the value of the Units held in that Fund as on date of withdrawal. You will not have any choice to opt the fund from which the partial withdrawal of units is to be done. Premium Apportionment:
! Under the Investor Selectable Portfolio Strategy, you can choose to invest fully in any one fund or allocate
your premiums into the various funds in a proportion that suits your investment needs. The premium apportionment to any fund must be at least 5%.
! The company will reserve the right to revise the minimum apportionment percentages upon giving written
notice of not less than three months subject to obtaining clearance from the IRDA.
! Under the Wheel of Life Portfolio Strategy, you will not have the option to choose the proportion. The
apportionment of the allocated premium will be as per the Wheel of Life Portfolio Strategy table.
! Miscellaneous charge, as mentioned below, will be applicable for change in premium apportionment or
portfolio strategy.
Definitions
! Regular Premium Fund Value: is equal to the number of units pertaining to base regular premium under a
policy multiplied by the respective unit price on the relevant valuation date.
! Top up Premium Fund Value: is equal to the number of units pertaining to top up premium under a policy
price on the relevant valuation date; i.e., equal to the total of the regular premium fund value & any top up premium fund value.
! Sum Assured: is the sum total of the sum assured with respect to regular premiums and the sum assured
! Regular Premium: is equal to base regular premium plus rider premiums, if any.
All requests received for any unit transaction till the cut-off time of a day shall be processed at the unit price of the same day. The requests received after the cut-off time of a day shall be processed at the unit price of the next day. The request for unit transaction can be premium payment/surrender/partial withdrawal/death claim. Currently the cut-off time is 3.00pm for applicability of unit price for a particular day.
! Discontinued Policy Fund: is the fund maintained by the Company that is set aside and is constituted by the
discontinuance fund value of the Discontinued Policies determined in accordance with the IRDA (Treatment of Discontinued Linked Insurance Policies) Regulation, 2010.
! Discontinuance Value:
any, all as on date of discontinuance, accumulated at the rate of return earned on the discontinued policy fund net of fund management charge OR
! The regular premium fund value less the discontinuance charge, plus the top up premium fund value, if
any, all as on date of discontinuance, accumulated at the minimum guaranteed rates of investment return. The minimum guaranteed rates of investment return is same as the rates of interest as applicable to the Savings Bank Account of State Bank of India during the period the policy was in discontinuance. b) In accordance with the IRDA regulation, the current applicable fund management charge on discontinued policy fund is 0.5% per annum. c) The fund management charge and the minimum guaranteed rates of investment return as mentioned above may change from time to time as per the IRDA guidelines.
! Valuation Date: We aim to value the funds on each day the financial markets are open. However, we may
value the funds less frequently in extreme circumstances, where the values of assets are too uncertain. In such circumstances, we may defer the valuation of assets for up to 30 days until we feel that certainty as to the value of assets is resumed. The deferment of valuation of assets will be with prior consultation with the IRDA.
Death Benefit
+ In case of a single life policy: The death benefit will be sum assured plus fund value, subject to minimum
guaranteed death benefit, as on date of receipt of intimation of death at the Company's office.
+ of a joint life policy where your spouse is also covered under your policy: The death benefit will be In case
as follows subject to the minimum guaranteed death benefit in the following paragraph: Death Benefit payable on the death of the primary life assured:
! If death of the primary life assured occurs first, the death benefit will be the sum assured with respect to
the primary life assured. Thereafter the policy will vest on the life of the spouse.
! If death of the primary life assured occurs after the death of the spouse, the death benefit will be the sum
assured with respect to the primary life assured plus the fund value as on date of receipt of intimation of death at the Company's office.
+ Benefit payable on the death of the spouse: Death ! If death of the spouse occurs first, the death benefit will be the sum assured with respect to the spouse. ! If death of the spouse occurs after the death of the primary life assured, the death benefit will be the sum
assured with respect to the spouse plus the fund value as on date of receipt of intimation of death at the Company's office.
+ Minimum Guaranteed Death Benefit ! Death before attaining age 60 years: In case of death of any life assured before attaining age of 60 years,
the minimum guaranteed death benefit will be equal to 105% of regular premiums paid plus any top up premiums paid till date; reduced by the value of the units withdrawn through partial withdrawals from regular premium fund value and top up premium fund value in the 24 months prior to the date of death.
! Death on or after attaining age 60 years: In case of death of any life assured on or after attaining age 60
years, the minimum guaranteed death benefit will be equal to 105% of regular premiums paid plus any top up premiums paid till date; reduced by the value of the units withdrawn through partial withdrawals from regular premium fund value and top up premium fund value during the 24 months prior to attaining age 60 and all subsequent partial withdrawals on or after attaining age 60.
+ death of the primary life assured and/or the spouse is due to an accident and the age at the time of If the
death is 7 years & above, an additional benefit equal to the regular premium sum assured of the primary life assured and/or spouse shall also be paid.
Maturity Benefit
Under plan variant Bajaj Allianz Life Assure Plan - Sure, the maturity benefit will be the Top Up Premium Fund Value (if any) and the higher of the Guaranteed Maturity Value or the Regular Premium Fund Value, as on the maturity date. 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. compounding monthly till the maturity date. Under plan variant Bajaj Allianz Life Assure Plan - More, the maturity benefit will be the total Fund Value as on the maturity date.
Surrender Benefit
You have the option to surrender your policy anytime from the 6th (sixth) policy year. The surrender value will be equal to the Fund Value as on date of surrender of the policy. The policy will terminate thereafter upon payment of full surrender value.
Bajaj Allianz Accelerated Critical Illness Benefit Rider can be taken on your spouse's life also if the primary life assured has opted for this rider. The other two riders can be availed only on the primary life assured. (Please refer to Additional Rider Benefit brochures for more details)
Computation of NAV:
The NAV of the Fund shall be computed as the market value of the investment existing in the fund plus value of current assets plus any accrued income net of Fund Management Charge less value of current liabilities and provisions, if any. This calculation will be done before creation/redemption of units.
Sample Illustration*
Fund Fund Premium Guaranteed Value at Value at Maturity Policy Sum Plan Age Payment Premium Maturity maturity maturity Age Assured Variant Term Term Value @ 10% @ 6%
30 30 30 30 40 50 40 50 10 20 10 20 10 15 10 15 20,000 20,000 20,000 20,000 200,000 200,000 200,000 200,000 Sure Sure More More 212,036 393,637 N/A N/A 230,669 482,819 240,465 515,924 286,897 816,628 299,377 874,118
*This is an indicative projection on the basis of prescribed growth rate by the regulator. The above projection is based on 100% investment in 'Assured Return Fund' for the Plan Variant I and in 'Bond Fund' for the Plan Variant II; for a healthy male life and after service tax.
Flexibilities
This plan provides you with the following flexibilities to suit your changing requirements
+ Spouse Cover ! You may include your spouse at any time during the policy, for the sum assured up to maximum, as
allowed for the spouse under the plan; subject to satisfying the underwriting requirements of the company.
! The sum assured for spouse cover cannot exceed the sum assured for the primary life assured. ! Appropriate mortality charge will be deducted for the spouse cover
! The spouse cover can be discontinued at any time. Once excluded, the spouse cannot be included in the
policy again.
! On first death of the primary life assured, the policy will vest in the spouse and the spouse has to pay the
payment of top up premium, you have to choose the top up sum assured as per the following table depending upon your age:
Current Age Less than 45 years Greater than or equal to 45 years Top-Up Sum Assured Multiplier 1.25 to 20 times 1.1 to 20 times
(The default choice is 1.25 times for current ages less than 45 years & 1.1 times for other ages)
! Each top up premium paid by you will have a lock-in period of 5 (five) years and the lock in would apply
request for any information/ documentation to verify the good health of the life assured and may require the life assured to undergo any medical examination for this purpose and may refuse to accept the top up premium under the plan.
! No top up premium is allowed after death of the primary life assured in case of joint life policy. + Settlement Options ! You will have the option to receive the maturity benefit in installments (payable yearly, half yearly,
quarterly or monthly, at the option of the policyholder) spread over a maximum period of 5 years.
! Under both the plan variant, the maturity benefit will be invested among the fund/s, mentioned under
the plan variant Bajaj Allianz Life Assure Plan-More, as per your choice. By default, it will be invested into the Asset Allocation Fund only.
! The amount paid out to the policyholder in each installment will be the outstanding fund value as at that
installment date.
! Investment risk during the settlement period as well will be borne by the policyholder.
! No risk cover or additional rider benefit cover will be available during the period of the settlement option. ! All applicable charges except the mortality charge and rider premium charge, if any, shall be deducted
period of settlement option. The fund value will be calculated as the total number of outstanding units in the policy multiplied by the unit price as on date of complete withdrawal
+ Alteration of premium payment frequency ! At any policy anniversary, you can opt to alter your regular premium payment frequency to any other
mode (i.e., yearly, half-yearly, quarterly or monthly), subject to minimum premium limits under the plan. The monthly mode is permitted only by salary deduction or ECS. Miscellaneous charge, as mentioned in the Table of Charges given below, will be applicable for the option.
Premium frequency Frequency Factor (freq) Monthly 1/12 Quarterly 1/4 Half yearly 1/2 Yearly 1
+ Option to decrease the sum assured ! You have an option to reduce your regular premium sum assured to the level of 115% of the regular
premium paid subject to the minimum allowed under the product. Such reduction shall be allowed at a policy anniversary only.
! The spouse cover and the rider cover will also be correspondingly reduced to keep them equal to or lower
than the base sum assured. The rider premium for any outstanding premium paying term would be based on the reduced sum assured, and the original rider premium rate.
! You also have a choice to reduce your top up sum assured based on your current age:
Age Less than 45 years Greater than or equal to 45 years Top-Up Sum Assured Multiplier 1.25 times 1.1 times
! Miscellaneous charge, as mentioned in the Table of Charges given below, will be applicable for this
option.
+ Partial Withdrawal Option ! You have the option to make unlimited number of partial withdrawals, anytime after the fifth policy year
subject to:
! The minimum amount of partial withdrawal is ` 5,000. ! The regular premium fund value should not fall below three (3) times of the annualised premium after a
partial withdrawal.
! The Company may vary the minimum value of units to be withdrawn and/or the minimum balance of
value of units to be maintained after such partial withdrawals (subject to prior approval from the IRDA) by giving you a written notice of three months.
! Partial withdrawals will be paid by canceling the units at prevailing unit price. ! For the purpose of partial withdrawals, each payment of top up premium shall have a lock-in period of five
(5) years.
! All partial withdrawals will be first made from eligible top up premium fund value, if any on First in First
out (FIFO) basis. Once the eligible top up premium fund value is exhausted, further partial withdrawals will be made from the regular premium fund value.
! In case of minor life, partial withdrawal is allowed only after attaining age of 18 years ! Miscellaneous charges, as mentioned in the Table of Charges given below will be applicable for the
option.
+ Option to change the Premium Payment Term ! You have the option to change your premium payment term at any time subject to premium payment
term available under the product, provided all due regular premiums till the date of such request are paid. Such option should be exercised before the expiry of the existing premium payment term. Miscellaneous charge, as mentioned in the Table of Charges given below will be applicable for the option.
+ Switching of Plan Variants ! You can switch out of plan variant Bajaj Allianz Life Assure Plan Sure to plan variant Bajaj Allianz Life
under Bajaj Allianz Life Assure Plan- More). The switching out and switching in will be at the prevailing unit price.
! On switching out of plan variant Bajaj Allianz Life Assure Plan- Sure, the guarantee charge would no
longer be levied.
! Switching from the plan variant Bajaj Allianz Life Assure Plan- More to plan variant Bajaj Allianz Life
whichever is lower
! You can switch in/out of this Portfolio Strategy at any Policy Anniversary by giving a 30-days advance
various funds
! You can switch in/out of this Portfolio Strategy at any Policy Anniversary by giving a 30-days advance
notice to us.
Details
1 year (18 years in case of Additional Rider Benefits) 65 years (50 years in case of Accelerated Critical Illness Rider Benefits) 18 years 75 years (Accelerated Critical Illness Rider Benefits ceasing Age 65 years) 10, 15 & 20 years
PPT Available
5 & 10 years 10 & 15 years 10, 15 & 20 years
Minimum Regular Premium (Modal Premium) Maximum Regular Premium Premium Payment Frequency Minimum Top Up Premium Maximum Top Up Premium Minimum Sum Assured (for both Primary Life Assured and the spouse)
`10,000 for Yearly mode; ` 5,000 for Half Yearly Mode `2,500 for Quarterly Mode; ` 1,000 for Monthly Mode No Limit Annual, Half-yearly, Quarterly and Monthly `5,000 No Limit Entry Age Below 45 years Minimum Sum Assured 10 times annualized premium
45 years and above 7 times annualized premium If premium paying term = policy term and no riders & no spouse cover opted:
Entry Age
Where: AP Annual Premium and RPFV Regular Premium Fund Value No discontinuance charge will be applied on units in respect of top-up premium
Foreclosure
If, after five (5) policy years, the regular premium fund value becomes insufficient to deduct one month's charges under the policy, then, the policy shall be foreclosed and the surrender value, if any, as on date of such foreclosure will be paid immediately.
Revival
+discontinued policy can be revived subject to following: The ! The company receives the request for revival by you within two (2) years from the date of discontinuance
of the policy but before the fifth (5th) policy anniversary, i.e., before the expiry of the lock-in period ! All the due but unpaid regular premiums are paid and ! Such information and documentation as may be requested by the company is submitted by you at your own expense. ! The Company may disallow the revival of the policy on the original policy terms and conditions. + On revival of the discontinued policy, the discontinuance value of the policy together with the amount of discontinuance charge (without any interest) as deducted by the company on the date of discontinuance of the policy, shall be split into regular premium fund value and the top up premium fund value ,if any, in the same proportion as existed on the date of discontinuance and will be allocated across the various Funds at their prevailing unit price again in the same proportion as it existed on the date of discontinuance.
Days of Grace
A grace period of 15 days is available for monthly frequency and 30 days for other frequencies.
Termination Conditions
This Policy shall automatically terminate on the earlier occurrence of either of the following events: ! The units in the policy are fully surrendered; ! Upon death of the life assured in case of single life policy; ! Upon second death in case of joint life policy; ! Upon maturity or at the end of the settlement period if opted so. ! Upon payment of discontinuance value; ! On foreclosure.
Tax Benefits
Premium Paid are eligible for tax benefits under section 80C and maturity benefit, death benefit and surrender value are eligible for Tax benefits under Section 10(10D) of the Income Tax Act subject to the provision stated therein.
Mortality Charge
An additional risk charge of `1.00 per thousand of regular premium sum assured with respect to the primary life assured and sum assured with respect to the spouse, if any, will be charged towards the inbuilt accidental death cover. Rider Charge Service Tax Please refer to Additional Rider Benefit brochures for rider charge details. As applicable
Revision of Charges
After taking due approval from the Insurance Regulatory and Development Authority, the Company reserves the right to revise the above-mentioned charges. The Company will give a notice of three months to the policyholders for any changes in charges. The policyholder/life assured, who does not agree with the modified charges, shall be allowed to withdraw the units after the 5th policy anniversary at the prevailing unit price and the policy shall terminate thereafter.
Suicide Exclusion
In case of death of the life assured under a single life policy or death of any one of the lives assured under a joint life policy due to suicide during the first policy year or within one year from the latest revival of the policy, the contract of insurance shall be void, and the Company's liability shall be limited to the extent of the Regular Premium Fund Value and Top Up Premium Fund Value, if any, as on the date of intimation of the death at the Company's office plus any rider premiums paid.
! All benefits payable under the Policy are subject to the tax laws and other financial enactments, as they exist
from time to time. ! The past performance of the funds of the company is not necessarily an indication of the future performance of any of these funds.
Contact Details
Bajaj Allianz Life Insurance Company Limited, G.E. Plaza, Airport Road, Yerawada, Pune - 411 006. Tel: (020) 6602 6777. Fax: (020) 6602 6789. | www.bajajallianz.com
SMS LIFE
BSNL/MTNL (Toll Free) 1800 22 5858
56070
Any Mobile & Landline (Toll Free) 1800 209 5858 Other (Chargeble) <Prefix City Code> 3030 5858
email: life@bajajallianz.co.in
chat: bajajallianzlife.co.in/chat
All Charges applicable shall be levied. This brochure should be read in conjunction with the Benefit Illustration. The policy document is the conclusive evident of contract and provides in details all the conditions and exclusions related to Bajaj Allianz Life Assure Plan. Please ask for the same along with the quotation.
Unique Identification Number (UIN ) : Bajaj Allianz Life Assure Plan Bajaj Allianz Accelerated Critical Illness Bajaj Allianz Extra Cover Benefit Bajaj Allianz Super Premium Waiver
Insurance is the subject matter of solicitation