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Bajaj Allianz Life Insurance

Bajaj Allianz Life Launches Elite Assure with Triple Benefits – Guaranteed Maturity Benefit, Guaranteed Loyalty Addition and Loyalty Bonuses

Jun 04, 2015   18:08 IST 
Pune, Maharashtra, India

- A non-linked, traditional saving plan with attractive returns over long term  

- Policyholder can get up to 315% accrued Guaranteed Loyalty Additions on the chosen Guaranteed Maturity Benefit


Bajaj Allianz Life Insurance has launched a traditional plan called Elite Assure with higher potential returns compared with other traditional life insurance policies in the industry. The participating plan comes with a Guaranteed Maturity Benefit (GMB) chosen at the inception of the policy and the premium amount is calculated based on that amount.


Since Bajaj Allianz Elite Assure offers a Guaranteed Loyalty Addition (GLA) as a percentage of the pre-decided GMB each year after 10th year, this plan can provide a substantial return at the end of the policy term. As a maturity benefit, the policyholder will receive a total of the GMB, GLA and Vested Bonus and Terminal Bonus if any. Minimum GMB is set at Rs 5,00,000 and the minimum premium is Rs 50,000.


While minimum entry age in Bajaj Allianz Elite Assure is less than one year, the maximum entry age is 55 years. Minimum and maximum maturity ages are 18 years and 70 years. 


On death of the policyholder, the beneficiary will receive GMB, the GLA calculated till the date death, Vested Bonus and Terminal Bonus, if any – potentially up to 315% accrued Guaranteed Loyalty Additions on the chosen Guaranteed Maturity Benefit


Commenting on the launch of this plan, Anuj Agarwal, MD & CEO, Bajaj Allianz Life Insurance, said: “Unlike other endowment plans, Elite Assure offers a good return on a longer policy term and gives the freedom to choose a guaranteed maturity benefit (all the subsequent returns are basis of GMB), thereby ensuring an opportunity to earn more with a protection cover. This could be an attractive investment option for those who have low risk appetite yet aspire to get higher returns.”    


Under Elite Assure, a policyholder can also take a loan of up to 90% of the surrender value.    


Illustrative example:  30-year-old Deepak has bought the Bajaj Allianz Elite Assure plan and opted for a policy term and premium paying term of 25 years. He has chosen a GMB of Rs 6,00,000,  for which he will be paying a premium of Rs 58,424 per annum and the Sum Assured will be Rs 5,84,240. On maturity, Deepak will receive Rs 35,96,274 at 8% return on investment (including vested bonus). In case of an unfortunate event such as death of the policyholder during the 17th policy year, the nominee will receive the Death Benefit as follows : Guaranteed Maturity Benefit of 6 lacs plus guaranteed loyalty additions of Rs.7,20,000 plus vested bonus of Rs. 831,947/-(calculated at 8%), totaling to Rs.21,51,947


Under Elite Assure, a policyholder can also take a loan of up to 90% of the surrender value.    


About Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is a joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world. Bajaj Allianz Life Insurance is one of the leading private life insurance companies in India. The Company has developed insurance solutions that cater to every segment and age-income profiles. Currently, Bajaj Allianz Life Insurance has a strong product portfolio with adequate flexible products to cater to all kinds of customer needs from ULIPs to Child plans, from group insurance to health insurance. The Company began its operations in 2001 and today has a pan-India presence with 759 branches in India. Bajaj Allianz Life Insurance has been constantly expanding its operations to be close to their customers. 

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