Bajaj Allianz Guarantee Assure
Bajaj Allianz Guarantee Assure plan is A life insurance plan which offers guaranteed returns on regular premium. This is a short term plan with limited Premium payment option.
Type of plan : Endowment Non participating
Returns : Fully Guaranteed
Tenure : Short term (Premium payment term 5 years and Policy term 7,8 and 9 years)
Premium mode : Regular premium only
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- Short term plan
- Limited Premium paying term- 5 years
- Guaranteed Returns
- Option to take Maturity benefits in monthly installments
- Very less Returns
- No loans available under this plan
- Less liquidity
- Surrender charges are very high
- Returns very less compared to Fixed deposit
- Not eligible for tax exemption under section 80c
- Maturity is Taxable
Bajaj Allianz Guarantee Assure Insurance Plan Review
Bajaj Allianz Guarantee Assure Insurance Plan ensures a guaranteed maturity benefit at maturity. This is an Traditional Endowment Non participating plan. This plan doesn't give any tax benefit on maturity. The returns are guaranteed but it is very less. Nowadays the savings account itself gives and return of 6% per annum. But the rate of returns in this plan is way below this rate. Less Life cover(NOT EVEN 10 TIMES), Less tax benefit under section 80c and Maturity proceeds are taxable. Our strong suggestion is to avoid buying this plan.
What You Pay and What You get
Example : Arun is 30 year old. He buys Bajaj Allianz Guarantee Assure plan with a PPT of 5 years and annual premium of Rs.128020 with sum assured of Rs.500000. His policy benefits are:
1. Guaranteed Maturity Benefit of 8.15 Lakh in 9th policy year.
2. Guaranteed Death Benefit of Rs.710100 anytime during the policy term.
TOTAL PREMIUM PAID : Rs. 640100
TOTAL BENEFIT RECEIVABLE : Rs.810000
Since this is an Non participating policy there is no Bonus payable for this plans.
What happens if you discontinue your premiums?
- If only 1 year premium is paid, then
- 10% of premium paid + 10% of accrued guaranteed addition (This will be paid 12 months after date of lapsation)
- Policy becomes Paid up if 2 years premium is paid.
- Paid up Benefit = Paid up sum assured
*The policy can be revived within 2 consecutive years from the date of first unpaid premium.
Loans : Not Available
You cannot take loans or withdrawals in this plan. If you want funds before maturity you have to surrender the policy.
If You want to surrender the policy
You can surrender the policy if 2 years premium is paid. The surrender benefit is as follows:
Bajaj allianz Guarantee Plan is a traditional plan, the surrender benefits of this plan will be mostly lesser than the premium paid.Waytoinsurance.com suggests not to surrender this plan in-between to avoid loss.
For more details on this plan please go through the Product brochure.
This post on Bajaj Allianz Gurantee assure Plan is just a review of what the plan offers to the customers. We aim at educating ins and outs of this plan. We are trying to simplify the product and make it easy to understand. The Returns provided in this post are for Illustrative purpose only. The waytoinsurance score is given by our own metrics of calculation and are no way related to the performance of this plan. All these details are derived from the below links. We are aiming at providing financial literacy for the common man. We are just educating the people about this plan. The final decision to buy this plan is in your hands. We are not responsible for any individual decisions on this plan.