Bajaj Allianz Life Insurance has launched a traditional money-back plan – Bajaj Allianz Cash Rich, which gives guaranteed cash back of 5% of the sum assured after completion of premium payment term. The plan is a limited premium payment, participating plan that provides cash benefits at three stages of the policy life cycle.
Akshay Mehrotra, Head-Marketing, Bajaj Allianz Life Insurance said, “By paying a small amount for a few years, you can get returns year on year. The cash back at multiple stages of the policy term makes the plan idea for all customer age groups – youngsters, salaried people, married couples or senior citizens nearing retirement – and help them meet various financial objectives with the additional annual income. The low annual premium of Rs. 8000 makes it affordable to a larger section of the population.”
The stages at which cash benefits are given are:
· Completion of Premium Payment Term – An accumulated compound reversionary bonus is payable
· Cash Back Period – After the premium payment term is completed up till the maturity date, a Cash Back benefit of 5% of the sum assured plus cash bonus (if any declared) is payable every year
· Maturity of Policy - Sum Assured plus terminal bonus
The plan offers the flexibility to select your policy term from 10 years to 65 years depending on your financial need and select your limited premium payment term (PPT) from 5 years to 30 years, in multiple of 5 years only. The plan also offers a discount for premiums paid in advance, which is declared by the company every year. The rate of discount for FY 10-11 is 7% p.a. compounding annually.
Other Features
· Keep your policy in-force for full sum assured for a period of two years, even if you miss to pay your premiums on due dates, provided you have paid at least 3 year’s premiums in full.
· Convert your policy to a “single premium term cover with return of premium (ROP)” policy, if you miss to pay your premiums on due dates provided you have paid at least 5 years’ premiums in full.
· Get more value for money with attractive high sum assured rebate
· Optional riders to enhance your protection
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