Bajaj Allianz Guarantee Assure

What is Bajaj Allianz Guarantee Assure?

Bajaj Allianz Guarantee Assure is a comprehensive term insurance plan that offers a lumpsum payout to the nominee in the event of the policyholders death. It is designed to provide financial security to families, covering liabilities such as home loans, education expenses, and everyday living costs. The product blends affordability with a range of optional riders, allowing policyholders to tailor coverage to their unique needs.

Key Benefits

• High Sum Assured at Low Premiums: Secure up to 50crore with competitive pricing.
• Flexible Policy Term: Choose from 10 to 30 years to match your life stage.
• Additional Riders: Critical Illness, Accidental Death, and Waiver of Premium riders can be added.
• Loan Protection: Option to link coverage with home or personal loans, ensuring repayment even in the worstcase scenario.
• Tax Benefits: Premiums paid are eligible for deduction under Section 80C; death benefit is taxfree under Section 10(10D).

Coverage Details

The core cover provides a death benefit equal to the chosen sum assured. Below is a snapshot of the plans structure:

Eligibility & Premiums

The plan is open to Indian residents aged 18 to 70 years at the time of entry. Applicants must be in good health, as the underwriting process may require basic medical tests for higher sum assured amounts.

Premium Calculation Factors

• Age at entry younger ages attract lower rates.
• Chosen sum assured and policy term.
• Gender females often receive a discount.
• Smoking status smokers pay higher premiums.
• Any additional riders selected.

Below is an illustrative premium table for a nonsmoker male (Premiums are approximate and for illustration only):

Premiums can be paid annually, semiannually, quarterly, or monthly, giving flexibility to suit cashflow preferences.

Claim Process Simple and Transparent

In the unfortunate event of the policyholders demise, the claim settlement process is straightforward:

1. Notification: The nominee contacts the nearest Bajaj Allianz office or calls the 24hour claim helpline.
2. Document Submission: Required documents include the claim form, original policy document, death certificate, ID proof of nominee, and any loan statements (if linked).
3. Verification: The insurer verifies the details and may request additional information if needed.
4. Settlement: Once approved, the death benefit is credited to the nominees bank account within 715 days.

For faster processing, many documents can be uploaded through the Bajaj Allianz mobile app or the online portal.

Frequently Asked Questions

1. Is there a waiting period for the death benefit?

No. The death benefit is payable immediately upon claim approval, irrespective of the policys age, provided the claim is not due to suicide within the first 12 months.

2. Can I increase the sum assured after purchase?

Yes, you may opt for a topup in the fourth year of the policy, subject to underwriting and a maximum increase of 25% of the existing sum assured.

3. What happens if I miss a premium payment?

The policy includes a grace period of 30 days. If the premium remains unpaid after the grace period, the policy lapses, but you can reinstate it by paying the due premiums with interest and providing a medical certificate.

4. Does the plan cover accidental death?

Accidental death is covered under the base plan, and you can enhance the cover by adding the Accidental Death Rider, which provides an additional lumpsum payout.

5. Is there a surrender value?

No. As a pure term insurance product, there is no cash value or surrender benefit.

Ready to Secure Your Familys Future?

Buying a term policy is one of the most effective ways to protect your loved ones from financial distress. Bajaj Allianz Guarantee Assure offers the flexibility, coverage, and trust you need.