Bajaj Allianz Life Secure A Non-Linked Whole Life Term Plan Frequently Asked Questions

Transcription

1 Frequently Asked Questins

2 Ques 1. Ques 2. Ques 3. Ques 4. Ques 5. What type f plan is? is a whle life plan that prvides term assurance cver, accidental death cver and critical illness cver. What is the minimum and maximum entry age in this plan? The minimum age at entry is 25 years and the maximum age at entry is 55 years (fr Optin I & II) and 50 years (fr Optin III). What is the maximum maturity age in this plan? The maximum maturity age is 100 years. What is the minimum mdal premium in this plan? The minimum mdal premium in this plan is as given belw: Premium Payment Frequency Minimum Mdal Premium What is the maximum premium in this plan? N limit. Yearly Half-yearly Quarterly Mnthly Rs. 36,720 Rs. 18,727 Rs. 9,547 Rs. 3,305 Ques 6. What is the minimum and maximum Sum Assured in this plan? The minimum Sum Assured in this plan is Rs. 20,00,000 and there is n limit t maximum Sum Assured. The Sum Assured has t be pted in multiples f Rs. 50,000. Ques 7. Ques 8. Ques 9. Ques 10. What is the plicy term in this plan? The plicy term available is (100 minus age at entry) years. What are the premium payment ptins available in this plan? The premium payment ptin available is limited. What are the premium payment terms available in this plan? The premium payment terms available are 5, 7, 10 and 15 years. What are the premium payment frequencies available in this plan? The premium payment frequencies available under this plan are yearly, half-yearly, quarterly and mnthly. The mnthly premium payment frequency will be allwed nly under the salary deductin scheme and ECS. Ques 11. What is the benefit under this plan? The benefit payable is: i. Fr Cverage Optin I (Only Death Benefit) On death f the life assured during the plicy term: Sum Assured n Death will be paid and the plicy will terminate. ii. Fr Cverage Optin II (Death Benefit plus Accidental Death Benefit) On death f the life assured during the plicy term: Sum Assured n Death will be paid and the plicy will terminate.

3 On death f the life assured due t accident, befre reaching age 65 years: Sum Assured n Death plus an additinal Sum Assured subject t maximum f Rs. 2 crres, will be paid and the plicy will terminate. iii. Fr Cverage Optin III (Death Benefit OR Accelerated Critical Illness plus Waiver f premium Benefit) On ccurrence f first Critical Illness n the life f the life assured befre attaining age 65 years and during the first 30 years f the plicy: 50% f Sum Assured n Death, subject t maximum f Rs. 50 lacs, will be paid and all future premiums due under the plicy, if any, will be waived. Plicy will remain in-frce fr death benefit fr the remaining Sum Assured n Death. N benefit is payable with respect t any future critical illness n the life f the life assured. On death during the plicy term, after critical illness benefit has been paid: the remaining Sum Assured n Death will be paid and the plicy will terminate. On death during the plicy term, befre any critical illness benefit has been paid: Sum Assured n Death will be paid and the plicy will terminate. iv. If death benefit has nt been paid befre the life assured attains age 100 years, the belw mentined benefit will be paid and the plicy will terminate: If critical illness benefit has nt been paid, Sum Assured. If critical illness benefit has been paid, Sum Assured Minus Amunt f critical illness benefit paid. Ques 12. Ques 13. What is the Sum Assured n Death? The Sum Assured n Death is: Fr age at entry less than 45 years, higher f (i) 10 times Annualised Premium* (ii) 105% f ttal premiums paid till date f death r (iii) Sum Assured Fr age at entry 45 years & abve, higher f (i) 7 times Annualised Premium* (ii) 105% f ttal premiums* paid till date f death r (iii) Sum Assured * Annualized Premium and ttal premium is exclusive f extra premium and service tax & cess, if any When can the plicyhlder surrender the plicy? The plicy can be surrendered anytime, prvided: at least 2 full years premiums have been paid if premium payment term is less than 10 years r at least 3 full years premiums have been paid, if premium payment term is 10 years r mre Ques 14. Des the plan ffer any Premium Rebate? Yes, the plan ffers a Premium Rebate fr each cmplete additinal Sum Assured f Rs. 1,00,000 ver & abve the minimum Sum Assured f Rs. 20,00,000 as per the table belw: Cverage Optin High Sum Assured Rebate applicable fr Sum Assured band I abve the minimum Sum Assured f Rs. 20,00,000 II abve the minimum Sum Assured f Rs. 20,00,000 and up t Sum Assured f Rs. 2,00,00,000 III abve the minimum Sum Assured f Rs. 20,00,000 and up t Sum Assured f Rs. 1,00,00,000

4 High Sum Assured Rebate PPT (years) Belw age 45 Rs. 152 Rs. 115 Rs. 90 Rs. 71 Age 45 & abve Rs. 113 Rs. 88 Rs. 70 Rs. 56 Let s see an example: Ravi aged 30 years has taken a plicy cverage ptin 3 fr a premium paying term f 10 years & Sum Assured f Rs. 25,00,000. The annual premium will be Rs. 82,500 befre high sum assured rebate. After a high sum assured rebate f Rs. 450, the annual premium will be Rs. 82,050. Ques 15. Ques 16. Ques 17. What is the rebate available fr female plicyhlder in this plan? The rebate available fr female plicyhlder is available nly fr Cverage Optin I & II in this plan. The same is as fllws: Premium fr female life will be based n the premium rate f 3 years yunger male. Fr female life less than 28 years, premium rate f 25 years male will be applicable. Is plicy lan available in this plan? Plicy lan is nt available in this plan. What will happen in case f nn-payment f premiums? If the plicyhlder has nt paid at least 2 years premiums in full fr premium payment term less than 10 years r at least 3 years premiums in full fr premium payment term f 10 years and abve, then the plicy will lapse at the expiry f the grace perid and n benefit will be payable under the plicy. If the plicyhlder has paid at least 2 years premiums in full fr premium payment term less than 10 years r at least 3 years premiums in full fr premium payment term f 10 years and abve, then at the expiry f the grace perid: i) Plicy will be cnverted t a paid-up plicy ii) Sum assured and Sum Assured n Death under the plicy will be reduced t the paid-up Sum Assured and the paid-up Sum Assured n Death iii) Under a paid-up plicy, a. Cverage Optin I: Only Death Benefit i. Paid-up Sum Assured n Death will be paid and the plicy will terminate b. Cverage Optin II: Death Benefit plus Accidental Death Benefit i. Paid-up Sum Assured n Death will be paid. If death is due t accident befre attaining age 65 years, then an additinal paid-up Sum Assured subject t maximum Rs. 2 crres multiplied by the number f premiums paid t the ttal number f premiums payable, will be paid. The plicy will terminate n death f the life assured. c. Cverage Optin III: Death Benefit r Accelerated Critical Illness plus Waiver f Premium Benefit i. On first diagnsis f Critical Illness befre the life assured attains age 65 years and during the first 30 plicy years:

5 50% f paid-up Sum Assured n Death, subject t the maximum f Rs. 50 lacs multiplied by the number f premiums paid t the ttal number f premiums payable will be paid. The plicy will cntinue fr the remaining paid-up Sum Assured n Death, which will be paid if death ccurs during the remaining plicy term. ii. If death ccurs first, paid-up Sum Assured will be paid and the plicy will terminate. iii. If death ccurs after critical illness benefit has been paid, remaining paid-up Sum Assured n Death, will be paid and the plicy will terminate On survival t age 100 years, the fllwing benefit will be paid and the plicy will terminate: If critical Illness benefit has nt been paid, paid-up Sum Assured If critical Illness benefit has been paid, paid-up Sum Assured less the amunt f critical illness benefit already paid The plicyhlder may revive a lapsed/paid-up plicy during the revival perid f 2 years frm the due date f first unpaid premium, subject t the revival cnditin mentined under the plan. Ques 18. Ques 19. Ques 20. Ques 21. What is Paid-up Sum Assured? Paid-up Sum Assured is the reduced value f the Sum Assured arrived at by multiplying the Sum Assured with the prprtin f the number f premiums paid t the ttal number f premiums payable under the plicy. What is Paid-up Sum Assured n Death? Paid-up Sum Assured n Death is the reduced value f the Sum Assured n Death arrived at by multiplying the Sum Assured n Death with the prprtin f the number f premiums paid t the ttal number f premiums payable under the plicy. Is there any tax benefit in this plan? Yes, premiums paid are eligible fr tax benefit under Sectin 80C f the Incme Tax Act. Death, accidental death, critical illness and surrender benefit are eligible fr tax benefit under Sectin 10(10D) f the Incme Tax Act, subject t the prvisin stated therein. Can a lapsed/ paid-up plicy be revived? Yes, a lapsed/ paid-up plicy may be revived, subject t the fllwing cnditins: a) The applicatin fr revival is made within 2 years frm the due date f first unpaid premium but befre the maturity date b) All the arrears f premiums tgether with interest at such rate as the Cmpany may decide frm time t time is paid c) The plicyhlder furnishes, at his/her wn expense, satisfactry evidence (as decided by the Cmpany) n health f the life assured d) The revival f the plicy may be n terms different frm thse applicable t the plicy befre it lapsed/ became paid-up, based n the prevailing Bard apprved underwriting nrms e) The revival will take effect nly n it being specifically cmmunicated by the Cmpany t the plicyhlder

6 f) The Cmpany may revive r refuse t revive the plicy, based n the prevailing Bard apprved underwriting guidelines f the Cmpany, and refund the amunt depsited fr the purpses f revival f the plicy Ques 22. Ques 23. Under what cnditins will the plicy terminate? The plicy shall terminate n the earlier ccurrence f either f the fllwing events: n payment f surrender value at the end f the revival perid f 2 years frm the date f first unpaid premium, if premiums have nt been paid during: first 2 years premiums fr PPTs less than 10 years r first 3 years premiums fr PPTs 10 years and abve n the receipt f intimatin f death f the life assured at the Cmpany s ffice and payment f the due benefit under the plicy n the life assured attaining age 100 years What will happen if life assured cmmits suicide? If the life assured cmmits suicide, whether sane r insane, within 1 year frm the date f cmmencement f risk r the date f latest revival f the plicy, prvided the plicy is in-frce n the date f death, the amunt payable will be the higher f 80% f the premiums paid r surrender benefit available as n date f death This dcument is fr reference nly This dcument is strictly fr internal circulatin Changing the cntent with the intentin f misuse and misrepresentatin will be subjected t legal cnsequences Fr mre infrmatin n the Prduct, UIN: 116N130V01, please refer Sales Brchure and Plicy Dcument, available n Cmpany website and Prduct Circular, available n Prduct Develpment Prtal Cmpiled in June 2015, Prduct Develpment Department