Bajaj Allianz Life Bima Sanchay Yojana A Micro Variable Insurance Plan

Transcription

1 A Micro Variable Insurance Plan Bajaj Allianz Life Insurance Co. Ltd.

2 Bajaj Allianz Life Our aim is to secure e lives of our loved ones. All our efforts are always routed towards building a safe future for our families; not only in our presence but in our absence too. We understand is concern and present Bajaj Allianz Life Bima Sanchay Yojana a micro variable insurance plan at helps you protect your family financially from uncertainties; at too at an affordable price. Guarantying you and your family a worry free life! Key Advantages Life Insurance cum savings plan wi simple and easy enrolment A low-cost insurance solution at will be value for money for you Guaranteed Investment Returns - Guaranteed Interest Rate (GIR) and Additional Interest Rate (AIR) Option of partial widrawals from your policy account incase of financial emergencies Plan working A Policy Account (PA) will be opened for you at policy commencement date The premium paid by you less e premium allocation charge and applicable Goods and Service Tax will be maintained in your PA The mortality charge and e policy administration charge along wi applicable Goods and Service Tax will be deducted from e PA at e beginning of every mon The Company offers a Guaranteed Interest Rate (GIR) of 1% per annum on e balance in e PA for e entire policy term The Company also offers an Additional Interest Rate (AIR) of 4% per annum on e balance in e PA for e first 5 years of your policy term and 0.5% per annum of e balance in e PA ereafter The balance in e PA, which is termed as Policy Account Value (PAV) is e value of your premiums paid less premium allocation charge, mortality charge wi respect to sum assured and policy administration charge, enhanced by GIR, AIR and residual additions, if any, less applicable fund management charge The GIR and AIR would be applied on e balance in e PA as at e beginning of calendar quarter and will be credited at e beginning of each calendar quarter rough-out your policy term. The AIR will be credited after e GIR has been credited For premiums paid, partial widrawals, surrenders, maturity or dea during e calendar quarter, GIR & AIR will be credited proportionately for e period e new moneys will be in e PAV during e running calendar quarter and debited proportionately for e period e exiting moneys were not in e PAV during e calendar quarter. This has to be done as e GIR & AIR are being credited at e beginning of e quarter (in advance) Fund management charge (as a percentage of e PAV) along wi applicable Goods and Service Tax will be deducted at end of each calendar quarter based on e PAV, before any GIR and AIR is credited (at e beginning of e next calendar quarter). This charge will be deducted at end of each calendar quarter for new premiums received proportionately for e period e new premiums were in e PAV. However, on partial widrawal, surrenders, maturity & dea, FMC will be deducted proportionately for e period e exiting moneys were in e PAV Non-zero positive residual additions, if any, shall be credited to e PA in order to meet e maximum reduction in yield criteria* at e end of each policy year starting from e 5 policy year A specified fund shall be floated by e Company for is plan. The investment pattern of e fund is governed by e relevant IRDAI regulation. * This criteria is as dictated by IRDAI regulations.

3 Sample Illustration Sumit aged 30 years has taken a Bajaj Allianz Life for a Policy Term of 15 years. Sumit has decided to pay ` 2,500 as annual premium for 15 years. His Sum Assured will be ` 25,000. On maturity date, Sumit may receive e following Maturity Benefit: At investment return Of 8% Of 4% Maturity Benefit (in `) 56,110 40,389 Sumit age 30, pays premium of ` 2,500 p.a. ` 0 year ` ` ` ` ` ` ` ` ` ` ` ` ` ` 5 year Policy Term 15 years 10 year 15 year Sumit will receive e Policy Account Value as Maturity Benefit In case of Sumit s unfortunate dea at e end of e 12 policy year, his nominee will receive e following Dea Benefit: At investment return Of 8% Of 4% Dea Benefit (in `) 39,571 31,500 Sumit age 30, pays premium of ` 2,500 p.a. ` ` ` ` ` ` ` ` ` ` ` ` Policy Term 15 years Sumit s nominee will receive e Dea Benefit 0 year 5 year 10 year 12 year Sumit dies at e end of e 12 policy year Premium shown above is exclusive of Goods and Service Tax and is for illustrative purpose only. Plan Benefits Maturity Benefit On survival to e end of e policy term, you will get e Policy Account Value as on e maturity date, subject to a minimum of 100.1% of e total premium paid less total amount of partial widrawals made during e policy term. Dea Benefit In case of unfortunate dea of e life assured during e policy term, e benefit payable is higher of Sum Assured and Policy Account Value as on date of receipt of intimation of dea, if e policy is in-force. The dea benefit is subject to e Guaranteed Dea Benefit of 105% of e total premiums paid till e date of dea.

4 Flexibilities & Features Partial Widrawal You have an option to make partial widrawals from your PA, any time after e 5 policy year, subject to: The PAV should not fall below 3 times of e annualised premium incase of Regular/ Limited premium and 1/5 of Single Premium, after a partial widrawal Minimum partial widrawal amount at any time is ` 1,000 for Regular/ Limited/ Single Premium and in case of Single Premium e maximum amount of partial widrawal at any one time cannot exceed 1/10 of Single Premium The Company reserves e right at any time and from time to time to vary e minimum/maximum value of amount to be widrawn and/or e minimum balance of PAV to be maintained after such partial widrawals, by giving written notice of 3mons in advance, subject to prior approval from IRDAI The time elapsed since e previous partial widrawal should not be less an 1 year The total amount widrawn at any time during e policy term cannot be more an 50% of e single/regular premium paid, at at point in time. The Policy Account value shall reduce to e extent of Partial Widrawals made during e policy year but e sum assured under e policy will not be reduced by any partial widrawal made. Surrender You have e option to surrender your policy anytime. On surrender during e lock-in period of first 5 policy years, e PAV less e discontinuance charge as on e date of surrender will be transferred to e Discontinued Life Policy Fund, and all risk cover will be terminated immediately. The option to revive e policy will not be available to such a surrendered policy. The discontinuance value as at e end of e lock-in period will be paid as surrender value and e policy will terminate. On surrender after e lock-in period of e first 5 policy years, e surrender value available will be e PAV as on e date of surrender, will be paid immediately and e policy will terminate. Tax Benefit As per applicable income tax laws. Products Terms and Conditions Plan Parameters Parameter Minimum Age at Entry Maximum Age at Entry Maximum Age at Maturity Policy Term Details 18 years 55 years 65 years 10 and 15 years

5 Parameter Premium Payment Term Premium Payment Frequency Details Regular : (Equal to policy term) years Limited: 5, 7 or 10 years Single Premium Yearly for Regular and Limited Premium Premium Payment Option Regular Limited Single Minimum (in `) 1,800 2,500 4,000 Maximum (in `) 6,000 6,000 25,000 Premiums only in multiples of 100 are allowed in is plan Sum Assured Premium Payment Term Regular and Limited Single Age less an 45 years 10 times Annualised Premium 1.25 times Single Premium Age 45 years onward 7 times Annualised Premium 1.1 times of e Single Premium The total sum assured allowed on a single life assured under all policies taken under Bajaj Allianz Life cannot exceed ` 2,00,000 Premium Discontinuance If e premium is discontinued during e first 5 policy years (lock-in period), en e PAV less e discontinuance charge as on e date of discontinuance of e policy will be transferred to e Discontinued Life Policy Fund. The life cover shall cease immediately on expiry of e grace period The policy account shall be continued wiin e Discontinued Policy Fund wiout any life cover till e end of e lock-in-period or e end of revival period whichever is later In case of dea during e lock-in period, e balance in e PAV shall be paid If e policy is not revived, e policy shall be terminated at e end of e lock-in-period or revival period whichever is later by paying e PAV On revival of e discontinued policy, e life cover shall be restored upon receipt of all due and unpaid premiums, subject to e terms and conditions of e policy contract. If premium is discontinued after e first 5 policy years The PA shall be continued wi life cover till e end of e revival period. All e charges shall be deducted wiin e revival period GIR and AIR shall be credited to e policy account as per e terms of e policy contract In case of dea during e revival period, e dea benefit as mentioned herein above shall be paid If e policy is not revived during e revival period e underlying PAV shall be paid and policy terminated On revival of e discontinued policy, e life cover shall be restored upon receipt of all due and unpaid premiums wiout levying any interest or fee or charge as on date of revival, subject to e terms and conditions of e policy contract

6 Revival A discontinued policy can be revived subject to e following: 1. The Company receives e request for revival wiin 2 years from e date of discontinuance or e date of first unpaid premium (as applicable) provided e policy is not terminated already 2. Such information and documentation as per e Board approved underwriting policy may be requested by e Company is to be submitted by you at your own expense 3. On revival of e discontinued policy, The policy will be revived restoring e risk cover All e due but unpaid regular/ limited premiums will be collected wiout charging any interest or fee 4. The Premium Allocation and Policy Administration as applicable during e premium discontinued period shall be deducted from premiums paid at e time of revival 5. The Company may allow or refuse revival of e policy as per e prevailing Board approved underwriting policy, on e original policy terms and conditions or on terms and conditions which may be at variance wi original policy terms and conditions, which shall be duly intimated in writing to you along wi intimation of acceptance of revival 6. On revival of e discontinued life policy, e Discontinuance Value of e policy togeer wi e amount of discontinuance charge (wiout any interest), if any, as deducted by e Company on e date of discontinuance, shall be added back to e PAV. No AIR/ GIR will be paid for e period e money was in e Discontinuance Fund. s under e Plan Policy Administration Regular / Limited Premium Single Premium 0.125% per mon of e annualised premium starting from e 6 policy year, subject to a maximum of ` 500 per mon. The charge will be deducted at each monly anniversary from e PAV Nil Details Premium Allocation Fund Management Discontinuance Policy Year Premium Allocation as % of Regular/ Limited Premium Premium Allocation as % of Single Premium 1.25% p.a. of PAV The charge will be deducted at e end of every quarter roughout e policy term before crediting e GIR and AIR Policy Year Regular/ Limited Premium Lower of 20% * (AP or PAV) subject to maximum of ` 800 Lower of 15% * (AP or PAV) subject to maximum of ` 600 Lower of 10% * (AP or PAV) subject to maximum of ` 400 Lower of 5% * (AP or PAV) subject to maximum of ` 200 Nil 1 11% 8% Discontinuance 2 to % 4% - - Single Premium Lower of 2% * (SP or PAV) subject to maximum of ` 800 Lower of 1.5% * (SP or PAV) subject to maximum of ` 600 Lower of 1% * (SP or PAV) subject to maximum of ` 400 Lower of 0.5% * (SP or PAV) subject to maximum of ` 200 Where AP is Annualised Premium and SP is Single Premium and PAV is Policy Account Value

7 Details Mortality Mortality s shall be applied on sum at risk. Sample mortality charges per annum per ousand sum assured for a healy male and female life is shown below: Age (years) ` Applicable Goods and Service Tax will be deducted for all s levied under e policy Revision of s After taking due approval from e IRDAI, e Company reserves e right to revise e above mentioned charges oer an e Mortality and Premium Allocation. Fund Management up to a maximum of 1.35% per annum. The Company will give a notice of 3 mons to you for any changes in charges. If you do not agree wi e modified charges you will be allowed to widraw immediately or at e end of 5 policy years, whichever is later and terminate e policy. Termination This policy shall terminate on e earlier occurrence of eier of e following events: on receipt of intimation of dea of e Life Assured, at e Company s office on payment of discontinuance value or surrender benefit on maturity date Suicide Claim In case of dea of e life assured due to suicide wiin 12 mons from e date of commencement of policy or e date of latest revival of e policy e Company s liability shall be limited to e extent of e PAV as on e date of dea. Any GIR and/or AIR credited or any charges recovered subsequent to e date of dea shall be, respectively, recovered from or added to e dea benefit. Grace Period A grace period of 30 days is available. Free Look Period Wiin 15 days of e receipt of is policy, you will have e option to review e terms and conditions of e policy. If you disagree to any of e terms & conditions, you will have an option to return e policy stating e reason for objections. You shall be entitled to a refund comprising e premium paid, less e proportionate amount of risk premium, for e period e life assured was on cover and e expenses incurred by e company on medical examination and stamp duty charges.

8 Definition 1. Discontinued Life Policy Fund (Risk Profile: Low and SFIN: ULIF07026/03/13DISCONLIFE116) is e fund maintained by e Company at is set aside and is constituted by e discontinuance values of e discontinued policies determined in accordance wi e Insurance Regulatory and Development Auority (Linked Insurance Products) Regulation, 2013 and any subsequent modification made erein by e IRDAI. On e date of discontinuance/ surrender of e policy before e lock-in period of 5 policy years, e policy account value less e discontinuance charge on e date of discontinuance/ surrender of e policy shall be moved to e Discontinued Life Policy Fund. The portfolio allocation of e fund is as given below. Portfolio Allocation: Money market instruments Government securities 0% to 40% 60% -100% 2. Discontinuance Value i. The discontinuance value of e policy will be e higher of: a) e Policy Account value less e discontinuance charge as on date of discontinuance, accumulated at e rate of return earned in e Discontinued Life Policy Fund net of Fund Management (FMC) b) The Policy Account value less e discontinuance charge as on date of discontinuance, accumulated at e minimum guaranteed rate of investment return net of Fund Management (FMC) ii. The current minimum guaranteed rate of investment return, as prescribed by IRDAI, is 4% p.a. The current FMC on e discontinued life policy account, as prescribed by IRDAI, is 0.50% per annum. Goods and Service Tax will be applicable on e FMC iii. The FMC and e minimum guaranteed rate of investment return as mentioned above, for e calculation of e discontinuance value may change from time to time, as per e IRDAI guidelines Statutory Information Assignment Assignment should be in accordance wi provisions of Section 38 of e Insurance Act 1938 as amended from time to time. Nomination Nomination should be in accordance wi provisions of Section 39 of e Insurance Act 1938 as amended from time to time. Prohibition of Rebate Prohibition of Rebate should be in accordance wi provisions of Section 41 of e Insurance Act 1938 as amended from time to time. No person shall allow or offer to allow, eier directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of e whole or part of e commission payable or any rebate of e premium shown on e policy, nor shall any person taking out or renewing or

9 continuing a policy accept any rebate, except such rebate as may be allowed in accordance wi e published prospectuses or tables of e insurer. Any person making default in complying wi e provisions of is section shall be punishable wi a fine which may extend upto ten lakh rupees. Fraud, Misrepresentation & Forfeiture Fraud, Misrepresentation and forfeiture would be dealt wi in accordance wi provisions of Section 45 of e Insurance Act 1938 as amended from time to time. Applicability of Goods & Service Tax Goods and Service Tax is charged based on type of policy communication address of Policy Holder. This may change subject to change in rate/state in address of e Policy Holder as on date of adjustment. About Bajaj Allianz Life Insurance Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE. Bo enjoy a reputation of expertise, stability and streng. This joint venture Company incorporates global expertise wi local experience. The comprehensive, innovative solutions combine e technical expertise and experience of Allianz SE, and in-dep market knowledge and goodwill of Bajaj brand in India. Competitive pricing and quick honest response have earned e Company e customer's trust and market leadership in a very short time. This sales literature gives e salient features of e plan only. The policy document is e conclusive evidence of e contract, and provides in detail all e conditions, exclusions related to e Bajaj Allianz Life. The same is available on e website of e Company.

10 Contact Details Regd. Office Address Bajaj Allianz Life Insurance Company Limited, G.E. Plaza, Airport Road, Yerawada, Pune Reg. No.: 116 Fax: (020) CIN: U66010PN2001PLC SMS LIFE For any queries please contact: Sales: Service: Mail us : customercare@bajajallianz.co.in Bajaj Allianz Life Chat: UIN : 116N136V03 BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI clarifies to public at - IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along wi details of phone call, number. For More Information: Kindly consult our Insurance Consultant or call us today on e TOLL FREE numbers mentioned above. This brochure should be read in conjunction wi e Benefit Illustration and Policy Exclusions. Please ask for e same along wi e quotation. The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on e basis of license given by Bajaj Finserv Ltd. to use its Bajaj Logo and Allianz SE to use its Allianz logo. By submitting your contact details or responding to Bajaj Allianz Life Insurance Co. Ltd., wi an SMS or Missed Call, you auorize Bajaj Allianz Life Insurance Co. Ltd. and/or its auorized Service Providers to verify e above information and/or contact you to assist you wi e purchase and/or servicing. BJAZ-PB-0475 /4-Jul-16