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Monday, March 7, 2011

BAJAJ ALLIANZ SAVE PLUS INSURANCE

About Policy :
Bajaj Allianz Insurance Company Limited introduced the new policy in June-2008 that is related to money growth that is Save Plus Insurance Plan.

This one policy is a non linked Non participating group term assurance plan with systematic savings.

Key Features :
Life Insurance Cover plus additional rider benefit cover if opted, at nominal cost through a group term insurance.
Flexibility of complete surrender of individual account at market value subject to the surrender penalty during first three years.
Minimum guaranteed surrender value equal to 70% of the account value subject to applicable surrender penalty.

Snapshot of the Plan Details :
Available for groups :
Employer or employee or non employer or employee such as associates or co-operative or affinity groups.
Minimum Group Size : 50 members group.
Minimum Participation : Minimum participation is 75% but subject to minimum group size of 50 members.
Minimum 18 and Maximum age 65 years of entry limits.
Minimum term for the group policyholder is 5 years.
Minimum policy term for individual members :
Employer-Employee groups : 5 years or upto retirement age or attained age of 70 years whichever is earlier.
Non-Employer or employee groups : 5 years or attained age of 70 years, whichever is earlier.
Maximum policy term for individual members :
Employer-Employee groups : Upto retirement age or attained age of 70 years whichever is earlier.
Non-Employer or employee groups : Attained age of 70 years.
Minimum Rs.10,000/- and maximum Rs.2,00,00,000/- basic sum assured.
Minimum and maximum premium : Yearly 1200/-, Half yearly 612/-, Quarterly 312/- and Monthly premium is 108/- and Maximum premium amount is unlimited.
Frequency Factor : Monthly : 0.09, Quarterly : 0.26, Half Yearly : 0.51.
Riders : Group Accidental Death Benefit, Group Accidental Total or partial disability benefits.
Death Benefits : Sum Assured plus account value.
Maturity Benefits : The account value subject to the minimum maturity guarantee, which is the total net premiums paid till maturity date provided all due premiums have been paid by the policyholder for respective members.
Surrender Benefits : The Account value subject to the market value adjustment as applicable on the date of such closure less surrender penalty subject to minimum guaranteed surrender value.

Surrender Penalty :
Surrender Penalty as percentage of account value is as follows :
1st Year 6%
2nd Year 4%
3rd Year 2%
4th Year onwards it is NIL.

Scheme administration charges :
Scheme administration fee will be deductible from the individual account.
1% of net premium per annum as and when premium is paid.
1.25% of account value at the end of each financial year, after adjusting the account value for the investment returns.

Minimum Guarantee on Maturity :
The minimum maturity guarantee is the total net premiums paid till maturity date.

Tax Benefits :
The premium paid under this plan will be eligible for tax benefits under section 80D of the Income Tax Act, 1961.

And you have 15 days fee look period also.

If you want to purchase this policy and 50 members group please contact your nearest Bajaj Allianz Life Insurance Branch office or visit on www.bajajallianz.com or contact me on : +91-98860-43598.

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