Bajaj Allianz Life Insurance has launched a traditional money-back plan – Bajaj Allianz Cash Rich, which gives guaranteed cash back of 5(%) per cent of the sum assured after the achievement of the premium payment term.
It is a limited premium payment, participating plan that provides cash benefits at 3 stages of the policy life cycle. This can be a good option for your personal finance planning.
“By paying a small amount for a few years, you can get returns year on year. The cash back at various 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 extra annual income. The low annual premium of Rs. 8000 makes it reasonable to a larger section of the population,” said Akshay Mehrotra, head of marketing at Bajaj Allianz Life Insurance.
The cash benefits are given at the stage of completion of premium payment term (an accumulated compound reversionary bonus is payable) and then cash back benefit of 5(%) per cent of the sum assured plus cash bonus (if any declared) is payable every year throughout the cash back period after the premium payment term is completed up to the maturity date. And then, on the maturity of the policy, the sum assured is paid along with the terminal bonus.
The plan offers the flexibility to select the policy term from 10 years to 65 years depending on your financial need. One can also select a limited premium payment term (PPT) from 5 years to 30 years, in multiple of 5 years. The plan 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(%) per cent per annum compounding annually.
Among other features, the policy will stay in force for the full sum assured for two years, even if the subscriber misses payment of premiums on due dates, provided s/he has paid at least three year’s premium in full.
One can also transfer the policy to a single premium term cover with return of premium policy; if you miss the payment of premium on due dates provided s/he has paid at least five years’ premiums in full. The subscriber also has the option of enhancing protection by using various riders available with the product.
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