Everything You Need to Know about Bajaj Allianz Cash Assure

The Bajaj Allianz Cash Assure Plan is a traditional money-back plan that offers savings as well as financial security. This plan delivers lump sum payments at regular periods to help you and your family meet your interim financial needs. For longer policy periods, the plan offers a greater proportion of the sum insured as money back benefits at defined intervals. It is a non-linked, participation plan with periodic paybacks during the term. Applicants have the option of selecting the interval between premium payments and the insurance duration.

Features of Bajaj Allianz Cash Assure 

The following are the features of the Bajaj Allianz Cash Assure Plan:

• Entry Age: This plan has a minimum entrance age of 0 days and a maximum age of 54 years. While the maturity age for this plan ranges from 18 to 70 years.

• Female Policyholders: Female policyholders are eligible for reduced premium payment rates.

• Money-Back Guarantee: The plan provides money back at certain times. The insurance provider offers guaranteed money back up to 150 per cent of the Sum Assured based on the policy duration.

• Premium: The policyholder will be required to pay premiums at predetermined intervals beginning with the policy's inception. A policyholder can select a policy term of 16, 20, 24, or 28 years.

• Surrender of Policy: Individuals can cancel their plans at any time after paying three full years' payments. The surrender value will be more than both the Guaranteed Surrender Value and the Special Surrender Value.

Benefits of the Bajaj Allianz Cash Assure Plan

The following are the benefits provided by the Bajaj Bajaj Allianz Cash Assure Plan:

1. Death Benefits: If the policyholder dies during the term of the insurance policy, the nominee is entitled to the following compensation:

• Terminal Bonus, if earned 
•  Total Sum Assured in the Plan if earned 
• Interim Bonus, if obtained

The aforementioned sums are subject to 105 percent of the total premium, which is paid out in the form of death benefits. Following that, the insurance plan would be cancelled.

2. Maturity Benefits: After the insurance term, maturity benefits will be paid. It will be 60% of the total guaranteed, with vested bonuses and terminal bonuses included when appropriate.

3. Tax Benefits: The premiums paid under this plan are tax-deductible under section 80C of the Income Tax Act. Furthermore, under section 10(10D) of the Income Tax Act, the benefits obtained under this plan are tax-deductible.

4. Additional Riders: There are a variety of additional riders that may be purchased to supplement the coverage provided by an insurance policy. Critical sickness benefit rider, family income benefit rider, accidental death benefit rider, and waiver of premium benefit rider are some of the riders available with this plan.

5. Policy Loan: If the insurance has a surrender value, the policyholder can borrow a loan against it. As much as 60% of the surrender value might be borrowed as a loan Upon maturity, surrender, or death of the policy the outstanding loan amount and interest will be deducted from the maturity, survival, or surrender or death benefit, according to the situation at hand. Assuring the loan's interest rate will be determined by the insurer, and it will fluctuate from time to time.

Conclusion 

Life objectives, no matter how great or little, need forethought. Bajaj Allianz Cash Assure, a money-back insurance plan, may help you make more memories by providing monthly money-back savings. It assists you in saving in a disciplined manner over time and then provides money back at predetermined intervals to cover any experience or you wish to make without depleting your current funds.

Also Read:

When is The Right Time to Purchase Money-Back Plans?

Why Is Money Back Policy Required?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.