bajaj alianz life insurance

8/3/2019 Bajaj Alianz Life Insurance

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A

PROJECT ON

CHANGING INVESTMENT PATTERN AND INSURANCECUNSULTANCY AS A PROFESSIONAL CAREER

UNDER THE GUIDENCE OF : SUBMITTED BY:

Mr. suman kochar anil kumar jha

PUNE INSTITUTE OF BUSINESS MANAGEMENT

PUNE

2008 -2009


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CONTENTS

CAPTER 1

INTRODUCTION

BACK GROUND TO OF THE COMPANY

OBJECTIVE OF THE PROJECT

SIGNIFICANCE OF THE PROJECT

SCOPE OF THE PROIECT

LIMITATION OF THE PROJECT

CHANGING MARKET SENARIO

PRODUCT RANGE

DETAIL STUDY OF PRODUCTS OF BAJAJALLIANZ

PRODUCT COMPARISION OF LEADINGINSURACCE COMPANIES

INSURANCE CONSULTANCY AS A CSREER INBAJAJ ALLIANZ


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CHAPTER 2

RESEARCH METHODOLOGY

RESEARCH DESIGN

DATA COLLECTION SOURCECS ANDMETHODS

SAMPLE PLAN

FIELD PLAN

CHAPTER 3

FINDINGS AND ANALYSIS

SAMPLE SURVEYED

INCOME OF THE RESPONDENTS

PURPOSE OF BUYING INSURANCE POLICY

SOURCES FOR BUYING POLICY

POPULAR PRODUCT

PROFILE OF THE INSURANCE CUNSULTANT


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CHAPTER 4

RECOMMENDATIONS AND CONCLUSION

RECOMMENDATION FOR BAJAJ ALLIANZ

CONCLUSION OF THE PROJECT

CHAPTER 5

ANNEXTURE

COPY OF QUESTIONNAIRE USED

BIBLIOGRAPHY


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EXECUTIVE SUMMERY

In Bajaj Alliaz Life Insurance Company I didmy summer training for two months, theproject given to me was changing

investment pattern and insuranceconsultancy as a professional career. Inthis I had to study the new and innovativeinsurance product and how they aredifferent from the traditional products . Ialso had to sell insurance policies andrecruit people for insurance consultancy.

For this I worked on collected datafrom various sources such as list ofmembers from renowned clubs&associations and tried to fix appointmentwith the concerned person .Contractors,teachers, accountant, businessmen wearthe main targets . I also had to take the feedback of the people regarding insuranceconsultancy &companys products.

Achievement of the project was three persons

wear recruited and six policies wear sold

worth of Rs one lakh


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ACKNOWLEDGEMENT

I Consider my self fortunate for getting theopportunity to do my Summer Training inBAJAJ ALLIANZ LIFE INSURANCE

At the very outset of this report Iwould like to extend my sincere andheartfelt obligation towards all thepersonage without whose active guidance,help, cooperation and encouragement, Iwould not have made headway in project.

Iam deeply grateful to Mr.Atif (salesteam manager) for his valuable advice andsupervision. My sincere thanks to him forhis kind patronage, constant aid andsupport provided to me. I would also like

to thanks to Mr.S.N.Mohapatra (Sr.Branchmanager)for giving me the opportunity towork in an organization like BAJAJ ALLIANZFinally, I express my gratitude toMr.P.H.R.Virendra ( faculty Guide) EMPIBUSINESS SCHOOL, New Delhi for hisvaluable, guidance and support which was

necessary in completion of this project


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Pooja

COMPANY PROFILE

Bajaj Allianz

Indian OperationGrowing at a breakneck pace with a strong pan Indian presence Bajaj

Allianz has emerged as a strong player in India. Bajaj Allianz life

Insurance Company Limited is a joint venture between two leading

conglomerates Allianz AG and Bajaj Auto Limited.

Characterized by global presence with a local focus and driven by

customer orientation to establish high earnings potential and financial

strength, Bajaj Allianz Life Insurance Co. Ltd. was incorporated on 12thMarch 2001. The company received the Insurance Regulatory and

Development Authority (IRDA) certificate of Registration (R3) No 116 on

3rd August 2001 to conduct Life Insurance business in India.

Bajaj Allianz- THE PRESENT

Over 3,00,000 satisfied customers

Leading private sector insurance company in India

One of the fastest growing private sector life insurer in India

Accelerated Growth


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Fiscal Year No of policies sold in

FY

GWP in FY

2001-2002 (6 month) 21,376 Rs. 7 cr.

2002-2003 1,15,965 Rs. 69 cr.

2003-20041,86,443 Rs. 221 cr.

Assets under management Rs 350 cr.

Shareholder capital base of Rs. 250 cr.

Pan India network

Wide range of product to suit your needs.

Decentralized organizational structure for increased response andservice levels

Tie Ups with Banks

Pioneers of Banc assurance in India

Having pioneered the phenomenon, Banc assurance is one the core

business strategies. Two of our strong Banc assurance tie-ups are:

Standard Chartered Bank

Syndicate Bank

They have developed a range of life insurance products exclusively

for our Banc assurance partners. Also, the products are customized to suit

specific needs of banks.

All CCCs networked with state of art IT systems.


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Highest standard of customer service & simplified claims process in the

industry

Allianz Bajaj- A force to Reckon with

Bajaj Auto Limited owns 74%, Allianz AG owns 26%

Paid up share capital Rs 150 crs

Directors- Mr Rahul Bajaj (Chairman); Mr Sanjiv Bajaj; Mr PS

Palande, Mr. Ranjit Gupta, Dr. Werner Zedelius; Mr. Heinz Dollberg

& Mr. Dietmar Raich

The fastest growing Private life insurer in India. In less than 10 month

we have.

21 Cities and 30 Customer Care Centre (CCC)

Target to reach - 34 cities & 61 CCC's by Mar' 03

More than 8000 recruited and trained Insurance Care Consultants.

Allianz Group's Worldwide

Allianz is one of the leading global insurance companies

Headquartered in Munich, Germany, established in 1890.

With over 700 subsidiaries and approximately 181,635 employees

worldwide

Allianz global network extends to over 70 countries

Allianz has the highest commitment & has never exited a market

once the company has set up operations there.


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Allianz AG- Financial Powerhouse

Worldwide Number One by gross Written Premiums.

The largest asset manager in the world-Managing assts more

than a million US $ [Rs. 50,06,670 Corers (USD 1028 billion]

One of Europe's most highly valued stock corporations

Net income in excess of Rs 5844 Corers


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OBJECT:

The object of the project is:

To identify the changinginvestment behavior.

To find out the opportunities andlimitations of Insuranceconsultancy as a career


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SINIFICANCE OF THE PROJECT

I chose the project ChangingInvestment Patten And InsuranceConsultancy As a career because-:

It gave me the practical experience

of insurance marketing& sellingmethods.

I was able to know the changingmind set of the people towards lifeinsurance products.

I t gave me opportunity tointerview different professionalsand take their views on insuranceconsultancy as a career.


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.It boosted my morale &confidence

SCOPE AND LIMITATIONS OF THEPROJECT

Over view of life insurance

industry in India.

Comparison among the products ofmajor players (Lucknow region)

Insurance consultancy as a careerin BajajAllianz.

LIMITATIONS

Detail market study of industryhas not been done.


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The findings of the project arelimited to lucknow region.

INDIAN INSURANCE INDUSTRY

Insurers

Insurance industry, as on 1.4.2000, comprised mainly two players: the state

insurers:

Life Insurers

Life Insurance Corporation of India (LIC)General Insurers

General Insurance Corporation of India (GIC) (with effect from Dec'2000,

a National Reinsures)


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GIC had four subsidiary companies, namely (with effect from Dec' 2000,

these subsidiaries have been de-linked from the parent company and made

as independent insurance companies.

The Oriental Insurance Company Limited The New India Assurance Company Limited,

National Insurance Company Limited

United India Insurance Company Limited.

Yr: 2000-2001: (From 2nd April 2000 to 31st December' 2001)

Insurance Industry in the year 2000-2001 had 16 new entrants, namely:

Life Insurers:

S.No Registrati

onNumber

Date of

Reg.

Name of the Company

1. 101 23.10.2000 HDFC Standard Life Insurance

Company Ltd.

2. 104 15.11.2000 Max New York Life Insurance Co. Ltd.

3. 105 24.11.2000

s

ICICI Prudential Life Insurance

Company Ltd.

4. 107 10.01.2001 Kotak Mahindra Old Mutual Life

Insurance Limited5. 109 31.01.2001 Birla Sun Life Insurance Company Ltd.

6. 110 12.02.2001 Tata AIG Life Insurance Company Ltd.

7. 111 30.03.2001 SBI Life Insurance Company Limited

8. 114 02.08.2001 ING Vysya Life Insurance Company

Private Limited

9. 116 03.08.2001 Bajaj Allianz Life Insurance Company


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Limited

10. 117 06.08.2001 Metlife India Insurance Company Pvt.

Ltd.

Life Insurers:

S.No Registratio

n Number

Date of

Reg.

Name of the Company

2. 122 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.

Yr: 2003:2004 : (From 1st Jan 2003 till Date)

Insurance Industry in this year, so far has 1 new entrants: namely

Life Insurers:

S.No Registration Number

Date of Reg.

Name of the Company

1. 127 06.02.2004 Sahara India Insurance Company Ltd.


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INSURANCE BUSINESS:

Insurance business is divided into classes:

1. Life Insurance 2) Fire Insurance 3) Marine Insurance and 4)

Miscellaneous Insurance.

Life Insurers transact life insurance business; General Insurers transact the

rest.

No composites are permitted as per law.

LEGISLATION (as on 1.4.2000):

Insurance is a federal subject in India. The primary legislation that deals

with insurance business in India is:

Insurance Act, 1938, and Insurance Regulatory & Development Authority

Act, 1999.

INSURANCE PRODUCTS (as on 1.4.2000) (for latest information get in

touch with the current insurers website information of insurers is provided

at the web page for insurers):

Life Insurance:


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Popular Products: Endowment Assurance (Participating), and Money Back

(Participating). More than 80% of the life insurance business is from these

products.

General Insurance:

Fire and Miscellaneous insurance businesses are predominant. Motor

Vehicle insurance is compulsory.

Tariff Advisory Committee (TAC) lays down tariff rates for some of

the general insurance products (please visit website of GIC for details)


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Composition of Authority under IRDA Act, 1999As per the section 4 of IRDA Act' 1999, Insurance Regulatory and

Development Authority (IRDA, which was constituted by an act of

parliament) specify the composition of Authority

The Authority is a ten member team consisting of

(a) a Chairman;

(b) five whole-time members;

(c) four part-time members,

(all appointed by the Government of India)

Duties, Powers and Functions of IRDA

Section 14 of IRDA Act, 1999 lays down the duties, power and function of

IRDA.

(1) Subject to the provisions of this Act and any other law for the time

being in force, the Authority shall have the duty to regulate, promote and

ensure orderly growth of the insurance business and re-insurance business.

(2) Without prejudice to the generality of the provision contained in sub-

section (1), the powers and functions of the Authority shall include,

(a) Issue to the applicant a certificate of registration, renew, modify,

withdraw, suspend or cancel such registration;

(b) protection of the interests of the policy holders in matters

concerning assigning of policy, nomination by policy holders,


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insurable interest, settlement of insurance claim, surrender value of

policy and other terms and conditions of contracts of insurance;

(c) specifying requisite qualifications, code of conduct and practical

training for intermediary or insurance intermediaries and agents;

(d) Specifying the code of conduct for surveyors and loss assessors;

(e) Promoting efficiency in the conduct of insurance business;

(f) Promoting and regulating professional organizations connected

with the insurance and re-insurance business;

(g) Levying fees and other charges for carrying out the purpose of

this Act;

(h) calling for information from, undertaking inspection of,

conduction enquiries and investigations including audit of the

insurers, intermediaries, insurance intermediaries and other

organizations connected with the insurance business;

(i) control and regulation of the rates, advantages, terms and

condition that may be offered by insurers in respect of general

insurance business not so controlled and regulated by the Tariff

Advisory Committee under section 64U of the Insurance Act, 1938

(4 of 1938);

(j) Specifying the from and manner in which books of account shall

be maintained and statement of accounts shall be rendered by

insurers and other insurance intermediaries;

(k) regulating investment of funds by insurance companies;

(l) regulating maintenance of margin of solvency;

(m) adjudication of disputes between insurers and intermediaries or

insurance intermediaries;

(n) Supervising the functioning of the Tariff Advisory Committee;


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(o) Specifying the percentage of premium income of the insurer to

finance schemes for promoting and regulating professional

organization referred to in clause (f);

(p) Specifying the percentage of life insurance business and general

insurance business to be undertaken by the insurer in the rural or

social sector; and

(q) Exercising such other powers as may be prescribed


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Life Insurance Market in India

Many may not be aware that the life insurance industry of India is as old as

it is in any other part of the world. The first Indian life insurance company

was the Oriental Life Insurance Company, which was started in India in

1818 at Kolkata. A number of players (over 250 in life and about 100 in

non-life) mainly with regional focus flourished all across the country.

However, the Government of India, concerned by the unethical standards

adopted by some players against the consumers, nationalized the industry

in two phases in 1956 (life ) and in 1972 (non-life). The insurance business

of the country was then brought under two public sector companies, Life

Insurance Corporation of India (LIC) and General Insurance Corporation

of India (GIC).

In line with the economic reforms that were ushered in India in early

nineties, the Government set up a Committee on Reforms (popularly called

the Mahlotra Committee) in April 1993 to suggest reforms in the insurance

sector. The Committee recommended throwing open the sector to private

players to usher in competition and bring more choice to the consumer.

The objective was to improve the penetration of insurance as a percentage

of GDP, which remains low in India even compared to some developing

countries in Asia.

Reforms were initiated with the passage of Insurance Regulatory and

Development Authority (IRDA) Bill in 1999. IRDA was set up as an

independent regulatory authority, which has put in place regulation in line

with global norms. So far in the private sector, 12 life insurance companies

and 9 general insurance companies have been registered.


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Table 1 (For Year 2000)

Countries Insurance P Insurance

United Kingdom 12.71 3028.5

Japan 8.70 3165.1

United States 4.43 1611.6

South States 14.04 392.9

South Africa 6.04 1193.5

Australia 9.09 935.6

South Korea 1.77 7.6

India 1.12 8.5

China 2.13 86.4

Indarsis 0.54 4.0

Brazil 0.36 12.9

By any yardstick, India, with about 200 million middle class

households, presents a huge untapped potential for players in the insurance

industry. Saturation of markets in many developed economies has made the

Indian market even more attractive for global insurance majors.

With the per capita income in India expected to grow at over 6% for

the next 10 years and with improvement in awareness levels, the demand

for insurance is expected to grow at an attractive rate in India. An

independent consulting company. The Monitor Group has estimated that

the life insurance market will grow from Rs. 218 billion in 1998 to Rs.

1003 billion by 2008 (a compounded annual growth of 16.5%).


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WINDS OF CHANGE

Reforms have marked the entry of many of the global insurance

majors into the Indian market in the from of joint ventures with Indian

companies. Some of the key names are AIG, New York Life, Allianz,

Prudential, Standard Life, Sun Life Canada and Old Mutual. The entry of

new players has rejuvenated the erstwhile monopoly player LIC, which has

responded to the competition in an admirable fashion by launching new

products and improving service standards.

The following are the key winds of change brought about by

privatization.

Market Expansion: There has been an overall expansion in the market.

This has been possible due to improved awareness levels thanks to the

large number of advertising campaigns launched by all the players. Thescope for expansion is still unlimited as virtually all the players are

concentrating on large cities and towns-except by LIC to an extent there

was no significant attempt to tap the rural markets.

New product Offerings: There has been a plethora of new and

innovative products offered by the new players, mainly from the stable of

their international partners. Customers have tremendous choice from a

large variety of products from pure term (risk) insurance to unit-linked

investment products. Customers are offered unbundled products with a

variety of benefits as riders from which they can choose. More customers


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are buying products and services based on their true needs and not just

traditional money-back policies, which is not considered very appropriate

for long-term protection and savings. However, there are still some key

new products yet to be introduced-e.g. health products.

Customer Service: Not unexpectedly, this was one area that witnessed

the most significant change with the entry of new players. There is an

attempt to bring in international best practices in service and operational

efficiency though use of latest technologies. Advice and need based selling

is emerging though much better trained sales force and advisors. There is

improvement in response and turnaround times in specific areas such as

delivery of first policy receipt, policy receipt, policy document, premium

notice, final maturity payment, settlement of claims etc. However, there is

a long way to go and various customers survey indicate that the standards

are still below customer expectation levels.

Channels of Distribution: Till two years back, the only mode of

distribution of life insurance products was though Agents. While agents

continue to be the predominant distribution channel, today a number of

innovative alternative channels are being offered to consumers. Some of

them are banc assurance, brokers, the internet and direct marketing.

Though it is too early to predict, the wide spread of bank branch network in

India could lead to banc assurance emerging as a significant distribution

mechanism.


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but is debatable whether there are any significant differences. In other

words, each company is trying to be 'everything to everybody.'

Our argument is that the strategy of being everything to everybody isrisky. Some players justify the above strategy on the basis that the Indian

market is huge and it can accommodate everybody. Still, in a market where

it is difficult to distinguish oneself sufficiently on service or any other

parameter to be able to charge a premium, it will lead to unmitigated price

competition to the detriment of all players. One may achieve sales

turnover, but margins and profitability will suffer severely. In the insurance

industry where large amounts of capital are required, this is risky.While there is room for a few scale players with a finger in every

pie, it is profitable for other players to focus on different segments to

survive and thrive in a multi-firm open environment. While each company

has to choose its own unique positioning based on its unique strengths, the

below-mentioned generic positioning alternatives appear worth

considering. Needless to say the positioning choices discussed here are not

mutually exclusive and can be overlapping.

Variety-based Positioning

This type of positioning is based on varieties in products and

services rather than customer segments. It is a sensible strategy for those


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companies who have distinctive advantage or strengths in offering certain

products and services.

In the insurance industry too, it is possible, to achieve a unique

position by focusing on certain category or products. The insurancecompany can deliver better returns of its investment -linked products and

thereby carve for itself a leadership position in this segment.

Then there is the entire category of pension products which is widely

touted to have immense growth potential in Indian due to imminent

pension reforms. It is possible to achieve profitable positioning by focusing

and excelling in only pension products.

Needs- based Positioning

This is the most commonly understood positioning and is based on the

differing needs of different groups of consumers. This can be dome

successfully if a company has unique strengths to service a group of

customer needs better than others.

The Insurance needs of customers very significantly for different

groups of customers. The insurance needs of young family with small

children will be quite different from that of a family in which the income-

earner is close to retirement, in India most of the life insurance companies

have a wide variety of products tailored for different customer needs and

there is no company focusing on a particular customer need.


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An example would be a life insurance company that focuses only on High

Net-worth Individuals (HNIs). The needs of HNIs would be quite different

from those of a general consumer and would require an entirely

different marketing mix right from the type of products offered and the

way they are distributed, to the promotion methods employed.

Access-based Positioning

Positioning of customers can also be done by the way they are accessible.

That is different groups of customers may be accessible in different ways

even though they may have similar needs. Access is typically a function of

customer geography or customer scale. There is excellent opportunity in

the insurances industry to employ access-based positioning by targeting the

rural insurance sector. The rural market for life insurance is very different

form the urban market in terms of needs, income levels and distributions

(seasonality, for example), penetration of media and so no. So far except

for LIC, no other player has paid any attention or focus on the rural sector.

Contrary to common perception it is a big opportunity as emphasized

repeatedly by such eminent strategists like C.K. Prahlad. Rural market can

be a highly profitable position if one is able to carefully plan and tailor an

entire set of low-cost activities of advertising, distribution, and product

design etc. to successfully exploit the potential.


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TYPES OF POLICIES IN THE MARKET

Endowment insurance policy

This plan is appropriate for people of all ages and social groups who wish

to protect their families from a financial setback that may occur owing to

their demise. It covers risk for a specified period, at the end of which the

assured sum is paid back to the policyholder, along with the bonus

accumulated during the term of the policy.Many investors use endowment policy to fund anticipated financial needs,

such as college education for their children or retirement. Premium for an

endowment life policy is much higher than that of a whole life policy. In

an endowment policy, a 20-year term for a 30-year-old cost around Rs.

50,000 a year, whereas in a whole life plan it costs around Rs 40,000.

Money back scheme

Unlike other policies, this policy gives you a return after a certain

period of time. it provides periodic payments of partial survival benefits

during the term of the policy. The rest of the amount is paid at the end the

term with a bonus. The risk cover on the life continues for the full sum

assured even after payment of survival benefits and the bonus is also

calculated on the full sum assured. This is suitable to the Indian psyche of

the life insurance policyholder who wants returns at frequent intervals.

Pension plans


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This is suitable for those who want a regular income after their retirement.

In this scheme policyholders contribute regularly over a period

of time or in a lump sum amount to form a corpus. This corpus is used to

yield a regular income that is paid to policyholders until death starting

from his desired retirement age. This is also known as annuity schemes.

Typically, annuities are bought to provide a solution to one of the biggest

financial in-securities of old age.

Unit linked insurance plans (Ulips)

Unit linked insurance plans (Ulip) are the flavor are now

contributing over 50 per cent of the private life insurance companies since

their since their inception in 2004. In an area of booming stock market,

these schemes are giving investors a higher return as life protection.Encouraged by the response, many players are launching different savings

and endowment plans in the unit-linked format. According to the IRDA, a

company offering unit linked plans must give the investor an option to

chose amount debt, balanced and equity funds. This policy is suitable for

young people who can take risk. These give flexibility as mutual funds.


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PRODUCTS OF BAJAJ ALLIANZ INDIVIDUAL PLANS

GROUP PLANS

INSURANCE FOR NRI's

SPECIAL PLANS

Individual Plans

UNITGAIN

A Unit Linked Plan

RISK CARE

Pure Term Plan

UNITGAIN SP

A Single Premium unit Linked

Plan

TERM CARE

term Plan with Return-of-

Premium

INVESTGAIN

An Endowment Plan

LIFETIME CARE

Whole Life Plan

CHILDGAIN

Children's Policy

SAVE CARE

ECONOMY SP

Single Premium Endowment

Plan

CASHGAIN

Money Back Plan

LOAN PROTECTOR

A Mortgage Reducing term

Insurance Plan

SWARNA VISHRANTI

Retirement Plan

KEYMAN INSURANCE

A Promising Business

Opportunity

UNITGAIN PLUS

Unit Link plan with higher

allocation

UNITGAIN PLUS SP

A Single premium Unit

Linked Plan


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UNITGAIN EASY

PENSION

A Plan that enables you retire

with laughter lines... not worry

lines

UNITGAIN LIFE

PENSION

A Plan that enables you retire

with laughter lines... not

worry lines

> SWARNA RAKSHA-ROC

A plan that providesyou with regular income

... for life.

> MAHILAGAIN RIDER

The unique plan that

takes care of you and

your loved ones .
http://www.allianzbajaj.co.in/corporateweb/Products/individual.asp#SR%23SRhttp://www.allianzbajaj.co.in/corporateweb/Products/individual.asp#mg%23mghttp://www.allianzbajaj.co.in/corporateweb/Products/individual.asp#lc%23lchttp://www.allianzbajaj.co.in/corporateweb/Products/individual.asp#lc%23lchttp://www.allianzbajaj.co.in/corporateweb/Products/individual.asp#SR%23SRhttp://www.allianzbajaj.co.in/corporateweb/Products/individual.asp#mg%23mghttp://www.allianzbajaj.co.in/corporateweb/Products/individual.asp#mg%23mg


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The "Bajaj Allianz Unit Gain SP PlanThe Bajaj Allianz Unit Gain SP comes with a host of features to allow you

to have the best of all worlds-Protection and Investment with flexibility.

Some of the key features of this plan are:

Key Features Benefits

Guaranteed death benefit

Choice of 5 investment funds

with flexible investment

management: you can change

funds at any time.

Death Benefit

Attractive investment

alternative to fixed interest

securities.

Cash withdrawal

option

Provision for full/partial

withdrawals any time after

three full years premiums are

paid.

Unmatched flexibility- to

match your changing needs.


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The five funds offered are as under:

a. Equity Fund-This fund provides the scope of high appreciation

over a long term. The fund will primarily invest in equities & is


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expected to match returns given by NSE NIFTY. This fund will invest

at least 90% in equities and maximum 10% in cash.

Equity Gain Fund-The investment objective of this Fund is to

provide capital appreciation through investment in select equity stocks

that have the potential for high capital appreciation. This fund will

invest at least 90% in equities and maximum 10% in debt & cash

instruments.

b. Debt Fund-This found provides the scope for steady

returns at low risk through investment in high quality fixed income

securities. This fund will be invested fully in debt instruments.

c. Balanced Fund-The balanced fund is primarily for those

who prefer a mix of steady returns & growth. The balanced fund

will invest 30% to 50% in the equity fund and 50% to 70% in the

debt fund.

d. Cash Fund - The cash fund will invest conservatively in

money market & short-term investments to ensure that return on

investments shall never be negative. 100% of this fund will be

invested in money market instruments. The price of the units in this

fund is guaranteed never to go down. The investment advice on the

Equity Gain Fund will be provided.


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The "Allianz Bajaj Invest Gain" Plan

Allianz bajaj Invest Gain is a specially designed plan that offers a

unique combination of benefits which help in developing a sound

financial portfolio.. Among the many unique benefits, the most

significant is the Family Income Benefit (FIB) that sustains the family

by compensating the loss of income due to death or permanent

disability..

Available as:

Allianz Bajaj Invest Gain Economy: The basic package

Allianz Bajaj Invest Gain Gold: With double protection

Allianz Bajaj Invest Gain Diamond: With triple protection

Allianz Bajaj Invest Gain Platinum: With quadruple protection

All these package participate in the profits of the company by way of

bonus, and therefore, grow with time.

The Ultimate Protection

This plan gives the unique Family Income Benefit ,that ensures total

financial protection for your loved ones. In case of death or accidental total

permanent disability, a guaranteed monthly income of 1% of the sum

assured (12% per annum) is paid till the end of the policy term or at least

for a period of 10 years, whichever is higher. Moreover, all futurepremiums are waived.


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Additional Protection

You have the option to add the following additional benefits,

providing total protection against uncertainties.

a) Family Income Benefit (FIB) - as already described.

b) Comprehensive Accident Protection

This benefit provides comprehensive cover in case of an accident. It

comprises of:

Accidental Death Benefit

. Allianz Bajaj Accidental Death Benefit pays an amount equal to

Sum Assured. (subject to a maximum of Rs. 50,00,000/- under all policies

with Allianz Bajaj taken together)in case of accidental death .

Accidental Permanent Total/Partial Disability Benefit

. This Benefit provides a financial cushion of 50% of the Sum

Assured in case of partial disability and 100% in case of total disability

under all policies with Allianz Bajaj taken together).

Waiver of Premium Benefit

It waives off all future premiums while keeping the valuable the

insurance cover alive.

(C) Critical illness Benefit (CI)

You have the flexibility of choosing Critical illness cover up to the

basic Sum Assured selected by you (Minimum Rs. 50,000).


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. (d) Hospital Cash Benefit (HC)

Allianz Bajaj Hospital Cash Benefit reduces the burden of paying hospital

bills

Flexibility in Coverage

AB offer you the flexibility of inclusion of coverage or exclusion of

coverage at each policy anniversary, subject to conditions relating to such

inclusions and exclusion.

Increase in risk coverage

Bajaj allianz provide the option to increase coverage upto 50% of the

basic Sum Assured on each of the following happy moments in your life.

Your marriage

the birth of your first child

the birth of your second child

This additional coverage is not subject to underwriting

Important details of the "Allianz Bajaj Invest Gain"

Plan.

Conditions Invest Gain

Economy

Invest Gain

Gold/Diamond/Platinum/Any

additional benefitMinimum Age at

Entry

0 (Risk Commences

at age 7)

18

Maximum Age at

Maturity

65 50

Minimum Term 5 years


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Maximum Term 40 years

Minimum Sum

Assured

Rs. 50000

Maximum SumAssured

No Limit

Minimum Premium Rs. 50000 for Yearly, Rs. 2500 for half Yearly, Rs.

1250 for quarterly, and Rs. 500 for monthly

Premium Payment

term

Equal to the policy term or limited as per the table

given

Monthly mode is available under salary savings schemeonly

More value for money-our attractive High Sum Assured Rebate

Allianz Bajaj offers an attractive premium discount structure, where

you can have a discount of at least Rs. 84* on the annual premium for

every additional Rs. 10000 Sum Assured purchased over and above the

minimum sum Assured of Rs. 50000.

Limited Premium Payment Terms- For YourConvenience

You do not have to pay premiums for the full term of the policy.

This plan provides you with a range of limited premium payment terms for

you to finish obligation as fast as possible and enjoy the benefits of life

cover without any worry thereafter.


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Advantage Women

There will be a premium discount for female policyholder in the

package. Basic premium payable will be equivalent to the premium for a

two-year younger male policyholder for the base policy only.

Tax Benefits as per current tax laws

Premiums paid are eligible for Tax Exemption under Section 88 ofthe Income Tax Act. Maturity and death proceeds are Tax Free under

Section 10 (10D) of the Income Tax Act. The premiums for the Critical

illness Benefits and the Hospital Cash Benefit will be eligible for Tax

Exemption under Section 80 (D) of the Income Tax Act.

Surrender Values

Premium Term Surrender Value after Guaranteed Surrender

Value

2-3 years 1 year form commencement. 60% of the premiums

excluding premiums for

additional benefits and extra

premiums.5-6 years 2 full years premium

payment

30% of premiums excluding

first year premium and the

premium for additional

benefits and extra premiums.

7 and above 3 full years premium 30% of premiums excluding


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payment the first year premium and

the premium for additional

benefits and the extra

premiums.Fund Access- Loans

You can avail of Loans under your policy provided the policy has

acquired a surrender value. The loan amount shall be within 90% of the

surrender value.

Change of Occupation

On change of occupation, depending upon the nature of the new

occupation, the premiums and benefit with respect to the Critical illness

and Hospital Cash may be modified.

Bajaj Allianz "Child Gain" Plan

Bajaj Allianz Child Gain offers a wide array of solutions that allows

you to plan for your child's future by providing you with as many as 4

distinct and unique options.

Option 1: Child Gain 21

Option 2: Child Gain 24

Option 3: Child Gain 21 Plus

Option 4: Child Gain 24 PlusCommon features in the 4 Options of Bajaj Allianz "Child Gain" Plan


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1. Limited Premium Payment Term which means that the premiums are

payable till your child attains age 18 years.

2. Your contributions grow by the way of compounded annual bonuses,

which will be paid to you with the first guaranteed payout (policyanniversary following age 18 of your child), for in-force policies. In

addition to the annual bonuses, a terminal bonus may also be paid.

3. You are also eligible for Tax Benefit under Section 88 and Section

10 (10D) of the Income Tax Act.

4. Assuring Your Child's Future: In an uncertain world, the prime

interest of your child cannot be jeopardized in any way. Which is

why we have built in some added benefits in all our plans to protectthe interests of your child's future, by counter insuring you-the

policyholder.

5. Option to purchase Further Insurance at Maturity

In-Built Benefits

(a) Premium Waiver Benefit: In case of death or Accidental Total

Permanent Disability of the policyholder during the premium payment

term, all future premium payments are waived. This benefit will not be

available in the even of accidental permanent total disability after age 65 of

policyholder.

(b) Family Income Benefit: In case of death or accidental total

permanent disability of the policyholder during the term of the policy, a

monthly income benefit of 1% of the sum assured (12% per annum)

subject to a maximum of Rs. 10,000 p.m. becomes payable till the end of


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the policy term. This benefit will not be available in the event of accidental

permanent total disability after age 65 of the policyholder.

Payout Structures

For Child Gain 21 and Child Gain 21 Plus: The minimum guaranteed

payouts are as follows:

Policy Anniversary

following

completion of Age

18 19 20 21

Payout as % ofSum Assured

200% + AssuredBonuses

25% 25% 35%*

For Child Gain 24 and Child Gain 24 Plus: The minimum guaranteed

payouts are as follows:

Policy Anniversary

following

completion of Age

18 20 22 24

Payout as % of

Sum Assured

25% +

Assured

Bonuses

25% 25% 40%*


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Start of Life Benefit

Unique Feature of Bajaj Allianz "Child Gain" 21 Plus and 24 Plus

These packages offer you the choice of providing a unique start of Life

Benefit for you child. For a amount, an additional Sum Assure Subject to a

maximum limit of Rs. 10 lacs will become payable to enable the child start

his/her professional life smoothly, in case of an unfortunate death or Accidental

Permanent Total Disability of the Policyholder during the term of the policy.

Death Payout:

In the event of unfortunate death of the child during the policy term, thepayouts shall be as under:

Age Payout

Below 7 years Premiums paid will be refunded without

interest and the policy will terminate

Above 7 and below 18 years Sum assured with accrued bonuses will

be paid and the policy will terminate.

Above 18 and below 24 Outstanding payouts will be paid as one

lump sum and the policy will terminate.

Important details of Bajaj Allianz "Child Gain" Solutions

Eligibility Conditions Child Gain 21 and

Child Gain 21 plus

Child Gain 24 and

Child Gain 24 plus

Minimum age of

policyholder

20 20

Maximum age of

policyholder

50 50

Minimum age of child 0 0

Maximum age of Child 13 13

Minimum premium 5 5


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payment Term

maximum Premium

payment Term

18 18

Maximum Policy term 21 less age at entry or

LA (Child)

24 less age at entry of LA

(Child)Maximum age of child

at maturity

21 24

Minimum Sum

Assured

Rs. 100000 Rs. 100000

Maximum Sum

Assured

Rs.5000000 Rs., 5000000

Minimum Premium Minimum Premium Rs. 5000 for yearly mode Rs. 2500

for half year mode Rs. 2000 fro quarterly mode and Rs.

700 for monthly mode

SurrenderThis plan offers you the choice of surrendering the policy provided three

full years premiums have been paid (Two years for premium payment terms of 5

and 6 years).

The guaranteed minimum surrender value is 30% of all premiums paid excluding

the fist year premium and excluding the premiums for premium

waiver benefit and Family Income Benefit and Additional Benefit opted for. The

guaranteed minimum surrender value after the premium payment term will be the

discounted value of the outstanding installment payments discounted at 10% p.a.

rate of interest.


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CASH GAIN (MONEY BACK)

Bajaj Allianz Cash gain is a plan that offers a host of additional benefits

you may choose to develop a sound financial portfolio for your family. Among

the many unique benefits, the most significant is the Family Income Benefit

(FIB) that sustains the family by compensating the loss of regular income due to

death or permanent disability.

Bajaj Allianz Cash gain Economy: The basic package

Bajaj Allianz Cash gain Gold: With double protection

Bajaj Allianz Cash gain Diamond: With triple protection

Bajaj Allianz Cash gain Platinum; With quadruple protection

A Uniform Life Cover

Besides giving your regular Cash Benefits, this plan takes care of your life

insurance needs also. On death during the term of policy, the following would be

paid irrespective of the Cash Benefits already paid:

Bajaj Allianz Cash gain Economy: Sum Assured+ BonusesBajaj Allianz Cash gain Gold: Double Sum Assured + Bonuses

Bajaj Allianz Cash gain Diamond: Triple Sum Assured+ Bonuses

Bajaj Allianz Cash gain Platinum: Quadruple Sum Assured + Bonuses Choice

of Term Range of terms: 15, 20, 25 and 30 years.

Additional Protection for you and your family

You have the option to add the following additional benefits, providing

total protection against uncertainties.


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a. Family Income Benefit (FIB) - The Ultimate Protection- For Your

Loved Ones

. In case of death or accidental total permanent disability, a guaranteed monthlyincome of 1% of the sum assured (12% per annum) is paid till the end of the

policy term or at least for a period of 10 years, whichever is higher. Moreover, all

future premiums are waived.

b. Comprehensive Accident Protection

These benefits provide comprehensive cover in case of an accident. It

comprises of:


Accidental Death Benefit pays an amount equal to the Sum Assured.

(Subject to a maximum of Rs. 50, 00,000/- under all policies with Bajaj Allianz

taken together) after the permanent loss of income

Accidental Permanent Total/Partial Disability Benefit.

You will get 50% of the Sum Assured in case of partial disability and

100% in case of total disability. (Subject to a maximum of Rs.

25,00,000/- for partial and Rs. 50,00,000/- for total disability under all

policies with Bajaj Allianz taken together).

Waiver or premium Benefit


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It waives off all future premiums while keeping the valuable life insurance

cover alive.

c. Critical Illness Benefit (CI)

You have the flexibility of choosing Critical Illness cover up to the basic Sum

Assured selected by you (Minimum Rs. 50,000).

d. Hospital Cash Benefit (HC)

. Bajaj Allianz Hospital Cash Benefit reduces financial burden of paying the

hospital bills .

Flexibility in CoverageYou have the flexibility to change your package and move to a package that

provides lower protection at each policy anniversary (premiums would be

adjusted accordingly). "Comprehensive Accident Protection" can be included and

excluded at each policy anniversary. Family Income Benefit, Critical Illness

Benefit and Hospital Cash Benefit can be taken at inception only. FIB, CI & HC

can be reduced or excluded subsequently at any policy anniversary. Once reduced

or excluded, they cannot be increased or included subsequently.

Increase in risk coverage

Plan provides you the option to increase coverage up to 50% of the basic

Sum Assured on each of the following happy moments in your life

.

With Bajaj Allianz Swarna Vishranti, you have the option to choose the

following additional benefits:


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a. Family Income Benefit

You can select the unique Family Income Benefit from Bajaj Allianz that

ensures total financial protection for your loved ones. In case of death or

accidental total permanent disability, a guaranteed monthly income of 1% of the

sum assured (12% per annum( is paid till the vesting date or at least for a period

of 10 years, whichever is higher. Moreover, all future premiums are waived. This

unique regular income benefit can act as an important supplement to the pension

available to the spouse in case of death.

b. Comprehensive Accident Protection

This benefit provides comprehensive cover in case of an accident. It comprisesof: Accidental Death Benefit Accidents are always sudden and sometimes fatal.

You can't lessen the emotional shock but you can certainly soften the financial

one. Bajaj Allianz Accidental Death Benefit gives the loved one something to

start with after the permanent loss of income by paying an amount equal to the

Sum Assured. (Subject ot a maximum of Rs. 50,00,000/- under all policies with

Bajaj Allianz taken together). Accidental Permanent Total/Partial Disability

Benefit Accident are unpredictable and so are the consequences. They may lead

to a disability-partial or total. This benefit provides a financial cushion against

such misfortunes. One will get 50% of the Sum Assured in case of partial

disability and 100% in case of total disability. (Subject to a maximum of Rs.


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25,00,000/- for partial and Rs. 50,00,000/- for total disability under all policies

with Bajaj Allianz taken together). Waiver of Premium Benefit An accident may

lead to permanent total disability, limiting one's ability to earn. Bajaj Allianz

Waiver or premium Benefit is a helping hand when one needs it most. It waivesoff all future premiums while keeping the valuable life insurance cover alive,

thus enabling you to live up to your commitments.

c. Term Cover

Additional Protection for your family You have the option to include a

Term Cover in your policy, which will provide an additional life insurance

protection at a nominal cost. This also ensures that the pension available to

spouses is further supplemented.

d. Critical Illness Benefit

Some illnesses are critical. They not only alter your life's pattern but also result in

a financial drain. Bajaj Allianz Critical Illness Benefit softens the impact on the

family by paying out the Critical Illness benefit under the plan immediately,

while other policy benefits continue (excluding Hospital Cash Benefit). We cover

11 critical illness. You have the flexibility of choosing Critical Illness cover up to

the basic Sum Assured selected by you (Minimum Rs. 50,000).

e. Hospital Cash Benefit

The worry of settling hospital bills (room charges) adds to the trauma of

hospitalization. Bajaj Allianz Hospital Cash Benefit reduces this financial burden

and helps recovery with peace of ind.


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Bajaj Allianz Swarna Vishranti

The plan works in two parts- the deferment period and the annuity period,

the plan provides valuable life cover and builds up the funds required to purchase

the immediate annuity. The deferment period ends at the vesting date. You are

free to choose your age of retirement (vesting date) between 45 and 70 years.

Since the Bajaj Allianz Swarna Vishranti plan participates in the profits of

the company, the Sum Assured grows with time through the bonuses declared by

the company.

The benefits on Vesting Date (the date you choose to

retire)

1. The Sum Assured along with all accrued bonuses will be used to purchase

an immediate annuity. The immediate annuity will be purchased at rates

prevailing at that point of time.

2. Option to take lump sum: You have the option to take upto 33% of Sum

Assured plus accrued bonuses on the vesting date as a lump sum. This

amount would be tax free in your hand, as per current tax laws. The

balance amount will be used to purchase an immediate annuity.

3. Open Market Option: You have the option to purchase an immediate

annuity from Bajaj Allianz or form any other company. If the immediate

annuity is purchased from Bajaj Allianz, the amount available for purchasei.

4. of the annuity will be marked up by 2%. At present, we offer our

immediate annuity plan for life, Swarna Raksha, tied to this plan.


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5. The minimum installment of annuity from Bajaj Allianz is Rs. 1000/- The

annuity mode may be changed to make each installment more than the

minimum requirement. If it is still below the minimum, the Sum Assured +

Accrued Bonuses would be paid.

Added Assurance- for your family

In the unfortunate event of death during the deferment period, your spouse

will have the option to take the Sum Assured plus accrued bonuses as a lump sum

or purchase an annuity to get regular income for life. For the immediate annuity,

your spouse will have the Open market Option as well. Bajaj Allianz immediate

annuity, with a mark up of 2% will be available

only if the spouse is above 45 years of age. In all ages low than 45, the Sum

Assured + Accrued bonuses would be paid out.


the flexibility of inclusion of coverage or exclusion of coverage at each

policy anniversary till the vesting date, subject to conditions relating to such

inclusion and exclusion.

The "Bajaj Allianz Swarna Raksha"( RETIREMENT PLAN)


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Bajaj Allianz Swarna Raksha, ensures a regular income after retirement.

The plan offers a life annuity with Return of Capital.

How does Bajaj Allianz Swarna Raksha work?

All you have to do is pay a lump sum amount to Bajaj Allianz LifeInsurance Company, and the annuity payments will start after expiry of

monthly/quarterly/half-yearly/yearly interval corresponding to the payment mode

selected by you. Here annuity is payable for life, so you do not have to worry

about your income stopping at any stage. What more, under the return of capital

option, the amount used to purchase the annuity is paid to the nominee on the

death of the annuitant.

Important details of the "Bajaj Allianz Swarna Raksha ROC"

Plan

Minimum Age at Entry 45

Maximum Age at Entry 80

Minimum Lump Sum Rs. 50,000

Minimum Annuity Installment Rs. 1000

RETUNS

For Rs. 10,00,000/- invested in Swarna Raksha at age 60, you will receive

Rs. 53,690/- per annum GUARANTEED for life, with return of Rs. 10,00,000/-

to your nominee on death.

Annuity Frequency Mode


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There are four Annuity Frequency Modes that can be Yearly, Half yearly,

quarterly or monthly. The annuity will be payable one month/quarter/half year/

year after the date of purchase depending on the mode selected.

Female Lives

The annuity rates for female lives shall be the corresponding annuity rate

for a 4 year younger male.

The "Bajaj Allianz Unit Gain Easy Pension" Plan

There are two packages to choose from:

Unit Gain Easy Pension Regular Premium

Unit Gain Easy Pension Single Premium

Benefits available

The plan works in two parts-the deferment period and the annuity period.

During the deferment period, the plan builds up the funds required to purchase

the immediate annuity. The deferment period ends at the vesting date. You are

free to choose your age of retirement (vesting date) between 45 and 70 years.


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The benefits on Vesting Date (the date you choose to retire)

1. The Account Value as on the vesting date will be used to purchase an

immediate annuity. The immediate annuity will be purchased at rates

prevailing at that point of time.

2. Option to take lump sum: You have the option to take upto 1/3rd of the

account value on the vesting date as a lump sum. This amount would be

tax free in your hand, as per current tax laws. The balance amount will be

used to purchase an immediate annuity.

3. Open market Option: You have the option to purchase an immediate

annuity from Bajaj Allianz or from any other company. If the immediate

annuity is purchased form Bajaj Allianz, the amount available for

purchase of the annuity will be marked up by 2%.

4. The minimum installment of annuity from Bajaj Allianz is Rs. 1000/- The

annuity frequency may be changed to make each installment more than

the minimum requirement. If it still below the minimum, the Account

Value may be utilised to purchase an immediate annuity from any other

company in the open market as per your choice, or paid in lump sum, is

permissible, subject to the prevailing tax laws.

Assurance-for your family

In the event of death during the deferment period, the policy holders

spouse will have the option to take the Account Value as a lump sum or

purchase an annuity to get regular income for life. For the immediate annuity,

also the beneficiary will have the Open Market Option as well. The immediate

annuity from Bajaj Allianz will be available only if the spouse is above 45. If

age were below 45, the Account Value would be paid out


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RISK CARE (PURE TERM)

The "Bajaj Allianz Risk Care" Plan offers two premium payment

options.

Regular Premium Payment - Premium payment throughout the selected

term.

Single Premium Payment - one time premium payment for the selected

term at commencement.

Apart from covering the risk of natural death, this plan also provides

you the option to choose up to 5 additional benefits. You can select a

specific combination of additional benefits best suited to your needs,

available in 4 attractive package to choose form.

i. Economy: This is the basic plan, which is available for both the regular

and single premium payment options.

ii. Protect: This pack comes with the following 3 in-built additional

benefits:

a. Accidental Death Benefit.

b. Accidental permanent Total/Partial Disability Benefit.

c. Waiver of Premium Benefit (in case of accidental permanent total disability).


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The Protect Pack is available with the regular premium payment option

only.

iii.Health: This pack comes with the following 2 in-built additional benefits:a. Critical Illness Benefit.

b. Hospital Cash Benefit.

The Health Pack is available with the regular premium payment option

only.

iv. Total : This pack comes with the following 5 in-built additional benefits.



c. Waiver of Premium Benefit (in case of accidental permanent total

disability)


e. Hospital Cash Benefit.

The Total Pack is available with the regular premium payment option only.

the in-built benefits of "Bajaj Allianz Risk Care" Plan

a. Accidental Death Benefit

b. Accidental Permanent Total/Partial DisabilityBenefit

Type of disability Benefits

Accidental Permanent partial

disability

50% of the Sum Assured*


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Accidental Permanent Total

Disability


c. Waiver of Premium Benefit




Combination 1 : Accidental Death benefit; Accidental Permanent

Total/Partial Disability Benefit; Waiver of Premium Benefit.

This combination can be added, if not taken earlier, deleted and added

subsequently at each policy anniversary.

The flexibility of excluding the following benefit combination.

Combination 2: Critical Illness Benefit; Hospital Cash Benefit.

This Combination can be taken at inception only but can be excluded

subsequently at any policy anniversary. Once excluded, Combination 2 cannot be

included in the policy subsequently.

*Available with the regular premium payment option only.


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Other Important details of the "Bajaj Allianz Risk Care" Plan.

Condition Eligibility

Minimum Age at Entry 18

Maximum Age at Entry 50Maximum Age at Maturity 65

Minimum Term 5

Maximum Tem 40

Minimum Sum Assured Rs. 1,00,000/-

Maximum Sum Assured Rs. 10,00,000/-

Minimum Premium (Rs.) 1500/- for Yearly & 1500/- for Half

Yearly.

Indicative Premiums

The table below illustrates annual premium for the ECONOMY PLAN

(Regular Premium):

Sum Assured Rs. 3,00,000 Sum Assured Rs. 5,00,000

Age Term

15 20 5 10 15 20

30 NA NA 1655 1805 2050 244035 1640 2060 1950 2250 2700 3400

Premium Payment Mode

3 Premium Payment Modes that can be single premium, yearly or half-yearly.

Tax Benefits

Premiums paid are eligible for Tax Exemption under Section 88 of the

Income Tax Act and maturity and death proceeds are Tax Free under Section 10

(10D) of the Income Tax Act.


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Term Care (term with return of premiumThis plan not only offers life insurance cover at a low cost, but also

provides for return of premiums on maturity. The premiums returns at maturity

will be equal to the single premium or the sum total of equivalent annual

premiums of the Economy Pack (excluding extra premiums charged if any). In

case of pre-mature death during the police term, the full sum Assured will be paid

to the nominee.

The "Bajaj Allianz Term Care" Plan offers two premium payment options.

Regular Premium Payment - Premium payment throughout the selected

term.

Single premium Payment- One time premium payment for the selected

term at commencement

Apart from covering the risk of natural death, this plan also provides the

option to choose up to 5 additional benefits. You can select a specific

combination of additional benefit best suited to your needs, available in 4attractive packages to choose from.

i. Economy: This is the basic plan, which is available for both the

regular and single premium payment options.

ii. Protect: This pack comes with the following 3 in-built additional

benefits:


b. Accidental Permanent Total/Partial Disability Benefit.


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c. Waiver of Premium Benefit (in case of accidental permanent

total disability). The Protect Pack is available with the regular

premium payment option only.

iii. Health: This pack comes with the following 2 in-built additionalbenefits:

a. Critical Illness Benefits.

b. Hospital Cash Benefit. The Health Pack is available with the

regular premium payment option only.

iv. Total : This pack comes with the following 5 in-built additional

benefits:




disability).

d. Critical Illness Benefit.

e. Hospital Cash Benefit. The Total Pack is available with the regular


Benefits


Accident Permanent Total/Partial Disability Benefit

Waiver of premium Benefit

Critical Illness Benefit

Hospital Cash Benefit

Premium Payment mode

Tax Benefits


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Surrender

Loans

Type: Whole Life Policy

Special Info: this plan provide you the option to include additional death

coverage of 50% of sum Assured on each of the following happy moments in

your life:

1. Your marriage

2. The birth of your first child

3. The birth of your second child This additional coverage is not subject to

underwriting

Benefits

Maturity Benefits : N/A

Survival Benefits : N/A

Death Benefit : N/A

(Natural)

Accidental death benefit: A

Loan Facility : Available

Policy Feature

Min Join Age 18

Max Join Age 50

Min Amt insured 50000

Max Amt insured 1000000


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Max age at maturity 80

Min Premium paying term 10

Max premium paying term N/A

Premium payment option Yearly Half yearly Quarterly

Monthly


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SAVE CARE ECONOMYSP

Bajaj Allianz Save Care Economy-SPO offers you:-

The "Bajaj Allianz Save Care Economy-SP" is a Single Premium

investment plan for 10 years that also participates in the profits of the

company. These highlights of the plan are:

1. Minimum Guaranteed Return up to 3.54% (depending on age at

entry).

2. The Minimum Guaranteed Amount (Sum Assured) would grow

further by way of Compounded annual bonuses.

3. A high risk-cover of up to 142% (depending on age at entry) of the

sum invested from the beginning of the policy term as a financial

safety net to provide for unpredictable adversities.

4. Eligible for Tax Benefits under Section 88 and Section 10 (10D) of

the Income Tax Act.*

5. At Maturity you will receive the Sum Assured (Minimum

Guarantied Amount) along with the accrued bonuses.

Indicative Return for Save Care Economy -SP plan

Premium

Paid**

Guaranteed

Minimum

Payment at

Maturity

Accrued

Bonus@ 1%

Compounded

(at

maturity)****

Gross Payment

(at maturity)

35300 50000 5231 55231***

70600 100000 10462 110462***


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**The rates are for a healthy person up to age 40.

Work to a pre-tax return of 4.58% and a post tax return of 6.29%

(Assuming full benefit of section 88)**** Bonus rates applicable to Single Premium benefits may differ from

those applying to regular premium benefits and for those applying to other

single premium benefits affected at different times.

6. Death Benefit: In case of death during the term of the plan, the

nominee will be paid the Sum Assured (Minimum Guaranteed

Amount) plus accrued bonuses. In case of death of a minor (below

age)7. The death benefit will be the surrender value or Single Premium

whichever is higher.

Other Important details of the OBajaj Allianz Save Care Economy-SPO

plan.

Eligibility ConditionMinimum Age at Entry 0 (Risk commences at age 7)


Maximum Age at Maturity 70

Minimum Term 10 Years

Minimum Sum Assured Rs. 50,000

Minimum Single Premium Rs. 35,300


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The premium rates for Rs. 1000 Sum Assured,are given in the table below.

Age Premium Age Premium Age Premium Age Premium

0-40 706 46 712 51 718 56 728

41 707 47 713 52 720 57 730

42 708 48 714 53 722 58 732

43 709 49 715 54 724 59 734

44 710 50 716 55 726 60 736

45 711

Surrender

This plan offer you the choice of surrendering the policy at any time. The

company will provide the actual surrender values on a fair basis.

Fund Access-Loans

You can avail of Loan under policy.

The Bajaj Allianz "Protector" Plan

The Bajaj Allianz "Protector" Plan is a mortgage term insurance plan

that covers the outstanding principal amount of a loan. It is an economical

way to protect the family from the burden of repayment of death of the


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loanee. The plan is designed to pay a sum insured that will be equal to the

outstanding principal amount of the loan due.

The Bajaj Allianz "Protector"" Plan offers two premium payment

options Regular Premium Payment - Premium Payment limited to

approximately 2/3rd of the loan tenure, while coverage continues for

the full tenure of the loan.

Single Premium Payment - One time premium payment covering

you for the full tenure of the loan.

Joint life availability

The plan has the option to cover the co-applicant of the loan under

this plan. Under this option, both lives will be covered and the death

benefit will be payable in case of death of either life. The policy terminates

on either life.

Benefits Payable

Death Benefit

The death benefit is equal to the outstanding principal amount of the

loan due as per the loan schedule, irrespective of changes in interest

rate/term at a later stage. The outstanding amount of loan due will depend

on the loan amount, loan tenure and interest rate as agreed upon at the time

of disbursement of loan.


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Important details of the "Bajaj Allianz Protector"

Plan

Eligibility Condition

Minimum Sum Assured (Loan

Amount)

Rs. 2,00,000

Maximum Sum Assure (Loan

Amount)

No Limit

Minimum Age at entry 20

Maximum Age at entry 55

Maximum Age at policy Expiry

Date

65

Minimum term for Single Premium 2Minimum term for Regular

Premium

5

Maximum term (Regular & Single

Premium)

30

In case of joint life, the maximum age at entry and the maximum age at

maturity are for the elder life and the minimum age entry is younger life.


Five Premium Payment Modes that can be single premium, yearly,

half-yearly, quarterly or monthly. The premium for frequencies other than

yearly mode is the annual premium multiplied with the frequency factor

(0.51 for the half yearly mode 0.26 for the quarterly mode, and 0.09 for the

monthly mode). Monthly mode is permitted only by salary deduction or

direct bank debit. The minimum premiums are Rs. 2500 for the Single

Premium, Rs. 1000 fro the annual mode, Rs. 700 for the half-yearly mode,

and Rs. 175 for the monthly mode.


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Tax Benefit

Tax benefit under section 88 and 10 (10D) available as per

applicable tax laws.

Surrender values /Paid Up Values

There are no surrender value or paid-up values under this plan.

Loans

Loans are not available under this plan.

Change of OccupationOn chance of occupation, depending upon the nature of the new

occupation, the premiums and benefits may be modified.

Days of Grace

In case of non-payment of premiums, a grace period of 30 days will

be allowed for the yearly, half yearly and quarterly modes (15 days for the

monthly mode). After that the policy will lapse.

Revival of the Policy

It is possible to revive a policy that has lapsed due to non-payment of

premiums within 5 years from the date of lapse.

Benefits available

The plan works in two parts-the deferment period and the annuity

period. During the deferment period, the plan builds up the funds required


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to purchase the immediate annuity. The deferment period ends at the

vesting date. You are free to choose your age of retirement (vesting date)

between 45 and 70 years.

The benefits on Vesting Date (the date youchoose to retire)

1. The Account Value as on the vesting date will be used to purchase

an immediate annuity. The immediate annuity will be purchased at

rates prevailing at that point of time.

2. Option to take lump sum: You have the option to take upto 1/3rd of

the account value on the vesting date as a lump sum. This amount

would be tax free in your hand, as per current tax laws. The balance

amount will be used to purchase an immediate annuity.

3. Open market Option: You have the option to purchase an immediate

annuity from Bajaj Allianz or from any other company. If the

immediate annuity is purchased form Bajaj Allianz, the amount

available for purchase of the annuity will be marked up by 2%.

4. The minimum installment of annuity from Bajaj Allianz is Rs.1000/- The annuity frequency may be changed to make each

installment more than the minimum requirement. If it still below the

minimum, the Account Value may be utilised to purchase an

immediate annuity from

5. any other company in the open market as per your choice, or paid

in lump sum, is permissible, subject to the prevailing tax laws.


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Assurance-for your family

In the event of death during the deferment period, the policy holders

spouse will have the option to take the Account Value as a lump sum or

purchase an annuity to get regular income for life. For the immediate

annuity, also the beneficiary will have the Open Market Option as well.

The immediate annuity from Bajaj Allianz will be available only if the

spouse is above 45. If age were below 45, the Account Value would be

paid out

RISK CARE (PURE TERM)

The "Bajaj Allianz Risk Care" Plan offers two premium

payment options.

Regular Premium Payment - Premium payment throughout the

selected term.

Single Premium Payment - one time premium payment for the

selected term at commencement.

Apart from covering the risk of natural death, this plan also

provides you the option to choose up to 5 additional benefits. You

can select a specific combination of additional benefits best suited to

your needs, available in 4 attractive package to choose form.

iii. Economy: This is the basic plan, which is available for both the



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iv. Protect: This pack comes with the following 3 in-built additional

benefits:

a. Accidental Death Benefit.b. Accidental permanent Total/Partial Disability Benefit.


disability).

The Protect Pack is available with the regular premium payment

option only.

iii.Health: This pack comes with the following 2 in-built additional

benefits:

a. Critical Illness Benefit.

b. Hospital Cash Benefit.

The Health Pack is available with the regular premium payment

option only.

iv. Total : This pack comes with the following 5 in-built additional

benefits.




disability)


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d. Critical Illness Benefit.

e. Hospital Cash Benefit.

The Total Pack is available with the regular premium payment option only.

the in-built benefits of "Bajaj Allianz Risk Care" Plan

a. Accidental Death Benefit

b. Accidental Permanent Total/Partial Disability Benefit

Type of disability Benefits

Accidental Permanent partial

disability


Accidental Permanent Total

Disability


c. Waiver of Premium Benefit




Combination 1 : Accidental Death benefit; Accidental Permanent


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Total/Partial Disability Benefit; Waiver of Premium Benefit.

This combination can be added, if not taken earlier, deleted and added

subsequently at each policy anniversary.

The flexibility of excluding the following benefit

combination.

Combination 2: Critical Illness Benefit; Hospital Cash Benefit.

This Combination can be taken at inception only but can be excluded

subsequently at any policy anniversary. Once excluded, Combination 2cannot be included in the policy subsequently.

*Available with the regular premium payment option only.

Other Important details of the "Bajaj Allianz Risk Care" Plan.

Condition EligibilityMinimum Age at Entry 18



Minimum Term 5

Maximum Tem 40

Minimum Sum Assured Rs. 1,00,000/-

Maximum Sum Assured Rs. 10,00,000/-

Minimum Premium (Rs.) 1500/- for Yearly & 1500/- for Half

Yearly.

Indicative Premiums

The table below illustrates annual premium for the ECONOMY

PLAN (Regular Premium):


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Sum Assured Rs. 3,00,000 Sum Assured Rs. 5,00,000

Age Term

15 20 5 10 15 20

30 NA NA 1655 1805 2050 244035 1640 2060 1950 2250 2700 3400


3 Premium Payment Modes that can be single premium, yearly or half-

yearly.

Tax Benefits

Premiums paid are eligible for Tax Exemption under Section 88 of

the Income Tax Act and maturity and death proceeds are Tax Free under

Section 10 (10D) of the Income Tax Act.

Term Care (term with return of premiumThis plan not only offers life insurance cover at a low cost, but also

provides for return of premiums on maturity. The premiums returns at

maturity will be equal to the single premium or the sum total of equivalent

annual premiums of the Economy Pack (excluding extra premiums charged

if any). In case of pre-mature death during the police term, the full sum

Assured will be paid to the nominee.The "Bajaj Allianz Term Care" Plan offers two premium payment

options.

Regular Premium Payment - Premium payment throughout the

selected term.


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Single premium Payment- One time premium payment for the

selected term at commencement

Apart from covering the risk of natural death, this plan also providesthe option to choose up to 5 additional benefits. You can select a specific

combination of additional benefit best suited to your needs, available in 4

attractive packages to choose from.

iii. Economy: This is the basic plan, which is available for both the


iv. Protect: This pack comes with the following 3 in-built

additional benefits:


b. Accidental Permanent Total/Partial Disability Benefit.

c Waiver of Premium Benefit (in case of accidental permanent

total disability). The Protect Pack is available with the regular


iii. Health: This pack comes with the following 2 in-built


a. Critical Illness Benefits.b. Hospital Cash Benefit. The Health Pack is available with the


iv. Total : This pack comes with the following 5 in-built



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c. Waiver of Premium Benefit (in case of accidental permanent

total disability).d. Critical Illness Benefit.

e. Hospital Cash Benefit. The Total Pack is available with the


Benefits


Accident Permanent Total/Partial Disability Benefit

Waiver of premium Benefit

Critical Illness Benefit

Hospital Cash Benefit

Premium Payment mode

Tax Benefits

Surrender

Loans

Type: Whole Life Policy

Special Info: this plan provide you the option to include additional death

coverage of 50% of sum Assured on each of the following happy moments

in your life:

1. Your marriage

2. The birth of your first child


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3. The birth of your second child This additional coverage is not

subject to underwriting

Benefits

Maturity Benefits : N/A

Survival Benefits : N/A

Death Benefit : N/A

(Natural)

Accidental death benefit: A

Loan Facility : Available

Policy Feature

Min Join Age 18

Max Join Age 50

Min Amt insured 50000

Max Amt insured 1000000

Max age at maturity 80

Min Premium paying term 10

Max premium paying term N/APremium payment option Yearly Half yearly Quarterly

Monthly


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SAVE CARE ECONOMYSP

Bajaj Allianz Save Care Economy-SPO offers you:-

The "Bajaj Allianz Save Care Economy-SP" is a Single Premium

investment plan for 10 years that also participates in the profits of the

company. These highlights of the plan are:

8. Minimum Guaranteed Return up to 3.54% (depending on age at

entry).

9. The Minimum Guaranteed Amount (Sum Assured) would grow

further by way of Compounded annual bonuses.

10.A high risk-cover of up to 142% (depending on age at entry) of the

sum invested from the beginning of the policy term as a financial

safety net to provide for unpredictable adversities.

11.Eligible for Tax Benefits under Section 88 and Section 10 (10D) of

the Income Tax Act.*

12.At Maturity you will receive the Sum Assured (Minimum

Guarantied Amount) along with the accrued bonuses.

Indicative Return for Save Care Economy -SP plan

Premium

Paid**

Guaranteed

Minimum

Payment at

Maturity

Accrued

Bonus@ 1%

Compounded

(at

maturity)****

Gross Payment

(at maturity)

35300 50000 5231 55231***

70600 100000 10462 110462***


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**The rates are for a healthy person up to age 40.

Work to a pre-tax return of 4.58% and a post tax return of 6.29%

(Assuming full benefit of section 88)**** Bonus rates applicable to Single Premium benefits may differ from

those applying to regular premium benefits and for those applying to other

single premium benefits affected at different times.

13.Death Benefit: In case of death during the term of the plan, the

nominee will be paid the Sum Assured (Minimum Guaranteed

Amount) plus accrued bonuses. In case of death of a minor (below

age)14.The death benefit will be the surrender value or Single Premium

whichever is higher.

Other Important details of the OBajaj Allianz Save Care Economy-SPO

plan.

Eligibility ConditionMinimum Age at Entry 0 (Risk commences at age 7)



Minimum Term 10 Years

Minimum Sum Assured Rs. 50,000

Minimum Single Premium Rs. 35,300


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The premium rates for Rs. 1000 Sum Assured,are given in the table below.

Age Premium Age Premium Age Premium Age Premium

0-40 706 46 712 51 718 56 728

41 707 47 713 52 720 57 730

42 708 48 714 53 722 58 732

43 709 49 715 54 724 59 734

44 710 50 716 55 726 60 736

45 711

Surrender

This plan offer you the choice of surrendering the policy at any time. The

company will provide the actual surrender values on a fair basis.

Fund Access-Loans

You can avail of Loan under policy.

The Bajaj Allianz "Protector" Plan

The Bajaj Allianz "Protector" Plan is a mortgage term insurance plan

that covers the outstanding principal amount of a loan. It is an economical

way to protect the family from the burden of repayment of death of the


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loanee. The plan is designed to pay a sum insured that will be equal to the

outstanding principal amount of the loan due.

The Bajaj Allianz "Protector"" Plan offers two premium payment

options Regular Premium Payment - Premium Payment limited to

approximately 2/3rd of the loan tenure, while coverage continues for

the full tenure of the loan.

Single Premium Payment - One time premium payment covering

you for the full tenure of the loan.

Joint life availability

The plan has the option to cover the co-applicant of the loan under

this plan. Under this option, both lives will be covered and the death

benefit will be payable in case of death of either life. The policy terminates

on either life.

Benefits Payable

Death Benefit

The death benefit is equal to the outstanding principal amount of the

loan due as per the loan schedule, irrespective of changes in interest

rate/term at a later stage. The outstanding amount of loan due will depend

on the loan amount, loan tenure and interest rate as agreed upon at the time

of disbursement of loan.


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Important details of the "Bajaj Allianz Protector"

Plan

Eligibility Condition

Minimum Sum Assured (Loan

Amount)

Rs. 2,00,000

Maximum Sum Assure (Loan

Amount)

No Limit

Minimum Age at entry 20

Maximum Age at entry 55

Maximum Age at policy Expiry

Date

65

Minimum term for Single Premium 2Minimum term for Regular

Premium

5

Maximum term (Regular & Single

Premium)

30

In case of joint life, the maximum age at entry and the maximum age at

maturity are for the elder life and the minimum age entry is younger life.


Five Premium Payment Modes that can be single premium, yearly,

half-yearly, quarterly or monthly. The premium for frequencies other than

yearly mode is the annual premium multiplied with the frequency factor

(0.51 for the half yearly mode 0.26 for the quarterly mode, and 0.09 for the

monthly mode). Monthly mode is permitted only by salary deduction or

direct bank debit. The minimum

bajaj alianz life insurance

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