Presentation Super saver - Weeblyfuturesecure.weebly.com/.../bajaj_allianz_super_saver.pdfBajaj...

Version 1 Product Development March 2009

For Internal Circulation Only

SUPER SAVER



PURPOSE & SCOPE



PURPOSE & SCOPE� Bajaj Allianz Super Saver is a Non-Linked, Participating Regular Premium

Endowment Plan, which helps the Policyholder to save regular amounts for a safer tomorrow.

� The Policyholder also gets extra benefits with Guaranteed Additions of 4% of Sum Assured at the end of each Policy Year.



KEY FEATURES



KEY FEATURES� This is a non-linked, participating, Regular Premium endowment plan.

� The plan comes with an in-built Accidental Death Benefit.

� The plan offers Guaranteed Additions of amount equal to 4% of Sum Assured at the end of each Policy Year, provided all due premiums have been paid

� Policy shall remain in-force for full Sum Assured for 2 successive years from the due date of first unpaid premium.



ELIGIBILITY & LIMITS



ELIGIBILITY & LIMITS

Criteria

Minimum: Rs 20,000 Maximum: No limit

Maximum Age at Maturity

Mode of Premium Payment Annual

70 YearsRiders Available a) Accidental Permanent Total/ Partial

Disability Benefit Riderb) Family Income Benefit Rider

Minimum / Maximum Policy Term Minimum: 10 YearsMaximum: 30 Years

Minimum/Maximum Sum AssuredMinimum Rs 50,000 if APT/PDB, FIB is selected

Minimum / Maximum Age at Entry Minimum: 18 YearsMaximum: 60 Years

EligibilityMinimum/Maximum Annual Premium Minimim: Rs. 1,055

Maximum: No Limit



BENEFITS



BENEFITSDeath Benefit:� On death of the Life Assured during the policy term the Company shall be

liable to pay the Sum Assured plus Vested Bonus plus Guaranteed Additions.

� In addition to above, in case of accidental death an additional amount equal to Sum Assured will also be payable to the Nominee.

Maturity Benefit:On survival till the end of Policy Term the Company shall be liable to pay the Sum Assured plus Vested Bonus plus Guaranteed Additions.



BENEFITSAdditional Rider Benefits:

The following additional benefits in the form of rider can be availed at the option of the Policyholder but shall be available only to those Policyholders who have taken the Policy for a Sum Assured of Rs.50,000 or above.

� Accidental Permanent Total / Partial Disability Benefit Rider

� Family Income Benefit Rider



BONUS



BONUSVested Bonus” shall consist of the following: -

� Reversionary Bonus: At the end of each financial year the Company may declare a rate of reversionary bonus expressed as a percentage. This percentage shall be applied to the Sum Assured plus any existing declared reversionary bonuses to determine the amount of reversionary bonus to be added to the Policy at the end of the financial year. Reversionary bonus, once declared, shall vest in the Policy and shall be payable along with and as and when the Sum Assured becomes payable.

� Interim Bonus: If the Company receives a valid claim in respect of the Life Assured’s death or maturity of the Policy part way during the course of the financial year or before the valuation result is declared, an interim bonus will be payable as per the Appointed Actuary’s recommendation.

� Terminal Bonus: Furthermore, upon receipt of a valid claim in respect of the Life Assured’s death or maturity, the Company may pay terminal bonus if the Policy is in force for full Sum Assured.



GUARANTEED ADDITIONS



GUARANTEED ADDITIONSAt the end of each Policy Year, Guaranteed Addition equal to 4% of the Sum Assured shall be added, provided all due Annual Premiums have been paid.



AUTO COVER



AUTO COVER� In case of non-payment of premium from second Policy Year onwards, the

Policy shall remain in- force for full Sum Assured for 2 successive years from the due date of first unpaid premium and the Guaranteed Additions accrued and Vested Bonuses till the due date of the first unpaid premium shall remain attached with the Policy.

� During the Auto-Cover period, the Policy will not accrue any further bonus or Guaranteed Additions.

� In case of death of the Life Assured during the Auto-Cover Period, the Death Benefit shall be payable after deducting all due but unpaid Annual Premiums and the Policy will terminate.

� If Accidental Permanent Total/Partial Disability Benefit rider has been chosen, then in case of disability of the Life Assured during the Auto-Cover Period, the Accidental Permanent Total/Partial Disability Benefit shall be paid after deducting all due but unpaid rider premiums in respect of the Accidental Permanent Total/Partial Disability Benefit till the date of disability.

� If Family Income Benefit rider has been chose, then in case of death/accidental total permanent disability of the Life Assured during the Auto-Cover Period, the Family Income Benefit shall be paid after deducting all due but unpaid rider premiums in respect of the Family Income Benefit till the date of death/accidental total permanent disability.



SURRENDER VALUE



SURRENDER VALUE� The Policy can be surrendered after completion of three Policy Years

provided first three Years’ premiums have been paid in full.� The minimum Guaranteed Surrender Value (GSV) will be equal to:

� GSV = 30% X (Total premiums paid till date less premium paid in the first Year less any extra premiums and additional rider benefit premiums, if any)

� The Company may also declare a Special Surrender Value (SSV). SSV will be calculated by multiplying SSV factor to the Paid-Up Value at the time of surrender. The higher of GSV and SSV will be paid as the Surrender Value.



PAID UP VALUE



PAID UP VALUE� The Policy acquires a Paid-Up value in case the premium payment ceases

after at least first three years’ premiums have been paid in full and after expiry of the Auto-Cover period. The Paid-Up value will be equal to the Sum Assured multiplied by a factor equal to the proportion of the number of premiums paid to the total number of premiums payable under the Policy, called as reduced Sum Assured, plus the Guaranteed Additions accrued and the Vested Bonuses till due date of first unpaid premium. A Paid-Up Policy will not accrue any further bonus or Guaranteed Additions. Any additional rider benefits would cease to exist if policy lapses or gets converted to Paid-Up policy.

� In case of death of the Life Assured when the Policy is in Paid-Up state or on survival to maturity, the Paid-Up Value will be paid and the Policy will terminate.

� If Accidental Permanent Total/Partial Disability Benefit & Family Income Benefit Rider have been chosen then in case of disability of the Life Assured during the period when the Policy is in Paid-Up status, no Accidental Permanent Total/Partial Disability Benefit shall be payable.

� If Family Income Benefit Rider has been chosen, then in case of death/accidental total permanent disability of the Life Assured during the period when the Policy is in Paid-Up status, no Family Income Benefit shall be payable.



POLICY LOAN



POLICY LOAN� Loan against the Policy, equal to 90% of the Surrender Value at the time of

taking the loan can be availed. Interest would be charged on the Policy loan



TERMINATION OF POLICY



TERMINATION OF POLICYThis Policy shall automatically terminate on the earlier occurrence of either of the following events:

� On surrender of the Policy� On death of the Life Assured� On Maturity Date � Expiry of the Auto-Cover Period for a Policy wherein Annual Premiums have

not been paid for at least three Policy Years



POLICY CONDITIONS



POLICY CONDITIONSRevival: The Policyholder may re-start paying Annual Premium within two years

from the due date of first unpaid Annual Premium but before the Maturity Date of the Policy subject to payment of all due Annual Premiums together with interest compounded half-yearly at such rate as decided by the Company from time to time.The current chargeable rate of interest is 10% per annum

Suicide: If the Life Assured commits suicide whether sane or insane, within one year from the Policy Commencement Date, the contract of insurance shall be void whether or not any beneficial interest has been created therein and the Annual Premium paid thereunder excluding any extra premium and any Additional Rider Benefit premiums, shall be refunded. The validity of the contract of insurance will be determined in accordance with the actual date of death of the Life Assured and not the date of intimation of the death.

Fraud: If the Policyholder or anyone acting at its direction or with its knowledge makes or advances any claim under this Policy knowing it to be false or fraudulent in any respect, then this Policy shall be void and any benefit actually paid or potentially payable shall be forfeited.

Freelook Period: Within 15 days of the receipt of the Policy



THANK YOU

Presentation Super saver - Weeblyfuturesecure.weebly.com/.../bajaj_allianz_super_saver.pdfBajaj...

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