Bajaj Allianz Life

Income Assure
A Non-linked Participating Guaranteed Monthly Income Life Insurance Plan
Bajaj Allianz Life
Income Assure
Bajaj Allianz Life Income Assure
Each one of us makes a sincere effort towards enabling the well-being of our family. We understand the efforts you make
towards your family and aim to help you reach your goal, irrespective of any eventualities.
Presenting 'Bajaj Allianz Life Income Assure' a plan which guarantees a regular monthly income for you and your family
along with protection in case of any eventuality. A plan which provides for your 2nd income and helps you achieve financial
freedom - 'Guaranteed'.

Key Advantages
Bajaj Allianz Life Income Assure is a non-linked, participating, life, individual, limited premium payment, monthly income
endowment savings plan. The key advantages of this plan are:
• Guaranteed Monthly Income
• Choice of 2 life cover variants: Income & Assure
• Choice of 4 Policy Terms to suit your financial goals
• Offer Bonuses (if any) to enhance your saving
• Option to enhance your coverage with rider benefits
• Lower premium rates for female lives

Plan Working
You can customize your policy to suit your requirement in the following manner:
Step 1: Choose your Guaranteed Monthly Income
Step 2: Choose your life cover variant: Income or Assure
Step 3: Choose your Premium Payment Term
Step 4: Choose your Premium Payment Frequency
Life cover variant chosen at inception cannot be changed during the policy term.
Your sum assured will be 144 times of the selected Guaranteed Monthly Income.
Your premium will be based on Guaranteed Monthly Income chosen, life cover variant, gender, age, premium payment term
and premium payment frequency.
Let’s see an example:
Amit aged 30 years has taken Bajaj Allianz Life Income Assure. He chooses Guaranteed Monthly Income (GMI) of ` 3,000
p.m. and a premium payment term of 12 years. The policy term will be 24 years with a provision for GMI for 12 years. His
sum assured will be ` 4,32,000 (GMI * 144). The premium depending on variant chosen will be ` 31,788 p.a. for Income
and ` 32,211 p.a. for Assure.
Let’s see the benefits available under each of the variants (Income & Assure):
i) Survival Benefit
Amit will receive GMI of ` 3,000 per month from end of PPT till end of the Policy Term.

GMI Total GMI during the Policy Term

` 3,000 ` 4,32,000

ii) Maturity Benefit

On maturity date, Amit will receive the following maturity benefit:
At investment return of 8 % of 4 %
Non-guaranteed vested Bonus (if any) ` 4,66,859 ` 54,933
Bajaj Allianz Life
Income Assure
iii) Death Benefit
In case of unfortunate death of Amit at the end of the 8th policy year, the nominee will receive the death benefit as per the
variant opted:

Assure
Sum Assured on Death ` 4,32,000
Non-guaranteed vested @ Investment Return of 8% @ Investment Return of 4%
Bonus (if any) ` 1,19,510 ` 17,585
Total Death Benefit ` 5,51,510 ` 4,49,585
Premium payment Term 12 years

` ` ` ` ` ` ` `
Policy Term 24 years
Policy Term 24 years
0 year 6th year 12th year 18th year 24th year
Amit’s nominee
receives the Sum
Assured on Death
plus vested bonus

Income
Non-guaranteed vested bonus @ Investment Return
Non-guaranteed vested Bonus (if
paid on date of death of 8 % of 4 %
any) paid on date of death
` 1,19,510 ` 17,585
And ` 3,000 per month as Monthly Income for next 144 months
Monthly Income Total Monthly Income incase of death
` 3,000 ` 4,32,000
Premium payment Term 12 years 144 Installment of Monthly Income

` ` ` ` ` ` ` `
Policy Term 24 years
Policy Term 24 years
0 year th
6 year 12th year 18th year 24th year

Amit’s nominee
receives the Vested
Bonus on Death and
Monthly Income
for next 144 months
Note:
Premium shown above is exclusive of any extra premium, rider premium, Goods & Service tax/any other applicable tax levied, subject to
changes in tax laws if any. Vested Bonus (if any) at 8% & 4% are not guaranteed and are for illustrative purpose only.
The Maturity Benefit demonstrated at 4% and 8% does not include Terminal Bonus (if any). Terminal Bonus, if any, shall become payable along
with Maturity Benefit or Death Benefit.

BENEFITS PAYABLE
Survival Benefit
Provided the life assured is alive at the end of the premium payment term, the Guaranteed Monthly Income (GMI)+
(irrespective of the variant chosen) will be paid every month for 144 months, starting from the end of premium payment
term.
Bajaj Allianz Life
Income Assure
Incase of death of the life assured during the installment period of the Survival Benefit, the GMI will be stopped
immediately. Any GMI paid during the period from the date of death to the date of intimation will be deducted from the
death benefit.
+
The GMI has to be selected at the inception of the policy and is fixed throughout the term of the policy.

Maturity Benefit
Provided the policy is in-force, as on the maturity date and the life assured is alive, vested Bonus (if any) plus terminal
Bonus if any, will be paid.

Death Benefit
If all due premiums are paid, then in case of unfortunate death of the life assured during the policy term, the death benefit
will be higher of:
• Sum Assured on Death# plus vested Bonus (if any) plus terminal Bonus if any, or
• 105% of the total premium** paid
Payment of death benefit as per the variant chosen is as follows:
Income • Vested Bonus (if any) plus terminal bonus, if any, will be paid immediately
• The sum assured on death will be paid to the nominee as monthly income, over the next 144
equated monthly installments (over the next 12 years), and the first installment will start from
date of death
• The nominee will not have the option of taking the installments in lump sum
• All risk cover under the policy will cease as on the date of death of the life assured
• The policy will terminate on payment of the 144th monthly installment
Assure • Death benefit will be paid as a lump sum
• The policy will terminate on the date of death of the life assured
#
Sum Assured on Death is higher of (i) sum assured (ii) 10 times of Annualised Premium*.
*Annualised Premium is exclusive of extra premium, rider premium, Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws if
any.
**Total Premium is exclusive of extra premium, rider premium, Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws , if any.
Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws will be collected over and above the premium under the policy.

Additional Rider Benefit

You have an option to get comprehensive protection by choosing the optional additional rider benefits at a nominal extra
cost. The riders available with Bajaj Allianz Life Income Assure are:
1. Bajaj Allianz Accidental Death Benefit Rider UIN:116B034V02
2. Bajaj Allianz Accidental Permanent Total /Partial Disability Benefit Rider UIN:116B036V02
3. Bajaj Allianz Critical Illness Benefit Rider UIN:116B035V02
4. Bajaj Allianz Family Income Benefit Rider UIN:116B037V02
5. Bajaj Allianz Waiver of Premium Benefit Rider UIN:116B031V02
Please refer to respective rider sales literature or visit Company website or consult your “Insurance Consultant” for more
details and eligibility conditions.
Bajaj Allianz Life
Income Assure
FEATURES

Surrender
• You will have the option to surrender your policy anytime, provided at least 2 full Policy Years’ premiums in full have
been paid.
• The surrender value shall be higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
• The GSV is the sum of GSV1 and GSV2.
• GSV1 is obtained by multiplying the GSV1 factor with total premiums* paid less GMI paid till date and is as per table
below:
Bajaj Allianz Life Income Assure – GSV 1 (Sample) to apply to Total premiums** paid till date (%)
Policy Term
Policy Year
17 19 22 24
2 30 30 30 30
5 50 50 50 50
10 63 60 58 57
15 85 79 72 70
20 - - 87 82
24 - - - 90
**Total premium is exclusive of extra premium, rider premium and Goods & Service tax / any other applicable tax levied, subject to changes in tax
laws, if any
• GSV2 is obtained by multiplying the GSV2 factor with the vested Bonus (if any) (see sample GSV2 factors in the table below).

Sample Surrender Factors to apply on Compound Reversionary Bonus (if any) in Guaranteed Surrender Value calculation
Outstanding Policy Term
{nearest half-year duration} Policy Term (in years)
(in years)
17 19 22 24
0.5 0.947154 0.947184 0.947237 0.947282
5 0.621205 0.622105 0.623612 0.624793
10 0.393057 0.395269 0.399015 0.401797
20.5 - - 0.159807 0.163741
21 - - 0.152928 0.156810
23 - - - 0.132249

• GSV factors are guaranteed.

• The SSV is the sum of SSV1 and SSV2.
• If surrender happens during the premium payment term:
§ For a paid-up or an in-force policy,
w SSV1 is obtained by multiplying SSV1 factor with the paid-up sum assured on death and the vested Bonus (if any)
(see sample SSV1 factors in the table below).
w SSV2 is obtained by multiplying SSV2 factor with the paid-up sum assured and the vested Bonus (if any) (see sample
SSV2 factors in the table below).
• If surrender happens after the premium payment term:
§ For a fully paid-up policy, where all due premiums have been paid in full till end of Premium Payment Term
w SSV1 is obtained by multiplying SSV1 factor with the sum assured on death and the vested Bonus (if any).
Bajaj Allianz Life
Income Assure
w SSV2 is obtained by multiplying SSV2 factor with the sum assured less GMI paid till date plus the vested Bonus (if any).
§ For a paid-up policy
w SSV1 is obtained by multiplying SSV1 factor with the paid-up sum assured on death plus the vested Bonus (if any).
w SSV2 is obtained by multiplying SSV2 factor with paid-up sum assured less paid-up GMI paid till date plus the vested
Bonus (if any).
• The sample SSV factors are shown in the table below:

Sample Special Surrender Value Factors

Outstanding Policy Policy Term
Term {nearest half- SSV Factor 1 on Death SSV Factor 2 on Maturity
year duration}
(in years) 17 19 22 24 17 19 22 24
0.5 0.003495 0.004069 0.005099 0.005962 0.965554 0.967266 0.967394 0.967689
5 0.025425 0.030181 0.037978 0.044322 0.707979 0.720984 0.722896 0.726121
10 0.034080 0.041694 0.053747 0.063269 0.507031 0.526389 0.530203 0.536045
20.5 - - 0.050763 0.061781 - - 0.285812 0.294150
21 - - 0.050130 0.061063 - - 0.277705 0.286096
23 - - - 0.057918 - - - 0.256162
• The SSV factors are not guaranteed and may change from time to time subject to the approval of IRDAI.
• A surrendered policy will not be eligible for terminal Bonus (if any).

High Sum Assured Rebate (HSAR)

HSAR is available on the annual premium for each complete additional ` 1,000 sum assured purchased over and above the
minimum sum assured. HSAR shall be as mentioned in the table below:

Premium Payment Term (in years) 5 7 10 12

Minimum Sum Assured `1,58,400 ` 2,01,600 ` 2,59,200 ` 3,02,400
HSAR 6 3.5 2.5 2

Example: Amit aged 30 years has taken Bajaj Allianz Life Income Assure (life cover variant ‘Income’).He chooses
Guaranteed Monthly Income of ` 3,000 p.m. for a policy term of 24 years and a premium payment term of 12 years. His
sum assured will be ` 4,32,000 (Guaranteed Monthly Income * 144). The premium he will pay is ` 32,046 p.a. before HSAR.
After an HSAR of ` 258 p.a. the annual premium will be ` 31,788.

Option to Change Premium Payment Frequency

At any policy anniversary, you can opt to alter your premium payment frequency to any other frequency (i.e. yearly, and
monthly) subject to availability of the frequency and minimum modal premium criteria applicable under the plan then.
The modal premium for frequencies other than yearly frequency is arrived at by multiplying the annual premium by the
premium payment frequency factors, given below:

Premium frequency Monthly Yearly

Frequency Factor 0.09 1.00

Tax Benefits
Premium paid, Survival Benefit, Maturity Benefit, Death Benefit and Surrender Benefit may be eligible for tax benefits as
per extant Income Tax Act, subject to the provision stated therein. You are requested to consult your tax consultant and
obtain independent advice for eligibility and before claiming any benefit under the policy.
Bajaj Allianz Life
Income Assure
PRODUCT TERMS AND CONDITIONS
Eligibility Condition
Parameter Details
Minimum Entry Age 0 years
Risk cover will commence immediately on date of commencement of risk
of the policy and, in the case of a minor life, policy will vest on the life
assured on the earlier of attainment of majority, (i.e., 18 years age last
birthday) or on maturity date.
Maximum Entry Age 50 years
Minimum Maturity Age 18 years
Maximum Maturity Age 74 years
Premium Payment Term (in years) For Policy Term (in years)
5 17
Policy Term /Premium Payment 7 19
Term 10 22
12 24

Minimum Guaranteed Monthly Premium Payment Term 5 years 7 years 10 years 12 years
Income (GMI)
GMI (in `) 1,100 1,400 1,800 2,100
Maximum Guaranteed Monthly No Limit, subject to prevailing Board approved underwriting guidelines
Income
Minimum Sum Assured 144 * Minimum GMI chosen
Example: If the minimum GMI opted is ` 1,100 then, minimum Sum
Assured will be ` 1,100 * 144 = ` 1,58,400
Maximum Sum Assured No Limit, subject to prevailing Board approved underwriting guidelines
Variants Premium (in `)
Income 21,965 per annum / 1,977 monthly
Minimum Premium
Assure 22,058 per annum / 1,985 monthly
Premium for female life will be based on the premium rate of 3 years
younger male
Maximum Premium As per the maximum sum assured
Premium Payment Frequency Yearly and Monthly~
~
The monthly premium frequency is only allowed under auto-debit process as allowed by RBI to financial institutions.

Non-Payment of Premiums
a) If you have not paid at least 2 years’ premiums in full , then your policy will lapse at the expiry of the grace period and no
benefits under the plan will be paid.
b) If you have paid at least 2 years’ premiums in full and subsequent premium are not paid, then your policy will be
converted to a paid-up policy at the expiry of the grace period.
(1) The Sum Assured and the Sum Assured on Death under the policy will be reduced to the paid-up Sum Assured
and paid-up Sum Assured on Death respectively.
Bajaj Allianz Life
Income Assure
(2) The vested Bonuses (if any) as on the paid-up date shall remain attached to the policy. A paid-up policy will not
accrue any further bonus.
(3) The Maturity Benefit under a paid-up policy will be the vested Bonuses (if any) attached in the policy till the
policy became a paid-up policy.
(4) The Survival Benefit under a paid-up policy will be the paid-up GMI i.e. paid-up Sum Assured divided by 144
months and is payable every month starting from the end of premium payment term as long as the life assured
is alive, till the end of the policy term. If paid-up GMI is less than ` 400 per month, then, the benefit will be paid
annually which will be equal to paid-up Sum Assured in 12 yearly installments over the next 12 years.
(5) The Death Benefit under a paid-up policy will be the paid-up Sum Assured on Death plus vested Bonus (if any)
plus terminal bonus, if any attached in the policy till the policy became a paid-up policy, subject to a minimum of
105% of total premium** paid. The Death Benefit will be paid as per the life cover variant chosen at inception.
• In case ‘Assure’ variant was chosen at inception, the paid-up sum assured on death plus vested bonuses, if
any will be paid to the nominee as a lump-sum.
• In case ‘Income’ variant was chosen at inception, the vested Bonus (if any), plus terminal bonus, if any, will be
paid immediately and the paid-up sum assured on death will be paid to the nominee as monthly income,
over the next 144 equated monthly installments (over the next 12 years). The first installment will start from
date of death. If the monthly income is less than ` 400 per month, then the benefit will be paid annually in 12
yearly installments over the next 12 years
• The paid-up GMI paid during the period from the date of death to the date of intimation will be recovered
from the monthly income/s.
(6) You may revive a lapsed/ paid-up policy during the revival period of five (5) years from the due date of first
unpaid premium, subject to the revival conditions mentioned under the plan.

Revival
If your policy is lapsed or has become paid-up due to non-payment of premium, you may revive the policy subject to the
following conditions:
a) The application for revival is made within five (5) years from the due date of first unpaid premium
b) All the due premiums along with applicable taxes together with interest at such rate as the Company may decide from
time to time is paid. The current applicable revival interest is 9.0% p.a. compounded half- yearly.
c) Satisfactory evidence of your good health and continuity of insurability to be furnished at your own expense.
d) The revival of the policy may be on terms different from those applicable to the policy before it got lapsed/ became
paid-up depending upon the prevailing Board approved underwriting guidelines.
e) The revival will take effect only on it being specifically communicated to you by the Company.
f) The Company may refuse to revive the policy, based on the prevailing Board approved underwriting guidelines. If the
policy is refused revival based on the Board approved underwriting guidelines, the Company will refund the amount
deposited for the purposes of revival of the policy.
g) On revival, the Sum Assured and Sum Assured on Death under the policy which prevailed before the date of latest lapse
/paid-up will be reinstated. All the unattached Bonuses, if any, due during the lapsed /paid-up period will be attached to
the policy. Any difference between the Survival Benefits payable and the paid-up Survival Benefits will be paid as a
lump-sum.
Note: The revival interest rate will be benchmarked to the G-Sec based on the information from Financial Benchmark India
Private Ltd (FBIL). It will be equal to [10-year G-Sec yield PLUS 2%] rounded-up to the next full interest rate. The revival interest
rate will be reviewed on an annual basis. Any change in bases used for determination of applicable interest rate will be subject
to prior approval of IRDAI.
Bajaj Allianz Life
Income Assure
Termination
This policy shall terminate on the earlier occurrence of either of the following events:
a) on payment of surrender value
b) on the maturity date
c) on the expiry of the revival period of 5 years from the date of first unpaid premium, incase of a lapsed policy
d) on date of death of the life assured in case of ‘Assure’
e) on payment of the 144th installment in case of ‘Income’, however the risk cover under the policy will terminate on date
of death
f) On free look cancellation

Grace Period
If you have failed to make payment of the premium by the due date specified, you will be allowed a grace period of 30 days
for yearly premium payment frequency and 15 days for monthly frequency to pay the due premium. If the death of the life
assured occurs during the grace period, the death benefit shall be payable under the policy as if the policy was in force for
full sum assured after deduction of the outstanding premium (including extra premium, rider premium, Goods & Service
tax/any other applicable tax levied, subject to changes in tax laws, if any, due as on that date.

Free Look Period

Within 15 days of the receipt of this policy and thirty (30) days in case of electronic policy and policy obtained through
distance mode, you will have an option to review the terms and conditions of the policy and if you disagree to any of the
terms & conditions, you will have an option to return the policy stating the reasons for objections. You will be entitled to a
refund comprising of all premiums (excluding applicable taxes) paid, less the proportionate amount of risk premium
including proportionate amount of rider risk premium for the period the life assured was provided cover and the expenses
incurred by the company on account of medical examination and stamp duty charges.

Suicide Exclusion
In case of death of life assured due to suicide within 12 months from the date of commencement of risk or the date of latest
revival of the policy, whichever is later, then the Nominee or beneficiary of the Policyholder shall be entitled to receive, the
higher of 80% of the total premiums paid or the Surrender Benefit as on the date of death, provided the policy is in force.

Definitions
• Guaranteed Monthly Income (GMI): This is the amount you choose at inception of the policy based on which the sum
assured shall be arrived at. This amount is payable every month starting from the end of premium payment term as
long as the life assured is alive, till the end of the policy term.
• Paid-up Sum Assured: This is the reduced value of the sum assured arrived at by multiplying the sum assured with the
proportion of the number of premiums paid to the total number of premiums payable under the policy.
• Paid-up Sum Assured on Death: This is the reduced value of the Sum Assured on Death arrived at by multiplying the
Sum Assured on Death with the proportion of the number of premiums paid to the total number of premiums payable
under the policy.
• Bonus - The Company will carry out annual valuation (as per the applicable IRDAI regulations) at the end of each
Financial Year and may declare following bonuses for the participating policies:
Bajaj Allianz Life
Income Assure
o Compound Reversionary Bonus (if any): This is a regular bonus rate expressed as a percentage of the sum assured
plus vested Bonus (if any). This percentage will be applied to the sum assured and the vested Bonus (if any) under
the policy to determine the amount of reversionary Bonus to be added to the Policy at the end of that financial year.
The compound reversionary Bonus (if any) is added to the policy at that year end, provided all the due regular
premiums under the policy are paid up to date.
o Terminal Bonus (if any): If the Policy has completed 10 policy years and all due premiums have been paid, the
Company may pay a terminal Bonus (if any) as a percentage of the sum assured. Such terminal Bonus is payable as
part of the Death Benefit or Maturity Benefit.
o Interim Bonus (if any): In the event of a death claim or maturity of the policy part way through a financial year or
before the valuation result is declared, an interim Bonus (if any) shall be payable, as decided by the Company at the
previous valuation date.
• Vested Bonus (if any): This is the amount of compound reversionary Bonus (if any) already attached with the policy,
based on the rates of compound reversionary Bonus (if any) declared by the Company in the past for this plan at the end
of each financial year.

Statutory Information

Assignment
Assignment should be in accordance with provisions of Section 38 of the Insurance Act 1938 as amended from time to
time.

Nomination
Nomination should be in accordance with provisions of Section 39 of the Insurance Act 1938 as amended from time to
time.

Prohibition of Rebate
Prohibition of Rebate should be in accordance with provisions of section 41 of the Insurance Act, 1938 as amended from
time to time.
“No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or
continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of
the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or
continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published
prospectuses or tables of the insurer.
Any person making default in complying with the provisions of this section shall be punishable with a fine which may
extend upto ten lakh rupees.”

Fraud, Misrepresentation & Forfeiture

Fraud, Misrepresentation and forfeiture would be dealt with in accordance with provisions of Section 45 of the Insurance
Act 1938 as amended from time to time.

Applicability of Goods & Service Tax

Goods and Service Tax is charged based on type of Policy communication address of the Policyholder. This may change
subject to change in rate/state in address of the Policyholder as on date of adjustment.
Bajaj Allianz Life
Income Assure
About Bajaj Allianz Life Insurance
Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE. Both enjoy a reputation of expertise, stability
and strength. This joint venture Company incorporates global expertise with local experience. The comprehensive,
innovative solutions combine the technical expertise and experience of Allianz SE, and in-depth market knowledge and
goodwill of “Bajaj brand” in India. Competitive pricing and quick honest response have earned the Company the
customer's trust and market leadership in a very short time.

Disclaimer
All Charges applicable shall be levied. This brochure should be read in conjunction with the Benefit Illustration. The Policy
document is the conclusive evident of contract and provides in details all the conditions and exclusions related to Bajaj
Allianz Life Group Accelerated Critical Illness Rider. Please ask for the same along with the quotation.

Contact Details

Regd. Office Address

Bajaj Allianz Life Insurance Company Limited, Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006.
IRDAI Reg. No.: 116 | Fax: (020) 6602 6789. | www.bajajallianzlife.com | CIN: U66010PN2001PLC015959

For any queries please contact:

Sales: 1800 209 4040 Service: 1800 209 7272

Mail us : customercare@bajajallianz.co.in Visit us: www.bajajallianzlife.com

Bajaj Allianz Life Income Assure UIN : 116N139V02

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS!

• IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such
phone calls are requested to lodge a police complaint.

For More Information: Kindly consult our “Insurance Consultant” or call us today on the TOLL FREE numbers mentioned
above. This brochure should be read in conjunction with the Benefit Illustration and Policy Exclusions. Please ask for the
same along with the quotation.

The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and
Allianz SE to use its “Allianz” logo. By submitting your contact details or responding to Bajaj Allianz Life Insurance Co. Ltd., with an SMS or
Missed Call, you authorize Bajaj Allianz Life Insurance Co. Ltd. and/or its authorized Service Providers to verify the above information and/or
contact you to assist you with the purchase and/or servicing. Please check with your tax consultant for eligibility.

BJAZ-O-3997/15-Jul-20