Organization : Bajaj Allianz Life Insurance Company Ltd
Scheme Name : Bima Sanchay Yojana
Download Brochure : https://www.statusin.in/uploads/22142-BSY-brochure.pdf
Website : https://www.bajajallianzlife.com/micro-insurance.jsp
Bima Sanchay Yojana :
** Our aim is to secure the lives of our loved ones.
** All our efforts are always routed towards building a safe future for our families; not only in our presence but in our absence too.
Related : Bajaj Allianz Bima Dhan Suraksha Yojana : www.statusin.in/17752.html
** We understand this concern and present Bajaj Allianz Life Bima Sanchay Yojana – a micro variable insurance plan that helps you protect your family financially from uncertainties; that too at an affordable price.
** Guarantying you and your family a worry free life!
Key Advantages :
Life Insurance cum savings plan with simple and easy enrolment
** A low-cost insurance solution that will be value for money for you
** Guaranteed Investment Returns – Guaranteed Interest Rate (GIR) and Additional Interest Rate (AIR)
** Option of partial withdrawals from your policy account incase of financial emergencies
Plan working :
** A Policy Account (PA) will be opened for you at policy commencement date
** The premium paid by you less the premium allocation charge and applicable service tax and cess will be maintained in your PA
** The mortality charge and the policy administration charge along with applicable service tax and cess will be deducted from the PA at the beginning of every month
** The Company offers a Guaranteed Interest Rate (GIR) of 1% per annum on the balance in the PA for the entire policy term
** The Company also offers an Additional Interest Rate (AIR) of 4% per annum on the balance in the PA for the first 5 years of your policy term and 0.5% per annum of the balance in the PA thereafter
** The balance in the PA, which is termed as Policy Account Value (PAV) is the value of your premiums paid less premium allocation charge, mortality charge with respect to sum assured and policy administration charge, enhanced by GIR, AIR and residual additions, if any, less applicable fund management charge
** The GIR and AIR would be applied on the balance in the PA as at the beginning of calendar quarter and will be credited at the beginning of each calendar quarter through-out your policy term. The AIR will be credited after the GIR has been credited
** For premiums paid, partial withdrawals, surrenders, maturity or death during the calendar quarter, GIR & AIR will be credited proportionately for the period the new moneys will be in the PAV during the running calendar quarter and debited proportionately for the period the exiting moneys were not in the PAV during the calendar quarter. This has to be done as the GIR & AIR are being credited at the beginning of the quarter (in advance)
** Fund management charge (as a percentage of the PAV) along with applicable service tax & cess will be deducted at end of each calendar quarter based on the PAV, before any GIR and AIR is credited (at the beginning of the next calendar quarter).
** This charge will be deducted at end of each calendar quarter for new premiums received proportionately for the period the new premiums were in the PAV. However, on partial withdrawal, surrenders, maturity & death, FMC will be deducted proportionately for the period the exiting moneys were in the PAV
** Non-zero positive residual additions, if any, shall be credited to the PA in order to meet the maximum reduction in yield criteria* at the end of each policy year starting from the 5 policy year
** A specified fund shall be floated by the Company for this plan. The investment pattern of the fund is governed by the relevant IRDAI regulation.
* This criteria is as dictated by IRDAI regulations.
Plan Benefits :
Maturity Benefit :
On survival to the end of the policy term, you will get the Policy Account Value as on the maturity date, subject to a minimum of 100.1% of the total premium paid less total amount of partial withdrawals made during the policy term.
Death Benefit :
In case of unfortunate death of the life assured during the policy term, the benefit payable is higher of Sum Assured and Policy Account Value as on date of receipt of intimation of death, if the policy is in-force. The death benefit is subject to the Guaranteed Death Benefit of 105% of the total premiums paid till the date of death.