Traditional Plan >> Endowment

Provides Financial Security & Liquidity

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.

Kea 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.

Criteria Minimum/Maximum Annual Premium Minimum/Maximum Sum Assured Minimum / Maximum Age at Entry Minimum Maximum : :

Eligibility Minimum Maximum Rs 20,000 No Limit Minimum Maximum : : : : Rs. 1,055 No Limit Minimum Rs 50,000 if APT/PDB, FIB is selected 18 Years 60 Years

Minimum / Maximum Policy Term

Maximum Age at Maturity Riders Available Mode of Premium Payment

Minimum
Maximum

:
:

10 Years
30 Years

70 Years a) Accidental Permanent Total/ Partial Disability Benefit Rider b) Family Income Benefit Rider Annual

Benefits
Death 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.

Additional 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.

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 Assureds 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 Actuarys recommendation.
TERMINAL BONUS

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

Guaranteed Additions
At 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
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
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

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 both 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 only 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
L o a n a g a i n s t t h e P o l i c y, 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.

Policy Conditions
Revival
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.

Free look Period

Within 15 days of the receipt of the Policy.