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From wealth creation to family protection – We’ve got you covered
Protecting and saving for your tomorrow is one of those aspects where you would like your plan to be suitable for you and your family’s needs. How amazing would it be if we could create our own financial plan – where you could design it yourself!Read More
Keeping this in mind, Bajaj Life Insurance Limited is proud to present Bajaj Life ACE, a truly modular product where you are the one in charge of your financial plan. The product offers a life cover to secure your family financially in case you are not around, choice of income as you would want or a lump sum to meet your life goals.Read Less
FEATURES
Flexibility
Decide if you want an income or lump sum or both
Choice of Income
Choice of Income
- Choose to receive income from first month or after a fixed period based on your need.
- Decide if you prefer a level income or an increasing income.
- Choose if you want income for a limited term or up to 100 years of age
Protection
Protect your loved ones with a life cover throughout the policy term, up to 100 years
Premium payment term
Choice of paying premiums for 5, 6, 7, 8, 9, 10 and 12 years
Tax benefits^
On premiums paid and benefits received as per prevailing tax laws
PLAN OPTIONS/VARIANTS
- Income Benefit: You shall receive an income which comprises of a Guaranteed² Income and cash bonuses³, if declared. This income is paid in arrears after the end of the Premium Payment Term and Deferment period and is payable till the end of policy term. These incomes will be declared as a percentage of the Benefit Sum Assured. Benefit Sum Assured is guaranteed to increase at 5% p.a. (on compounding basis) every year. The increased Benefit Sum Assured will be used for calculation of respective year’s Guaranteed Incomes and Cash bonuses. Guaranteed Income shall be 2% of the Benefit Sum Assured.
- Deferment period: You will have an option to defer the start of your income by up to 5 years
- Maturity Benefit: On maturity of the Policy, you will receive:
- Sum Assured on Maturity, i.e.105% of total premiums⁴ paid, plus
- Accumulated Income benefits, if any plus
- Terminal bonus (if declared)
- Death Benefit: In case of death of the Life Assured during the policy term, the death benefit will be paid as:
- Sum Assured on Death, plus
- 105% of Accumulated Income benefits, if any plus
- Terminal Bonus (if declared)
Increasing Income option
- Income Benefit: You are eligible to receive an income in the form of cash bonuses³that may be declared by the Company every year. You can opt to take this cash bonus monthly/ yearly which gives you an income starting from the end of 1 month/ 1 year after the Deferment period of your Policy. In addition to the cash bonus that may be declared, you shall also receive a guaranteed²Income.The income benefit is payable for the entire policy term.
- Deferment period: You will have an option to defer the start of your income by up to 5 years
- Maturity Benefit: On maturity of the Policy, you will receive:
- Sum Assured on Maturity, i.e.105% of Total premiums⁴ paid plus
- Accumulated Income benefits, if any earlier, plus
- Terminal bonus (if declared)
- Death Benefit: In case of death of the Life Assured during the policy term, the death benefit will be paid as:
- Sum Assured on Death plus
- 105% of Accumulated Income benefits, if any earlier plus
- Terminal Bonus (if declared)
Early Income Option
- Maturity Benefit: On maturity, you will receive a lumpsum amount equal to:
- Maturity Sum Assured, i.e. Maturity Sum Assured Rate x Annualised Premium, plus
- Accrued Simple Reversionary Bonus (if declared),plus
- Terminal Bonus (if declared)
- Death Benefit: In case of death of the Life Assured during the policy term, the death benefit will be paid as:
- Sum Assured on Death, plus
- Accrued simple reversionary bonus (if declared), plus
- Terminal Bonus (if declared)
Wealth Option
Note:
• The Sum Assured on Death will be 11 times of Annualised premium. At no time the Death Benefit will be 4 less than the Guaranteed Death Benefit of 105% of Total Premiums paid. If there is any shortfall, the same will be added to the Death Benefit.
• The death benefit will be paid-out as a lump-sum, and the policy will terminate if not opted to take the death benefit in instalments.
• Annualised Premium is exclusive of any extra premium, rider premium, GST & cess, if any.
• Total Premium is the sum total of all the premiums received and is exclusive of extra premium, rider premium and GST & cess, if any.
• Please note that GST & cess (if any) will be collected over and above the premium under the policy.
• The Benefit Sum Assured will be used for the calculation of Guaranteed Income, Cash Bonus , Simple Reversionary Bonus and Terminal Bonus and will not paid on any event.
• Sum Assured on Maturity is equal to (i) 105% of the Total Premiums paid under Early Income and (ii) Maturity Sum Assured under Wealth option
Policy Documents
ELIGIBILITY
Disclaimer
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS - IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
Bajaj Life Insurance Ltd.(Formerly known as Bajaj Allianz Life Insurance Company Limited)
Risk Factors and Warning Statements: Bajaj Life Insurance Limited and Bajaj Life ACE are the names of the company and the product respectively and do not in any way indicate the quality of the product and its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajlifeinsurance.com) carefully before concluding a sale. Bajaj Life ACE is A Non linked, Participating, Individual, Life Insurance Savings Plan. Regd. Office Address: Bajaj Insurance House, Airport Road, Yerawada, Pune – 411006 IRDAI Reg.No.: 116 CIN : U66010PN2001PLC015959 Mail us : customercare@bajajlife.com Call on : Customer care number:. 020-6712 1212. Bajaj Life ACE - (UIN- 116N186V03) The Logo of Bajaj Life Insurance Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo. All charges/ taxes, as applicable, will be borne by the Policy holder.Read More
^Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.
1Annualised Premium is premium amount payable in a year excluding taxes, rider premiums and underwriting extra premium on riders, if any
IDFC FIRST Bank Ltd is a Corporate Agent for Bajaj Life Insurance Limited and is registered with Insurance Regulatory and Development Authority of India bearing registration number CA0106. This Plan is offered and underwritten by Bajaj Life Insurance Limited. The purchase of an insurance plan by the customer is purely on voluntary basis.Read Less
