Bajaj Allianz Life Saral Jeevan Bima (UIN: 116N165V01)
A non-linked, non-participating, individual life insurance term plan
Bajaj Allianz Life Saral Jeevan Bima provides for payment of Sum Assured in lump sum to the nominee in case of the Life Assured’s unfortunate death during the policy term.
Key Features:
- Life cover to protect your family in case of an unfortunate event of your death
- Life cover up to term of 40 years
- Flexibility to opt for Single, Limited or Regular premium
Death Benefit
Death during Waiting Period of 45 days from the date of commencement of risk:
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Due to Accident
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Sum Assured on Death shall be paid to the nominee and the policy will terminate
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Death due to any reason other than accident
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100% of all premiums received excluding taxes^, if any, shall be paid to the nominee and the Sum Assured shall not be paid
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Death post completion of Waiting Period: Sum Assured on Death shall be paid to the nominee and the policy will terminate.
On death of the Life Assured, provided the policy is in force, the death benefit payable to the nominee would be as follows:
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Premium payment type
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Death benefit
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Limited premium/ Regular premium
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Death benefit equal to Sum Assured on death which is the highest of:
• 10 times the Annualized Premium1, or
• 105% of Total Premiums paid2 as on date of death, or
• Absolute amount assured to be paid on death equal to Sum Assured
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Single premium
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Death benefit equal to Sum Assured on death which is the higher of:
• 125% of Single premium, or
• Absolute amount assured to be paid on death equal to Sum Assured
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The death benefit mentioned above would be payable as a lump sum and would be applicable in case of:
• Accidental Death of the Life Assured during the Waiting period; or
• Death of the Life Assured due to any reason after expiry of the Waiting period
^Tax(es) refers to GST/any other applicable tax levied, subject to changes in tax laws.
1Annualized premium shall be the premium amount payable in a year excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums
2Total premiums paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly
Eligibility Conditions
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Age at Entry
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Minimum- 18 years, Maximum- 65 years
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Minimum maturity age
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23 years
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Maximum maturity age
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70 years
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Sum Assured*
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Minimum- 5 lakhs, Maximum- 25 lakhs
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Policy Term
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Minimum- 5 years, Maximum- 40 years
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Premium Payment options
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• Single Premium;
• Limited Premium for 5 years or 10 years;
• Regular Premium
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Premium payment modes
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Single/Yearly/Half yearly, Monthly
Monthly is available only under ECS/NACH
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*Sum assured would be allowed only in the multiples of 50,000. The Sum Assured under a policy will be chosen by the policyholder at inception, subject to the minimum and maximum mentioned above, as applicable, and as per Board Approved Underwriting Policy (BAUP).
All the references to age are Age as on last birthday.
Eligibility conditions for Policies sourced through POS channel will be as per the POS Guidelines as amended from time to time.
For more details, please refer to sales brochure.
Claim and FAQs
Disclaimer - The participation by IPPB’s customer in insurance products is purely on a voluntary basis. There is no ’linkage’ either direct or indirect between the provision of banking services offered by the bank to its customers and use of the insurance products.
