Bajaj Allianz Life CashRich Review
Plan Name: CashRich
Insurer: Bajaj Allianz Life Insurance Company Limited
Category: Traditional Plan
Objective: Financial protection of family and periodic returns on investment
Major USP of Bajaj Allianz CashRich
Payouts every year
Large Sum Assured Rebate
Riders available
Loans available
Eligibility of Bajaj Allianz CashRich
Minimum Entry Age: 0 Years
Maximum Entry Age: 60 Years
Maximum Age at Maturity: 100 Years
Policy Term: 10 - 65 Years
Premium Paying Term: 5, 10, 15, 20 25 and 30 Years
Minimum Premium: Rs 8,000 per annum
Minimum Sum Assured: Rs 100,000
What benefits does Bajaj Allianz CashRich offer?
Death benefit:
In case the Life Assured passes away, Sum Assured along with vested bonuses will be paid.
Maturity Benefit:
After premium payment term is over, amount equal to 5% of Sum Assured along with cash bonus are paid every year. On maturity Sum Assured and terminal bonus will be paid.
Bonuses:
The bonuses are paid every year.
Rebates:
If Sum Assured is equal or more than Rs 1 lacs, discount on basic Premium is also given.
Conversion:
You can convert your CashRich into single premium term plan with return of premium.
Loans:
You can apply for a loan against CashRich policy for a maximum amount of 80% of surrender value.
Riders:
The following riders can be availed with CashRich:
- Bajaj Allianz Supplementary Death Benefit
- Bajaj Allianz Comprehensive Accidental Protection Benefit
- Bajaj Allianz Family Income Benefit
- Bajaj Allianz Critical Illness Benefit
- Bajaj Allianz Hospital Cash Benefit
Are there any tax benefits?
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
Paid up Sum Assured: After three policy years if you are unable to continue policy, you can convert to paid up. The policy will not participate in future performance. On maturity or death, reduced Sum Assured with guaranteed addition and any vested bonuses if any will be paid.
Surrender Value: In case you want to cancel Bajaj Allianz CashRich plan after 3 years, the minimum guaranteed surrender value will be paid which is equivalent to 30% of all premiums paid barring the first year premium.
Free Look Period: CashRich plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy Bajaj Allianz CashRich?
Policybazaar representatives will assist you in buying CashRich.
What’s Policybazaar opinion on Bajaj Allianz CashRich?
Bajaj Allianz CashRich is a very different money back plan. Usually money back plans payout every 3 years or 5 years but CashRich pays every year. Even the bonuses are paid. You can attach riders for additional financial security. You can also apply for loans against the policy.
