Page 51 - Insurance Times January 2024

they are young and less susceptible to needing range of customers, this plan allows individuals to save
hospitalization. according to their financial requirements and capacity.

In addition to the Lock the Clock benefit which lets This plan not only caters to individual financial objectives but
customers pay as per the entry age until the first claim and also emphasises flexibility in response to the changing
Booster+ which lets customers carry forward the unutilized economic environment by offering annually increasing
base sum insured up to 10X, Aspire has been launched with income. It equips customers with a mechanism and a defence
several additional industry-first benefits to especially appeal against the rising demands of daily life through expanding
to this customer segment. The product incentivizes income options. As individuals age, the need for planning
customers to ‘start young’ and offers a comprehensive healthcare, long-term care, and post-retirement funds
parenthood benefit called M-iracle which covers all expenses becomes imperative, and this plan aims to address these
related to maternity including IVF treatment, surrogacy, and needs, said the firm.
more. It provides coverage for antenatal check-ups,
gynecologist consultations, and other tests, vaccines for the On the launch of Bajaj Allianz Life Ace - Increasing Income,
expecting mother, delivery charges - normal or cesarean Tarun Chugh, MD and CEO, Bajaj Allianz Life Insurance, said,
section as well as delivery by surrogate mother. It also covers “In a dynamic economic environment with rising inflation,
adoption charges. we understand that customers seek opportunities to create
long-term wealth to help them meet their financial goals.
The maternity sum insured available to the customer is Aligned with this we’ve launched Bajaj Allianz Life Ace -
Increasing Income, which offers and provides unparalleled
dependent on the base sum insured plan he/she opts for and
keeps adding to the coverage every year up to 10X, since control in the hands of customers to decide when they want
the unused maternity sum insured accumulates as per to receive their income and maturity benefit. We are happy
to bring this distinctive combination that was previously
booster+ benefit. For example, for a 10 lakh base sum
unavailable in the life insurance landscape, for our
insured plan the maternity sum insured available would be
customers. The remarkable rising income, and flexibility,
Rs 12,000 for the first year, and if no claim is paid, this will
backed by consistent bonus by the company, makes our
become INR 24,000 for the second year, INR 36,000 for the
latest product a powerful investment tool to meet various
third year and so on. The maternity sum insured for a one-
year policy can go up to Rs 25,000 for a 50 lakh/ 1 Crore life goals for customers."
plan. The customer can use the accumulated maternity sum
insured for maternity-related expenses at any time during Notable features of the Bajaj Allianz Life Ace -
his policy term either in full or in parts, after the completion Increasing Income plan comprise:
of applicable waiting periods. The Plan is introduced with a Annual income escalation
minimum waiting period of 9 months. In this plan, post Flexibility to choose your policy term within a broad
maternity, the newborn baby too will be covered from day range, spanning from 10 years to 100 years of age
1 and the plan will provide the newborn baby guaranteed Payment flexibility with the option to select premium
issuance.
payment terms ranging from 5 to 12 years
Up to five years deferment of income for augmented
Bajaj Allianz Life Insurance unveils Life
earnings
Ace-Increasing Income plan Life cover accompanied by tax benefits
Bajaj Allianz Life Insurance has introduced a variation of its
participating savings plan, providing customers with a Furthermore, this plan caters to the requirements of a
stream of increasing income while also protecting against diverse customer base, including young professionals,
the impact of rising inflation. newlyweds, parents with children, and self-employed
individuals, offering a range of options. Policyholders can
The Bajaj Allianz Life Ace - Increasing Income is a non-linked, choose the Early Income option for immediate expenses, the
participating, individual life insurance savings plan that Wealth option to leave a legacy for future generations, or
provides customers with a consistent increase in income the Increasing Income option designed for strategic
while protecting against rising costs. Tailored for a diverse retirement planning.

46 January 2024 The Insurance Times