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  • Bajaj Allianz Life Goal Assure Plan

    Goals play a very important part in our life. Not only do they help us grow as a person, but are also instrumental in the creation of cherished memories which stay with us for life. Be it purchasing your own house and car, or travelling the world, to retiring comfortably, goals help us in living our best life while also providing our loved ones with the very best. However, to fulfil these goals, you need to be financially smart and plan well in advance. To help you on your journey of fulfilling your goals and leading an enriched life, Bajaj Allianz presents Goal Assure, a life goal-based, non-participating unit-linked insurance plan. The plan is unique in a number of ways and offers multiple benefits such as the option to invest in 8 different types of funds, 4 types of investment strategies to choose from, return of mortality charges when the policy matures, loyalty additions, fund booster on maturity, tax free investment returns, and not to forget, efficient life coverage as well.

    Eligibility for Bajaj Allianz Life Goal Assure Plan

    Min. entry age The min. age at for policy entry is 0 years; risk coverage will begin as soon as the policy is issued;
    Max. entry age Individuals up to the age of 60 years are eligible to purchase this plan
    Max. age at maturity The policyholder must not be above 75 years at the time of plan maturity
    Policy term This policy can be taken for varying tenures of 5, 10, 15, or 20 years
    Premium payment frequency Premiums under this policy can be paid on a monthly, quarterly, semi-yearly, or yearly basis

    Premium Payment Term for Bajaj Allianz Life Goal Assure Plan

    • For a policy term of 5 years, the premium payment term is also 5 years.
    • For a policy term of 10 years, the premium payment term can be 5, 7, or 10 years.
    • For a policy term of 15 years, the premium payment term can be 10 or 15 years.
    • For a policy term of 20 years, the premium payment term can be 15 or 20 years.

    Min. Premium Payable For Bajaj Allianz Life Goal Assure Plan

    • If the chosen premium payment mode is yearly, the minimum premium payable will be Rs.36,000.
    • If premium is paid on a half-yearly basis, the minimum premium payable will be Rs.18,000.
    • If premium is paid on a quarterly basis, the minimum premium payable will be Rs.9,000.
    • If premium is paid on a monthly basis, the minimum premium payable will be Rs.3,000.
    • The min. amount payable as top-up premium is Rs.5,000.
    • The option of making premium payments on a monthly or quarterly basis will be allowed only in case of auto-debit.

    Sum assured - Bajaj Allianz Life Goal Assure Plan

    Minimum sum assured

    • If policyholder is under 45 years of age, the min. sum assured which they will be entitled to shall be an amount which is the greater of either 10x of the Annualised Premium, or 0.5 x policy term x Annualised Premium.
    • If the policyholder is greater than or equal to 45 years of age, they will be entitled to a minimum sum assured amount which is the higher of 0.25 x policy term x Annualised Premium, or 10x of the Annualised Premium

    Maximum sum assured

    • In case Annualised Premium is between Rs.36,000 and Rs.4,99,999, following is the max. sum assured payable.
    Policy term/age at entry 0-35 36-40 41-44 45-50 51-60
    5 & 10 Greater of 10x Annualised Premium OR 0.5 x policy term x Annualised Premium Greater of 10x Annualised Premium OR 0.25 x policy term x Annualised Premium
    15 & 20 15 15 15 Greater of 10x Annualised Premium OR 0.25 x policy term x Annualised Premium
                   
    • In case of Annualised Premium is equal or more than Rs.5 lakh, the following max. sum assured will be payable.
    Policy term/age at entry 0-35 36-40 41-44 45-50 51-60
    5 & 10 Greater of 10x Annualised Premium OR 0.5 x policy term x Annualised Premium Greater of 10x Annualised Premium OR 0.25 x policy term x Annualised Premium
    15 & 20 20 20 20 Greater of 10x Annualised Premium OR 0.25 x policy term x Annualised Premium
                   
    • In case of top-up premium, the following sum assured will be payable.
    Age Top-up sum assured multiplier
    If policyholder is under 45 years of age 1.25 times
    If policyholder is equal or above 45 years of age 1.10 times

    Key Advantages of Bajaj Allianz Life Goal Assure Plan

    • Return Of Mortality Charges (ROMC)

    One of the unique advantages of investing in this plan is the ROMC feature which helps policyholder get added value from their investments. Under this, the total amount of mortality charges (regular premium as well as top-up premiums) which have been deducted from the policy throughout its tenure will be returned on the date of policy maturity. The Mortality Charges will be added to the Regular Premium Fund Value and the Top-up Fund Value.

    • Choice of 4 Portfolio Strategies

    To accomplish their life goals, Bajaj Allianz life insurance policyholders can choose from 4 types of portfolio strategies at the time of plan inception. These 4 strategies are Investor Selectable Portfolio Strategy, Wheel of Life Portfolio Strategy, Trigger-based Portfolio Strategy, and Auto transfer Portfolio Strategy.

    • Choice of 8 funds

    Under the first portfolio strategy i.e. Investor Selectable Portfolio Strategy, policyholders can choose from 8 different funds to invest in, depending on their risk appetite. These include Equity Growth Fund II, Accelerator Mid-Cap Fund II, Pure Stock Fund, Asset Allocation Fund II, Bluechip Equity Fund, Bond fund, and Liquid Fund.

    • Unlimited Fund Switches

    Policyholders who have opted for the Investor Selectable Portfolio strategy not only have 8 different funds to choose from to invest in, but can also switch between these funds without any restrictions or by incurring any tax liability.

    • Greater flexibility

    The uniqueness of this plan is enhanced by the degree of flexibility it offers to the policyholder. under this plan, you can not only decrease your sum assured amount, but also alter your premium payment term as per your convenience.

    • Fund Booster –

    Policies with a term of 10 years and above will be eligible to receive Fund Boosters once the policy matures.

    • Loyalty Additions –

    From the 6th policy year onwards, the insurer will allot Loyalty Additions to the Regular Premium fund Value.

    • Life Cover

    Besides all the aforementioned advantages which this plan offers, it provides, first and foremost, efficient life cover. If the policyholder passes away suddenly, their nominee will be entitled to the death benefit, provided all due premiums have been paid.

    • Tax Benefits

    Like several other life insurance plans, the Goal Assure Plan also offers tax benefits not only upon plan maturity but also at the start of the investment. Policyholders can claim tax deduction up to Rs.1,50,000 for premiums paid towards the plan, under provisions of Section 80C. The maturity benefit and funds received following a partial withdrawal will also be tax exempt under Section 10(10D), subject to conditions.

    Benefits Offered - Bajaj Allianz Life Goal Assure Plan

    Maturity Benefit

    Once the plan reaches maturity, the maturity benefit payable shall be equal to the Regular Premium Fund Value + Top-up Premium Fund Value on the date of plan maturity.

    Death Benefit

    The death benefit will be payable if the policyholder passes away suddenly, and all due policy premiums have been paid. The death benefit that will be paid out shall be equal to (greater of Regular Premium Fund Value OR Regular Premium Sum Assured) + (greater of Top-up Premium Fund Value OR Top-up Sum Assured). The death benefit payable will not be less than 105% of the total premiums paid towards the policy till the date of death.

    Features of Bajaj Allianz Life Goal Assure Plan

    Partial withdrawals The facility to make partial withdrawals will be provided after the 5th policy year, subject to conditions
    Premium apportionment Policyholders can choose to allocate their Regular Premium and Top-up Premium in funds of their choice, in proportions which suit their risk appetite
    Fund switching Policyholders can switch invested units between the various funds which they have invested in there is no restriction on the number of switched that a policyholder can do within the policy term.
    Switching of portfolio strategy Policyholders are also allowed to change their portfolio strategy at any policy anniversary
    Change in premium payment frequency Policyholders can also change their premium payment frequency at any time; subject to conditions
    Change in premium payment term The insured also has the option to increase or decrease their premium payment term This facility is allowed only after the 5th policy year on the conditions that no premium payment is due
    Top-up Premium Save for the last 5 policy years, policyholders can make additional investments in the policy by making lump sum payments Min. amount for making a top-up premiums is Rs.5,000
    Lock-in period Policyholders will not be allowed to make any complete or partial withdrawal from the policy for the first 5 policy years
    Tax Benefits Policyholders are eligible for tax benefits not just on the premiums paid but also on the returns received from investments made under the policy; subject to conditions
    Policy revival A lapsed/discontinued policy may be revived within a period of 2 years, starting from the date it lapsed
    Termination of Policy The policy will terminate on the occurrence of any of the following events:
    • If the policy is foreclosed
    • Intimation about the death of the lie insured is received
    • When the Surrender Benefit or Discontinuance Value is paid out
    • On the day the policy matures, except if policyholder has chosen the Settlement Option.
    • When the Settlement Period is over (if applicable)
    • If the policy is cancelled during the Free look period
    Grace Period 30 days - For policies with a quarterly, half-yearly, and yearly premium payment frequency 15 days – For policies with a monthly premium payment frequency
    Free Look period Free look period of 15 days is granted, starting from the date the policy document is received. If policy has been received via distance marketing channels, then a free look period of 30 days is granted.
    Assignment Assignment is permitted as per the provisions of Section 38 of the Insurance Act 1938
    Nomination Nomination is allowed as per the provisions of Section 39 of the Insurance Act 1938

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