Life Insurance Bajaj Allianz Life Insurance Flexi Income Goal Benefit
Bajaj Allianz Flexi Income Goal - Income Benefit Plan
Bajaj Allianz Life Flexi Income Goal is an investment plan that provides protection, liquidity, and flexibility to accommodate your child’s changing needs. It gives you the option to choose whether you want to receive your policy benefits as a lump sum or as regular income after the premium-paying period.
You can get additional benefits with Bajaj Allianz Life- Flexi Income Goal- Income Benefit, such as Joint Life Cover and the option to waive premiums to give your spouse a lump sum or a guaranteed regular income in the event of your death under the Life Assured policy.
Eligibility Criteria
Here is the eligibility criteria for the Bajaj Allianz Flexi Income Goal- Income Benefit.
Parameters | Details |
Age at Entry | Minimum- 0 year 18 years (Joint Life) Maximum- 55 years |
Age at Maturity | Minimum- 18 Years Maximum- 99 Years |
Premium Payment Term (PPT) | 5 to 20 years |
Policy Term (PT) | Minimum- Premium Payment Term plus 12 years Maximum- 99 minus Age at Entry (Subject to 60 years maximum) |
Annual Premium | Minimum- As per minimum Sum Assured Maximum- As per the maximum Sum Assured |
Key Features & Benefits of Bajaj Allianz Life - Flexi Income Goal- Income Benefit
Here are the key features and benefits of the Bajaj Allianz Life- Flexi Income Goal- Income Benefit.
- Foreclosure
The company will notify you for payment of interest-due and/or full/part repayment with a 30-day notice period and, at the end of the notice period, the policy will be foreclosed and any surrender value will be applied towards the outstanding loan plus interest if at any point (during the policy term) the outstanding policy loan and interest exceeds the surrender benefit. If the policy loan plus interest under a paid-up policy is not paid in full or in part, the policy will automatically be foreclosed, and no further benefits will be payable under the policy. However, if a policy is already in effect, it will remain in effect.
- Policy Loan
Another major benefit of choosing the Bajaj Allianz Life-Flexi Income Goal- Income Benefit, you may choose to take a policy loan at any time during the policy term, up to a maximum of 80% of the surrender benefit less any Cash Value made available by the policy, provided that the policy has accrued a surrender benefit. The loan’s applicable interest rate will depend on what the company decides at any given time. The interest rate on the loan is currently 9% per year, compounded every six months.
- Grace Period
If you pay your premiums every month, you have a Grace Period of 15 days, and if you pay them on other schedules, you have a Grace Period of 30 days. The policy will remain in effect with risk coverage throughout the grace period uninterrupted, and if the required premium is not paid before the grace period expires, the policy will expire or be paid in full.
- Option to take Death Benefit in a Lump Sum
The Primary Life Assured (in the case of Joint Life) or the nominee, as appropriate, will have the option to receive the monthly installments for the Sum Assured on Death or the Sum Assured (in the case of the death of the spouse) in a lump sum at the time of death notification.
- Option to take Maturity Benefit in Installments
You will have the option to take the maturity benefit over a period of 5, 10, 15, or 20 years in monthly or yearly installments. The installment amount for the selected period will be determined based on the yields of the relevant G-Sec less a spread of 25 basis points. Even after the first installment has been made, you can cancel this option and get the discounted value of the remaining installments in one lump sum.
- Tax benefits
By the provisions of the current Income Tax Act, the premium paid, the survival benefit, the maturity benefit, the death benefit, and the surrender benefit may be eligible for tax benefits. Before claiming any benefit under the Policy, you are urged to speak with your tax advisor and obtain impartial advice regarding your eligibility. Before claiming any benefit under the Policy, you are urged to speak with your tax advisor and obtain impartial advice regarding your eligibility.
- Free Look Period
You will have the option to review the terms and conditions of the policy within 15 days of receipt and thirty (30) days in the case of electronic policies and policies obtained through distance learning. If you object to any of the terms & conditions, you will have the option to return the policy along with a statement of your objections. You will be eligible for a refund that consists of all premiums (excluding any applicable taxes) paid, less the proportionate amount of risk premium, including the proportionate amount of rider risk premium for the time the life assured had coverage, and the costs the company incurred for the medical exam and stamp duty fees.
Exclusions Under the Bajaj Allianz Flexi Income Goal- Income Benefit
The nominee or beneficiary of the Policyholder shall be entitled to receive the higher of 80% of the total Premiums paid or the Surrender Benefit as of the date of death, provided that the Policy is in force and the policy will not be terminated, if the Life Assured or Primary Life Assured (in the case of Joint Life) dies by suicide within 12 months from the date of commencement of risk or the date of the latest revival of the Policy, whichever date is later.
The nominee or beneficiary of the Spouse will be entitled to receive 80% of the Premiums paid concerning the Spouse as on the date of Death, provided the Policy is in force, if the Spouse (in the case of Joint Life) passes away by suicide within 12 months from the date of commencement of risk or the date of the latest revival of the Policy, whichever is later. If the primary life assured survives, the policy will remain in effect, provided that all outstanding premiums are paid.
How To Revive Your Bajaj Allianz Flexi Income Goal- Income Benefit Plan?
The following prerequisites must be met to reinstate a Policy (that has expired or has been paid up) or a lapsed Spouse Cover.
- The application for revival is submitted no later than five (5) years after the first unpaid premium was due.
- Payment is made for any unpaid premium arrears, applicable taxes, and interest at the company’s discretionary rate. The applicable revival interest rate at the moment is 9% per year, compounded semi-annually.
- Depending on the current underwriting standards approved by the board, the Company may choose to revive or decline to revive. The Company will return the amount deposited for revival purposes if the revival is denied based on the board-approved underwriting guidelines. The spouse cover by itself cannot be revived if the primary life in a joint life insurance policy is no longer insurable at the time of revival.
- On revival
- Before the date of the most recent lapse or paid-up, the Sum Assured and Sum Assured on Death (concerning the Single Life or both the Joint Lives, as the case may be) will be reinstated.
- You will receive payment for any Survival Benefits that were due during the lapse/paid-up period.
- Any unattached investment return will be added to the Accumulated CB and/or Accumulated GMI, as appropriate, if the CB and/or GMI are being accumulated in the policy.
- The full GMI/s payable, less the paid-up GMI/s paid (to date), will be paid out in full right away.
Riders Available Under Bajaj Allianz Flexi Income Goal- Income Benefit Plan
During the policy term, you and/or your spouse can benefit from additional coverage by selecting the optional additional rider benefits at a small additional cost. The following riders are offered by Bajaj Allianz Life Flexi Income Goal:
- Bajaj Allianz Accidental Death Benefit Rider (UIN:116B034V02)
- Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider (UIN:116B036V02)
- Bajaj Allianz Critical Illness Benefit Rider (UIN:116B035V02)
- Bajaj Allianz Family Income Benefit Rider (UIN:116B037V02)
- Bajaj Allianz Waiver of Premium Benefit Rider (UIN: 116B031V02)
How Does the Bajaj Allianz Life- Flexi Income Goal- Income Benefit Plan Work?
Rakesh is 30 years old and working as a software engineer at Accenture and wanted to buy a plan that can offer him regular income after his retirement. After getting suggestions from his friends and family, he stumbled upon the Bajaj Allianz Flexi Income Goal Plan-Income Benefit.
GMI of Rs. 7,139 from Year 13 till Year 24.
Note- 30 years Male, Sum Assured- Rs. 10,28,016, PT/PPT- 24 /12 years, Annual Premium -Rs. 1,00,003, CB & GMI not accumulated.
Yearly | Total | |||
Cash Bonus, if any | Assumed Investment Return @4% | Assumed Investment Return @8% | Assumed Investment Return @4% | Assumed Investment Return @8% |
Rs.6, 168 | Rs. 20, 560 | Rs. 1, 48, 032 | Rs. 4, 93, 440 |
How to Buy Bajaj Allianz Life - Flexi Income Goal- Income Benefit Plan?
Here are the steps to buying Bajaj Allianz Flexi Income Goal Plan- Income Benefit Plan.
Step 1: Simply visit the official website of Bajaj Allianz life insurance.
Step 2: After that, you will see the “Plans” section at the top. Hover over it. Under “Savings Plans”, you will see “Flexi Income Goal- Income Benefit”. Click on it.
Step 3: When you see the plan page, you will see the “Buy Now” option in the banner. Click on it.
Step 4: Then, you will see three options, “Self”, “Joint Life”, or “Other”. Select the right option at your convenience. After that, you will need to enter your full name, gender, birthday, mobile number, alternate number, and email, and then click on “Proceed”.
Step 5: Then, you will need to enter your guaranteed monthly income, policy term, premium payment term, and premium payment frequency, and then select “riders” you want to enhance the coverage of your policy.
STEP 6: check all the boxes below and then click on “Pay Now” to buy the Bajaj Allianz Flexi Income Goal Plan-Income Benefit.
Note: In the box on your right-hand side, you will see the premium amount.
Step 7: Once you’re done entering all the details, you will then get the amount that you will need to pay. Then, you should make the payment using your Credit/Debit card.
Step 8: Congratulations- You’ve purchased your Bajaj Allianz Flexi Income Goal Plan- Income Benefit.
Via Probus Insurance Broker:
If you are looking to buy the Bajaj Allianz Flexi Income Goal Plan- Income Benefit plan, look no further than Probus Insurance, which is a certified and IRDAI-approved insurance broker that has been delivering quick, reliable, and efficient insurance solutions to its customers.
To simply buy the Bajaj Allianz Life Flexi Income Goal plan (Income Benefit) from Probus Insurance, all you need to do is simply visit the official website of the company. Now click on the “We Are Here” chatbot at the right-hand side of the page.
Then, Enter your name, email, phone number, department, etc., and then you can ‘live chat’ with any of the customer care agents of the company. Ensure all the details are correct. They will help you out throughout the purchasing process of the plan.
Alternatively, you can also contact the customer care team of the company through any of the following means:
- Call: 7304332968
- WhatsApp: 7304332968
- Via Mail: care@probusinsurance.com
Frequently Asked Questions
You can start or stop receiving your survival benefits at any time during the policy’s term, so yes. The decision might even be changed several times. If you choose to accumulate the benefits, you will be given an additional rate for the time of accumulation.
Your spouse will be covered for a sum assured of 50% to 100% of your sum assured if you choose a Joint Life policy.
Yes, you can switch your survival benefit payout frequency from monthly to annual and vice versa.
Yes, if you choose the enhanced benefit option, you will receive a lump sum payment equal to 50% of your sum assured after the premium payment term.
A maximum loan of 80% of the surrender benefit, less any Cash Value made available by the policy, may be obtained.
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