Bajaj Allianz Flexi Income Goal - Income Benefit Plan

Here are the key features and benefits of the Bajaj Allianz Life- Flexi Income Goal- Income Benefit.

1. 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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.