Bajaj Allianz Life Flexi Income Goal Plan
Bajaj Allianz Life Flexi Income Goal is a non-linked, life, individual participating, limited premium payment, income, savings, and investment plan that security together with liquidity and flexibility to meet 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 ongoing income following the premium-paying period.
With Bajaj Allianz Life Flexi Income Goal, you can choose to get a cash incentive as early as the first month. Get additional benefits like Joint Life Cover and a waiver of premium option to give your spouse a one-time payment or a guaranteed regular income in the event of your death.
From the conclusion of PPT to Maturity, the plan offers Survival Benefits and 100% of the Sum Assured as Guaranteed Monthly Income (GMI).
Here is the eligibility criteria for Bajaj Allianz Flexi Income Goal.
|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)
Minimum- As per minimum Sum Assured.
Maximum- As per the maximum Sum Assured
Key Features and Benefits of Choosing Bajaj Allianz Flexi Income Goal
Listed below are the key features and benefits of choosing the Bajaj Allianz Flexi Income Goal.
- Maturity Benefit
The Maturity Booster (50% of the Sum Assured), Cash Value (if not fully withdrawn), and Terminal Bonus (if any) will be paid, provided the Policy is in force and the Life Assured is still alive as of the Maturity date.
- Death Benefit
Upon the sad death of the life assured during the insurance term and payment of all required premiums,
- If not fully withdrawn, 105% of Cash Value plus any applicable Terminal Bonus will be paid in one lump payment immediately.
- The first installment of the Sum Assured on Death will begin from the date of death, and further installments will be paid over some time equal to the outstanding Policy Term or 12 years, whichever is lower. Your nominee may, however, choose to accept the death benefit in one lump sum at the time of the death notification.
- The policy will expire after the entire death benefit has been paid.
- 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 continue to be in effect with risk coverage throughout the Grace Period without interruption, and the Policy will lapse if the required premium is not received before the Grace Period expires.
- Policy Loan
You may choose to take a policy loan at any time throughout 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 relevant interest rate will depend on what the corporation decides at any given time. The interest rate on the debt is currently 9% per year, compounded every six months.
- 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 receive impartial advice regarding your eligibility. Before claiming any benefit under the Policy, you are urged to check your eligibility with a tax advisor and get independent advice.
- 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.
- Survival Benefit
- Cash Bonus:
The non-guaranteed CB (if any) shall be payable after each Policy year. If you want to receive the CB in monthly installments, commencing with the first month of your policy, the monthly CB will be paid out at the end of each month. Additionally, you will have the choice of earning Investment Return1 on the Accumulated Cash Bonus rather than receiving the payouts for the CB stated in the Policy.
- Guaranteed Monthly Income (GMI)
GMI will start being paid each month after the Premium Payment Term (PPT) ends until the conclusion of the Policy Term. After the PPT, the first installment of GMI will be paid. If you choose to pay for GMI in yearly installments, the GMI will be disbursed to you after each Policy Year. In addition, you have the choice to earn Investment Return on Guaranteed Monthly Income (AGMI) that you accumulate in the policy rather than getting payouts.
Exclusions Under the Bajaj Allianz Flexi Income Goal
- The nominee or beneficiary of the Policyholder shall be entitled to receive the greater 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 shall be entitled to receive 80% of the Premiums paid concerning the Spouse as of the date of death, provided the Policy is in force, in the event of the death of the Spouse (in the case of Joint Life) due to 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.
Conditions To Revive Your Lapsed Bajaj Allianz Flexi Income Goal Policy
The following requirements must be met to reinstate a Policy (that has expired or has been paid up) or a lapsed spouse cover.
- The application for revival must be submitted within five (5) years of the first unpaid premium’s due date.
- Payment is made for any unpaid premium arrears, applicable taxes, and interest at the company’s discretionary rate. The appropriate revival interest rate at the moment is 9% per year, compounded semi-annually.
- Depending on the current underwriting standards established by the board, the Company may choose to revive or decline to revive. The Company will return the cash contributed for revival purposes if the revival is denied based on the board-approved underwriting parameters. The spouse cover by itself cannot be revived if the primary living in a joint life insurance policy is no longer insurable at the time of revival.
Riders Available Under the Bajaj Allianz Flexi Income Goal
During the insurance term, you and/or your spouse can benefit from additional coverage by selecting the optional additional rider benefits for 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.
Premium Calculation- How Does the Bajaj Allianz Flexi Income Goal Work?
Anuj is 30 years old and working as a software engineer at Accenture and wants 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.
|Premium Payment Term
Assumed Investment Return of 4%- Rs. 3,63,393
Assumed Investment Return of 8%- Rs. 4,09,654
Return of 4%- Rs. 10,28,016
Return of 8%- Rs. 10,28,016
Assumed Investment Return of 4%- Rs. 9,44,028
Assumed Investment Return of 8%- Rs. 10,99,516
Return of 4%- Rs. 11,97,639
Return of 8%- Rs. 10,28,016
Assumed Investment Return of 4%- Rs. 9,43,981
Assumed Investment Return of 8%- Rs. 11,90,705
Return of 4%- Rs. 11,61,348
Return of 8%- Rs. 12,74,740
How To Buy Bajaj Allianz Flexi Income Goal Plan?
Here are the steps to buying Bajaj Allianz Flexi Income Goal 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 “Investment Plans”, you will see “Flexi Income Goal”. 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
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.
Frequently Asked Questions
You can start or stop receiving your survival benefits at any moment throughout the policy’s duration, so yes. The decision might even be changed several times. If you choose to accrue the advantages, you will be awarded an additional rate for the time of accumulation.
Your spouse will be insured for a sum assured of 50% to 100% of your sum assured if you choose a Joint Life policy.
Yes, you can switch your survivor benefit payout frequency from monthly to annual and vice versa.
Yes, if you chose the enhanced benefit option, you will get 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 under the policy, may be obtained.
This investment strategy allows for a maximum of 40% equity exposure. This will facilitate the declaration of a greater Compound Reversionary Bonus and Terminal Bonus, when applicable.