Bajaj Allianz Life Flexi Income Goal Plan

Listed below are the key features and benefits of choosing the Bajaj Allianz Flexi Income Goal.

1. 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The Maturity Booster (50% of the Sum Assured), Cash Value (if not fully withdrawn), and Terminal Bonus (if any) will be paid, provided the Policy is in force and the Life Assured is still alive as of the Maturity date.

2. 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• If not fully withdrawn, 105% of Cash Value plus any applicable Terminal Bonus will be paid in one lump payment immediately.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.

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 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.

4. 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.

5. 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.

6. 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.

7. 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.