Bajaj Allianz Guaranteed Savings Goal Plan
Bajaj Allianz Life Guaranteed Income Goal is a non-linked, non-participating, life, individual, savings, regular & limited premium payment endowment plan. Contrary to many investment plans, the Bajaj Allianz Life Guaranteed Savings Goal just requires a single payment in order to reach your guaranteed life goals.
With Bajaj Allianz Life Guaranteed Savings Goal, a future that is assured allows us to fully appreciate the present, and when this guarantee relates to your life goals, life is easy. The ability to select from a variety of Policy Terms is the plan’s key selling point. Additionally, female lives have a higher Maturity Benefit.
Here is the eligibility criteria for Bajaj Allianz Life Guaranteed Savings Plan.
|Minimum Entry Age
For PT- 5 Years
PT – 7 years
PT – 10 years
|Maximum Entry Age
|5, 7 & 10 years
|Premium Payment Term
|Sum Assured option
Sum Assured – 1.5 times Single Premium
Enhanced Sum Assured – 10 times the Single Premium
(For policies purchased through POS channel, the maximum Sum Assured/Enhanced Sum Assured will be as per prevailing POS guidelines, as amended from time to time)
|Rs. 25, 000
|As per Board Approved Underwriting Policy
|Minimum Maturity Age
|Maximum Maturity Age
(For policies purchased through the POS channel, the maximum Age at Maturity will be
as per prevailing POS guidelines, as amended from time to time)
Enhanced Sum Assured
Key Features and Benefits of Bajaj Allianz Life Guaranteed Savings Goal
Here are the key features and benefits of choosing the Bajaj Allianz Life Guaranteed Savings Goal.
- Guaranteed Maturity Benefit
The biggest benefit of the Bajaj Allianz Life Guaranteed Savings Goal plan is that if the policy is still in effect and the life assured survives until the end of the policy term, a single premium, Guaranteed Enhancer (GE%) will be due. Your Age, the Sum Assured choice you’ve chosen, the Policy Term, and the Single Premium you’ve paid will all factor into the GE%. The Guaranteed Maturity Benefit for female lives will be determined by using the GE % with a 3-year age delay.
- Death Benefit
You have two Sum Assured options to choose from when purchasing a policy:
- Ten times the single premium for the enhanced sum assured
- The sum insured is equal to 1.5 times the single premium. Depending on the choice selected, the Sum Assured on Death will be paid in the tragic event that the Life Assured passes away within the Policy Term as long as the Policy is still in effect. Sum Assured on Death shall be the greater of:
- Sum Assured or Enhanced Sum Assured as chosen.
- Guaranteed Maturity Benefit.
- Policy Loan
Though the benefit is common, you can still avail the benefit and get the loan benefit with the policy. 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 available on the date the loan request is made, provided the policy has accrued surrender benefits. The loan interest rate that will apply to the loan amount 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. The outstanding policy loan plus interest, as of the date of death, surrender, or maturity, shall be subtracted from the death, surrender, or maturity benefit payable upon death, surrender, or maturity.
The Company will send you a notice to repay the full/part of the loan and/or loan interest within a period of thirty (30) days from the date of such notice if a loan has been taken under the Policy and at any time the loan outstanding plus interest-on-loan approaches the Surrender Benefit available under the Policy. Failure to comply with this duty to repay will result in the policy being automatically and immediately foreclosed, with the Surrender Benefit being adjusted to reflect the balance of the loan plus interest, and no more benefits will be available under the policy.
- Free Look Period
You will have the option to review the terms and conditions of the policy within 15 days of receipt and within thirty (30) days in the case of electronic policies and policies obtained through distance learning, and if you disagree with any of the terms & conditions, you will have the option to return the policy with a justification for your objections. You will be entitled to a refund that consists of the Single premium you paid (excluding any applicable taxes), less the proportionate risk premium for the time you had coverage, as well as any costs the firm incurred for your medical exam and stamp duty fees.
- Tax benefits
In accordance with 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 independent legal counsel regarding your eligibility.
- Surrender Benefit
Anytime throughout the insurance year or policy term, you may relinquish the policy. Additionally, the surrender benefit will be greater than the special surrender value (SSV) or the guaranteed surrender value (GSV).
Exclusion Of Bajaj Allianz Life Guaranteed Savings Goal
The person claiming the policy will be entitled to compensation if the policyholder commits suicide during the first year of the coverage. If the plan is still in effect, the amount must be greater than 80% of the total premiums paid up to the date of death or the surrender benefit that was available on the day of death.
Illustration Of Bajaj Allianz Life Guaranteed Savings Goal
Mr. Anuj Kumar, who is just 24 decided to meet his savings goal. Though he is now working as a senior analyst at Cognizant, he still has some dreams to achieve. So, after getting suggestions from his friends and family, he stumbled upon the Bajaj Allianz Life Guaranteed Savings Goal plan. Let’s understand the maturity amount he will receive if he invests Rs. 5, 00, 000.
|Sum Assured Option
(Policy Term- 5 Years)
|(Policy Term- 7 Years)
|(Policy Term- 10 Years)
(For 1.5 times SP)
(For 10 times of SP)
How To Buy the Bajaj Allianz Life Guaranteed Savings Goal?
Bajaj Allianz Life Guaranteed Savings Goal is available for purchase via the offline method. Go to any Bajaj Allianz Insurance branch office in your area and speak with the staff members who are currently on duty if you need more assistance. Before supporting the consumer in purchasing the package, the salesperson making the plan pitch will enquire about a few things.
Customers can also call the company’s helpline, which is staffed Monday through Saturday from 9:00 AM to 6:00 PM, at 1800 209 7272. The executive will explain to the client how to buy the plan from the company.
Probus Insurance is always on hand to assist if a consumer still runs into problems when acquiring the plan, even with all of these alternatives. The staff of the organization will do all possible to help clients with their issues.
Frequently Asked Questions
If the policy is still in effect, the Guaranteed Maturity Benefit, which is equal to the Single Premium times the Guaranteed Enhancer (GE%), will be paid on the policy’s maturity date. Age, the Sum Assured choice, the Policy Term, and the Single Premium Paid will all affect the GE percentage. Please consult the GE% sales brochure for further information.
Only at policy beginning may you pick between enhanced sum assured and sum assured. The Sum Assured cannot be altered while the policy is in effect.
A maximum of 80% of the policy’s surrender value may be borrowed under this savings plan.
After the policy’s start, the Sum Assured and Policy Term cannot be modified.