Bajaj Allianz Guaranteed Savings Goal Plan

Here are the key features and benefits of choosing the Bajaj Allianz Life Guaranteed Savings Goal.

1. 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.

2. 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:

1. 1. Sum Assured or Enhanced Sum Assured as chosen.

1. 2. Guaranteed Maturity Benefit.

3. 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.

4. Foreclosure

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.

5. 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.

6. 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.

7. 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).