Bajaj Allianz POS Goal Suraksha Plan
Bajaj Allianz Life POS Goal Suraksha is a simple-to-purchase, non-linked, individual, non-participating, restricted premium payment, non-medical, POS endowment savings plan that protects you and your family against all harm with a guaranteed sum at maturity. The plan has a guaranteed maturity benefit that lets you keep the money once you stop working and an option to change the way premiums are paid.
This plan is a profitable investment choice due to the benefits of a guaranteed payment at maturity and life insurance.
Here is the eligibility criteria for the Bajaj Allianz Life POS Goal Suraksha Plan.
|Minimum Entry Age||18 years|
|Maximum Entry Age||55 years|
|Minimum Age at Maturity||28 years|
|Maximum Age at Maturity||65 years|
Policy Term (PT) & Premium
Payment Term (PPT)
PT- 10, 15, 20
PPT- 5, 7, 8,10 & 12
|Minimum Sum Assured||Rs. 30, 000|
|Maximum Sum Assured||Rs. 25,00,000|
|Premium Payment Frequency|
Yearly, Half yearly, Quarterly, and Monthly
*Quarterly & Monthly premium payment frequency will be allowed only under the auto-debit process (as per the approved RBI facilities)
Important Features and Benefits of Considering the Bajaj Allianz Life POS Goal Suraksha
Listed below are the features and benefits of the Bajaj Allianz Life POS Goal Suraksha Plan.
- Maturity Benefit
One of the major benefits of considering the Bajaj Allianz Life POS Goal Suraksha Plan is that if all premiums are paid by the maturity date, your policy’s Guaranteed Sum Assured on Maturity plus Guaranteed Additions will be paid, and the policy will then expire.
- Death Benefit
The death benefit is paid to the nominee(s)/beneficiaries in the sad event that the life-assured passes away in an accident during the waiting period or in the unfortunate event that the life-assured passes away after the waiting period due to any cause. Such a death benefit is described as the following Sum # Assured on Death.
The Sum Assured on Death is the higher of:
(i) 10 times of Annualized Premium,
(ii) 105% of Total Premiums paid as on date of death,
(iii) Sum Assured
- Loan Benefit
If your policy offers a surrender benefit, you may use a loan that is covered by it. The total loan amount approved (cumulatively) may not exceed 75% of the policy’s surrender benefit as of the loan request’s consideration date. The current relevant loan interest rate is 9% per year, compounded every six months; however, the corporation has the right to occasionally change this rate.
- Alteration of Premium Paying Frequency
Another major reason to choose the Bajaj Allianz Life POS Goal Suraksha Plan is that at any policy anniversary, subject to the frequency’s availability and the minimum modal premiums then in effect for the product, you will have the option of changing the current premium payment frequency under this policy.
- Tax Benefits
In accordance with the provisions of the current Income Tax Act, the premium paid, 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.
- Grace Period
The policy is considered to be in force with the risk cover uninterrupted during the grace period of 30 days for yearly, half-yearly, and quarterly premium payment frequency and 15 days for monthly premium payment frequency from the due date of Regular Premium payment, free of any late fees.
- Free Look Period
You have the option to review the terms and conditions of the Policy within fifteen (15) days of receipt and thirty (30) days in the case of an electronic or distance-obtained Policy. If you disagree with any of the terms and conditions, you have the option to return the Policy and specify your objections, provided no claim has already been made in the Policy.
You will be entitled to a refund that consists of all premiums paid (minus any relevant taxes) less the proportionate risk premium (for the time the life assured was covered) and any costs the company expended for a medical exam and stamp duty.
Exclusion Under the Bajaj Allianz Life POS Goal Suraksha Plan
The nominee or beneficiary of the policyholder is entitled to receive, provided the policy is in force, the higher of 80% of the total premiums paid or the surrender benefit as of the date of death in the event that the life assured dies by suicide within 12 months of the date of commencement of risk or the date of the latest revival of the policy, whichever is later.
How to Revive Bajaj Allianz Life POS Goal Suraksha Plan?
If your insurance has expired or reached paid-up status as a result of unpaid premiums, you may renew the policy under the following restrictions:
- The application for revival must be submitted within five (5) years after 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.
- Satisfactory documentation of your excellent health at your expense;
- Depending on the current Board-approved underwriting standards of the company, the policy revival may be on terms that are different from those that applied to the policy before it lapsed/became paid up.
- The revival won’t go into effect until the Company specifically notifies you of it.
- Based on the current Board-approved underwriting parameters, the Company may choose to revive or decline to resuscitate the policy. The corporation will return the money paid in anticipation of the policy’s resurrection if it is rejected.
- Upon revival, the policy’s original amount assured, sum assured on death, guaranteed sum assured on maturity, and guaranteed additions will be resumed, as they were on the date of the policy’s most recent lapse or conversion to paid-up status.
Premium Illustration- How Does the Bajaj Allianz Life POS Goal Suraksha Plan?
Subhash is 40 years old and is taking a Bajaj Allianz Life POS Goal Suraksha. The below table gives an illustration of different premium ticket sizes, policy terms, and premium payment term combinations along with the Death & Maturity Benefit which will be received by Subhash or his nominee(s)/beneficiaries as the case may be.
|Annualized Premium||Total Premium Paid||Premium Payment Term||Policy Term||Death Benefit||Guaranteed Additions||Guaranteed Maturity Benefit||Total Maturity Benefit|
|Rs. 5, 000||Rs. 35, 000||7 Years||10 Years||Rs. 50, 000||Rs. 1,050||Rs.50, 000||Rs. 51, 050|
How to Buy Bajaj Allianz Life POS Goal Suraksha?
Here are the steps to buying Bajaj Allianz Life POS Goal Suraksha.
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 “Saving Plans”, you will see “POS Goal Suraksha”. 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 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 premium frequency term, amount to be invested, set your money invested for, premium term, sum assured, and then click on “Proceed”.
Step 6: After that, you will need to “Register for Emandate” and then click on “Proceed”.
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 finally purchased your Bajaj Allianz Life POS Goal Suraksha.
Through Branch or Office:
Though the plan is available online, you may also purchase the Bajaj Allianz Life POS Goal Suraksha 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.
Toll-free Number: 1800 209 7272 (Timings- Monday through Saturday from 9:00 AM to 6:00 PM)
Even with all of these options, Probus Insurance is always available to help if a customer still encounters issues when purchasing the plan. The organization’s employees will make every effort to assist clients with their problems.
Frequently Asked Questions
If you have taken a loan and your policy is paid up, and the outstanding loan balance plus the loan interest exceeds the surrender benefit available under the policy, the outstanding loan balance plus the loan interest will be subtracted from the surrender benefit amount, and your policy will be foreclosed after giving you notice. At that point, no more benefits will be payable under the policy.
The first 90 days after the risk started are considered the waiting period. In the event of a revival, the waiting period is not relevant.
Based on the type of policy communication address of the Policy Holder, Goods, and Service Tax is charged. This could alter depending on the rate and state of the policyholder’s address as of the adjustment date.