Bajaj Allianz
Bajaj Allianz Life Endowment Policy

Bajaj Allianz Life Endowment Plans

Bajaj Allianz Endowment Plans are popular insurance plans that offer the dual advantage of insurance and savings. These endowment plans by Bajaj Allianz Life provide a death benefit along with a maturity benefit, which ensures financial security for policyholders and their beneficiaries. If the policyholder survives the policy term, they receive a payout at maturity. However, if the policyholder passes away during the term, the nominee receives the sum assured. Remember that these endowment plans can be either unit-linked or non-linked.

These endowment plans by Bajaj Allianz guarantee life insurance coverage while helping to accumulate funds that are paid out upon maturity. The maturity benefit can be used to achieve significant life goals such as funding children’s marriage or securing retirement. If the insured person dies during the policy tenure, the nominee benefits from the sum assured, which ensures financial support during difficult times.

What Features and Benefits Do Bajaj Allianz Endowment Plans Offer?

Here is a list of the key features and benefits offered by Bajaj Allianz Endowment Plans.

  • Dual Benefits

One of the salient features and benefits of the endowment plans by Bajaj Allianz is that it provides both insurance coverage and savings. They ensure financial stability for your family in case of an unfortunate event and help you create wealth for the future. These plans offer death benefits as well as maturity benefits.

  • Maximum Returns

Another major benefit of these plans is that they offer significant returns, unlike some insurance plans. These plans provide a return on the premium through market-linked funds in ULIPs, bonuses in participating plans, or guaranteed benefits in non-participating plans. This is in addition to the basic maturity benefit.

  • Unmatched Flexibility

These endowment plans by Bajaj Allianz offer flexibility in premium payments which allow you to pay monthly, quarterly, half-yearly, or annually, They may also include additional features like riders for accidental death, disability, and critical illness, and premium waivers for disability and critical illness.

  • Tax Benefits

Another major reason to consider Bajaj Allianz endowment plans is that they offer significant tax benefits. When you pay premiums, you will be eligible for tax deductions under section 80c of the Income Tax Act under the old tax regime. Additionally, the payout received from the policy is tax-exempt under Section 10 (10D) of the Act.

  • Enhanced Long-Term Savings

 Last but not least, these endowment plans by Bajaj Allianz offer long-term savings products. They help you build wealth which can even develop your habit of savings. Depending on the type of policy, your savings can grow significantly over the policy term.

Top Bajaj Allianz Endowment Plans

Let’s take a look at the top Bajaj Allianz Endowment plans.

1. Bajaj Allianz Life Assured Wealth Goal Platinum

Bajaj Allianz Life Assured Wealth Goal Platinum is an individual life insurance product that combines protection and savings. It is a non-linked and non-participating plan which means it doesn’t rely on market performance and doesn’t payout dividends. The plan provides a life cover to ensure your loved ones are financially secure in case of an unexpected event. Additionally, it offers assured income which may help you meet both your immediate financial needs and future goals.

Parameters

Details

Entry Age

Minimum Age


Smart Income- 6 Years

Regular Income- 1 year


Maximum Age


Smart income- 60 Years

Regular Income- 60 Years

Maturity Age

Minimum Age at Maturity


Smart income- 18 Years

Regular Income- 18 Years


Maximum Age at Maturity


Smart Income- 72 Years

Regular Income- 77 Years

Premium Payment Term (PPT)

Smart Income- 5/6/7/8/10/12 Years


Regualar Income- 5/6/78/10/12 Years

Policy Term

Smart Income – Equal to PPT

Regular Income – 5 to 17 years

Key Features and Benefits:

These are as follows:

  • Smart Income

One of the key benefits of the plan is that it offers guaranteed income starting as early as the beginning of the 2nd policy year. Furthermore, the policyholder will have the flexibility to use the Early Guaranteed Payouts to pay renewal premiums. Additionally, you can choose to accumulate the Early payouts and take them as a lumpsum anytime during the policy term or maturity.

  • Regular Income

This category of the plan allows you to enjoy guaranteed income after the premium term (PT) ends. The enhanced return of premium ensures that you receive 110% of the total premiums paid at the end of the Income paid. Furthermore, you will have the flexibility to choose the deferment period, which can be up to 5 years after the premium payment term (PPT). This plan offers multiple Premium Payment Terms and Income period options that can be customized based on your needs.

  • Tax Benefits

Investing in this Bajaj Allianz Life Assured Wealth Goal Platinum may help you enjoy tax benefits as per the prevailing tax laws. These tax benefits can help you save on taxes and maximize your returns.

2. Bajaj Allianz Life ACE

Bajaj Allianz Life ACE is a highly flexible life insurance product that puts you in control of your financial planning. It provides a life cover to ensure your family’s financial security if you are not around. You can customize the plan to suit your needs by choosing either regular income or a lump sum payout to meet your life goals. This modular approach allows you to tailor the policy to fit your specific financial situation and future goals.

Parameters

Details

Entry Age

Minimum Age at Entry


0 Years


Maximum Age at Entry


60 Years

Maturity Age

Up to 100 Years

Premium Payment Frequency

Yearly, Half-Yearly, Quarterly, and Monthly

Annual Premium

Minimum- Rs. 30,000


Maximum- No limit

Key Features and Benefits:

These are as follows:

  • Flexible Policy Term

One of the major highlights of the plan is that it can help you choose from a wide range of policy term options which may start from 10 years up to whole life coverage to match your financial planning needs.

  • Customizable Income Start Year

Another major benefit of the plan is that it can help you plan your income start year by postponing it for up to 5 Years, which may give you flexibility in when you begin receiving income benefits.

  • Tailored Income Benefits

The plan may customize your income according to your preferences, including Income Amount (the amount you wish to receive), Income Start Year (the Time to start your income), Income Period (select the duration), and Income Preference (opt for a level income, increasing income, or a combination of both).

3. Bajaj Allianz Life Assured Wealth Goal

Bajaj Allianz Life Assured Wealth Goal is a complete life insurance savings plan designed to help you achieve your objectives with guaranteed income. It is a non-linked and non-participating plan that offers flexibility in premium payments, including single, limited, and regular payment options. This plan can be availed on both a single and joint life basis, providing coverage for individuals and couples. There are six variants available under the plan, each tailored to meet different financial needs and preferences.

Parameters

Details

Entry Age

Minimum Entry Age (For Lifelong Income Variant)- 51 Years and for other variants- 5 Years excluding wealth creation variant


The maximum age for all variants- is 65 Years while the Wealth Creation’s Joint Life Variant has 50 years


For other variants- Minimum Entry Age- (51 to 65 Years)

Premium Payment Term

5/6/7/8/10/12

Minimum & Maximum Premium P.a.

It differs from one variant to another. It starts from Rs. 5,000 and can go up to no limit, depending on the variant you choose.

Minimum Maturity Age

18 Years (Depending on the variant you choose)

Maximum Maturity Age

99 Years (Depending on the variant you choose)

Key Features & Benefits:

These are as follows:

  • Guaranteed Tax-Free Returns

One of the key features and benefits of the plan is that it enables the policyholders to enjoy guaranteed returns that are tax-free which may provide you with financial security and peace of mind.

  • Discount on Online Purchase

Another major highlight of the plan is that you will receive a discount when purchasing the plan online, which makes it convenient and cost-effective to secure your financial secure.

  • Income Benefit With Life Cover

A combination of regular income and life insurance coverage easily provides benefits that ensure financial stability for the policyholder’s loved ones in case of unforeseen events.

4. Bajaj Allianz Life- Flexi Income Goal-Income Benefit

Bajaj Allianz Life Flexi Income Goal is an investment plan designed to provide protection and flexibility to meet the evolving needs of your child. It offers the flexibility to receive policy benefits either as a lump sum or as a regular income after the premium paying term. This plan ensures liquidity and adaptability which enables you to manage financial requirements effectively as your child grows and their needs change. Furthermore, it combines the security of insurance with the convenience of tailored financial solutions which ensure you can support your child’s future with confidence.

Parameters

Details

Entry Age

Minimum Age at Entry

0 Years

18 Years (joint Life)

Maximum Age at Entry

55 Years

Maturity Age

Minimum Age at Maturity- 18 Years

Maximum Age at Maturity- 99 Years

Policy Term (PT)

Minimum

Premium payment Term + 12 Years

Maximum

99 minus age at Entry (subject to 60 years maximum)

Premium Payment Term

5 to 20 years

Annual Premium

Minimum- As per the minimum sum assured

Maximum- As per the maximum sum assured

Key Features and Benefits:

  • Guaranteed Monthly income (GMI)

One of the plan’s key features and benefits is that it ensures a guaranteed and regular cash flow throughout the policy term. Alternatively, these monthly income payments can be accumulated as cash value, which earns investment returns over time.

  • Joint Life Cover

Another major reason to buy the plan is that you will have the flexibility to extend coverage to your spouse by opting for a Joint life cover. The sum assured for your spouse can range from 50% to 100% of your sum assured, which provides comprehensive protection for your family.

  • Enhanced Coverage with Riders

One of the major highlights of the plan is that you can choose from five different rider options to enhance your coverage at a nominal additional cost. These riders offer additional benefits such as accidental death cover, disability cover, critical illness cover, and more.

5. Bajaj Allianz Life Guaranteed Savings Goal

Bajaj Allianz Life Guaranteed Savings Goal is a non-participating endowment plan that offers the simplicity of achieving your guaranteed life goals with a single premium payment. This plan ensures a secure future, which allows you to fully enjoy your present moments knowing that your financial goals are guaranteed. It provides peace of mind and simple financial planning which makes life easier and more manageable.

Parameters

Details

Minimum Entry Age

8 Years (Depending on the Policy term)

Maximum Entry Age

47 Years (Depending on the policy term)

Maturity Age

Minimum Maturity Age


18 Years


Maximum Maturity Age


Sum Assured- 70 Years


Enhanced Sum Assured- 57 Years

Policy Term

5, 7, & 10 Years

Premium Payment Term (PPT)

Single Pay

Premium Amount

Minimum Premium- Rs. 25,000


Maximum Premium- As per Board Approved Underwriting Policy

Key Features & Benefits:

These are as follows:

  • Guaranteed Maturity Benefit

When you choose the plan, the maturity amount is guaranteed from the outset, which may provide you with certainty to plan and achieve your life goals effectively.

  • Guaranteed Enhancer

One of the major highlights of the plan is that you can enhance your maturity benefit based on factors such as age, chosen sum assured, policy term, premium paid, and other factors.

  • Single Premium

With the plan, you will only need to make a single premium payment, which can simplify your financial commitment while guaranteeing that you will achieve your life goals without running into the hassles of recurring payments.

6. Bajaj Allianz Life Guaranteed Income Goal

Bajaj Allianz Life Guaranteed Income Goal is a non-linked, non-participating endowment plan that provides flexibility in receiving policy benefits either as a lump sum or in guaranteed installments which may help you achieve your life goals without any worry. This plan offers additional features like Extended Life Cover and the option for guaranteed increasing income, if chosen, which ensure comprehensive coverage and financial security. Furthermore, it is tailored to provide certainty in meeting your life goals which make it a reliable choice for planning your future.

Parameters

Details

Entry Age

Minimum Age- 06 years

Maximum Age- 60 years

Maturity Age

Minimum Maturity Age- 18 years

Maximum Maturity Age- 72 years

Termination Age

84 years

Sum Assured

Minimum Sum Assured- Rs. 1,00,000


Maximum Sum Assured- Based on Board-Approved Underwriting Policy

Premium Payment Frequency

Yearly, Half-yearly, Quarterly and Monthly

Key Features & Benefits:

These are as follows:

  • Guaranteed Increasing Income

One of the key features and benefits of the plan is that it provides you the option to receive guaranteed increasing income which ensures you will get a reliable source of financial support that grows over time.

  • Extended Life Coverage

Another major highlight of the plan is that it can easily extend your life cover beyond the policy term, which ensures continued and uninterrupted protection for your loved one.

  • Tax Benefits

One of the major highlights of the plan is that policyholders can easily avail of tax benefits on premiums paid under Section 80C of the Income Tax Act and on policy payouts under Section 10 (10D) which makes it a tax-efficient investment.

7. Bajaj Allianz Life POS Goal Suraksha

Bajaj Allianz Life POS Goal Suraksha is a simple and accessible savings plan that offers comprehensive protection without the need for medical exams. It is a non-linked and non-participating individual life plan with limited premium payments. This plan guarantees a sum at maturity which may provide security for you and your family against unforeseen circumstances. It is designed to be easy to purchase and offers peace of mind to ensure financial stability and protection for your loved ones.

Parameters

Details

Entry Age

Minimum Age is 0 Year

(On attaining the age of majority, i.e., 18 years, the policy will vest on life assured.

Maximum age is 55 Years.

Maturity Age

Minimum Age- 18 Years

Maximum Age- 65 Years

Sum Assured

Minimum Age- Rs. 30,000

Maximum Age- Rs. 25,00, 000

Premium Payment Frequency

Yearly, Half-yearly, Quarterly, and Monthly

Key Features & Benefits

These are as follows:

  • Guaranteed Maturity Benefit

One of the key features and benefits of the plan is that it ensures a guaranteed sum at maturity which may provide certainty in achieving your financial goals.

  • Guaranteed Additions

With the plan, you can benefit from guaranteed additions at maturity which can enhance the overall value of your investment over time.

  • Policy loan Option

One of the key highlights of the plan is that you can access the option to take a policy loan against your plan which may liquidity when needed without surrendering your policy.

Functioning of Bajaj Allianz Endowment Plan

Mr. Sunil Lochab, a 30-year-old working professional in an IT company in New Delhi, is planning for the future of his family. With a small family comprising his spouse and a 2-year-old daughter, he seeks an investment that provides assured income over the long term to meet future expenses such as the child’s education and support for his spouse. Mr Lochab decided to invest in Bajaj Allianz Life Assured Wealth Goal Platinum with an annual premium of Rs. 1 Lakh.

Mr. Sunil opts for a premium payment term of 10 years. Starting from the 2nd year, Sunil shall receive an annual income of Rs. 30,000 for the next 9 years (from years 2 to 10). Afterwards, the plan guarantees an increased annual income of Rs. 44,750 from the year 11 to 40. Additionally, at the end of the income period, he will receive an Enhanced Return of Premium amounting to Rs. 11,00,000. In total, as per the policy, Sunil expects to receive benefits amounting to Rs. 27,12,500 over the policy term.

Things to Consider Before Buying a Bajaj Allianz Endowment Plan

Here is a list of things to keep in mind before purchasing an endowment plan from Bajaj Allianz.

  • Try to Start Early

One of the biggest aspects to consider before you buy an endowment policy is that you should start as early as possible. Remember that the sooner you invest in an endowment plan, the more you can leverage the compounding effect to maximize your savings and benefits in the long run.

  • Choose Your Financial Goals

Before buying a Bajaj Allianz Endowment Plan, clarify your financial objectives. Whether you want to save for education, build an emergency fund, or purchase a home, ensure that the plan you select aligns with your long-term financial goals.

  • Add Riders

One of the biggest factors to consider while choosing an endowment plan by Bajaj Allianz is that they can enhance your base plan and provide maximum coverage. Some of the riders, like accident death and disability cover, critical illness cover, and more, provide additional protection tailored to your family’s specific needs.

  • Check Flexibility

Last but not least, you will need to evaluate the flexibility offered by the Bajaj Allianz endowment plan. Before committing, ensure you spare some time and look into options such as premium payment terms, payment modes, and policy terms to ensure they match your financial preferences and circumstances.

How To Buy Bajaj Allianz Endowment Plans?

If you are interested in buying Bajaj Allianz Endowment Plans, listed below are the steps to follow.

  • In the first step, you will need to visit the official website of Bajaj Allianz Life Insurance.
  • After that, on the top, you will see the “plans” section, click on it to go to the complete plan page.
  • Then, on the top, you will “Investment Plans”, ensure you hover over it and click on “Endowment Plans” from the list. Once you click on it, you can see all the endowment plans offered by Bajaj Allianz.
  • Scroll down until you find endowment plans. Let’s say you want to buy “Bajaj Allianz Life Assured Wealth Goal Platinum” or any other plan, click on “Buy Now” in the orange-coloured button.
  • After that, you will need to enter your full name, date of birth, mobile number, and email ID, and then click on the “Next” button.
  • In the next step, you will need to make the payment using your debit card/credit card/Netbanking/UPI. Once you make the payment, you will need to upload the documents like ID proof, Photographs, and more.
  • Congratulations, you have successfully purchased the Bajaj Allianz Endowment Plan.

Frequently Asked Questions

Listed below are the frequently asked questions related to the Bajaj Allianz Endowment Plan.

Bajaj Allianz Endowment Plans in India typically provide both savings and life coverage. They often include whole life cover, which can extend up to age 99 or 100. Remember that a part of the premium goes towards savings while the rest ensures life coverage.

Some Bajaj Allianz endowment plans may offer terminal bonuses in addition to guaranteed benefits when the policy matures. The specifics may vary based on the policy’s terms and conditions.

The policy tenure varies depending on the specific endowment plan chosen by the policyholder. It can range from as short as 5 years to whole life cover extending up to age 100.

Yes, endowment plans provide a death benefit payout if the insured passes away before the policy term ends.

If a policyholder stops paying premiums for their endowment plans, the policy may lapse. Depending on the policy terms, it may continue at a reduced paid-up value. This reduced value is paid out in case of premature demise or at maturity, which may affect the coverage benefits accordingly.

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