Bajaj Allianz Life Smart Protection Goal Plan VS SBI Life eShield Next Plan

Bajaj Allianz Life Smart Protection Goal VS SBI Life eShield Next Plan

While strengthening physical immunity, one needs to build his/her financial immunity to prepare for life’s uncertainties. To meet ends, SBI Life Insurance Company has come up with SBI Life – eShield Next, a new age protection plan that enables it to take care of the current requirements and changing responsibilities. On the other hand, to boost a family’s financial immunity in an ever-changing world, Bajaj Allianz Life Insurance Company has presented Bajaj Allianz Life Smart Protection Goal Plan, which is an all-encompassing, complete-term plan. Both plans are pocket-friendly and can be customized as per the requirements of the customers. Let’s find out more about them. 

Brief Detail About Bajaj Allianz Life Smart Protection Goal Plan

Bajaj Allianz Life Smart Protection Goal is an individual, life, non-linked, non-participating, limited/regular premium payment, savings (ROP), and pure risk term cover plan, providing protection. It offers the option to choose Return of Premium (ROP) as a Maturity Benefit. One will also have the choice to choose Whole of Life cover up to age 99 years. With this plan, one will get covered for listed Critical Illnesses available and can have availed of the flexibility to opt for Limited or Regular Premium. This plan has also come up with a number of discounts such as a One-time Discount – Salary Rebate, One-time Discount – Vaccination Discount, High Sum Assured Rebate (HSAR), Female Life Rebate, etc.

What is SBI Life eShield Next Plan?

eShield term insurance plan offered by SBI provides an option to customize the plan to meet the requirements through the Death Benefit Payment Mode and Better Half Benefit Option. It offers life cover up to 100 years (Whole life) or 85 years (other than Whole Life). Additionally, this plan, Terminal Illness Benefit, is available under all Plan options. This plan also offers flexibility to Pay premiums – either only once or for a limited period or the entire policy term. One can also enhance the strength of the policy by availing of the rider options.

What is Bajaj Allianz Life Smart Protect Goal Plan?

The Bajaj Allianz Life Smart Protection Goal is a comprehensive term plan that is cost-effective while still offering you comprehensive life protection. It not only gives you the choice to receive a full premium refund at maturity but also guards against financial loss due to some serious illnesses. This strategy is intended to provide a tailored response to meet your particular requirements. Bajaj Allianz Life Smart Protection Goal is an all-inclusive term plan with modern features that keep up with your changing needs.

A comparative study between Bajaj Allianz Life Smart Protection Goal Plan and SBI Life eShield Next Plan

The following table gives a comparative study between the two policies for better understanding. Have a look.

ParametersBajaj Allianz Life Smart Protection Goal PlanSBI Life eShield Next Plan
Age at Entry

Minimum- 18 years

ROP: Pay-till-60 Option – 25 years

Maximum – 65 years

ROP: Pay-till-60 Option – 55 years

For Critical Illness Benefit – 65 years

Minimum:

For Whole Life – 45 years

For other than Whole Life – 18 years

Maximum:

65, 60, and 55 years depending on the plan option chosen

Plan Options

Option to choose:

  • Return of Premium (ROP) as Maturity Benefit
  • The whole of Life covers up to age 99 years
  • Option to get covered for listed Critical Illnesses available
  • Level Cover
  • Increasing Cover
  • Level Cover with Future Proofing Benefit
Maximum Age at Maturity

For Life Cover:

With ROP and without ROP – 85 years

Whole Life – 99 years

For critical illness benefit option:

With ROP – 75 years

Without ROP – 80 years

Whole Life – 80 years

Single premium – 85 years

Regular premium – 85 years

LPPT:

Whole Life – 100 years

Other than Whole Life – 85 years

Basic Sum Assured

Life cover:

Minimum – Rs. 50 lakhs

Maximum – As per Board Approved

Underwriting Guidelines

Critical illness benefit:

Minimum – Rs. 5 lakhs

Maximum – Rs. 1 crore

Minimum:

Through online (company’s website) and web aggregator channel – Rs. 50 lakhs

For other distribution channels – Rs. 75 lakhs

Maximum:

For non-smoker lives – No limit

For smoker lives – Rs. 99 lakhs

Surrender Benefit

Surrender value is available, subject to below conditions –

  • For Regular premium with ROP, if at least two full years’ premiums under a policy are paid
  • For Limited premium –
  1. with ROP only if at least two full years’ premiums under a policy are paid
  2. without ROP option only after the premium payment term

For regular premium – No surrender benefit

For single premium – The surrender value payable is 70% of single premium.

For limited premium payment – The policy acquires surrender value only if the first 2 full consecutive years’ premium have been paid. The surrender value payable is – Surrender value factor x Total premiums paid.

Death Benefit

This benefit is payable on the death of the Life Assured during the policy term. The nominee/legal heir will receive the Sum Assured (as chosen by you at inception). The policy will terminate on payment of the Death

Benefit.

In case of death of Life assured during the policy term, the company will pay the “Sum Assured on Death,” which is:

For Regular and Limited Premium Policies: Higher of the following:

  • 10 times the Annualised premium, or
  • Absolute amount Assured to be paid on death, or
  • 105% of the total premiums received up to the date of death

For Single Premium Policies: Higher of the following:

  • 1.25 times of Single premium, or
  • Absolute amount Assured to be paid on death.

Which One is Better: Bajaj Allianz Life OR SBI Life?

Bajaj Allianz Life Smart Protection Goal Plan and SBI Life eShield Next Plan both the plans have a variety of benefits that help the customers to pick the right one as per their needs. While SBI Life eShield Next Plan has a terminal illness benefit, the other hand, Bajaj Allianz Life Smart Protection Goal Plan has the option to choose the critical illness benefit. While the SBI plan has 3 variants, the Bajaj plan has different options to choose from. Both plans have come up with some unique features that have made them popular among customers. Therefore, it will be an injustice to choose any particular one as better because their fruitfulness depends on the customers and their needs.

Article Published by

Related Posts

zero cost term insurance
Probus Insurance

Zero-Cost Term Insurance

Would you be interested in an insurance plan where the coverage is not tied to monthly payments but allows you to make smart investments?

Read More »