Insurance Plans 572 views March 3, 2020

Bajaj Allianz Smart Protect Gold

Bajaj Allianz Smart Protect gold is a pure term insurance plan that provides the policyholder financial protection under any unforeseen circumstances in life. It has 4 variants designed in line with the evolving needs of the life assured. This plan provides the policyholder with the dual benefits of life cover with joint life.

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Variants of the Bajaj Allianz Smart Protect Gold

The 4 variants of the Bajaj Allianz Smart Protect plan are as follow

  1. Life cover
  2. Child Education extra cover variant
  3. Life cover with joint-life variant
  4. Increasing life cover variant.

Advantages of the 4 variants of Bajaj Allianz Smart Protect Gold

The key advantages of the 4 variants of Bajaj Allianz Smart Protect Plan are as follows

  1. Comprehensive cover- It is perhaps the first of it’s kind in India, that a policy plan with 4 comprehensive variants has been introduced. The Bajaj Allianz Smart Protect gold provides the policyholder with multiple add-on options to meet their unique needs.
  2. Return of premium- The policyholder gets a return on the total premiums paid at the time of maturity.
  3. Whole life cover- Under the life cover variant, the policyholder can avail life cover till the age of 99 however return of premium isn’t available under this option.
  4. A multitude of add-ons: The life assured can add a multitude of add-ons like critical illness cover, accidental death benefit, accidental total permanent disability benefit and waiver of premium benefit to make this policy more comprehensive. This policy also provides protection against 55 critical illnesses.
  5. Additional cover for a child’s education: In case of death of the life assured, the child education extra cover variant provides extra protection of 10-100% to secure his/her child’s education.
  6. Additional cover for spouse: Under the life cover with the joint-life variant, the Bajaj Allianz Smart Protect gold allows the life assured to add his/her spouse in the policy.
  7. Increase of life cover: If the policyholder chooses the Increasing life cover variant, the life cover increases at every policy anniversary and the maximum sum assured can go up to 200% of the basic sum assured.

Eligibility conditions for the Bajaj Allianz Smart Protect Gold

The eligibility conditions for the Bajaj Allianz Smart Protect plan are as follows

  1. Entry age- The entry age is minimum. If the policyholder opts for Child Education extra cover variant and increasing life cover variant, the minimum entry age is 18 years and the maximum is 65 years. The Nominee’s Age for Child Education extra cover variant is 85 years.
  2. Maturity age- The maturity age with ROP is 75 years and without ROP is 85 years. If the insurer chooses the life cover variant, the maturity age increase s to 99 years. In the case of the Child Education extra cover variant, the maximum age at maturity is 80 years. For Life cover with a joint-life variant and increasing life cover variant, the maximum age is 85 years.
  3. Sum assured- The minimum sum assured is Rs 50,00,000. The minimum sum assured under Accidental death benefit/ accidental total permanent disability benefit is Rs 5,00,000 and the maximum is Rs 2,00,00,000. The minimum sum assured for critical illness cover is Rs 5,00,000 and the maximum is Rs 1,00,00,000
  4. Eligibility of add on covers- Minimum age at entry is 18 years and the maximum is 65 years.

Benefits of the Bajaj Allianz Smart Protect Plan

Following are the benefits of the Bajaj Allianz Smart Protect gold

  1. Maturity benefit: If the policyholder makes no claim for the variant and/or add-on covers, he/she gets a return on the total premiums paid at the time of maturity.
  2. Death benefit: In case of death of the life assured, the sum assured on death is payable. In case the policyholder has opted for child Education extra cover variant, an additional cover is provided to meet his/her’s child’s educational expenses. (The child Education extra cover ceases when the child turns 25). If the life assured has opted for a joint-life variant, the sum assured on death will be payable in both the cases i.e. the death of the first life assured and second life assured. The sum assured on death automatically increases on every policy anniversary if the policyholder has opted for the increasing life cover benefit. The maximum sum assured can increase up to 200% of the basic sum assured.

Conclusion

The Bajaj Allianz Smart Protect gold is a comprehensive plan with a plethora of benefits from life cover to child education protection and a joint-life option. Apart from covering 55 critical illnesses, this plan also provides options for increasing life cover.

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