Investment Plans 166 views July 19, 2021

Bajaj Allianz Life Goal Assure Plan

Bajaj Allianz Life Goal Assure Plan is a unit-linked insurance plan that provides financial protection to the life assured during the policy term. The key advantages of this plan are as follows:

  1. Fund booster at maturity
  2. Choice of eight funds
  3. Loyalty additions
  4. Option to take death or maturity benefit in installments with Return Enhancer

Read this page below and know more about the Bajaj Allianz Life Goal Assure Plan benefits.

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Bajaj Allianz Life Goal Assure Plan Benefits

If you purchase this plan, you will get the following benefits:

Death Benefit

In case of death of the life assured during the policy term, the insurer shall pay the death benefit to the nominee. The death benefit payable to the claimant will be higher of the following:

  1. Prevailing Sum assured
  2. Regular Premium Fund Value + Top-up Sum Assured or Top-up Premium Fund Value (whichever is higher)

Note: A Guaranteed Death Benefit of 105% of all the Regular Premiums plus Top-up Premiums paid until the date of death of the Life Assured is available

Maturity Benefit

Upon survival till the end of the policy term, the insurer shall pay the Regular Premium Fund Value + Top-up Premium Fund Value as on the maturity date, provided the policy is in force.

Loyalty Additions

Loyalty additions shall be added to the Regular Premium Fund Value at the end of each policy year starting from the sixth policy year, provided the policy is in force and all due premiums are paid. Check out the table below to know the percentage of loyalty addition applicable to this policy.

Policy Term (In Years)Loyalty Addition as a % of the One prevailing Annual Premium
100.5
151
201.5

The loyalty additions are subject to the following conditions: 

  1. The loyalty additional will apply only to those policies where the annual premium is INR 5,00,000 or more as on the policy commencement date and the policy term is 10 years and above
  2. No loyalty additions will apply when having a policy term of five years
  3. No loyalty additions will apply to any top-up premium
  4. No loyalty additions will be available if the policy is terminated, discontinued or converted to paid-up

Fund Booster

A fund booster will be added to the Regular Premium Fund Value at the maturity date, provided the policy is in force and all due premiums are paid.

Policy Term (In Years)Fund Booster as a % of the One prevailing Annual Premium
1020
1540
2060

The fund boosters are subject to the following conditions: 

  1. The fund booster will apply only to those policies where the policy term is 10 years and above
  2. No fund booster will apply when having a policy term of five years
  3. No fund booster will apply to any top-up premium
  4. No fund booster will be available if the policy is terminated, discontinued or converted to paid-up

Settlement Option

You have the option to receive the maturity or death benefit in installments – yearly, half-yearly, quarterly or monthly – over a maximum of five years. If you choose this settlement option, the first installment shall be payable on the maturity date in case of maturity benefit. The policy money continues to be invested in the same funds as on the date of maturity, with the option of switching between funds. The risk cover will be available to you during the settlement period, and the death benefit will be higher of –

  1. 105% of Total Paid Premiums
  2. Outstanding Regular Premium Fund Value + Top-up Premium Fund Value (if any)

In case of death during the settlement period, the death benefit as on the date of intimation of death will be paid in a lump sum to the nominee and the policy will terminate.

If the nominee chooses the settlement option, the death benefit will be unitized into funds in the same proportion as it is on the date of intimation of death. The first installment will be paid on the date of death intimation.

Conditions Applicable to the Settlement Option

  1. The amount paid out in each installment will be hiked up by 0.5%. The hike-up is called the Return Enhancer.
  2. Policyholder/claimant shall bear the risk during the settlement period
  3. Rider covers are not available during the settlement period
  4. No partial withdrawals are allowed during the settlement periodic
  5. Fund switches are allowed during the settlement period and switching charges may apply to the same
  6. Fund management charge will be adjusted in the unit price and mortality charge shall be deducted through the redemption of units from the funds during the settlement period
  7. You can withdraw the fund value completely anytime during the settlement period by giving the insurer a written notice.

Bajaj Allianz Life Goal Assure Plan Fund Options

You’ll get the following fund options under this plan:

  1. Equity Growth Fund II
  2. Accelerator Mid-Cap Fund II
  3. Pure Stock Fund II
  4. Pure Stock Fund
  5. Asset Allocation Fund II
  6. Bluechip Equity Fund
  7. Bond Fund

Bajaj Allianz Life Goal Assure Plan Eligibility Criteria

To purchase this policy, you need to meet the following age criteria:

  1. Minimum Entry Age – 0 years For minor life, the risk cover will commence on the date of commencement of the policy, which will vest upon attaining the age of 18 years.
  2. Maximum Entry Age – 60 years
  3. Maximum Age Allowed Till Maturity – 75 years

Bajaj Allianz Life Goal Assure Plan Policy Term & Premium Payment Options

The policy and premium payment term options for Bajaj Allianz Life Goal Assure Plan are as follows:

Policy Term (In Years)Premium Payment (In Years)
55
105, 7 and 10
1510 and 15
2015 and 20

The minimum premium amount under Bajaj Allianz Life Goal Assure Plan is as follows:

  1. Yearly – INR 36,000
  2. Half-yearly – INR 18,000
  3. Quarterly – INR 9,000
  4. Monthly – INR 3,000
  5. Top-up – INR 5,000

Note: Quarterly and monthly premium payment modes are available under the auto-debit option as approved by the RBI.

Suicide Clause

In case of death of the life assured due to suicide within 12 months from the date of commencement or revival of the policy, the insurer shall pay the fund value to the nominee, as available on the date of intimation of death. The insurer shall recover charges other than fund management and guarantee charges after the date of death.

Free Look Period

A free look period of 15 days applies to this policy to review the terms and conditions. The free look period starts from the date of receipt of the policy document. In case you disagree with any of the terms and conditions, you can return the policy stating the reasons for it. On such cancellation, you’ll receive a refund of premium allocation charge and charges levied by cancellation of units plus fund value after a deduction of proportionate risk premium for the period on cover, medical examination expenses and stamp duty charges.

Note: The free look period is 30 days in case the policy is purchased through distance marketing mode.

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