Investment Plans 152 views July 16, 2021

Bajaj Allianz Life Goal Based Savings Plan

Bajaj Allianz Life Goal Based Savings Plan is unit-linked, non-participating life insurance that helps you build a corpus for your future financial needs. The key benefits of the Bajaj Allianz Life Goal Based Savings Plan are as follows:

  1. Death Benefit
  2. Settlement Option with Return Enhancer
  3. Eight fund options

Read this page further and know about the Bajaj Allianz Life Goal Based Savings Plan benefits in detail.

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Bajaj Allianz Life Goal Based Savings Plan Benefits

The insurer shall provide you the following benefits under this policy

Maturity Benefit

Upon survival till the end of the policy term, the maturity benefit is payable to you, provided the policy is in force. The maturity benefit is equal to regular/single premium fund value plus top-up premium fund value as on the maturity date.

You can exercise the ‘Settlement Option with Return Enhancer’ by which you can receive your maturity benefit in installments for up to five years. Your money will continue to be invested in the same fund and in the same proportion as on the maturity date. This way, you can receive your maturity benefit yearly, half-yearly, quarterly or monthly as chosen by you. However, you can switch funds during the installment period. The first installment is payable to you on the maturity date.

Maturity Benefit Installment = [Fund Value / Number. of Outstanding Installment] x 1.005

There would be an increase in the installment payment by 0.5%. The hike-up is called the Return Enhancer. You can withdraw the fund value completely anytime during the settlement period. In case of death of the life assured during this period, the death benefit will be payable to the nominee and the policy will terminate.

Note: The investment risk during the settlement period will be borne by you and no partial withdrawals are allowed during this period.

Death Benefit

In case of death of the life assured during the policy term, the insurer shall pay the death benefit to the nominee.

For Regular/Limited Premium Payment Term: 

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

For Single Premium: The death benefit is higher of –

  1. Higher of  Prevailing Sum Assured or Single Premium Fund Value
  2. Higher of Top-up Sum Assured or Top-up Premium Fund Value (whichever is higher)

The death benefit shall be reduced to the extent of the partial withdrawals made during the two years before the date of death. The policy will terminate on the date of intimation of death of the life assured.

The nominee can receive the death benefit in installments for up to five years if ‘Settlement Option with Return Enhancer’ is chosen. The first installment is paid on the date of intimation of death. The number of outstanding installments is increased by 0.5%. This hike-up is called the Return Enhancer.

Note: The investment risk during the settlement period will be borne by the nominee. The nominee will have an option to withdraw the fund value completely anytime during the settlement period.

Bajaj Allianz Life Goal Based Savings Plan Funds Options

Under Bajaj Allianz Life Goal Based Savings Plan, you’ll get the following fund options

  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
  8. Liquid Fund

Bajaj Allianz Life Goal Based Savings Plan Eligibility Criteria

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

  1. Minimum Entry Age – 0 years for regular and limited pay and 3 years for single pay
  2. Maximum Entry Age – 60 years
  3. Minimum Age Allowed Till Maturity – 18 years
  4. Maximum Age Allowed Till Maturity – 75 years for regular and limited pay and 65 years for single pay

Bajaj Allianz Life Goal Based Savings Plan Policy Term & Premium Payment Options

The policy and premium payment term options for regular and limited pay are as follows:

Policy Term (In Years)Premium Payment (In Years)
55
105 and 10
155, 7 and 10
2015

The minimum premium amount for regular and limited pay is as follows:

  1. Yearly – INR 1 Lakh
  2. Half-yearly – INR 50,000
  3. Quarterly – INR 25,000
  4. Monthly – INR 8,334
  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.

Minimum and maximum policy term for single pay:

  1. For life assured aged between 3 and 40 years – 5 to 15 years
  2. For life assured aged between 41 and 44 years – 5 to 10 years
  3. For life assured aged between 45 and 60 years – 5 years

Suicide Clause

In case of death due to suicide within 12 months from the date of commencement of the policy or latest revival, the insurer shall pay the fund value to the nominee, as available on the date of intimation of death. Any charges other than fund management charge or guarantee charge shall be recovered after the date of death.

Free Look Period

A free look period of 15 days starts from the date of receipt of this policy and 30 days in case of an electronic policy and the policy obtained through distance marketing mode. 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.

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