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Investment Plans 461 views December 9, 2020
Do you have the right investment plan to secure your as well as your family’s future? If not, we will recommend you Bajaj Allianz Life Guaranteed Income Goal Plan, which is a non-linked, non-participating, life, individual, savings, regular and limited premium payment endowment plan. With this insurance plan, you can get either a lump sum or income benefit as per your choice. Under this life plan, Bajaj Allianz Life Insurance Company Limited provides you an option to extend your Life Cover beyond the policy term. There are multiple terms and premium payment options for you. Read this page and know further details of this plan.
Table of Contents
A Guaranteed Maturity Benefit is payable to you at the end of the policy term as per your chosen option (lump sum or monthly).
Under this, the payable lump sum will be enhanced at a certain percentage of your Sum Assured. It is known as the Guaranteed Enhancer (GE) which is applicable as follows:
|Policy Term (PT)||Premium Payment Term (PPT)||Guaranteed Enhancer (GE)|
For this option, the maturity benefit is payable in yearly, half-yearly, quarterly, or monthly installments. It is known as Guaranteed Maturity Installments (GMI) and will be payable to you at the end of the GMI year which will be equal to your Premium Payment Term (PPT). Every subsequent installment after the first installment is increased by 5%. Check out the pointers below and know when your GMI will start as per the opted payment mode from the maturity date.
Once the GMI starts, it will continue to be paid to the Life Assured or the nominee (in case the Life Assured dies during the GMI period). And, the GMI percentage is applied to the paid-up sum assured for a paid-up plan.
Note – The sum of all Guaranteed Maturity Installments and the Guaranteed Maturity Benefit is subject to a minimum of 100% of the Total Paid Premium.
When you die in an unfortunate event, the company will pay a Sum Assured on Death to your Nominee/Beneficiary as per your chosen option.
A Sum Assured on Death will be payable and the policy will terminate on the payment of such benefits.
A Death Benefit becomes payable during the policy term as on the date of death. And this Death Benefit payout will be as follows –
It is an amount payable to the claimant when the Life Assured dies. And the Sum Assured on Death will be the highest of the following:
At the policy inception, the Life Assured has an option to choose the Extended Life Cover (ELC). Under this, the risk cover will be extended and you will have the protection amount equal to the Sum Assured on Death. The ELC period starts from the Maturity Date and continues for a period equal to the PPT. And once the ELC is chosen, it cannot be removed.
If Bajaj Allianz Life Guaranteed Income Goal Plan acquires a surrender value, you can surrender it anytime during the Policy Term both in lump sum and income benefit. This benefit is available to the Life Assured if at least 2 years of premiums have been paid in full. Your surrender benefit for this investment plan will be higher than the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).
The SSV is equal to SSV1 plus SSV2. And the SSV1 is equal to the paid-up sum assured on death multiplied by the SSV1 factor. The amount of SSV2 is equal to the Sum of All Outstanding Paid-up GMIs multiplied by the SSV2 factor (Income Benefit). SSV2 amount for a lump-sum benefit is calculated by multiplying the paid-up sum assured with Guaranteed Enhancer and SSV2 factor.
Under this, the amount of SSV2 will be payable as a surrender benefit
If the surrender is made during the GMI period for a paid-up policy, the sum of all outstanding paid-up GMIs will be payable as a surrender benefit. For surrender during the GMI period where all premiums have been paid, the present value of all outstanding GMIs will be payable as a surrender benefit.
Note- SSV1, SSV2 and present value factors are not guaranteed, and the company has the right to change these factors from time to time, subject to prior approval from the IRDAI.
If the Life Assured dies due to suicide within 12 months from the date of risk commencement or revival, whichever is later, the nominee receives an amount higher of the 80% of the total paid premiums or the surrender benefit, provided the policy is in force and all due have been paid till the date of death.
To enjoy extra coverage under Bajaj Allianz Life Guaranteed Income Goal Plan, you can choose from the optional additional riders at an extra cost.
Note – If you have purchased this policy through a POS channel, the above-mentioned riders won’t apply.
You can return the policy within 15 days of the policy document receipt stating the reasons for rejection, and 30 days if the policy is obtained through distance mode. If no claim has been made in the policy, you will be entitled to a refund of the paid premium(s) minus the proportionate risk premium and rider premium (if any), medical expenses, and stamp duty charges.
The premium payment, Survival Benefit, Maturity Benefit, Surrender Benefit, and Death Benefit of this investment plan help you get tax benefits. These benefits are as per the prevailing Income Tax laws.
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