Investment Plans 153 views July 16, 2021

Bajaj Allianz Life LongLife Goal Plan

Bajaj Allianz Life LongLife Goal Plan is a unit-linked non-participating whole life insurance that provides lifelong savings with regular income. The key benefits of Bajaj Allianz Life LongLife Goal Plan are as follows:

  1. Retired Life Income Benefit
  2. Choice of two plan variants
  3. Choice of four investment portfolio strategies
  4. Eight fund options
  5. Loyalty Additions

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

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Bajaj Allianz Life LongLife Goal Plan Benefits

You can buy this plan by choosing any of the following variants at inception:

  1. LongLife Goal without Waiver
  2. LongLife Goal with Waiver of Premium

Maturity Benefit

Upon survival till the end of the policy term, you’ll receive the fund value as on the maturity date, provided the policy is in force.

Death Benefit

In case the life assured dies during the policy term, the insurer shall pay a higher of –

  1. Prevailing Sum Assured
  2. Fund Value

to the nominee, provided the policy is in force and all due premiums are paid as on the date of death.

The death benefit is subject to a guaranteed portion of 105% of the total paid premiums. Death benefit shall be reduced to the extent of the partial withdrawals including Retired Life Income if made during the two years before the date of death of the life assured. Under LongLife Goal with Waiver of Premium, if the waiver of premium is active upon the death of the life assured, the present value of future waiver of premium installments will be discounted at 4% per annum.

Note: All benefits under this policy will terminate on the date of receipt of intimation of death of the Life Assured.

Retired Life Income Benefit

You can choose the retired life income payout at inception or anytime during the policy term. The insurer shall pay the retired life income at any policy anniversary on either attaining the age of 55 years or after the 10th policy year, whichever is later. Retired life income is payable as a percentage of your Fund Value ranging from 0-12% per annum, as chosen by you. The retired life income is payable yearly, half-yearly, quarterly or monthly. Conditions applicable to the retired life income are –

  1. The retired life income payout is made through systematic partial withdrawal
  2. The percentage of retired life income can be changed anytime during the policy term, even after the first installment
  3. The retired life income is payable over the remaining policy term or till you terminate this option, subject to the availability of fund
  4. The fund value after the payment of retired life income should not drop below 105% of the total paid premiums. In case the fund value is less than 105% of the total paid premiums and the retired life income is not sufficient to meet the percentage chosen by you, you will get an amount lower than the chosen percentage chosen.
  5. Retired life income installment is paid by redeeming the units from the funds
  6. All charges, including mortality charges, shall be deducted during the retired life income period
  7. You can exit from the retired life income option anytime, even after the start of the payment. Once you exit, you can opt for this option again anytime during the policy term
  8. Each retired life income installment will increase by 0.5% over and above the percentage chosen by you.
  9. Partial withdrawals and surrender benefits are allowed during the retired life income period
  10. In case the policy is converted to a paid-up status, you will still be entitled to a retired life income benefit

Waiver of Premium Benefit

If you opt for LongLife Goal with Waiver of Premium, premiums will be waived upon accidental permanent total disability or death during the premium payment term. However, the policy will continue with all the benefits.

Loyalty Additions

The insurer shall allocate loyalty additions to the fund value as a percentage of one annualized premium at the end of each policy year starting from the end of the fifth policy year, provided all due premiums are paid. Check out the table below to see how loyalty additions shall be added to each fund.

Policy YearLoyalty Addition
From the end of the 5th year till the end of the 9th year2%
From the end of the 10th year till the end of the14th year4%
From the end of the 15th year till the end of the 19th year6%
From the end of the 20th year till the end of the 25th year7%

Loyalty Additions are not payable in case of surrendered, discontinued or paid-up policy. If the premiums are unpaid and the policy is revived, the due loyalty additions will be added to the fund as on the date of revival.

Bajaj Allianz Life LongLife Goal Plan Investment and Funds Options

Under Bajaj Allianz Life LongLife Goal 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

You can invest in your chosen fund by opting for any of the investment strategies 

  1. Investor Selectable Portfolio Strategy
  2. Wheel of Life Portfolio Strategy II
  3. Trigger Based Portfolio Strategy
  4. Auto Transfer Portfolio Strategy

Bajaj Allianz Life LongLife Goal Plan Eligibility Criteria

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

  1. Minimum Entry Age – 0 years for the life assured and 18 years for the policyholder
  2. Maximum Entry Age – 65 years for the life assured policyholder with LongLife Goal with Waiver Of Premium Plan and no limit for a policyholder with LongLife Goal without Waiver Of Premium Plan
  3. Minimum & Maximum Age at Maturity Allowed – 99 years

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

Bajaj Allianz Life LongLife Goal Plan policy term is 99 minus the age at entry of the life assured. You can pay a premium yearly, half-yearly, quarterly or monthly by choosing a premium payment term from 10 to 25 years. The minimum premium amount is as follows:

  1. Yearly – INR 25,000
  2. Half-yearly – INR 12,500
  3. Quarterly – INR 6,250
  4. Monthly – 2,500

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

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 subsequent to the date of death.

Free Look Period

You will have a free look period of 15 days from the date of receipt of  an offline policy. In the case of an electronic policy or if the policy is obtained through distance marketing mode, the free look period remains 30 days. If you are dissatisfied with any of the terms and conditions, you can return the policy stating the reasons for the same. 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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