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Investment Plans 745 views July 16, 2021
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:
Read this page further and know about the Bajaj Allianz Life LongLife Goal Plan benefits in detail.
Table of Contents
You can buy this plan by choosing any of the following variants at inception:
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.
In case the life assured dies during the policy term, the insurer shall pay a higher of –
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.
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 –
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.
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 Year||Loyalty Addition|
|From the end of the 5th year till the end of the 9th year||2%|
|From the end of the 10th year till the end of the14th year||4%|
|From the end of the 15th year till the end of the 19th year||6%|
|From the end of the 20th year till the end of the 25th year||7%|
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.
Under Bajaj Allianz Life LongLife Goal Plan, you’ll get the following fund options
You can invest in your chosen fund by opting for any of the investment strategies
To purchase this policy, you need to meet the following age criteria:
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:
Note: Quarterly and monthly premium payment frequency are available under auto-debit options as approved by the RBI.
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.
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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