Investment Plans 807 views December 10, 2020

Bajaj Allianz Life POS Goal Suraksha can be the right choice for individuals who want to convert their dream into reality. With the guaranteed sum at the maturity of this investment plan, you can fulfill any of your dreams. You can enjoy features like Guaranteed additions at maturity, the limited premium payment term, and options to change the premium payment frequency, along with protection of your family in the case of an unfortunate event like death. You can choose the policy term and premium payment term from the available options.

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So, what are its other features and benefits that you can get with the Bajaj Allianz Life POS Goal Suraksha Plan? Here, we will discuss the same along with its eligibility criteria. Read on to know the same!

Key Advantages of Bajaj Allianz Life POS Goal Suraksha Plan

Bajaj Allianz Life POS Goal Suraksha plan is a non-linked, life, individual, participating, POS Endowment savings plan that comes with a list of advantages that you can see below.

  1. With this investment plan from Bajaj Allianz Life, you will be receiving maturity benefits at the end of the policy term. With this maturity amount, you can fulfill your goals easily.
  2. Other than the maturity benefits, policyholders will also receive guaranteed additions at maturity.
  3. Bajaj Allianz Life POS Goal Suraksha Plan allows policyholders to choose the limited premium payment term option. If you are unable to pay the premium in one single installment, you can choose from several options – Monthly, Quarterly, Half-yearly and Yearly.
  4. With the Bajaj Allianz Life POS Goal Suraksha Plan, you can also opt for a loan amount against your policy. For this, your policy must have acquired the surrender value. The loan amount can be up to 75% of the Surrender Value of your policy. The interest rate on your loan is 9% per annum and gets compounded half-yearly.
  5. Do you know that you can also enjoy tax benefits on the premium paid, maturity benefit, death benefit, and surrender benefit? Yes, you can get tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  6. Bajaj Allianz also provides a free look period of 15 days to review the terms and conditions of your policy. If you are not satisfied with this, you can return the policy. For policies obtained through electronic policy and distance mode, this period will be 30 days.

Bajaj Allianz Life POS Goal Suraksha Plan Benefits

Bajaj Allianz Life POS Goal Suraksha provides the following benefits to the policyholders.

Death Benefit

In case the policyholder meets with an accident and dies during the waiting period or in the case of death of the policyholder after the waiting period due to any cause, the company will provide a death benefit to the nominee or beneficiary. This benefit is also known as the Sum Assured on Death and can be the highest of the following-

  1. 10 times the Annualized Premium Amount
  2. 105% of the Total Premiums paid towards the policy up to the date of death
  3. Sum Assured Amount

However, in the case of the policyholder’s demise during the waiting period other than an accident, the death benefit would be 100% of all the premiums paid up to the date of death. Please note that the policy will be considered ‘Terminated’ after the payment of the death benefit. To get these benefits, your policy should be in force, and you must have paid all the due premiums.

Maturity Benefits

If the policyholder survives till the maturity of the policy, this investment plan will provide maturity benefits to the concerned. This amount will be a guaranteed sum assured on maturity plus accumulated guaranteed additions. Your policy will terminate after getting the maturity benefit.

Guaranteed Additions

Apart from the Death and Maturity benefit, individuals will also receive guaranteed additions at the maturity of their policy. These additions will be a multiple of your one annualized premium and depend on the entry age, policy term and premium payment term.

Bajaj Allianz Life POS Goal Suraksha Plan Eligibility Criteria

To choose the Bajaj Allianz Life POS Goal Suraksha plan, you will need to meet the following conditions. Please have a look!

  1. The minimum entry age for this policy can be as low as 18 years. However, any individual who is above 55 years of age at the time of entry cannot get this insurance plan from Bajaj Allianz.
  2. Coming to the age of maturity, the minimum age stands at 28 years, while this can go up to 65 years of age. It means an individual cannot be more than 65 years of age at maturity.
  3. Individuals can choose the policy term from 10 and 12 years. The premium payment term depends on the chosen policy term. For the 10-year Policy term, the premium payment term is 7 years, and for the 7-year Policy term, the options are 5, 7, 10 and 12 years.
  4. The minimum premium amount can be as low as INR 450 if you are choosing monthly mode. For Yearly, Half-yearly and Quarterly modes, the minimum premium amount will be INR 3,000, INR 2,100 and INR 1,250, respectively. There is no maximum premium amount for your insurance plan.
  5. The minimum sum assured can be INR 30,000 for this investment plan from Bajaj Allianz, while it can go up to INR 10,00,000.

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