Term Insurance 934 views November 9, 2020

There are many individuals who are worried about their family if they are not with them in the future. So, in order to avoid the financial instability of the family, most individuals prefer a term insurance plan. In a term insurance plan, the company pays the Sum Assured to the family members after the death of the insured so that they can fulfil their dreams. Therefore you can take a look at the Bajaj Allianz Life Smart Protect Goal Increasing Life Cover Plan. In this plan, your Sum Assured will increase every year and you can enjoy add-on benefits as well in this plan. But first, you must explore the key features of this term plan.

Term Insurance

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Key Features of Bajaj Allianz Increasing Life Cover Plan

  1. The insured is free to choose the Sum Assured at the time of inception of the policy.
  2. You can add the Waiver of Premium Benefit in this Plan.
  3. The premium of this policy is nominal and anyone can afford it.
  4. You can take this term plan at the age of just 18 years.
  5. There is no maximum limit for the Sum Assured as per the board approves the underwriting guidelines.
  6. Enjoy tax benefits as per the tax laws under Section 80D.

Benefits of Smart Protect Goal Increasing Life Cover Policy

Now, you must go through the exclusive benefits of this term plan. You must see how this plan will be useful for your family if you are not with them. It will help your family to maintain financial stability in your absence.

Death Benefits

In case of unfortunate death of the insured the nominee is entitled to receive the Sum of Money that was decided at the time of inception of the policy. On the other hand, the nominee will also receive the additions that were made in the Sum Assured up to the time of death of the insured. Your family can have a colorful life with the help of those funds in the future.

Waiver of Premium Benefits

This is an add-on benefit of this policy. The company allows you to add the waiver of premium benefits to this plan. As per this benefit, all your premiums will be waived off if you are diagnosed with a critical illness. This benefit will be applicable to all stages of critical illnesses.

Increase in Life Cover

The life cover of the insured will increase after every policy year. The maximum cover increased will be a maximum of up to 200%. You will have to decide the percentage that has to be increased every year at the time of inception of the Bajaj Allianz Life Insurance Smart Protect Goal Increasing Life Cover Plan. You can choose the percentage of 5%, 8%, and 10% of the Sum Assured that will be added after every policy year to the main sum assured.

Affordable Premium

This policy is available at an affordable premium. You will just have to invest a small portion of your income to this plan and it will give wide life coverage. So, with just a small investment you can enjoy a wide sum of money as the life cover.

Wider Range of Sum Assured

The minimum Sum Assured for this policy is Rs.50 Lacs and it is enough for your family to meet up their financial needs when you are not with them. On the other hand, there is no maximum limit for choosing the Sum Assured and it will be decided as per the board’s guidelines.

Grace Period

You will get a grace period of 15 days if you have chosen a monthly mode for paying the premium and have not paid the premium on the due date. The grace period will increase to 30 days if you have chosen yearly, quarterly, and half-yearly mode for paying the amount of premium.

Free-Look Period

The company will give you a free-look period of 30 days during which you can return the policy if you don’t find it helpful. 30 days of the free-look period is given if you have bought the plan online and you will get a free-look period of 15 days if you have bought the plan directly from the company.

Eligibility Criteria of Bajaj Allianz Life Smart Protect Goal Increasing Life Cover Plan

Minimum Age of Entry18 Years
Maximum Age of Entry65 Years
Maximum Age of Maturity85 Years
Minimum Sum AssuredRs.50 Lacs
Maximum Sum AssuredAs Per Board Approves Underwriting Guidelines
Premium Paying Term5 Years, 10 Years, 15 Years, 20 Years, 25 Years, and 30 Years
Premium Paying ModesRegular Pay, Limited Pay, and Single Pay
Premium Paying FrequencyMonthly, Yearly, Quarterly, Half-Yearly, and Single Pay
Tax DeductionsAllowed under Section 80D

Documents Required for this Term Plan

  1. ID Proof of the Applicant
  2. Age Proof the Applicant
  3. Address Proof of the Applicant
  4. Income Proof the Applicant
  5. Recent Passport Size Photographs of the Applicant

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