Bajaj Allianz Life Smart Protect Goal Life Cover with Joint Life Plan

A term plan plays a vital role in order to meet the financial needs after the death of the insured. The company gives the lump sum amount to the nominee after the death of the life insured. But there are many individuals who want to cover their partners in the same plan so that both of them can enjoy the benefits of the plan. Therefore one such plan is Bajaj Allianz Life Smart Protect Goal Life Cover with Joint Life Plan in which you can cover your spouse under the same plan. This plan will cover the life of both the insured and if one insured dies then all the future premiums will be waived off. You can explore the key features of this plan.

Key Features of Life Cover with joint Life Plan

1. The company gives you the freedom to choose the Sum Assured at the time of inception of the policy.
2. You can add the Waiver of Premium Benefit to this Policy.
3. This policy offers you an affordable rate of premium.
4. 18 Years is the minimum age of entry in this plan.
5. You are allowed to cover your spouse under the same plan.
6. Get tax deductions as per the tax laws under Section 80D.

Benefits of Life Cover with Joint Life Policy

Before buying any term plan, you must explore all the key features and benefits of it. It will help you to understand the key points of the plan better and how it will be useful for you in the future.

Death Benefits

1. If in case the first insured dies then the company will pay the Sum Assured on death to the Second Insured.
2. If in case the Second insured dies then the company will pay the Sum Assured on death to the First Insured.
3. The policy will terminate on the death of any insured during the policy term.

The Sum Assured on death will be the highest of the following in case of Regular Pay and Limited Pay:-

1. 10 Times of the Annualized Premium
2. 105% of the Total Premiums Paid up to the time of Death
3. Sum Assured

The Sum Assured on death will be the highest of the following in case of Single Pay:-

1. 1.25 Times of the Annualized Premium
2. Sum Assured

Waiver of Premium Benefits

This is an add-on benefit of this policy in which the company allows you to add the waiver of premium benefits to this plan. According to this benefit, all your premiums will be waived off if the first insured dies or diagnosed with a critical illness whichever is earlier. All the premiums due for the Second insured will be waived off.

Affordable Premium

This policy is available at a nominal premium and you will just have to invest a small portion of your income to this plan. It will give coverage to you and your spouse. Therefore, by investing just a small portion of your income, you and your spouse can enjoy a wide sum of money as the life cover.

Wider Range of Sum Assured

Rs.50 Lacs is the minimum Sum Assured for this policy and it is enough for you and your spouse to meet up the financial needs if any of the insured dies. On the other hand, there is no maximum limit for choosing the Sum Assured in Bajaj Allianz Life Smart Protect Goal Life Cover with Joint Life Plan.

Grace Period

The company will give you a grace period of 15 days if you have chosen a monthly mode for paying the premium and miss the premium on the due date. The grace period will be increased to 30 days if you are paying the premium yearly, quarterly, and half-yearly.

Free-Look Period

You will get a free-look period of 30 days during which you can make a refund of the policy if you don’t find it helpful. The company will give you 30 days free-look period if you have purchased the plan through distance marketing. A free-look period of 15 days is given if you have bought the plan directly from the company’s office.

Eligibility Criteria of Bajaj Allianz Life Smart Protect Goal Life Cover with Joint Life Plan

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