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Term Insurance 460 views November 10, 2020
Nowadays, most individuals prefer a term plan because of an affordable premium and lifetime coverage. It helps the family to continue a happy life even after the death of the insured because the company pays the decided Sum Assured to the family. One such plan is Bajaj Allianz Life Smart Protect Goal with Life Cover Variant. This plan will pay back the entire premium at the time of maturity if the insured survives the policy term. On the other hand, it will protect you against the financial loss caused due to a critical illness. This plan is also available for your whole life. So, let’s explore the key features of this term insurance plan.
Table of Contents
Key Features of Life Cover Variant
- The company allows choosing the Sum Assured as per your choice.
- You can Add-on multiple other benefits to this plan as per your requirement.
- The company offers this plan as a whole life plan to the insured.
- You will get a grace period if you are unable to pay the premium on time.
- This plan also includes maturity benefits.
- You will also get death benefits in this term insurance plan.
- Enjoy Tax Rebates under Section 80D of the Income Tax Act 1961.
Benefits of Life Cover Variant of Bajaj Goal Plan
There are many benefits of this term plan that you must explore before buying it. The benefits of this plan will give you a clear picture of how it will be useful for you in a long run.
Maturity Benefits
If the insured survives the policy term then he is entitled to take the maturity benefit of this plan. All the premiums paid for the policy and for the add-on covers will be returned to the insured if no claim has been made for any compensation. The return of premium benefits will be not applicable to the whole life plan.
Death Benefits
The company will pay the Sum Assured on death to the nominee in case of unfortunate death of the insured. In the whole life plan, you will have to pay the premium for a limited period and the cover will be given for up to 99 years. The death benefits will be applicable to the whole life plans as well.
Add-On Covers
You can add some more benefits to this plan in order to cover more risks. The add-on benefits that can be added to the Bajaj Allianz Life Smart Protect Goal with Life Cover Variant are as follows:-
| Benefits | Minimum Sum Assured | Maximum Sum Assured | Coverage |
|---|---|---|---|
| Accidental Death Benefit | Rs.5 Lacs | Rs.2 Crores | In case of death of the insured, the Sum Assured on the Accidental Death will be payable to the nominee. |
| Accidental Total Permanent Disability Benefit | Rs.5 Lacs | Rs.2 Crore | In case of Accidental Total Permanent Disability of the insured the Sum Assured as per this benefit will be payable to the nominee. |
| Critical Illness Benefit | Rs.5 Lacs | Rs.1 Crore | · 25% of the Critical Illness Benefit is payable in the case of Minor Critical Illness. · A maximum of 4 Minor Critical Illness Benefits can be claimed during this period. · 100% of the Critical Illness Benefit is payable in the case of Major Critical Illness. |
| Waiver of Premium Benefit | Not Applicable | Not Applicable | In case of the occurrence of the 4th minor critical illness or the first major critical illness, all the premiums of the future will be waived off. |
Nominal Premium
You will have to pay a nominal premium to the company in order to enjoy the benefits of this policy. A small part of your income contributed to this plan can help you and your family in the future. It will help you to maintain financial stability in the future.
Large Sum Assured
The sum assured of this policy starts from Rs.50 lacs and the maximum limit will be as per the board approves underwriting guidelines. So, your family will get the decided sum assured after your death and you will have to decide it at the time of inception of the policy.
Grace Period
If you don’t pay your premium on the due date then the company gives you the following grace period:-
- 15 days of the grace period will be given for the premium paid monthly.
- 30 days of the grace period will be given for the premium paid quarterly, half-yearly, and yearly.
Free-Look Period
A free-look period is provided by the company during which you can return the policy if you don’t find it interesting:-
- 30 days free-look period is given if you have purchased the plan through distance marketing.
- 15 days free-look period is given if you have purchased the plan directly from the company.
Eligibility Criteria of Bajaj Allianz Life Smart Protect Goal with Life Cover Variant
| Particulars | Details |
|---|---|
| Minimum Age of Entry | 18 Years |
| Maximum Age of Entry | 65 Years |
| Maturity Age for the Add-ons | · 75 Years with Return of Premium Benefits · 80 Years without Return of Premium Benefits and Whole Life |
| Maximum Age of Maturity | · 75 Years with Return of Premium Benefits · 85 Years without Return of Premium Benefits · 99 Years Whole Life Plan |
| Minimum Sum Assured | Rs.50 Lacs |
| Maximum Sum Assured | As Per Board Approves Underwriting Guidelines |
| Premium Paying Modes | Regular Pay, Limited Pay, and Single Pay |