Do you know that the Bajaj Allianz Life Smart Protect Goal can protect you amidst any uncertainties of life? This insurance plan from Bajaj Allianz is an individual, life, non-linked, non-participating, savings with the ‘Return of Premium’ option and pure risk term cover plan. With features like 55 Critical Illness Coverage, Child Education Cover, Discounts on Online Purchases, this plan could be suitable for individuals who want to choose a pure term life insurance plan. One of the key advantages of this policy is that it comes in several variants that make it easy for individuals to choose according to their needs.
Want to know more about Bajaj Allianz Life Smart Protect Goal? Then read this post where we will tell you its features, eligibility, and other critical information. So, read on!
What are the Key Advantages of the Bajaj Allianz Life Smart Protect Goal that you know?
Do you know that it’s important to understand the key advantages of a life insurance plan before making the final decision? Well, that’s why we are showing the same for Bajaj Allianz Life Smart Protect Goal below. Please check!
- The best part about Bajaj Allianz Life Smart Protect Goal is that individuals will get 3% discounts on regular premium and limited premium payment frequency under all variants for this product when purchasing policies online.
- Individuals can choose from a wide range of variants provided by this life insurance plan from Bajaj Allianz Life according to their future goals. They can choose from Life Cover, Life Cover with Child Education Extra Cover, Life Cover with Joint Life, and Increasing Life Cover.
- With Bajaj Allianz Life Smart Protect Goal, you can get life cover till the age of 99.
- Individuals can also choose to pay the competitive premium with features that will always be helpful to meet their future requirements.
- This plan also provides the Return of Premium Option, which lets individuals receive an amount equivalent to the total premiums paid during the policy term at maturity. However, if you are choosing the Whole of Life Cover Option, you will not get this advantage.
- If you want to enhance your benefits with this plan, you can choose from a wide range of multiple add-ons such as Accidental Death Benefit, Accidental Total Permanent Disability Benefit, Critical Illness Cover, and Waiver of Premium Benefit to enjoy the comprehensive coverage.
- Bajaj Allianz Life Smart Protect Goal can also protect you from around 19 minor and 36 major critical illnesses that will include Cancer, heart diseases, blindness, etc.
- This plan also provides the flexibility to choose from Single, Limited, or Regular Premium according to their convenience.
- Individuals can also enjoy tax benefits for the premium paid, return of premiums, death, accidental death, accidental permanent total disability under different sections of the Income Tax Act, 1961.
Benefits of Bajaj Allianz Life Smart Protect Goal in Detail
As you have known some of the key advantages of the Bajaj Allianz Life Smart Protect Goal, let’s understand some of those benefits in detail. Have a look below!
As the policy matures, the policyholder will receive Return of Premium (ROP). However, you need to keep this thing in mind that you shouldn’t have made any claim regarding your policy and for each add-on variant for each add-on cover. This Return amount will be the total premiums paid for the variant for each add-on cover (if any) at maturity. If an individual has chosen Whole Life Variant, there will be no ROP.
When the policyholder/life assured dies during the policy term, Bajaj Allianz will pay a life cover amount. Other than this, individuals can also choose the option of Life Cover up to the age of 99 years with the Whole of Life Variant Option. However, this option is available only when individuals have chosen the limited premium payment option.
Add-on Cover Benefit
As we told earlier that Bajaj Allianz Life Smart Protect Goal also provides one or more than the following Add-on Covers. We are showing them below. Have a look!
- Accidental Death Benefit with which individuals will get Sum Assured chosen in the case of death due to an accident
- Accidental Total Permanent Disability Benefit lets policyholders get the Sum Assured in the case of occurrence of total permanent disability
- 25% of the Critical Illness Benefit in the case of Minor Diseases; while for Major Critical Illness, policyholders will receive 100% of the benefit.
- Waiver of Premium Benefit on Critical Illness Benefit
Eligibility Criteria for Bajaj Allianz Life Smart Protect Goal
There are a few necessary conditions that are important for an individual to meet before choosing the Bajaj Allianz Life Smart Protect Goal. Take a look at such conditions below.
- The age of entry for individuals can range from 18 years to 65 years.
- The maximum age at maturity varies according to the variant chosen by policyholders. With the ROP option, this can go as high as 75 years, while without ROP, the maximum age can be 85 years.
- For the Whole Life Variant, the maximum age at maturity stands at 99 years.
- The sum assured amount is fixed at INR 50 lakhs. However, there is no predefined limit on the maximum sum assured, and it will be approved by the Board.
- Individuals can also choose to pay the premium at any of these intervals – Monthly, Quarterly, Half-yearly and Annually.
Documents You Will Need for Bajaj Allianz Life Smart Protect Goal Plan
Want to know the documents that you will need while applying for this life insurance plan? No! Here’s a list of documents for you to submit.
- ID Proof
- Age Proof
- Address Proof
- Recent Photograph
- Income Proof