Bajaj Allianz Smart Protect Goal Life Cover with Child Education Extra Cover Plan

Nowadays the expenses for the child’s education are quite high. Therefore it is really important for an individual to saving some part of their income for their child’s education. But on the other hand, the life of an individual is uncertain so one can’t determine the appropriate saving for the future. Therefore you must take a look at the Bajaj Allianz Smart Protect Goal Life Cover with Child Education Extra Cover Plan that will take the responsibility for your child’s education when you are not with them. This plan will give the lump sum amount to your child after your demise. So, you must explore the key features and benefits of this term insurance plan.

Key Features of Life Cover with Child Education Extra Cover Plan

1. Flexibility of choosing the Sum Assured at the time of buying the plan.
2. You can Add-on Critical Illness Benefit to this plan.
3.  The company also allows you to add the accidental death benefit to this term plan.
4.  You can also add the Waiver of Premium Benefits to this plan.
5. You can add your child having the age of 0 years to this plan.
6. Enjoy Tax Rebates as per Section 80D of the Income Tax Act.

Benefits of Life Cover with Child Education Extra Cover Plan

There are some of the exclusive benefits of this plan that you must explore before buying it. These benefits will show you a clear picture of the plan and you will understand how this plan will help for better education of your child.

Death Benefits

If in case the insured dies during the policy term then the company will pay the Sum Assured on death to the child for their education. You will have to choose the percentage of the Sum Assured as the Child’s Education Expenses Cover. The percentages available are from 10% to 100%. This cover can be chosen only at the time of inception of the policy and it cannot be altered during the policy term. Once your child has attained the age of 25 years then this cover will be ceased.

The Sum Assured on Death will be the highest of the following if you have chosen Regular Pay or Limited Pay option:-

1. 10 Times of the Annualized Premium
2. 105% of all the premiums paid up to the time of death
3. Sum Assured

The Sum Assured on Death will be the highest of the following if you have chosen the Single Pay option:-

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

Add-On Covers

There are some add-on covers of this plan that you can add at the time of inception of the policy. You can explore all the add-on benefits below:-

Nominal Premium

This rate of premium of this policy is nominal. You will have to give a small portion of your monthly savings in this insurance plan as a premium and can enjoy large benefits. The responsibility of your child’s education remains with the company when you are not with them.

Large Sum Assured

This plan offers you a high amount of the Sum Assured. You can even increase the Sum Assured by taking the add-on covers for critical illnesses and accidental deaths. The minimum Sum Assured in this policy is Rs.50 Lacs.

Grace Period

You will get the following grace period if you are unable to pay the premium on the due date:-

1.  15 days of the grace period is given if you have chosen a monthly mode for paying the premium.
2. 30 days of the grace period is given if you are paying the premium yearly, quarterly, and half-yearly.

Free-Look Period

You will get a free-look period for the following days in this policy during which you can return the plan if you don’t find it useful:-

1. If you have purchased the plan through distance marketing the 30 days free-look period is given.
2. If you have purchased the plan directly from the company then 15 days free-look period is given.

Eligibility Criteria of Bajaj Allianz Smart Protect Goal Life Cover with Child Education Extra Cover Plan