Bajaj Allianz Life Assured Wealth Goal - Platinum Plan

What is the Bajaj Allianz Life Assured Wealth Goal - Platinum Plan?

The Bajaj Allianz Life Assured Wealth Goal—Platinum Plan is a non-linked, non-participating life insurance savings plan that helps with financial protection and wealth accumulation. This plan is not tied to market performance, providing guaranteed benefits to achieve long-term financial goals. This investment plan also ensures life coverage, which makes it a reliable choice for securing your future and your loved ones' financial well-being.

Key Features of Bajaj Allianz Life Assured Wealth Goal- Platinum Plan

The key features of the Bajaj Allianz Life Assured Wealth Goal - Platinum Plan are as follows:

• Provides life cover to protect your family's financial future in case of unforeseen circumstances.

• Income payouts start as early as the second policy year, offering early access to funds.

• All the policy's benefits are guaranteed, ensuring financial stability and predictability.

• Income Options:

  • Option 1: Smart Income: Receive regular payouts tailored to your financial needs.

  • Option 2: Regular Income: Choose consistent income for steady financial planning.

• Allows early accumulation of guaranteed payouts for enhanced financial security.

• You can adjust the premium payment frequency and the income payout schedule to match your convenience.

Eligibility Criteria for Bajaj Allianz Life Assured Wealth Goal- Platinum Plan

*Maximum limit of annualised premium is subject to Board Approved Underwriting Policy (BAUP).

Benefits of Bajaj Allianz Life Assured Wealth Goal- Platinum Plan

Learn the major benefits offered by the Bajaj Allianz Assured Wealth Goal Platinum Plan from the points mentioned below:

1. Benefits of Smart Income Option:

   • Flexible Premium Payment: Pay premiums for your selected period and choose a multiple of Sum Assured that fits your needs.

   • Early Guaranteed Payouts: Start receiving payouts as early as the 2nd policy year with an option to choose when they begin.

   • Regular Guaranteed Payouts: You will receive regular payouts during the Income Period after the policy term based on your Annualized Premium.

   • Enhanced Return of Premium: Get 110% of total premiums paid at the end of the Income Period.

   • Lumpsum Option: Opt to receive your Regular Guaranteed Payouts and Enhanced ROP as a lumpsum at a discounted rate.

   • Continued Payouts After Death: If the life assured passes away during the Income Period, the nominee will continue receiving payouts or can take a lumpsum.

   • Life Cover During Policy Term: Guaranteed life cover ensures a minimum payout of 105% of premiums paid or the surrender value, whichever is higher.

2. Benefits of Regular Income Option:

   • Tailored Premium Payments: Choose a premium payment period and a Sum Assured multiple that suits your needs.

   • Guaranteed Income Payouts: Receive regular payouts starting after the policy term during the Income Period.

   • Deferment Flexibility: Plan when your income starts by selecting a deferment period.

   • Enhanced Return of Premium: Get 110% of total premiums paid at the end of the Income Period.

   • Lumpsum Option for Maturity Payouts: Choose between receiving payouts over time or as a lumpsum at a discounted rate.

   • Payout Continuation After Death: Nominees can continue receiving payouts or opt for a lumpsum if the life assured dies during the Income Period.

   • Life Cover Assurance: Life cover during the policy term ensures a payout of at least 105% of premiums paid or the surrender value, whichever is higher.

3. Accumulating Early Payouts:

   You have the option to accumulate Early Guaranteed Payouts with interest based on 10-year G-Sec yield, minus 100 bps, and can withdraw them anytime.

4. Change in Payment Frequency:

   You can change premium or payout frequencies at any policy anniversary, subject to minimum premium rules.

5. Policy Loan:

   You can take a loan of up to 80% of the surrender value (less any AGP) once the policy acquires a surrender value.

Rider Benefits of Bajaj Allianz Life Assured Wealth Goal- Platinum Plan

The Bajaj Assured Wealth Goal- Platinum Plan offers the following types of rider benefits:

1. Bajaj Allianz Accidental Death Benefit Rider

   This rider provides an additional lump sum payout to your family in the unfortunate event of your death due to an accident. It ensures your loved ones receive financial protection over and above the base life cover, helping them manage immediate expenses and maintain their lifestyle in difficult times.

2. Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider

   In case of an accident that results in permanent total or partial disability, this rider offers financial assistance to help cover medical costs and daily expenses. Whether the disability is total or partial, the payout ensures you can continue to support yourself and your family during recovery or in adapting to the new circumstances.

3. Bajaj Allianz Family Protect Rider

   This rider safeguards your family's financial future by providing a lump sum payout in case of your death during the policy term. It acts as an additional layer of security, ensuring that your loved ones are financially supported in your absence helping them manage their financial needs and future goals.

Policy Details for Bajaj Allianz Life Assured Wealth Goal- Platinum Plan

Following are the terms and conditions of the Bajaj Assured Wealth Goal Platinum Plan:

• Surrendering the Policy: You can surrender the policy anytime after the first policy year, provided one full year's premium is paid, and the policy will acquire a Special Surrender Value (SSV).

• Non-Payment of Premium: If one year’s premium is paid and future premiums are missed, the policy converts to a paid-up policy, maintaining reduced benefits. If less than one year’s premium is paid, the policy will lapse.

• Paid-Up Policy: Paid-up benefits, such as the sum assured, death benefit, and maturity payouts, will reduce proportionally based on premiums paid, with the Enhanced ROP being 110% of premiums paid.

• Policy Revival: You can revive a lapsed or paid-up policy within 5 years by paying the due premiums with interest, currently 10% per annum.

• Surrender Value Calculation: The Surrender Value is the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV) plus any AGP, and it will terminate the policy upon payout.

• Termination: The risk cover for the Life Assured ends automatically upon death, policy lapse, or the end of the policy term.

• Grace Period: A grace period of 30 days (15 days for monthly frequency) is provided during which the policy remains in-force. If death occurs during this period, the Death Benefit is paid after deducting any unpaid premiums.

• Free Look Period: You have 30 days from receiving the policy document to review and cancel if unsatisfied. In case of cancellation, you will receive a refund of the premium paid after deducting risk premiums and applicable charges.

How the Plan Works?

• Step 1: First, determine the premium amount you want to pay and the duration for which you wish to make those payments.

• Step 2: Next, select the year when you want to start receiving your income.

• Step 3: Finally, decide how long you would like to receive the income after the start year.

NOTE: Once you have chosen the plan option, income start year, income period, premium payment term, policy term, and Return of Premium (ROP) option, these selections cannot be changed.

Suicide Exclusion Criteria

If the life assured dies by suicide within 12 months from the risk commencement date or the latest revival date of the policy (whichever is later), the nominee or beneficiary will receive the higher of the following amounts, provided the policy is in force:

• 80% of the total premiums paid, minus any Early Guaranteed Payouts (EGP) received, or

• The surrender value as of the date of death.

Additionally, any Accrued Guaranteed Payouts (AGP) will also be paid. 

NOTE: There are no other exclusions apart from the suicide clause.