Smart Wealth Goal II By Bajaj Allianz Life

Minimum age is 0 year

In case of minor life, the risk cover will commence immediately on date of commencement of Policy and the Policy will vest on the attainment of majority (age 18 years)

Maximum age is 60 years

Minimum Age at Maturity is 18 years

Maximum Age at Maturity is 99 years

Minimum Policy Term is 10 years

Maximum Policy Term is 60 years

For maturity age less than or equal to 85 years: 5 years to PT chosen

For maturity age greater than 85 years: 10 years to PT chosen

Maximum Premium Payment Term cessation age is 85 years

Minimum Premium

Yearly, Half yearly, Quarterly and Monthly

7 times Annualized Premium

Maximum Sum Assured in a policy will be as per the board approved underwriting policy (BAUP).

1.25 times Top up Premium

10 times Top up Premium

Provided the Policy is in-force and the Life Assured is alive, the Maturity Benefit will be the Fund value as on the date of maturity of your Policy.

• If all due Premiums are paid, then, in case of unfortunate death of the Life Assured during the Policy term, the Death Benefit payable will be ,

  • Higher of, Prevailing Sum Assured³ or Regular Premium Fund value
    plus

  • Higher of, Prevailing Top up Sum Assured or Top up Premium Fund value, if any.

  The Death Benefit payable is subject to the Guaranteed Benefit³ of 105% of the Total Premiums⁴ paid, till the date of death.

  All the above is paid as on date of receipt of intimation of death at the Company’s office. The risk cover will terminate on the date of intimation of death of the Life Assured. 

   

³Sum Assured/Guaranteed Benefit: The Death Benefit shall be reduced to the extent of the non-systematic partial withdrawals made from the Regular/Limited Premium Fund during the two (2) year period immediately preceding the death of the Life Assured.

⁴Total Premiums paid shall be sum of all Regular/Limited Premiums and any Top up Premiums paid till date.

The Company shall add Loyalty Benefits to the Regular Premium Fund value, provided all due Regular Premiums have been paid up to date of each Loyalty Benefit.

At Policy inception or any time before the 10^th policy year, you may choose the option to take the Loyalty Benefits as Periodical Money Backs (through systematic partial withdrawals), immediately after they have been added in the Regular Premium Fund Value. You may alter your choice to receive Periodical Money Backs any number of times before the end of 10^th Policy year.

If this option to receive Periodical Money Backs has not been chosen by the 10th policy year, you cannot receive the Loyalty Benefits again as Periodical Money Backs, and such Loyalty Benefits will remain in the Regular Premium Fund Value.

The Loyalty Benefits available in the plan are as mentioned below:

Return of Premium Allocation Charge (ROAC):): At the end of the 10^th Policy year or the date of maturity (whichever is earlier), the total of all the Premium Allocation charges⁵, deducted under the Policy will be added into the Fund as Loyalty Benefit

Fund Boosters: At the end of 15th, 20th, 25th and 30th year (as applicable in your Policy), Fund Booster as a percentage of the Average of the daily Regular Premium Fund value during the previous 3 years (including the current year) will be added into the Fund as Loyalty Benefit.

The applicable percentages are as given in the table below.

Note:

• Loyalty Benefits including Periodical Money Backs, if opted, will not be paid for a Surrendered, Discontinued or Policy converted to Paid-up Policy.
• Amount of Loyalty Benefits will be allocated in Funds in the same proportion of the Fund value as at the date of addition
• There will not be any Loyalty Benefits with respect to any Top up Premiums paid or any Top up Premium Fund value
• ROAC will exclude any Goods & Service Tax/any other applicable tax with respect to the Premium Allocation charge deducted, subject to change in tax laws

⁵The premium allocation charge is applicable till the 5th policy year.

At the end of the Policy term, on the date of maturity of your Policy, the total amount of Mortality charges deducted in respect of life cover provided throughout the Policy term, will be added back as ROMC, to the Fund value. ROMC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy, and will be payable provided all due Regular Premiums under the Policy have been paid up to date.

Note:

1) ROMC will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date

2) ROMC will be excluding any extra Mortality charge & or Goods & Service Tax/any other applicable tax levied on the Mortality charge deducted, subject to changes in tax laws

There will not be any family benefit for Top-up premiums paid.

The amount of Family Benefit will be allocated in the funds in the same proportion of the fund values as at the date of addition.

Family member shall be defined as spouse, children, brothers, sisters, grandchildren, parents, parents in-laws; and will be available to family members of existing customers including who have matured policies

Minimum age is 18 year

Maximum age is 55 years

Minimum Age at Maturity is 33 years

Maximum Age at Maturity is 85 years

Minimum Policy Term is 15 years

Maximum Policy Term is 30 years

Minimum PPT is 5 years

Maximum PPT is Equal to Policy Term

Minimum Premium

Yearly, Half yearly, Quarterly and Monthly

7 times Annualized Premium

Maximum Sum Assured in a policy will be as per the board approved underwriting policy (BAUP)

1.25 times Top up Premium

10 times Top up Premium

The Maturity Benefit will be the Fund value as on the date of maturity of your Policy. Even in case of an unfortunate death or Accidental Total Permanent Disability (ATPD) of the Life Assured during the Policy term, the Maturity Benefit will be paid.

If all due Premiums are paid, then, in case of unfortunate death or Accidental Total Permanent Disability (ATPD) of the Life Assured, whichever is earlier, during the Policy term, the Benefit payable will be:

• Prevailing Sum Assured
  plus
• Prevailing Top up Sum Assured, if any.

The Benefit is subject to a minimum of the Guaranteed Benefit of 105% of the Total Premiums⁴ paid, till the date of death.

All the above is paid as on date of receipt of intimation of death at the Company’s office. 

The death and ATPD cover will terminate on the date of intimation of death or ATPD (whichever is earlier). 

If this Benefit has been paid out due to occurrence of Accidental Total Permanent Disability (ATPD), then, on subsequent death of the Life Assured, no additional benefit is payable

⁴ Total Premiums paid shall be sum of all Regular/Limited Premiums and any Top up Premiums paid till date.

On occurrence of death or ATPD of the Life Assured, whichever is earlier, an additional benefit as Income Benefit will be payable. 

    i) Each installment of the Income Benefit is equal to one prevailing Annual Premium

    ii) The Income Benefit is payable each Policy year till the end of the Policy term and the first Income Benefit instalment will be due on the Policy anniversary after the date of death or ATPD, whichever is earlier.

    iii) In case of death of the Life Assured the Income Benefit is payable to the nominee and in case of ATPD it is payable to the Policyholder, at each Policy Anniversary for the remaining Policy term

    iv) Income Benefit will be payable only if all the due Premiums are paid up to date

    v) Income Benefit will not be payable in case of a Discontinued or Paid-up Policy

If Income benefit is paid out on occurrence of ATPD, then, on subsequent death, no additional benefit is payable, and the income benefit will continue till the end of Policy term

On occurrence of ATPD or death of the Life Assured, whichever is earlier during the Premium Paying Term, all future prevailing Premiums due under the Policy will be paid by the Company

i) The Policy will continue with all the other benefits till date of maturity of your Policy

ii) WOP Benefit will be payable only if all the due premiums are paid up to date

iii) WOP Benefit will not be payable in case of a Discontinued or Paid-up policy

If WOP benefit is triggered on occurrence of ATPD, then, on subsequent death, no additional benefit is payable, and all future Premiums due under the Policy will continue to be paid into the policy by the Company

The Company shall add Loyalty Benefits to the Regular Premium Fund value, provided all due Regular Premiums have been paid up to date.

Even after occurrence of death or ATPD of the Life Assured, Loyalty Benefits will be added to the Regular Premium Fund value. The Loyalty Benefits available in the plan are as mentioned below

Return of Premium Allocation Charge (ROAC): At the end of the 10th Policy year or the date of maturity (whichever is earlier), the total of all the Premium Allocation charges⁵ deducted under the Policy will be added into the Fund as Loyalty Benefit

Fund Boosters: At the end of 15th, 20th, 25th and 30th year (as applicable in your Policy), Fund Booster as a percentage of the Average of the daily Regular Premium Fund value during the previous 3 years (including the current year) will be added into the Fund as Loyalty Benefit.

The applicable percentages are as given in the table below.

Note:

• Loyalty Benefits will not be paid for a Surrendered, Discontinued or Policy converted to Paid-up Policy.
• Amount of Loyalty Benefits will be allocated in Funds in the same proportion of the Fund value as at the date of addition
• There will not be any Loyalty Benefits with respect to any Top up Premiums paid or any Top up Premium Fund value
• ROAC will exclude any Goods & Service Tax/any other applicable tax with respect to the Premium Allocation charge deducted, subject to change in tax laws

⁵The premium allocation charge is applicable till the 5th policy year.

At the end of the Policy term, on the date of maturity of your Policy, the total amount of Mortality charges deducted in respect of Life cover provided throughout the Policy term, will be added back as ROMC, to the Fund value. ROMC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy and will be payable provided all due Regular Premiums under the Policy have been paid up to date. 

Note:

1) ROMC will not be payable on occurrence of death/ATPD of the Life Assured

2) ROMC will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date

3) ROMC will be excluding any extra Mortality charge & or Goods & Service Tax/any other applicable tax levied on the Mortality charge deducted, subject to changes in tax laws

At the end of the Policy term, on the date of maturity of your Policy, the total amount of all Income Benefit charges deducted will be added back as ROIBC, to the Fund value. This addition will be done provided all Premiums due under the Policy are paid to date and no death/ATPD benefits are paid in the Policy. ROIBC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy

Note:

1) Amount of ROIBC will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date

2) ROIBC will be excluding any extra Income Benefit charges & or Goods & Service Tax/any other applicable tax levied on the charge deducted, subject to changes in tax laws.

At the end of the Policy term, on the date of maturity of your Policy, the total amount of all ATPD charges deducted will be added back as ROMBC, to the Fund value. This addition will be done provided all Premiums due under the Policy are paid to date and no death/ATPD benefits are paid in the Policy. ROMBC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy

Note:

1) Amount of ROMBC will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date

2) ROMBC will be excluding Goods & Service Tax/any other applicable tax levied on the charge deducted, subject to changes in tax laws.

At the end of the Policy term, on the date of maturity of your Policy, the total amount of all WOP charges deducted will be added back as ROWC, to the Fund value. This addition will be done provided all Premiums due under the Policy are paid to date and no death/ATPD benefits is paid in the Policy. ROWC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy

Note:

1) Amount of ROWC will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date

2) ROWC will be excluding any extra WOP charges & or Goods & Service Tax/any other applicable tax levied on the charge deducted, subject to changes in tax laws.

There will not be any family benefit for Top-up premiums paid.

The amount of Family Benefit will be allocated in the funds in the same proportion of the fund values as at the date of addition.

Family member shall be defined as spouse, children, brothers, sisters, grandchildren, parents, parents in-laws; and will be available to family members of existing customers including who have matured policies

Minimum age is 0 year

In case of minor life, the risk cover will commence immediately on date of commencement of Policy and the Policy will vest on the attainment of majority (age 18 years)

Maximum age is 70 years

Minimum Age at Maturity is 18 years

Maximum Age at Maturity is 80 years

Minimum Policy Term is 7 years

Maximum Policy Term is 30 years

Single Premium

Minimum Premium is Rs 1,00,000.

Maximium Premium - No Limit

Single Premium

Minimum sum assured 1.25 times Single Premium

Maximum sum assured 10 times Single Premium

1.25 times Top up Premium

10 times Top up Premium

The Maturity Benefit will be the Fund value as on the date of maturity of your Policy, provided the Policy is in-force and either of the lives is alive on the date of maturity.

• In case of first unfortunate death of the primary or secondary Life Assured during the Policy term, any amount in excess of 1.25 times of Single Premium over the Single Premium Fund value and any amount in excess of 1.25 times Top up Premium over Top up Premium Fund value, if any, will be added to the Fund value^4a and the Policy will continue with Life Cover on the surviving Life Assured.
• On death of the surviving Life Assured (second death), during the Policy Term, the Death Benefit payable will be:
  • Higher of, Sum Assured^4b or Single Premium Fund Value plus
  • Higher of, Prevailing Top up Sum Assured or Top up Premium Fund Value, if any or

On death of the surviving Life Assured (second death), the total Death Benefit shall be at least the Guaranteed Benefit^4b of 105% of Total Premiums⁵ paid

All the above is paid as on date of receipt of intimation of death at the Company’s office. The Policy will terminate on the date of intimation of second death.

^4a If the Single Premium Fund value is already in excess of 1.25 times of Single Premium and/or Top up Premium Fund value, if any, is already in excess of 1.25 times Top up Premium, then, no amount will be added.

^4bSum Assured/ Guaranteed Benefit: The Death Benefit, on death of the surviving Life Assured (second death), shall be reduced to the extent of the non-systematic partial withdrawals made from the Single Premium Fund during the two (2) year period immediately preceding the death of the Life Assured

⁵Total Premiums paid shall be the Single Premium paid and any Top up Premiums paid till date

The Company shall add Loyalty Benefits to the Single Premium Fund value. 

The Loyalty Benefits available in the plan are as mentioned below:

Return of Premium Allocation Charge (ROAC): At the end of the 10th Policy year or on the maturity date of the policy, whichever is earlier, the total of all the Premium Allocation charges deducted under the Policy will be added into the fund as Loyalty Benefit. 

Fund Boosters: At the end of 15th, 20th, 25th and 30th year (as applicable in the Policy), Fund Booster as a percentage of the Average of the daily Single Premium Fund value during the previous 3 years (including the current year) will be added into the Fund as Loyalty Benefit. 

The applicable percentages are as given in the table below.

• Loyalty Benefits will not be paid for a Surrendered Policy.
• Loyalty Benefits will be allocated in Funds in the same proportion of the Fund value as at the date of addition
• There will not be any Loyalty Benefits with respect to any Top up Premiums paid or any Top up Fund value
• ROAC will exclude any Goods & Service Tax/any other applicable tax with respect to the Premium Allocation charge deducted, subject to change in tax laws

At the end of the Policy Term, on the maturity date, the total amount of Mortality charges deducted in respect of Life cover provided throughout the Policy Term, will be added back as ROMC, to the Fund value, subject to both lives being alive on the date of maturity. ROMC is not applicable in case of a Surrendered Policy.

Note:

1) ROMC will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date

2) ROMC will be excluding any extra Mortality charge & or Goods & Service Tax/any other applicable tax levied on the Mortality charge deducted, subject to changes in tax laws

There will not be any family benefit for Top-up premiums paid.

The amount of Family Benefit will be allocated in the funds in the same proportion of the fund values as at the date of addition.

Family member shall be defined as spouse, children, brothers, sisters, grandchildren, parents, parents in-laws; and will be available to family members of existing customers including who have matured policies