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Bajaj Allianz Life Assured Wealth Goal - Step up Income

Many people want to increase their income for a variety of reasons, including to get out of debt, save for the future, have a financial cushion for emergency needs and simply live more comfortably.

And if your insurance cum investment plan offers you guaranteed* increasing payouts at regular interval, you are on course to achieving those goals. Bajaj Allianz Life Assured Wealth Goal, A Non linked, Non Participating, Individual, Life Insurance Savings Plan, is one such plan that offers the assurance* of regular income in the future.

Return of premium:

At the end of the income period get the sum of all the premiums back.

Choice of Income Payout Date

Option to receive the income payouts at any special date of the year like birthday, wedding anniversary or any other date of your choice.

Regular payouts increase every five years:

Receive regular guaranteed* payouts increases at 10% of the first payout every five years during the Income Period of 20 years.

Entry Age

Minimum/Maximum age

5 to 60 years

Maturity Age

Maximum age of maturity 30 to 92 years

Policy Term

25 to 32 years

Premium Payment Term (PPT)

5 / 7 / 8 / 10 / 12 years

Income Period

20 years

Premium (in Rs.)

`30,000 p.a to no limit

Note-

All ages mentioned above are age as on last birthday.

For female lives, the age set-back of 3 years will be applicable for calculation of SA Multiple and Maturity Benefit/ Income payout.

Income period = Policy term – PPT – Deferment period.

Higher benefit will be given to customers paying higher premiums, to existing customers and to customers opting for auto pay/auto debit.

Vinod, 35 years old

Vinod has taken a Bajaj Allianz Life Assured Wealth Goal - Step Up Income policy

  • Maturity Benefit

Premium Payment Term (PPT) 8 years | Policy Term (PT) 28 years | Income Period of 20 years

Note-

1. For above illustration, the Sum Assured on Death at inception will be Rs. 19,59,180. | Auto pay opted

2. The above illustration is assuming the Life Assured is alive till the end of the policy term.

3. The premiums mentioned above are exclusive of any extra premium loading and Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws. The Income payouts will be paid in arrears as per chosen payout frequency.

4. 4The 2.76 times of total premium paid is pertaining only to the above illustration.

Survival and Maturity Benefit

Survival Benefit

  • Pay your premiums for the chosen period
  • Receive regular payouts for 20 years.
  • Regular guaranteed payouts increase by @10% of 1st instalment of Regular guaranteed payout every five years during the Income Period
  • Also receive all premiums paid at the end of the Income Period.
  • Choose from multiple options-
  • Pay Premium for (years)

    5

    7

    8

    10

    12

    Deferment Period (years)

    0

    Income Period (years)

    20

  • During the Income Period the regular guaranteed payouts will continue to be paid till the life assured is alive


  • Maturity Benefit

    Provided all due premiums are paid, on maturity, you will receive-

  • Sum of all premiums paid (if opted), plus
  • Last regular guaranteed payout
  • Death Benefit

    You will have life cover throughout the Policy term. On Death the benefit shall be payable to the nominee in equated monthly instalments for a period of 5 years.

    Provided all due premiums are paid, death benefit will be higher of-

    a. Sum Assured on Death#, or

    b. 105% of Total Premiums* paid as on date of death, or

    c. the prevailing surrender value

    The nominee will have an option to receive the future instalments as a Lumpsum, which shall be the present value of future instalments at a discounted rate.

    Note-
    #Sum Assured on Death is higher of the Sum Assured or 10 times of Single/ Annualised Premium.
    *Total Premium (the sum of all premiums paid under the policy; even refers to the Single Premium) is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws.

    Documents you’ll need before investing

    Why monthly investments in ULIPs make sense?

    Why monthly investments in ULIPs make sense?

    READ MORE
    How to tide over market volatility with ULIPs

    How to tide over market volatility with ULIPs

    READ MORE
    4 ULIP Benefits You Can Take Advantage Of

    4 ULIP Benefits You Can Take Advantage Of

    READ MORE

    ⭐ Is there life cover during the Income Period?

    Yes, since the Income period is within the Policy term life cover will be available during the Income period

    ⭐ What is the maximum loan one can avail of under this Plan?

    The maximum loan one can avail of under the plan is 80% of the surrendered value acquired at the time of availing of the loan.

    ⭐ How can Policyholder choose the Income payout date?

    The Policyholder can choose to prepone the Income payout for a period maximum upto 365 days within the Income period in case the Income payouts are received annually. In case of monthly income payouts, the preponement can be maximum upto 30 days still within the Income Period.

    ⭐ Can the Policyholder choose the increment in Step Up Income variant?

    No, the Increase in Income payouts is fixed at 10% of the first payout every five years for Income Period of 20 years and the policyholder doesn’t have the option to choose.

    Life Insurance Glossary

    Discontinuance Charges

    These charges are deducted from the policyholder's account/fund if the life insurance policy is surrendered by the policyholder. This is also called as the Surrender Charge

    Fund Value

    It is the total value of units that a policyholder holds in funds. Fund Value = Number of Units x Net Asset Value

    Fund Management Charges

    These are charges deducted towards meeting expenses related to fund management. These are charged as a percentage of the Fund Value and deducted before calculating the Net Asset Value (NAV) of the fund.

    Fund Switch

    Switching between funds is allowed under the Investor Selectable Portfolio Strategy. Policyholders can opt for this Portfolio Strategy at the commencement of the policy or can switch to this Portfolio Strategy at any subsequent policy anniversary. You have the flexibility to switch units between your investment funds according to your risk appetite and investment decisions, by giving written notice to the Company. Fund as on that date will be switched to the other Fund/s, as specified by the Policyholder. You can make unlimited free switches during the policy term.

    In - force

    In-force Policies are valid/active policies for which the full premiums as on date are paid.

    Lapse

    The termination of an insurance policy due to non-payment of premium.

    Mortality Charges

    Depending upon the age and the amount of cover, the charges levied towards providing life insurance cover to the insured are called as Mortality Charges

    Policy Administration Charges

    These are the charges deducted on a monthly basis to recover the expenses of maintaining the policy including record keeping, paper work, services, etc.

    Premium Allocation Charges

    These charges are deducted upfront from the premium paid by the policyholder as a percentage of premium. These charges account for the initial expenses incurred by the company in issuing the policy, e.g., cost of underwriting, medicals and expenses related to distributor fees. After these charges are deducted, the money gets invested in the chosen fund.

    Regular Premium

    The amount payable by the policyholder at regular intervals during the Premium Paying Term, and at the Premium Payment Frequency

    Regular Premium Fund Value

    The total number of Units pertaining to the Regular/ Limited Premium existing in each Fund under this Policy, multiplied by their respective Unit Price on the relevant date

    Reinstatement

    To restore the policy after the life insurance policy has lapsed.

    Revival Period

    As long as the policyholder pays premium on time, the policy remains in force. The policy lapses when premiums are not paid even after the completion of the grace period. Thereafter, the Life Insurance Company provides an option to the policyholder wherein he/she can make the policy in force only during a specific period after the grace period. The process is called Revival of the Life Insurance Policy or Policy Revival and the period is called Revival Period.

    Rider Sum Assured

    "Rider Sum Assured" means the sum assured as mentioned in the Schedule. For more details, please refer respective rider sales literature.

    Rider Life Assured

    "Rider Life Assured" means the person named as the Rider Life Assured in the Schedule whose life is assured under this Rider. For more details, please refer respective rider sales literature.

    Rider Premium Charge

    "Rider Premium Charge" means the charge deducted to provide the Rider benefit. For more details, please refer respective rider sales literature.

    Rider Term

    "Rider Term" means the period between the Date of Commencement of Rider and the Rider Maturity Date, as mentioned in the schedule. For more details, please refer respective rider sales literature.

    Surrender Value

    A value payable if you want to surrender the plan before a claim arises.

    Settlement Option

    In Unit Linked Polices, instead of taking a lump sum amount at maturity, some plans provide policyholders with the option to receive the Maturity Benefits as a structured payout (periodic instalments) over a period of 5 years after maturity. This is known as the Settlement Option.

    Top Up Premium

    The amount of additional premium paid over and above the Regular/ Limited Premium payable under this Policy

    Top Up Premium Fund Value

    The number of Units pertaining to Top Up Premium under a policy, multiplied by the respective Unit Price on the relevant valuation date

    Unit Price

    Market value of investment held by the fund plus value of current assets less value of current liabilities and provisions, if any, divided by number of units existing on Valuation Date. This calculation will be done before creation / redemption of units.

    Life Insurance for Life Goals Zp

    A traditional life insurance plan only protects your family against the financial dangers posed by unforeseen death. But life insurance can be much more than a simple shield against financial hardship.

    We all have some financial goals that we would like to reach in our lifetimes. These include buying a house, owning a car, getting our children settled, and having a comfortable retirement. Plans that combine the protection of life insurance with the growth of investment can help you reach all these goals, so that none of your dreams remain unfulfilled.

    Life Insurance for Life Goals

    A traditional life insurance plan only protects your family against the financial dangers posed by unforeseen death. But life insurance can be much more than a simple shield against financial hardship.

    We all have some financial goals that we would like to reach in our lifetimes. These include buying a house, owning a car, getting our children settled, and having a comfortable retirement. Plans that combine the protection of life insurance with the growth of investment can help you reach all these goals, so that none of your dreams remain unfulfilled.

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    • Amongst ‘Top 75 most valuable Indian Brands 2020’1
    • One of the most Trusted Brand2
    • Claims Settlement Ratio 98.48%~
    • 1 Day Claim Approval7
    • Solvency ratio of 666%^
    • AAA (IS):Stable Rating by CARE$
    • Claim deposits via electronic transfer to make process faster
    • ` 73,773 Crore Total Assets Under Management (AUM)**
    • 2.36 Crore number of lives covered#
    • Our Priority is not to sell Life Insurance, it is to serve you in the fastest & most convenient manner when you need us.

    ~Individual Claims Settlement Ratio for FY 2020-2021

    **All figures as on 31 March 2021

    ^Solvency ratio 666% as at 31 March 2021 against IRDAI mandated 150%

    #Individual & Group

    1 Report published by Kantar millward brown

    2Survey conducted by brand equity – Nielsen in March 2020

    795% of non-investigative individual claims approved in one working day for FY 2020-21. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices

    $For details refer to press release published by CARE

    Life insurance policy offers you tax saving benefits under section 80C of the Income Tax Act, 1961. Under this Act, the premiums paid towards a life insurance policy are allowed as tax deductions from your taxable income up to the tune of INR 1.5 lacs every year. The payout of a life insurance policy, if any, may also be exempt from taxation.

    With a life insurance policy you stand to receive two loan-related benefits. The first is that if you meet with an untimely demise, your life insurance plan will safeguard your loved ones from any mortgages you may have, such as home loans, etc.

    In case of a financial crunch, instead of surrendering your policy mid-way through your goal realization, you can easily avail loans by putting your life insurance policy up as a collateral. You can take a loan against the surrender value of your life insurance policy. This is applicable for certain types of Life Insurance products.

    Some life insurance plans also provide as a useful investment and compulsory savings instrument. They allow for long term capital accumulation and appreciation whilst also protecting your family members from the ups and downs in life with tax benefits. Everybody has life goals and Bajaj Allianz Life Insurance is here to help you achieve them.

    A life insurance policy can also serve as an effective tool that aids in your financial planning at every stage of your life goal. For example, with a child life insurance plan, you can plan for your children's upbringing, their education and even their marriages, right from the day they're born.

    *Conditions Apply – The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details please refer to sales brochure.

    ^ Regular guaranteed payouts increase by @10% of 1st payout every five years during the Income Period

    #Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.