Claim Settlement Ratio of 99.23%~

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Bajaj Allianz Life Guaranteed Income Goal

A Non-Linked Non-Participating Endowment Life Insurance Plan

Get Guaranteed^ Increasing Income5
Option to Extend Life Cover beyond Policy Term
Tax Benefit u/s 80C & 10 (10D)*
Choice of 2 variants, Income benefit and Lump-sum benefit
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  • Overview

  • Key Advantages

  • How this works

  • Eligibility

  • Downloads

  • Policy Benefits

  • Sample Illustration

Every one of us has Life goals that we want to achieve in life. But some of the Life Goals are non-negotiable and we would like to achieve them with guarantee. Smart financial decisions, such as investing in guaranteed income plan, might help to turn these Life Goals into a reality.

Bajaj Allianz Life Guaranteed Income Goal is A Non-Linked, Non-Participating Endowment plan that offers an option to take policy benefits either as lumpsum or in installments, which are guaranteed^, taking us closer to our Life Goals. With options like Extended Life Cover, and guaranteed^ increasing income (if opted for), it is designed to achieve your Life Goals with certainty.

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Guaranteed Maturity Benefit

  • Income Benefit : Under the Income Benefit, the life assured will receive a Guaranteed^ Income for a period equal to the Premium Payment Term, provided all due premiums are paid. This guaranteed^ income plan ensures that you are able to achieve your Life Goals without any financial worry. This income benefit can be opted for yearly, half yearly, quarterly or monthly installments.
  • Lumpsum Benefit: The Guaranteed Maturity Benefit payable as lumpsum will be an enhanced percentage of the sum assured which is called as Guaranteed  Enhancer, provided all due premiums are paid.
Two variants:

Depending on your life situation, you can opt to receive maturity benefit as a Lump-sum Benefit i.e. in one payout, or as an Income Benefit over a period of time to help you meet your life goals.

Extended Life Cover:

You can choose to extend your life cover beyond the policy term.

Multiple premium and policy terms:

To help you plan for any medium to long-term life goals, Bajaj Allianz Life Guaranteed Income Goal comes with multiple Policy Terms and Premium Paying Term combinations.

Loan against the policy:

You can avail loan during the policy term if the plan has acquired a surrender value.

Five rider options:

You can opt from five rider options for enhanced coverage at a nominal extra cost.
- Bajaj Allianz Accidental Death Benefit Rider.
- Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider.
- Bajaj Allianz Critical Illness Benefit Rider.
- Bajaj Allianz Family Income Benefit Rider.
- Bajaj Allianz Waiver of Premium Benefit Rider

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Choose the variant as mentioned below:

You can customize your policy to suit your requirement in the following manner:

  •  Income Benefit
  •  Lump-sum Benefit

Choose the Sum Assured

Option to choose Extended Life Cover (ELC)

To extend your Life Cover beyond your Policy Term

Choose your Policy Term (PT)

Choose your Premium Payment Term (PPT) from available options

The premium calculated will depend upon the variant & options chosen by you as mentioned in the steps.

Note -
1) Variant can be chosen at inception only cannot be changed subsequently
2) ELC option has to be chosen at inception only and cannot be opted for or opted out of (once chosen) subsequently.
3) Please note that the Basic Sum Assured is lower than the total premiums paid and varies between 16.40% to 70.64%. of the total premiums paid depending upon the age of the Life assured, policy term, premium paying term

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Entry Age

 

Minimum age

06 years

 

Maximum age

60 years

Maturity Age

Minimum Maturity age

18 years

 

Maximum Maturity age

72 years

The maximum maturity age does not include the ELC, if opted for or Income Period.

 

For policies purchased through POS channel, the maximum Age at Maturity will be as per prevailing POS guidelines, as amended from time to time

Termination Age

Maximum Age for termination of life cover (if ELC is opted)

84 years

 

For policies purchased through POS channel, the maximum Age for Termination of Life Cover (if ELC is opted for) will be as per prevailing POS guidelines, as amended from time to time

Policy Term (PT) & Premium Payment Term (PPT)

Lump-sum Benefit

Policy Term (In years)10121520

Premium Payment Term (In years)

5, 7, 10

5, 7, 8, 12

5, 7, 8, 10, 12

5, 7, 8, 10, 12

Income Benefit

Policy Term (In years)571012

Premium Payment Term (In years)

5

7

5, 7, 10

5, 7, 12

Premium Amount

 

Minimum Premium

Variant

Yearly

Half-Yearly

Quarterly

Monthly

Lump-sum

₹22,855

₹11,656

₹5,942

₹2,057

Income

₹28,822

₹14,699

₹7,494

₹2,594

 

Maximum Premium

As per Maximum Sum Assured

Sum Assured

Minimum Sum Assured

₹1,00,000

 

Maximum Sum Assured

Based on Board Approved Underwriting Policy

(For policies purchased through POS channel, the maximum Sum Assured will be as per prevailing POS guidelines, as amended from time to time)

Premium Payment Frequency

 

Yearly, Half yearly, Quarterly and Monthly

*Quarterly & Monthly premium payment frequency will be allowed only under auto-debit process (as per the approved RBI facilities)

Risk cover will commence immediately on the date of commencement of risk of the policy and, in the case of a minor life, policy will vest on the life assured on the earlier of attainment of majority (i.e., 18 years age last birthday) and on maturity date For policy purchased through POS channel no medical underwriting is required. Premium will vary depending upon the Variant chosen.
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Brochure

Download

Policy Document

Download

Product Presentation

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Guaranteed Maturity Benefit

If Lump-sum Benefit option is chosen by you, on the Maturity Date, if all premiums are paid, your Guaranteed Maturity Benefit payable as Lump-sum will be an enhanced percentage of your Sum Assured. This is called as Guaranteed Enhancer (GE) and is payable as per the below table:

Policy Term (years)

Premium Payment Term (years)

Guaranteed Enhancer (GE)%

Guaranteed Maturity Benefit

105310%310% of Sum Assured
107410%410% of Sum Assured
125375%375% of Sum Assured
127450%450% of Sum Assured
128490%490% of Sum Assured
1010520%520% of Sum Assured
1212600%600% of Sum Assured
155380%380% of Sum Assured
157455%455% of Sum Assured
158495%495% of Sum Assured
1510545%545% of Sum Assured
1512605%605% of Sum Assured
205385%385% of Sum Assured
207460%460% of Sum Assured
208500%500% of Sum Assured
2010550%550% of Sum Assured
2012610%610% of Sum Assured
  • - If ELC is not chosen,the policy will terminate on the Maturity Date.

  • - If ELC is chosen, the policy will terminate at the end of the ELC Period.

  • - The Guaranteed Enhancer percentages will be applied on your Sum Assured for an in-force policy and the paid-up Sum Assured for a paid-up policy

  • - Guaranteed Enhancer will not be available for a lapsed or surrendered policy

  • - The Guaranteed Maturity Benefit will be subject to minimum of 100% of Total Premium* paid under the policy

If Income Benefit option is chosen by you, on the maturity date, if all premiums are paid, your Guaranteed Maturity Benefit will be paid in yearly, half-yearly, quarterly or monthly installments (as chosen by you at the inception of the policy). These are called as Guaranteed Maturity Instalments (GMI), and will be paid at the end of the GMI year for a period equal to your Premium Payment Term (PPT). For yearly frequency the GMI will be payable as per the below table –

Guaranteed Maturity Instalment (as % of Sum Assured)

GMI Year
(Post the Policy Term)

Policy Term / Premium Payment Term

05-0510-0512-0507-0710-0712-0710-1012-12

1

40%

40%

50%

45%

45%

55%

50%

55%

2

45%

45%

55%

50%

50%

60%

55%

60%

3

50%

50%

60%

55%

55%

65%

60%

65%

4

55%

55%

65%

60%

60%

70%

65%

70%

5

60%

60%

70%

65%

65%

75%

70%

75%

6

-

-

-

70%

70%

80%

75%

80%

7

-

-

-

75%

75%

85%

80%

85%

8

-

-

-

-

-

-

85%

90%

9

-

-

-

-

-

-

90%

95%

10

-

-

-

-

-

-

95%

100%

11

-

-

-

-

-

-

-

105%

12

-

-

-

-

-

-

-

110%

  • - Each subsequent installment after the first instalment will be increased by 5% as demonstrated in the table above.

  • - For yearly installment, the GMI will start from the policy anniversary following the Maturity Date.

  • - For other installment frequencies, the first GMI will start immediately after elapsation of respective instalment periods i.e. half-yearly, quarterly or monthly, as opted, from the maturity date. Also for half yearly, quarterly and monthly frequencies, the below factors will be applied on the GMI % - the frequency factors as per the table below will be applied on the yearly GMI percentages mentioned as above

  • FrequencyHalf-yearlyQuarterlyMonthly
    Factor0.490.240.08

  • - For a paid-up policy, the GMI percentages (as above) will be applied on the paid-up sum assured.

  • - Once the GMIs starts, the same will continue to be paid to the Life Assured and to the nominee in case of death of the Life Assured during the GMI period

  • - If ELC is not chosen at inception, then the risk cover will terminate on the Maturity Date and the policy will terminate on the payment of the last GMI.

  • - If ELC is chosen, the GMIs will be paid to you or to your nominee as the case maybe and the policy will terminate at the end of ELC period on the payment of the last GMI.

  • - You will have an option to change GMI frequency at any time during the Policy Term and/or the GMI period.

  • - This feature will not be available for a lapsed policy or surrendered policy.

  • The sum of all Guaranteed Maturity Instalments will be subject to minimum of 100% of total premiums paid under the policy.

    *Annualized Premium is exclusive of extra premium, rider premiums, and GST/any other applicable tax levied, subject to changes in tax laws, if any, and Total Premiums paid is equal to (Annualized Premium X number of years for which premiums have been paid).

    Total Premium is exclusive of extra premium, rider premiums and GST/any other applicable tax levied, subject to changes in tax laws, if any. Please note that GST/any other applicable tax levied, subject to changes in tax laws will be collected over and above the premium under the Policy.

Death Benefit

Under Lump-sum Benefit and where all due premiums have been paid:

  • - Death Benefit during the Policy Term is the, Sum Assured on Death%., as on the date of death. The policy will terminate on payment of the Death Benefit.

  • - Death Benefit during the ELC Period (only if chosen) (ELC Period is after the policy term) is the Sum Assured on Death% as on the date of death The policy will terminate on payment of the Death Benefit

Under Income Benefit and where all due premiums have been paid:

  • - Death Benefit during the Policy Term is the Sum Assured on Death% as on the date of death.. The policy will terminate on payment of the Death Benefit.

  • - Death Benefit during payout period i.e. after the Policy Term is -

    • A. If ELC is chosen then the Sum Assured on Death% will be paid. The risk cover will terminate immediately and the Policy will terminate on payment of last GMI.

    • B. If ELC is not chosen, then the remaining GMI will be paid. The policy will terminate on payment of last GMI

%Sum Assured on Death is the higher of (i) 10 times Annualized Premium*, (ii) 105% of Total Premiums* paid as on date of death, (iii) Sum Assured#
*Annualized Premium is exclusive of extra premium, rider premiums, and GST/any other applicable tax levied, subject to changes in tax laws, if any, and Total Premiums paid is equal to (Annualized Premium * number of years for which premiums have been paid).

Total Premium is exclusive of extra premium, rider premiums and GST/any other applicable tax levied, subject to changes in tax laws, if any. Please note that GST/any other applicable tax levied, subject to changes in tax laws will be collected over and above the premium under the Policy.

Extended Life Cover (ELC)

At the inception of the policy, you will have the option to choose the Extended Life Cover (ELC) under the policy.

  • - The amount of risk cover during the ELC Period is equal to the Sum Assured on Death%

  • - The ELC will start from the Maturity Date and will continue for an ELC Period equal to the duration of the PPT (in years), starting from the Maturity Date.

  • - In Lump Sum Benefit, on death of the Life Assured, the Sum Assured on Death% will be paid and the Policy will terminate. In Income Benefit, on death of the Life Assured, the Sum Assured on Death% will be paid, the risk cover will terminate immediately and the Policy will terminate on the payment of the last GMI.

  • - Once chosen at inception, the ELC cannot be removed from the Policy.

%Sum Assured on Death is the higher of (i) 10 times Annualized Premium*, (ii) 105% of total premiums* paid as on date of death, (iii) Sum Assured#.

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  • Retirement Goal

Mr Srinivas is 50 years of age and currently working for a leading media company. He is in the last leg of his employment and he is worried about the expenses which will come every year when he is retired. He has the below concerns: 1. Pensions falling short in later years of his retirement 2. Zero risk appetite in that age 3. Financial security for spouse

Mr Srinivas, 50 years old

He takes Bajaj Allianz Life Guaranteed Income Goal (Without ELC) for ₹ 1 lac premium. He opts for Income benefit with policy term of 12 years & premium payment term of 12 years without Extended Life Cover where the Sum Assured is ₹ 2,31,939. Let’s see how does the benefit works out for him.

 

Policy Year

Life Assured's Age
(During the Year)

Annualized Premium
()
(During the Year)

Income Benefit
()
(End Of Year)

Death Benefit
()
(End Of Year)

0501,00,000-10,00,000
1511,00,000-10,00,000
2521,00,000-10,00,000
3531,00,000-10,00,000
4541,00,000-10,00,000
5551,00,000-10,00,000
6561,00,000-10,00,000
7571,00,000-10,00,000
8581,00,000-10,00,000
9591,00,000-10,50,000
10601,00,000-11,55,000
11611,00,000-12,60,000
1262-1,27,567-
1363-1,39,163-
1464-1,50,760-
1565-1,62,357-
1666-1,73,954-
1767-1,85,551-
1868-1,97,148 -
1969-2,08,745-
2070-2,20,342-
2171-2,31,939-
2272-2,43,536-
2373-2,55,133-
Total 12,00,00022,96,198-

The total premium that Srinivas will pay over 12 years is 12,00,000 for a chosen Sum Assured of 2,31,939; to receive a total Income Benefit of 22,96,198 over 12 years

1) The death benefit will be receivable by the nominee(s)/beneficiaries.
2) 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.

Why Bajaj Allianz Life Insurance ?

99.23%
Claim Settlement Ratio~
1 Day
Claim Approval%
AAA
CARE Stable Rating$
₹1,20,994 Cr
Assets Under Management (AUM)**
3.97 Cr
Number of Lives Covered#
432%
Solvency Ratio of 432%^

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2023-2024 | %96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 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 | **All figures as on 31 January, 2025 | ^Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150% | #Individual & Group.

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Disclaimers:
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*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

5available with Income benefit

^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.

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Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

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