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Assured Wealth Goal - Wealth Creation By Bajaj Allianz Life

Success in life is rarely random. It is a result of carefully setting goals, meticulous planning and single-minded determination to work towards your goals. Making investments now to fund those future goals, as and when those milestones come closer, is a crucial part of living the life of your dreams.

And if your insurance plus investment plan offers you guaranteed* payout, 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 guaranteed* payout in the future.

Multiple policy and premium payment terms:

The premium paying term ranges from a single premium to regular premium of 5 - 12 years. The policy period can be as short as five years and as long as 30 years, depending on the premium paying term.

Joint life option:

The policyholder can include one more person in the plan given that the secondary life assured should be spouse, child, grandchildren etc of the primary life assured.

Guaranteed* Maturity Benefit:

Receive a guaranteed* lumpsum amount at the end of the policy period.

Entry Age

Minimum/Maximum age

Single Pay (Joint life)

Primary life

Secondary life

18 to 50 years

8 to 50 years

Single Life

0 to 65 years

Maturity Age

Minimum & Maximum age of maturity

Single Pay (Joint life) - 18 to 60 years

Single Life - 18 to 75 years

.

Policy Term

Single Pay - 5 / 10 years

Regular Pay -10 /15 / 20 /25/ 30 years

Premium Payment Term (PPT)

Single Pay (Joint Life)

Regular Pay - 5 / 8 / 10 / 12 years

Premium (in Rs.)

Single Pay - `5,000 to no limit

Regular Pay - `12,000 p.a to no limit

For POS channel- Maximum Maturity Age shall be 65 years | Only Single life will be available| Maximum Policy Term is 20 years.| Maximum Sum Assured is Rs. 25 lacs

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

Joint life is only available under Wealth Creation – Single premium payment option.

In case of Single Pay with Joint life under Wealth Creation-
1. The primary life assured will be the older life assured
2. The maximum maturity age criteria will be based on the older life (primary life assured).

Rajesh, 30 years old

Rajesh has taken a Bajaj Allianz Life Assured Wealth Goal - Wealth Creation policy

  • Maturity Benefit

Let’s see how this plan can help you in wealth creation- Premium Payment Term (PPT) 10 years | Policy Term 20 years

Note-

For above illustration, the Sum Assured on Death at inception will be Rs 25,00,000

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.

4The 2.27 times of total premium paid is pertaining only to the above illustration.

Maturity Benefit

  • Guaranteed Maturity Benefit (GMB) will be a percentage of Total Premiums* paid.
  • In case of Joint life, the Guaranteed Maturity Benefit will be payable on at least one life surviving till maturity.
  • Note - Provided all due premiums are paid.

    All the above benefits are payable on survival of life assured (in a single life policy) or atleast one life assured (in a joint life) and on payment of all due premiums under the plan.

    Death Benefit

    You will have life cover throughout the Policy term. On Death of the life assured(s) the benefit shall be payable to the nominee in lumpsum.

    The Death benefit will be higher of –

    For Limited/ Regular Pay option

    a. Sum Assured on Death#, or

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

    c. the prevailing surrender value

    For Single Pay with Joint life option-

  • On 1st Death during the Policy Term, 1.25 times of Single Premium will be payable to the nominee and the plan will continue.
  • On 2nd Death during the Policy term, the Death benefit will be higher of -

    a. Sum Assured on Death#

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

    c. the prevailing surrender value

  • 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.
    Provided all due premiums are paid.

    All the above benefits are payable on survival of life assured (in a single life policy) or atleast one life assured (in a joint life) and on payment of all due premiums under the plan.

    Documents you’ll need before investing

    What is the Difference between a Savings Plan and Investment Plan?

    Know the Differences between a Savings Plan and Investment Plan

    READ MORE
    5 Tips to Choose an Insurance cum Savings Plan

    5 Tips to Choose an Insurance cum Savings Plan

    READ MORE
    Savings Plan – Know All About It

    Savings Plan – Know All About It

    READ MORE
    What Is Life Insurance? Life Insurance Meaning

    What Is Life Insurance Policy?

    READ MORE

    ⭐ Can the Policyholder opt for Single pay without joint life cover?

    No, Single Premium under Wealth Creation option can be opted only with Joint life cover.

    ⭐ What is the maximum Sum Assured under the savings plan?

    Depending on the age of entry, the maximum Sum Assured is 15.5 times the annual premium.

    ⭐ What is the maximum loan one can avail of under the 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 with 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.

    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.

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