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Flexi Income Goal - Tax Saving Investment Plan With Guaranteed Monthly Income Benefit

Every parent wants his/her child to get the best upbringing and education. At the time of cut-throat competition, you want your child to not just excel in his/her studies but also acquire other skills for overall personality development.

This is one Life goal, where the goalposts may keep shifting, and so will the financial needs to achieve those goals. Therefore parents need to invest in a plan that gives you the agility and liquidity to respond to the changing needs of your child – be it expenses incurred for tuition, extra classes, skill building or summer camp.

Bajaj Allianz Life Flexi Income Goal is an investment plan that offers protection along with liquidity and flexibility to meet the changing needs of your child. It offers flexibility to receive your policy benefits after the premium paying term, in a lump sum or as regular income.

Guranteeed** Benefit at the end of the PPT

  • 50% of Sum Assured at end of PPT as Lumpsum
  • Choose to receive or to accumulate the Survival Benefits as Cash Value and earn Investment Return

 

Guaranteed** Monthly Income (GMI)

This Plan ensures regular Monthly cash flow in the form of a Guaranteed Monthly Income once the premium paying term is over, till the end of the policy term or these GMIs can also be accumulated as Cash Value which will earn investment return. This Cash Value can be withdrawn anytime during the policy term. You also have the option to take GMI as annual installments which if opted, will be paid out at the end of each Policy year.

Joint life cover

One can cover his/her spouse in this plan spouse Sum Assured can range from 50% to 100% of your Sum Assured.

Enhance your coverage with riders

Option to choose among five rider options to expand the coverage at a nominal extra cost

Equity exposure upto 40%

A part of the portfolio is invested in equities for higher bonuses, to be declared by the Company.

Entry Age

Minimum Age at Entry 

 0 years

18 years (Joint Life)

Maximum Age at Entry

55 years

Maturity Age

Minimum age at maturity

18 years

Maximum age at maturity

80 years

Policy Term(PT)

Minimum

Premium Payment Term plus 12 years

Maximum

25 years

Guaranteed Monthly Income (GMI)

Minimum

PPT – (5 – 11) years

PPT – 12 years

` 1,100

` 1,400

Maximum

No Limit

Premium Payment Term

5 to 12 years

Annual Premium

Minimum

Maximum

As per minimum Sum Assured

As per the maximum Sum Assured

Minimum Sum Assured

PPT – (5 – 11) years

PPT – 12 years

` 1,58,400

` 2,01,600

Maximum Sum Assured

No limit

  • The asset allocation of Equity in Bajaj Allianz life Flexi Income Goal- Enhanced Benefit is 37.4% as on March 31, 2023.
    The equity portfolio is as follows

Bajaj Allianz Life Flexi Income Goal - Income Benefit Equity Portfolio

Anuj, 30 years old

User Profile

Anuj has taken a Bajaj Allianz Life Flexi Income Goal - Enhanced Benefit policy

  • Maturity Benefit
  • Death Benefit

GMI of Rs. 4,430 from Year 13 till Year 24

  • future wealth gain maturity

Guaranteed Monthly Income

Monthly

Total

Assumed Investment Return @4%~

Assumed Investment Return @8%~

Assumed Investment Return @4%~

Assumed Investment Return @8%~

` 4,430 ` 6,37,920

50% of Sum Assured - Rs. 3,18,960

Maturity Benefit

Assumed Rate @4%~

Assumed Rate @8%~

100% of Sum Assured (`.) ` 6,37,920
Compound Reversionary Bonus, if any(`.) ` 98,487 ` 9,97,263
Terminal Bonus, if any(`.) ` Nil ` 4,59,302
Total(`.) ` 7,36,407 ` 20,94,485

Note -30 years Male, PT/PPT- 24/12, Sum Assured- ` 6,37,920, Annual Premium - ` 1,00,011, GMI or Guaranteed Benefit of 50% of SA is not accumulated

Premium shown above is exclusive of any extra Premium, rider Premium, Goods & Service tax/any other applicable tax levied, subject to changes in tax laws if any.

~The assured rate of retuns indicated at 4% and 8% are illustrative and not the guranteed and do not indicate the upper or lower limits of returns under the policy. The sum assuard amount and /or other benefit amount indicated, if any, is a non-guaranteed illustrative figure and is subject to policy terms and conditions

Death Benefit

Age (years)

Death Benefit (Rs)

Assumed Investment Return of 4%~

Assumed Investment Return of 8%~

35

` 10,23,422

` 11,69,362

40

` 11,55,127

` 15,54,752

45

` 12,60,139

` 18,63,204

50

` 12,60,139

` 22,17,751

Premium shown above is exclusive of any extra Premium, rider Premium, Goods & Service tax/any other applicable tax levied, subject to changes in tax laws if any.

~The assured rate of retuns indicated at 4% and 8% are illustrative and not the guranteed and do not indicate the upper or lower limits of returns under the policy. The sum assuard amount and /or other benefit amount indicated, if any, is a non-guaranteed illustrative figure and is subject to policy terms and conditions

Death Benefit is subject to policy terms and conditions

Maturity Benefit

Provided the Policy is in-force and the Life Assured is alive, as on the Maturity date, Guaranteed Benefit of 100% of Sum Assured plus Compound Reversionary Bonus (if any) plus Cash Value (if not fully withdrawn) plus Terminal Bonus (if any) will be paid.

Death Benefit

If all due premiums are paid, then in case of unfortunate death of the life assured during the policy term, Sum Assured on Death# plus 105% of Cash Value (if not fully withdrawn) plus Compound Reversionary Bonus (if any) plus Terminal Bonus (if any) will be paid immediately as lump-sum. The Policy will terminate on the payment of full death benefit.

If you have opted for Joint Life Cover% at inception of the Policy, both you (primary life assured) and your spouse will have independent life cover (Sum Assured). Spouse Sum Assured can range from 50% to 100% of your Sum Assured. The death benefit in case of Joint Life Cover will be payable as below:

Death of Primary Life Assured - If all due premiums are paid, then in case of unfortunate death during the policy term, Sum Assured on Death# plus 105% of Cash Value (if not fully withdrawn) plus Compound Reversionary Bonus (if any) plus Terminal Bonus (if any) will be paid immediately as lumpsum. The risk cover with respect to the primary life assured will terminate automatically on the date of death. However, t he Policy will continue with the life cover on the spouse and the future premiums will be paid by the Company

Death of Spouse -If all due premiums are paid, then in case of unfortunate death during the policy term, Sum Assured will be paid immediately as lumpsum. The risk cover with respect to the spouse will terminate automatically on the date of death. However, the Policy will continue on the life of primary Life Assured, subject to payment of all due future premiums.

You or your nominee can opt to take the Sum Assured/Sum Assured on Death# in equal monthly installments over a period of 5 or 10 years from intimation of death as decided by you/your nominee, at the time of intimation of death.

%Primary Life Assured will have the option to discontinue the life cover (Sum Assured) on the spouse at any policy anniversary, during the PPT. The premium under the policy will be revised accordingly. Life Assured will not have an option to include the spouse again once he/she has exited the Policy

Sum Assured on Death is higher of the sum assured or 10 times of Annualized Premium* further  the death benefit will not be less than 105% of Total Premiums* paid.

* Annualized Premium is exclusive of extra premium, rider premium and GST/any other applicable tax levied, subject to changes in tax laws, if any. Total premium paid is total of regular premiums paid exclusive of extra premium, rider premium and GST/any other applicable tax levied, subject to changes in tax laws, if any. Both, the Annualized Premium and the Total Premiums paid, will be w.r.t. the life assured or primary life assured (in a joint life policy).

In Joint Life, there is no Maturity or Survival Benefit available to Spouse.

In case of simultaneous death of Primary Life Assured and Spouse, the Death Benefit as mentioned above will be paid and the policy will be terminated

Additional Rider Benefits

You and/or your spouse can enjoy extra coverage during the policy term by choosing the optional additional rider benefits at a nominal extra cost. The riders available with Bajaj Allianz Life Flexi Income Goal are:

 

Riders

UIN

1

Bajaj Allianz Accidental Death Benefit Rider 

116B034V02

2

Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider

116B036V02

3

Bajaj Allianz Critical Illness Benefit Rider

116B035V02

4

Bajaj Allianz Family Income Benefit Rider

116B037V02

5

Bajaj Allianz Waiver of Premium Benefit Rider

116B031V02

Please refer to respective rider sales literature or visit Company website or consult your 'Insurance Consultant' for more details and eligibility conditions

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⭐ Can I start or stop receiving my survival benefits?

Yes, you have the flexibility to start or stop   your survival benefits anytime during the policy term. You may even alter the choice multiple times. If you decide to accumulate the benefits an additional rate will be given for the accumulation time

⭐ What benefits will my spouse get from the plan?

If you have opted for a Joint Life policy, your spouse will be covered for a sum assured of 50% to 100% of your sum assured.

⭐ Can I change the frequency of my survival benefit payouts?

Yes, you can change the frequency of your survival benefit payout from monthly to yearly and vice-a-versa.

⭐ Is it mandatory to take 50% of the sum assured at the end of PPT under the Enhance Benefit plan?

Yes if you have opted for Enhanced benefit option you will receive 50% of your sum assured as lumpsum at the end of premium payment term.

⭐ What is the maximum loan one can avail against the policy?

One can avail a maximum loan of 80% of the surrender benefit less any Cash Value available under the policy.

⭐ What kind of equity exposure is available under the Plan?

This investment plan can have exposure of up to 40% in equity. This will help in declaring higher Compound Reversionary Bonus (if any) & Terminal Bonus (if any)

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.

X

^Cash bonus is not guaranteed

* Product feature/benefit mentioned are dependent on variant chosen by the customer.

**Conditions apply. The Guaranteed benefits are dependant on the policy terms, premium payment terms availed along with other variable factors. For details please refer to respective variant’s sales brochure.

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