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Bajaj Allianz Life Guaranteed Income Goal A Non-Linked, Non-Participating Endowment 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
Guaranteed income plan from Bajaj Allianz Life
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Bajaj Allianz Life Guaranteed Income Goal

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.

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 Lump-sum Benefit i.e. in one payout or as 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

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

Choose the variant as mentioned below:

  • 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.

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.

Termination Age

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

84 years

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

Lump-sum Benefit

Policy Term (In years) 10 12

Premium Payment Term (In years)

5, 7, 10

5, 7, 12

Income Benefit

Policy Term (In years) 5 7 10 12

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

`37,524

`19,137

`9,756

`3,377

Income

`28,092

`14,327

`7,304

`2,528

Maximum Premium

As per Maximum Sum Assured

Sum Assured

Minimum Sum Assured

`1,00,000

Maximum Sum Assured

Based on Board Approved Underwriting Policy

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)

If the Life Assured is minor then risk cover will commence immediately on issuance of the Policy.

The Policy will vest on the life of the Life Assured at age 18 of the Life Assured.

For policies purchased from POS channel, eligibility parameters will be as per POS guidelines.

Mr Srinivas, 50 years old

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

  • Retirement Goal

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 ₹ 2,24,792. 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)

0 50 1,00,000 - 10,00,000
1 51 1,00,000 - 10,00,000
2 52 1,00,000 - 10,00,000
3 53 1,00,000 - 10,00,000
4 54 1,00,000 - 10,00,000
5 55 1,00,000 - 10,00,000
6 56 1,00,000 - 10,00,000
7 57 1,00,000 - 10,00,000
8 58 1,00,000 - 10,00,000
9 59 1,00,000 - 10,50,000
10 60 1,00,000 - 11,55,000
11 61 1,00,000 - 12,60,000
12 62 - 1,23,636 -
13 63 - 1,34,875 -
14 64 - 1,46,115 -
15 65 - 1,57,354 -
16 66 - 1,68,594 -
17 67 - 1,79,834 -
18 68 - 1,91,073 -
19 69 - 2,02,313 -
20 70 - 2,13,552 -
21 71 - 2,24,792 -
22 72 - 2,36,032 -
23 73 - 2,47,271 -
Total   - 22,25,441 -

The total premium that Srinivas will pay over 12 years is ` 12,00,000 for a chosen Sum Assured of ` 2,24,792; to receive a total Income Benefit of ` 22,25,441 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.

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

10 5 310% 310% of Sum Assured
10 7 410% 410% of Sum Assured
12 5 375% 375% of Sum Assured
12 7 450% 450% of Sum Assured
10 10 520% 520% of Sum Assured
12 12 600% 600% 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

05-05 10-05 12-05 07-07 10-07 12-07 10-10 12-12

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
  • Frequency Half-yearly Quarterly Monthly
    Factor 0.49 0.24 0.08
  • 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.

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 -
    • 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.
    • 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#, (iv) Any absolute amount assured to be paid on death^.
*Annualized Premium is exclusive of extra premium, rider premiums, loadings for modal premiums and GST, 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, if any. Please note that GST will be collected over and above the premium under the Policy.
#Guaranteed Sum Assured on Maturity is equal to the Sum Assured which is as chosen by policyholder at inception.
^Any absolute amount assured to be paid on death is equal to the sum assured.

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#, (iv) Any absolute amount assured to be paid on death^.
*Annualized Premium is exclusive of extra premium, rider premiums, loadings for modal premiums and GST, 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, if any. Please note that GST will be collected over and above the premium under the Policy.
#Guaranteed Sum Assured on Maturity is equal to the Sum Assured which is as chosen by policyholder at inception.
^Any absolute amount assured to be paid on death is equal to the sum assured.

Documents you’ll need before investing

How to choose a critical illness cover

How to Choose the Best Critical Illness Cover for Yourself

READ MORE
Why you should get a critical illness cover

Everything You Need To Know About Critical Illness Health Insurance Plans

READ MORE
Know the 4 types of health insurance plans

Know 4 Different Types of Health Insurance Plans

READ MORE

By how much can I extend the life cover for?

The option of Extended Life Cover (ELC) allows you to extend the life cover after the policy term. This extension will be for a period equal to the Premium Payment Term (PPT) of your policy. For example, if you purchased Bajaj Allianz Life Guaranteed Income Goal with premium paying term of 5 years and a policy term of 10 years along with the ELC option, you will get additional life cover for 5 years after policy term. You can opt for ELC only at the time of inception of this guaranteed income plan.

Can I buy it in the name of my minor child?

Yes, you can purchase this guaranteed income plan in the name of your minor child provided he/she is more than six years of age. 

Can I convert from Lumpsum Benefit option to Income Benefit option and vice versa in the middle of the policy period?

You can opt for Lumpsum Benefit and Income Benefit variant only at the time of inception of the policy. It is not possible to convert from one variant to another during the policy term of this guaranteed income plan.

Are there any riders available in this product?

Bajaj Allianz Life Guaranteed Income Goal comes with five riders to help you enhance the insurance cover and meet life goals 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

Life Insurance Glossary

Accident

"Accident" means a sudden unforeseen and involuntary event caused by external and visible means.

Accidental Total Permanent Disability

"Accidental Total Permanent Disability" means the occurrence of a disability of the life of the Life Assured solely and directly due to an Accident as per the definitions and subject to the exclusions as specified in the policy document.

ATPD

"ATPD" means Accidental Total Permanent Disability

Critical Illness

"Critical Illness" means any Illness or condition specified in Annexure K of the policy document and shall include either the first diagnosis of any of the listed Illnesses or first performance of any of the covered surgeries and subject to exclusions as specified in the policy document

CI Benefit

"CI Benefit" means the benefit payable on the first diagnosis of the Life Assured with any specified Critical Illness. Please refer to Section 4 below for details.

Sum Assured

"Sum Assured" is the amount as specified in the Schedule for the Life Assured under the Policy.

Survival Benefit

"Survival Benefit" means any benefit that is payable under the Policy during the Policy Term based on the survival of the Life Assured to a specified date. There is no Survival Benefit under the Policy.

Survival Period

"Survival Period" means a period of thirty (30) days from the date of diagnosis of the Critical Illness as listed in the policy document.

WOP Benefit

"WOP Benefit" means the Waiver of Premium Benefit, which if applicable in the Variant chosen in the Policy, is a waiver of the future Regular Premium due, on the first occurrence of any death, CI and/or ATPD (as applicable) of the Life Assured who is also the Policyholder. Please refer to Section 4 below for more details.

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  • Claim deposits via electronic transfer to make process faster
  • Solvency ratio of 767% **
  • Our Priority is not to sell Life Insurance, it is to serve you in the fastest & most convenient manner when you need us.

**All figures as on 31 December, 2018.

"What are your life goals?" is one of the most common questions that comes to one's mind while taking any step further in Life. Most just answer it by laughing it off or saying we will think about it.

A key reason that they feel this way is that they haven't spent enough time thinking about what they want from their life, and haven't set themselves any goals.

Goals keep changing as per different life stages and one has to plan meticulously for their future.

Deciding your Life Goal is all about planning to "Live your life, your way". There could be various Life Goals such as trotting the globe, becoming a food blogger to starting your own business, owning your dream house, or planning your Childs education or marriage.

L"IF"E is full of IF's... and one needs to plan to secure their loved ones and themselves against the Ifs of Life. When you opt for a life insurance plan, you transfer your family's financial risks in case of any unfortunate event to the life insurer. This allows you and your loved ones to live life fearlessly. Life Insurance protects your family's financial wellbeing from the consequences of living without an income.

When you purchase a life insurance policy, one of your major life goal gets fulfilled i.e. you purchase a sense of security. A safety net that cushions your family members from the financial impact of your sudden absence and ensures that any outstanding debts that were incurred during your lifetime don't fall upon your loved ones.

Having life goals is an important aspect in each one's life. One needs to be SMART and plan out well in advance to ensure nothing goes wrong in the future. Life insurance offers a range of products that could come in handy for meeting your financial goals.

To ensure that it is not too late, get your #LifeGoals insured with us today! It will help you smile in the face of tomorrow's uncertainties and let you live a worry free life!

#Tax benefits as per prevailing Income tax laws shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

5 available with Income benefit