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    Bajaj Allianz Life Guaranteed Income Goal Watch Video 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
    Guaranteed income plan from Bajaj Allianz Life
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    • Overview
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    Overview Image

    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.

    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) 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

    `36,315

    `18,521

    `9,442

    `3,268

    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

     

    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 - 1,23,635 -
    13 63 - 1,34,875 -
    14 64 - 1,46,115 -
    15 65 - 1,57,354 -
    16 66 - 1,68,594 -
    17 67 - 1,79,833 -
    18 68 - 1,91,073 -
    19 69 - 2,02,312 -
    20 70 - 2,13,552 -
    21 71 - 2,24,792 -
    22 72 - 2,36,031 -
    23 73 - 2,47,271 -
    Total   - 22,25,436 -

    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 ` 22,25,436 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

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    Everything You Need To Know About Critical Illness Health Insurance Plans

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    Know the 4 types of health insurance plans

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    ⭐ 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.

    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 2019’1
    • One of the most Trusted Brand2
    • Claims Settlement Ratio 98.02%~
    • 1 Day Claim Approval7
    • Solvency ratio of 745% **
    • AAA (In) Rating by CARE – Highest Claims Paying Ability$
    • Claim deposits via electronic transfer to make process faster
    • ` 56,085 Total Assets Under Management (AUM)
    • 3.44 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.

    787% of non-investigative individual claims approved in one working day for FY 2019-20. 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

    ~Individual Claims Settlement Ratio for FY 2019-2020

    **All figures as on 31 March, 2020

    #Individual & Group

    1 Report published by Kantar millward brown

    2Survey conducted by brand equity – Nielsen in March 2019

    $For details refer to press release published by CARE

    "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