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Bajaj Allianz Life Guaranteed Saving Goal A-Non-Participating Endowment Plan

  • Guaranteed^Maturity benefit with Guaranteed^ Enhancer
  • Single premium payment Term
  • Sum Assured securing Life Goals
  • Tax benefit u/s 80C & 10(10D) @
Guaranteed maturity benefits from Bajaj Allianz Life
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  • Overview
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Bajaj Allianz Life Guaranteed Savings Goal - A Non-Participating Endowment Plan

We all plan for our Life Goals which we want to achieve in 10 years, 7 years and some in 5 years. Most investment plans require a continued commitment over a long tenure but with Bajaj Allianz Life Guaranteed Savings Goal, our non-participating endowment plan, you just have to pay once to achieve your guaranteed Life Goals.

A guaranteed future helps us to live our current moments to the maximum and when this guarantee is about your Life Goals life is simple.

Guaranteed Maturity Benefit

Maturity amount will be guaranteed from the beginning so you can plan for your Life Goal with certainty.

Guaranteed Enhancer

The guaranteed maturity benefit will be based on your age, chosen Sum Assured Option, Policy Term & Premium Paid along with other variable factors. For policies sourced through Online Channel, the Additional Guaranteed Enhancer% will also be applicable.

Single premium

You just have to pay premium once and have the guarantee of achieving your Life Goals.

Multiple policy terms

Choose from multiple policy term options ranging from medium to long term depending on your Life Goal.

Two Sum assured options

Option to choose between high or low sum assured to maximise cover or enhance returns.

Loan against the policy

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

Choose your Single Premium amount

Choose your Policy Term

Choose your Sum Assured Option

Get your Guaranteed Maturity Benefit based on your Age, chosen Sum Assured option, Policy Term & Single Premium paid

Sum Assured

Sum Assured

1.5 times Single Premium

Enhanced Sum Assured

10 times the Single Premium

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

Entry Age

 

Sum Assured option

Single Premium Band (Rs)

PT – 5 years

PT – 7 years

PT - 10 years

Minimum Entry Age Sum Assured For all Premium Bands 13 years 11 years 8 years
Enhanced Sum Assured Not available 11 years 8 years
Maximum Entry Age Sum Assured For all Premium Bands 60 years
Enhanced Sum Assured ` 25,000 – ` 49,999 Not available 35 years 37 years
` 50,000 – ` 99,999 38 years 39 years
` 1,00,000 –` 4,99,999 45 years 46 years
` 5,00,000 & Above 46 years 47 years

Maturity Age

Minimum Maturity age

18 years

Maximum Maturity age

Sum Assured

70 years

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

Enhanced Sum Assured

57 years

 

Policy Term

5, 7 & 10 years

Premium Payment Term (PPT)

Single Pay

Premium Amount

Minimum Premium

`25,000

Maximum Premium

As per Board Approved Underwriting Policy

Age calculated is Age as at the last birthday.

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) or on maturity date

 

Mr Srinivas,

He is taking a Bajaj Allianz Life Guaranteed Saving Goal.

  • Maturity Benefit

For Single Premium of Rs 5,00,000, the benefits are as mentioned below:

Age (Male)

Sum Assured option 

Maturity Benefit

Policy Term - 5 years

Policy Term - 7 years

Policy Term - 10 years

25 years Rs 7,50,000
(For 1.5 times SP)
` 6,87,800 ` 8,03,050 ` 10,20,050
30 years ` 6,87,750 ` 8,02,950 ` 10,19,650
35 years ` 6,87,600 ` 8,02,650 ` 10,18,600
40 years ` 6,87,200 ` 8,02,050 ` 10,16,450
25 years Rs 50,00,000
(For 10 times of SP)
NA ` 7,71,700 ` 9,70,750
30 years ` 7,68,600 ` 9,63,950
35 years ` 7,60,850 ` 9,47,900
40 years ` 7,44,500 ` 9,14,450

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

Guaranteed Maturity Benefit

On survival of the Life Assured till the end of the Policy Term, provided the Policy is in force, Single Premium x Guaranteed Enhancer (GE %), will be payable.

The Guaranteed Enhancer percentage will be based on your Age, chosen Sum Assured option, Policy Term & Single Premium paid. For female lives, the Guaranteed Maturity Benefit will be calculated by applying GE percentage with an age setback of 3 years

For more details please refer to sales brochure

Death Benefit

Depending upon the sum assured option chosen at the inception of the policy, (Sum Assured - 1.5 times of Single Premium or Enhanced Sum Assured - 10 times of Single Premium), in the unfortunate event of Death of Life Assured during the Policy Term, provided the Policy is in force, the Sum Assured on Death will be paid.

Sum Assured on Death will be higher of:

  • Sum Assured or Enhanced Sum Assured as chosen1
  • Guaranteed Maturity Benefit

1Sum Assured option has to be opted at inception only and cannot be changed during the Policy Term. Guaranteed Sum Assured on Maturity is equal to the Single Premium paid Single Premium paid in the policy is excluding extra premium, if any and GST. Please note that GST will be collected over and above the single premium under the policy.

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⭐ How to know my Guaranteed Maturity Benefit?

The Guaranteed Maturity Benefit will be paid on maturity date, provided the Policy is in force and will be equal to Single Premium multiplied by Guaranteed Enhancer (GE %). The GE percentage will be based on Age, Sum Assured option, Policy Term & Single Premium paid. For more details please refer to sales brochure for GE% .

⭐ Can I change my sum assured during the policy term?

You can choose between enhanced sum assured and sum assured only at the time of inception of the policy. It is not possible to change the Sum Assured during the policy term.

⭐ Can I avail loan under this savings plan?

Under this savings plan, you can avail a maximum of 80% of the policy’s Surrender Value as loan.

⭐ What tax benefits can I get in this plan?

Premium paid may be eligible for tax benefits under section 80C of the Income Tax Act,1961. Survival, Maturity, Death and Surrender Benefits may also be eligible for tax exemption under Section 10(10D) of the Income Tax Act 1961, subject to the provision stated therein. Benefits under Section 10(10D) of the Income Tax Act 1961would not be available for option where sum assured is 1.5 times single premium. Benefits under Section 80C for this option would be restricted to 10% of the sum assured.

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
  • Solvency ratio of 804% **
  • AAA (In) Rating by CARE – Highest Claims Paying Ability$
  • Claim deposits via electronic transfer to make process faster
  • ` 56,620 Total Assets Under Management (AUM)
  • 3.56 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.

**All figures as on 31 March, 2019

#Individual & Group

1Report 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!

^The Guaranteed benefits are dependant on the policy terms, sum assured, premium and age along with other variable factors . For more details please refer to sales brochure.

@ Premium paid may be eligible for tax benefits under section 80C of the Income Tax Act. Survival, Maturity, Death and Surrender Benefits may be eligible for tax benefit under Section 10(10) D of the Income Tax Act, subject to the provision stated therein. Benefits under Section 10(10)D of the Income Tax Act would not be available for option where sum assured is 1.5 times single premium. Benefits under Section 80C for this option would be restricted to 10% of the sum assured.

You are requested to consult your tax consultant and obtain independent advice for eligibility and before claiming any benefit under the policy.