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Bajaj Allianz Life Smart Protection Goal

A Non Linked, Non Participating, Individual Life Insurance Term Plan

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Life cover of 1 crore 10 years duration

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Life cover of 5 crore 30 years duration

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business.

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Bajaj Allianz Life Smart Protection Goal – Overview

Our future plans and financial goals demand protection from twists and turns of life. A comprehensive term plan with competitive premium can be a perfect shield against financial stress caused by any life event.

Bajaj Allianz Life Smart Protection Goal is a complete term plan that is easy on your pocket and yet provides you an all-encompassing life cover. It not only offers you the option to get back the entire premium at the time of maturity but also protects you against financial loss from several critical illnesses. This plan is designed to offer a customized solution to suit your unique needs. All in all, Bajaj Allianz Life Smart Protection Goal is a complete term plan with new-age features in line with your evolving needs.

Comprehensive cover:

Bajaj Allianz Life Smart Protection Goal offers a complete cover with carefully structured options to meet your unique needs.

Competitive premium:

Competitive premium with features in keeping with your requirements.

Return of premium:

Receive the total premiums paid towards the policy at the time of maturity provided, no claim is made

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Whole life cover:

Avail cover till the age of 99 years by paying for a limited term only. Return of Premium option is not available if you opt for a whole life plan.

Covers 55 critical illnesses:

Acquire protection from several minor and major critical illnesses.

  1. 1

    Choose your Sum Assured

    Decide on the level of protection by choosing the sum assured you need to safeguard your family's future.

  2. `
  3. 2

    Decide whether you wish to opt for Critical Illness Benefit (CIB) and/or Return of Premium (ROP)* feature.

  4. `
  5. 3

    Choose your Policy Term and the Premium Payment Term

    Select the period for which you want to get life insurance protection and the period for which you want to pay the premium.

  6. `
  7. 4

    Choose your Premium Payment Frequency

    Depending on your convenience, you can decide the interval at which you would prefer to pay the premium during the premium payment term

    Your premium will be based on your current age, gender, sum assured, optional benefit(s) chosen, , policy term, premium payment term & frequency, discounts applicable etc.


    *If ROP has been chosen as Maturity Benefit, the return of premium as maturity benefit will be applicable both on the premium paid and on the Critical Illness Benefit opted.
    *If Whole Life is opted for, then ROP is not available

    For policies sourced through POS channel:

    - Policy terms & conditions, Eligibility Conditions shall be as per prevailing POS guidelines, as amended from time to time
    - Optional Critical Illness Benefit will not be available
    - Whole life option will not be available

  8. `

Entry Age

Minimum

age is 18 years

ROP: Pay-till-60 Option - Minimum: 25 years

Maximum

age is 65 years

ROP: Pay-till-60 Option - Maximum: 55 years

For Critical Illness Benefit – 65 years

Maturity Age

Maximum age at maturity

With ROP - 85 years

Without ROP - 85 years

Whole Life - 99 years

Sum Assured

Minimum Sum Assured

`50,00,000

Maximum Sum Assured

As per Board Approved Underwriting Guidelines

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

Policy Term (PT) / Premium Payment Term (PPT) for Life Cover

 

Premium Type for Variant

Minimum

Maximum

PT (years)

PPT (years)

PT (years)

PPT (years)

Without ROP

RP

10

10

85 minus Age at Entry

85 minus Age at Entry

LP7

10

5

85 minus Age at Entry

42

With ROP

RP

10

10

50

50

LP7

10

5

50

35

Whole Life

RP

Not Available

LP7

99 minus Age at Entry

5

99 minus Age at Entry

42

Policy Term (PT) / Premium Payment Term (PPT) for Critical Illness Benefit

 

Premium Type for Variant

Minimum

Maximum

PT (years)

PPT (years)

PT (years)

PPT (years)

Without ROP

RP

5

5

62

62

LP7

5

5

30

30

With ROP

RP

10

10

40

40

LP7

10

10

30

30

7For Limited Premium Payment, the PPTs available are 5, 10, 15, 20, Pay-till-60 years; subject to maximum PPT cessation age of 75 years. For Limited Premium with ROP option, the minimum difference between PT and PPT should be 5 years

Note:

- For Critical Illness Benefit cover, cover Term(PT) and cover PPT will always be the same

- However, the cover Term (PT) and premium payment term for CIB can be less than or equal to the Life Cover Premium Payment Term

 

Sum Assured for Critical Illness Benefit Option

Minimum Sum Assured

`5,00,000

Maximum Sum Assured

`1,00,00,000

 

Maturity Age for Critical Illness Benefit Option

Maximum age at Maturity

With ROP - 75 years

Without ROP & Whole Life - 80 years

Maturity Benefit

Maturity Benefit If ROP option has not been chosen, Maturity Benefit shall be NIL.

Death Benefit

Death Benefit (Benefit payable on death of the Life Assured during the policy term) Your nominee/legal heir will receive the Sum Assured (as chosen by you at inception). The policy will terminate on payment of Death Benefit.

Optional Benefit(s)

  • Critical Illness Benefit (CIB)
  • You can choose to opt for this Benefit. This Benefit will have a separate sum assured (CI Sum Assured).

    - In case of diagnosis of any of the listed Critical Illnesses, Sum Assured chosen for Critical Illness Benefit is payable

    - In case of Minor CI other than Angioplasty, 25% of the CI Sum Assured will be payable

    - For Angioplasty, lower of 5 Lacs or 25% of CI Sum Assured, will be payable

    - A maximum of four (4) Minor CI including Angioplasty claims will be payable during the CIB cover period

    - For Major CI, 100% of CIB will be payable

    - The total claims paid under Minor and Major CI will not be more than 100% of CI Sum Assured

    - If CIB has been paid for four (4) Minor CIs including Angioplasty during cover period, no CIB will be payable for any future Minor CI. Any remaining CI Sum Assured shall be payable on the occurrence of a Major CI.

    - Once claim is paid for Minor CI (including Angioplasty), no future claim will be paid for the same Minor CI. The remaining CI Sum Assured will continue for all listed CI's excluding the Minor CI for which the claim has already been paid.

    - If ROP option is chosen and 100% of CI Sum Assured has not been claimed, on maturity the ROP will be a proportion of the total premiums paid for CIB

  • Whole of Life - Life Cover up to age 99 years
  • This option is only available when limited premium payment option is chosen

  • Return of Premiums (ROP)**
  • - You will receive a Maturity Benefit equal to total premiums paid**, as a one-time lump sum on the date of maturity, and the policy will terminate

    - If You have opted for CIB and

    - If no claim has been paid w.r.t. CIB, then, Maturity Benefit will be paid at the end of CI Policy Term

    - If any claim for Minor CI(s) has been paid, proportion of Maturity Benefit, as applicable, shall be payable under this Benefit, provided CI Sum Assured has not exhausted.

    - CI Benefit shall immediately terminate on payment of this Benefit.

Note -

The optional Benefit(s)can be chosen only at inception and cannot be altered during the term of the Policy.

Premium will vary depending upon the Optional Benefit(s) chosen

**Return of Premium (ROP) is the total of all the premiums received through-out the PT or cover period for an LP & RP exclusive of extra premium and GST and cess, if any, respectively and separately, for the Life Cover or for the optional Critical Illness Benefit chosen if any.

For policies sourced through POS channel, Waiting Period of sixty (60) days from Date of commencement of risk shall be applicable. During this period, the Death Benefit due to any reason other than Accidental Death will be 100% of Total Premiums paid till date, excluding GST/any other applicable tax levied, subject to changes in tax laws and any extra premium

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⭐ Waiver of Premium Benefit is available under what circumstances?

The Waiver of Premium Benefit is available in case of occurrence of Critical Illness (including Accidental Total Permanent Disability) or death of the life assured.

⭐ What are minor and major critical illnesses?

Bajaj Allianz Life Smart Protect Goal protects against 19 minor and 36 major Critical Illnesses, including cancer, heart ailments, Alzheimer’s disease, Parkinson’s Disease and blindness, among others. . For more details, please refer sales literature available on the website of the Company.

⭐ For Joint Life Cover variant

Can one insure other than the spouse under the plan?

Joint Life Cover variant is available only to the spouse of the life assured.

What if the second life assured expires before the first life assured?

Sum Assured pertaining to the second life assured will be paid to the nominee and the policy will continue on the primary life assured with all benefits subject to payment of premiums.

⭐ For Increasing Life Cover variant

What is the rate at which the cover will increase every year?

It depends on the percentage opted by you at the time of inception. You can choose between 5%, 8% or 10% of the Sum Assured for the annual increase in life cover.

What will be the sum assured paid at the time of death of the policyholder?

Under this variant, the prevailing life cover as on the date of death is payable in case death of the life assured. Life Cover is subject to policy terms and conditions.

⭐ For Child Education Extra Cover variant

How many children can be covered under this plan?

Multiple children can be covered under the plan subject to total CEEC Sum Assured not exceeding 100% of Base Sum Assured.

At what age of the child does the cover cease to exist?

The Child Education Extra Cover will cease to exist once the child reaches the age of 25 years for each CEEC opted for

Life Insurance Glossary

Annualized Premium

“Annualised Premium” means the total amount of Regular Premiums payable in a Policy Year, after due consideration of applicable premium factors for various Premium Payment Frequency. In this calculation, any extra premium, Rider Premium or applicable taxes are excluded.

Grace Period

“Grace Period” means a period of fifteen (15) days for a monthly Premium Payment Frequency and thirty (30) days for other than monthly Premium Payment Frequency, from the due date of the Regular Premium payment.

Life Assured

“Claimant” means the Life Assured (if alive) or Policyholder (if different from the Life Assured) or the assignee or the Nominee or the legal heirs of Policyholder/Nominee(s) to whom the Policy Benefit will be payable.

Maturity Date

“Maturity Date” means the date specified in the Schedule on which the Maturity Benefit as per policy document shall become payable to the Policyholder

Nominee

“Nominee” means the person who has been nominated in writing to the Company by the Policyholder, who is entitled to receive the Death Benefits under the Policy as mentioned in Policy Document

Paid up Sum Assured on Death

“Paid-up Sum Assured on Death” is the reduced value of the Sum Assured on Death arrived at by multiplying the Sum Assured on Death with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy.

Paid up Sum Assured on Maturity

If the Regular Premiums due for first three (3) Policy Years are paid and subsequent Regular Premiums are not paid, the Policy will, immediately and automatically, be converted to a paid-up Policy on the expiry of the Grace Period as per the conditions stated in the policy document.

Paid up Sum Assured

“Paid-up Sum Assured” is the reduced value of the Sum Assured arrived at by multiplying the Sum Assured with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy

Policyholder

“Policyholder” means the adult person named in the Schedule who has concluded the Policy with the Company

Rider Benefit

“Rider Benefit” means the benefit payable under the Rider on the happening of the contingent event covered under the Rider. For more details, refer to the Policy Document

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

Rider Premium

“Rider Premium” means the amount exclusive of applicable taxes, if any, payable by the Policyholder at regular intervals during the Rider Premium Paying Term, in amount (along with and as part of the Regular Premium) and at the Premium Payment Frequency.

Rider Premium Paying Term

“Rider Premium Paying Term” means the period specified in the Schedule during which the Rider Premium is payable.

Rider Term

"Rider Term” means the period between the Date of Commencement of Rider and the Rider Maturity Date, as mentioned in the Schedule

Sum Assured

“Sum Assured” is the amount as specified in the Schedule under the Policy.

Surrender Benefit

“Surrender Benefit” means the benefit, if any, payable on the surrender of the Policy. For more details refer to the Policy Document

X

35% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium, 5% Discount for salaried customers, applicable only on first year’s premium, 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency, applicable only on first year’s premium.

2Above illustration is for Bajaj Allianz Life Smart Protection Goal - A Non Linked, Non Participating, Individual Life Insurance Term Plan (UIN: 116N174V03) considering Male aged 25 years | Non-Smoker | Standard Life | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Total Sum Assured opted is Rs. 1,00,00,000 | Total Premium - Rs. 2,08,143 (1st Year Premium is Rs- 6535/- and 2nd Year onwards Rs -6952/- )| Online Channel | This is exclusive of discount for salaried customers and for customer's first individual life insurance policy | medical rates | Yearly Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

1Product feature/benefit mentioned above are dependent on optional benefit, if selected.