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In this policy, the investment risk in investment portfolio is borne by the policy holder.

Bajaj Allianz Life Goal Based Saving Watch Video A new age ULIP with Return of life cover charges

  • Choice of regular, limited and single premium payment option

  • Return of mortality charges at maturity (ROMC) in case of Regular / Limited Premium policies

  • Settlement Option with Return Enhancer

  • Option to make partial withdrawals from the funds

Goal based savings ulip insurance policy
Download Brochure 9 pages - 499 KB
Download Policy Document 9 pages - 499 KB
Meet an Advisor
  • Overview
  • Key Advantage
  • Eligibility
  • Downloads
  • How ULIPs works
  • Eight Reasons to invest
  • Sample Illustration
  • Policy Benefit
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ULIP Insurance Policy - Bajaj Allianz Life Goal Based Saving

We all have goals in life that we want to achieve. Be it long term or short term, each one of us need to have a concrete plan to get our Life Goals Done. The burning desire to accomplish our life goals is stitched in to our culture and society. Whether it is, funding a start-up or child's education in the best medical college, travelling around the globe or purchasing a home, proper planning of life goals become very important to achieve them.

To achieve these #LifeGoals, financial planning needs to be at the forefront! No matter what the objective for accumulation of funds is, a systematic financial plan disciplined towards your life goal planning is how you can get your #LifeGoalsDone.

Here is a financial planning opportunity that we present to you. Bajaj Allianz Life Goal Based Saving, a new-age Unit Linked Insurance Plan (ULIP) offers you an opportunity to gain substantial benefits at an affordable cost and helps your hard earned money to work towards realizing your life goals.

With the choice of 8 funds, return of mortality charge on policy maturity, tax benefits on your investment and life cover, it is one of the best investments or goal based solution your money can buy. Furthermore, you can opt to receive the maturity benefit in instalments by staying invested in fund(s) of your choice and receive the benefit of Return Enhancer, which is an additional hike up of 0.5% of each instalment.

Return of mortality charges at maturity (ROMC) in case of Regular / Limited Premium policies

 

 

Option to make partial withdrawals from the funds

Settlement Option with Return Enhancer

Choice of eight (8) funds

Option to pay top-up premium

Option to change premium payment term

Entry Age

Minimum age is 0 years

( Risk will commence immediately on issuance of policy. In case of a minor life, the policy will vest on the Life Assured on attainment of age 18 years )

Maximum age is 60 years

Maturity Age

Minimum age at maturity

18 years

Maximum age at maturity

75 years

Policy Term

5 / 10 / 15 / 20 Years

Premium Payment Term (PPT)

Premium Paying Term

Policy term

5 years

5 years

5 & 10 years

10 years

5, 7 & 10 years

 15 years

15 years

 20 years

Minimum Premium (Modal Premium & Top-up)

Frequency

Premium (in `)

Yearly

` 1,00,000

Half-Yearly

` 50,000

Quarterly*

` 25,000

Monthly*

` 8,334

Top-up

` 5,000

*Quarterly & *Monthly premium payment frequency will be available under auto-debit options as approved by RBI

Maximum Premium

As per the maximum SA and Board approved Underwriting Policy (BAUP)

Premium Payment Frequency

Yearly, Half-yearly, Quarterly and Monthly and Single

Minimum & Maximum Sum Assured

Age

Higher of

Less than 45 years

10 times Annualized Premium

0.5 *policy term *Annualized Premium

Greater than or equal to 45 years

10 times Annualized Premium

0.25 *policy term *Annualized Premium

Maximum & Minimum Sum Assured on Top up Premium

Age

Top Up Sum Assured Multiplier

Less than 45 years

1.25 times Top-up Premium

Greater than or equal to 45 years

1.1 times Top-up Premium

Age calculated is age at the last birthday

How do ULIPs work?

Unit linked Insurance plans are packed with the dual powers of Investment and Insurance.
Your ULIP's premium is split between generating returns and providing protection.

Eight Reasons to invest in in Bajaj Allianz Life ULIPs

Alok, 35 years old

Alok has taken a Bajaj Allianz Life Goal Based Saving policy for which he is paying a premium of ₹ 2,00,000 p.a. for a payment term of 10 years with a Sum Assured of ₹ 20 Lakhs. He has chosen a policy term of 15 years. Let's see the benefits available under the variant.

  • Maturity Benefit
  • Death Benefit
  • Investment Strategy

To achieve his Life Goal, Alok invested ₹ 2,00,000 per year for 10 years

Policy Term: 15 years

  • Sample Illustration

On the maturity date, Alok's maturity benefit, based on the assumed investment returns, are as per the table given below :

At assumed investment return**

Total Premiums paid till 10th year

Regular Premium Fund Value (A)

Return of Mortality Charge (B)

Maturity Benefit (Fund Value) (A+B)

of 8%

₹ 20,00,000

₹ 37,70,148

₹ 8,725

₹ 37,78,872

of 4%

₹ 24,96,265

₹ 10,089

₹ 25,06,354

The benefit amount indicated is a non-guaranteed illustrative figure and is subject to policy terms and conditions. This illustration is considering investment in "Pure Stock fund II" and Goods & Service Tax of 18%.
**The returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.

In case of Alok's unfortunate death in the 12th policy year, the death benefit, based on the assumed investment returns, are as per the table given below.

Policy Term: 15 years

  • Sample Illustration

At assumed investment return**

Total Premiums paid till 12th year

Death Benefit

of 8%

₹ 20,00,000

₹ 31,43,553

of 4%

₹ 23,33,955

The death benefit is subject to the guaranteed benefit, which is 105% of the total premiums paid, till the date of death.

The benefit amount indicated is a non-guaranteed illustrative figure and is subject to policy terms and conditions. This illustration is considering investment in "Pure Stock fund II" and Goods & Service Tax of 18%.
**The returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.

Investor selectable portfolio strategy

Policyholder can allocate the premiums based on his / her personal choice among the 8 funds & to suit his / her investment needs. Please refer to Sales literature available on our website for more details.

Maturity Benefit

Under Bajaj Allianz Life Goal Based Saving, the maturity benefit will be the regular/single premium fund value plus top up premium fund value as on the maturity date, provided the policy is in-force.

Death Benefit

If all due premiums are paid, then, in case of unfortunate death of the life assured during the policy term, the death benefit payable will be :

  • Higher of, Sum Assured or Regular Premium Fund Value 

plus

  • Higher of, Top up Sum Assured or Top up Premium Fund Value

If premiums have been discontinued during the first 5 policy years, the death benefit payable will be equal to the Discontinuance Value. If premiums have been discontinued after the first 5 policy years and the policyholder have opted to convert the policy into paid-up with reduce paid-up sum assured, the death benefit payable will be :

  • Higher of, Paid-up Sum Assured or Regular Premium Fund Value 

plus

  • Higher of, Top-up Sum Assured or Top-up Premium Fund Value

The above benefit is subject to the Guaranteed Death Benefit of 105% of the total premiums* paid, till the date of death.

*Total premiums paid shall be (Annualized premium * number of years for which premiums have been paid + Top up premiums paid, if any).

Return of Mortality Charge (ROMC) - For Regular /Limited Premium Option Only

At the end of the policy term, on the maturity date, the total amount of mortality charges deducted in respect of life cover provided throughout the policy term, will be added back as ROMC, to the Regular Premium Fund Value and Top up Premium Fund Value, as applicable. ROMC is not applicable in case of a Surrendered, Discontinued or Paid-up policy and will be payable all due regular premiums under the policy have been paid up to date.

Note :

  • Amount of mortality charges will be allocated to the fund (s) in the same proportion of the Fund Value as on the maturity date.
  • ROMC will be excluding any extra mortality charge and Goods & Service Tax / any other applicable tax levied on the mortality charge deducted.
  • Overview
  • Key Advantage
  • Eligibility
  • Download
  • How ULIPs works
  • Eight Reasons to invest
  • Sample Illustration
  • Policy Benefit
Add Image Here

We all have goals in life that we want to achieve. Be it long term or short term, each one of us need to have a concrete plan to get our Life Goals Done. The burning desire to accomplish our life goals is stitched in to our culture and society. Whether it is, funding a start-up or child's education in the best medical college, travelling around the globe or purchasing a home, proper planning of life goals become very important to achieve them.

To achieve these #LifeGoals, financial planning needs to be at the forefront! No matter what the objective for accumulation of funds is, a systematic financial plan disciplined towards your life goal planning is how you can get your #LifeGoalsDone.

Here is a financial planning opportunity that we present to you. Bajaj Allianz Life Goal Based Saving, a new-age Unit Linked Insurance Plan (ULIP) offers you an opportunity to gain substantial benefits at an affordable cost and helps your hard earned money to work towards realizing your life goals.

With the choice of 8 funds, return of mortality charge on policy maturity, tax benefits on your investment and life cover, it is one of the best investments or goal based solution your money can buy. Furthermore, you can opt to receive the maturity benefit in instalments by staying invested in fund(s) of your choice and receive the benefit of Return Enhancer, which is an additional hike up of 0.5% of each instalment.

 

Option to make partial withdrawals from the funds

Settlement Option with Return Enhancer

Choice of eight (8) funds

Option to pay top-up premium

Option to decrease sum assured in case of Single Premium policies

Entry Age

Minimum age is 3 years

( Risk will commence immediately on issuance of policy. In case of a minor life, the policy will vest on the Life Assured on attainment of age 18 years )

Maximum age is 60 years

Maturity Age

Minimum age at maturity

18 years

Maximum age at maturity

65 years

Policy Term

Age Bands

Minimum Policy Term

Maximum Policy Term

3 - 40 years

5 years

15 years

41 - 44 years

5 years

10 years

45 - 60 years

5 years

5 years

Minimum Premium

₹ 5,00,000

Top-up Premium - ₹ 5000

Maximum Premium

As per the maximum SA and Board approved Underwriting Policy (BAUP)

Sum Assured

Age

Minimum

Maximum

Less than or equal to 50 years

10 times Single Premium

Greater than 50 years

1.1 times of Single Premium

5 times of Single Premium

Maximum & Minimum Sum Assured on Top up Premium

Age

Top Up Sum Assured Multiplier

Less than 45 years

1.25 times Top-up Premium

Greater than or equal to 45 years

1.1 times Top-up Premium

Age calculated is age at the last birthday

How do ULIPs work?

Unit linked Insurance plans are packed with the dual powers of Investment and Insurance.
Your ULIP's premium is split between generating returns and providing protection.

Eight Reasons to invest in in Bajaj Allianz Life ULIPs

Alok, 35 years old

He has taken a Bajaj Allianz Life Goal Based Saving policy for which he is paying a Single premium of ₹ 5,00,000 with a Sum Assured of ₹ 50 Lakhs. He has chosen a policy term of 15 years. Let's see the benefits available under the variant.

,
  • Maturity Benefit
  • Death Benefit
  • Investment Strategy

To achieve his Life Goal, Alok invested Single premium of ₹ 5,00,000

Policy Term: 15 years

  • Sample Illustration

On the maturity date, Alok's maturity benefit, based on the assumed investment returns, are as per the table given below: :

At assumed investment return**

Total Premiums paid till maturity

Maturity Benefit (Fund Value)

of 8%

5,00,000

₹ 10,75,499

of 4%

₹ 5,64,883

The benefit amount indicated is a non-guaranteed illustrative figure and is subject to policy terms and conditions. This illustration is considering investment in "Pure Stock fund II" and Goods & Service Tax of 18%.
**The returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.

In case of Alok's unfortunate death in the 12th policy year, the death benefit, based on the assumed investment returns, are as per the table given below.

Policy Term: 15 years

  • Sample Illustartion

At assumed investment return**

Total Premiums paid till 12th year

Death Benefit

of 8%

₹ 5,00,000

₹ 50,00,000

of 4%

₹ 50,00,000

The death benefit is subject to the guaranteed benefit, which is 105% of the total premiums paid, till the date of death.

The benefit amount indicated is a non-guaranteed illustrative figure and is subject to policy terms and conditions. This illustration is considering investment in "Pure Stock fund II" and Goods & Service Tax of 18%.
**The returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.

Investor selectable portfolio strategy

Policyholder can allocate the premiums based on his / her personal choice among the 8 funds & to suit his / her investment needs. Please refer to Sales literature available on our website for more details.

Maturity Benefit

Under Bajaj Allianz Life Goal Based Saving, the maturity benefit will be the regular/single premium fund value plus top up premium fund value as on the maturity date, provided the policy is in-force.

Death Benefit

If all due premiums are paid, then, in case of unfortunate death of the life assured during the policy term, the death benefit payable will be :

  • Higher of, Sum Assured or Single Premium Fund Value plus
  • Higher of, Top up Sum Assured or Top up Premium Fund Value

The death benefit is subject to the Guaranteed Death Benefit of 105% of the total premiums* paid, till the date of death.

* Total premiums paid shall be (Single Premium paid + Top up premiums paid, if any).

All the above is paid as on date of receipt of intimation of death at the Company's office.

Note :

  • If death of the life assured occurs before attaining age 60 years, then, the sum assured shall be reduced to the extent of the partial withdrawals made from the regular/single premium fund during the two year period immediately preceding the death of the life assured.
  • If death of the life assured occurs on or after attaining age 60 years, then, the sum assured shall be reduced to the extent of the partial withdrawals made from the regular/single premium fund during the two year period before attaining age 60 and all the partial withdrawals made from the regular/single premium fund after attaining age 60.
  • The policy will terminate on the date of intimation of death of the life assured.

Return of Mortality Charge

No Return of Mortality Charge is available on Single Premium including any Top-up premium paid on the Single Premium policy

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What is ROMC benefit?

Bajaj Allianz Life Goal Based Saving comes with the benefit of Return of Mortality Charge (ROMC). As the name suggests, Return of Mortality Charges (RoMC) returns the entire life cover charges deducted throughout the policy term at the time of maturity. It is added back to the regular/limited premium fund value and top-up premium fund value, as applicable. All you have to do to get the benefit is pay your premiums on time and stay invested till the end of the policy since ROMC is not applicable in case of surrendered, discontinued or paid-up policy. This benefit is also not available under single premium option.  

How does the switching between the funds work under this policy?

Bajaj Allianz Life Goal Based Savings allows you to make unlimited free switches during the policy term to optimize your returns. The minimum amount for switching is Rs 5,000 or the value of units in the fund to be switched from, whichever is lower. The company will facilitate the switch by redeeming units from the existing fund and then allocating new units to the fund opted for at their unit price. 

What is the Death Benefit under this plan?

In the unfortunate scenario of the policyholder‘s death, the nominee will get the Death Benefit as a lump sum. It includes higher of the regular/single premium sum assured or regular/single premium fund value, plus the higher of top-up premium sum assured or top-up premium fund value, as applicable. 

The Death Benefit will not be less than the Guaranteed Death Benefit of 105% of the total premiums paid including the top-up premiums paid, if any, till the date of death. 

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.

Fund Booster

If all the premiums under the policy are paid up to date, at maturity, an additional amount , called the Fund Booster will be added to the fund value as a % of one annualized premium. The Fund Booster benefit is applicable for policy terms 10 & above. Please refer to the sales brochure for exact percent details.

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.

Loyalty Additions

If all the premiums under the policy are paid up to date, Loyalty Additions will be added to the Fund Value at the end of every policy year from the 6th policy year onwards, subject to policy terms & conditions. The Loyalty Addition will be a % of one annualized premium. Please refer to the sales brochure for eligibility and exact percent details.

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.

Return of Mortality Charges (ROMC)

If all the premiums under the policy are paid up to date, at maturity, the sum of all mortality charges (Life Cover charges) , including mortality on Top-up SA, if any, deducted during the policy term will be added to the Fund Value.

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.

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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!