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IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

Bajaj Allianz Life Smart Wealth Goal III

Please Select Language
A Unit-linked Non-Participating Individual Life Savings Insurance Plan

  • Three variants to choose from

  • Return of Premium Allocation charge#

  • Multiple investment portfolio strategies#

  • Return of Mortality charge#

  • Option to reduce the premium#

  • Overview
  • Key Advantage
  • How this Works
  • Eligibility
  • Downloads
  • Sample Illustration
  • Policy Benefits
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Smart Wealth Goal III By Bajaj Allianz Life

Life is about making smart choices, so are savings. Especially when these choices are about your Life Goals.

Presenting Bajaj Allianz Life Smart Wealth Goal III, an insurance plan loaded with smart features like Life cover, Return of Life Cover charge, Return of Allocation charge and multiple investment strategies to make the most of your savings. Bajaj Allianz Life Smart Wealth Goal III is a non-participating, individual, life, regular premium, Unit-Linked, limited premium & single premium1 payment plan. You can opt for any one out of the three variants offered under the plan. The chosen variant cannot be changed during the term of the policy.-

  • Wealth
  • Child Wealth
  • Joint Life Wealth

 

For details of Child Wealth variant and Joint Life Wealth variant, please refer to the respective Sales Literatures

1available for Wealth variant and Joint Life Wealth variant

Periodical money backs

The plan offers Systematic partial withdrawal through Periodical Money backs. Periodical money backs include returning of Premium Allocation Charges at the end of the 10th policy year or the date of maturity (whichever is earlier), and the total of all the Premium Allocation charges* , deducted under the Policy will be added into the Fund as Loyalty Benefit and addition of Fund Booster (as a percentage of Fund Value) at the end of 15th,20th,25th,30th,35th,40th,45th,50th,55th and 60th year (as applicable in your Policy).

 

*The premium allocation charge is applicable till the 5th policy year.

Return of Mortality Charges:

The ULIP plan helps you to accelerate your journey towards life goals by returning life cover charges at the end of the policy term if all due premiums have been paid.

Multiple investment strategies:

You can opt from five investment portfolio strategies at the inception of the policy -- Investor Selectable Portfolio Strategy, Wheel of Life Portfolio Strategy II, Trigger Based Portfolio Strategy II, Auto Transfer Portfolio Strategy and Capital Preservation-Oriented Strategy, in line with your need and risk profile

Multiple Fund options:

Those opting for Investor Selectable Portfolio Strategy can choose from fourteen ULIP fund options depending on their need, risk profile and time horizon. 

Option to reduce premium

This plan offers a unique feature of reducing the prevailing regular or limited premium by up to a maximum of 50% of the prevailing premium after the first five policy years. The reduction is subject to the minimum premium criteria under the plan being met and product terms and conditions

Option to increase Premium paying term

Subject to product terms and conditions, the policyholder can increase the premium paying term after the end of the 5th policy year by giving a 30-day notice prior to the policy anniversary after the end of the 5th policy year

Avail Family Benefit:

Get an additional benefit at Maturity, if any of your family member(s)^ is an existing customer of Bajaj Allianz Life Insurance Co. Ltd.

^Family member shall be defined as spouse, children, brothers, sisters, grandchildren, parents, parents in-laws; and will be available to family members of existing customers including who have matured policies.

  1. In Bajaj Allianz Life Smart Wealth Goal III, Premiums paid by you, are saved, as per your chosen portfolio strategy across the various applicable Funds. The units are allocated at the prevailing Unit Price/NAV of the Fund, post deduction of Premium Allocation Charge. The Mortality charge and Policy Administration charge is deducted monthly through cancellation of units. Fund management charge is adjusted in the Unit Price/NAV.

  2. `

Entry Age

Minimum Age

Single Premium - 0 year

Regular/Limited Premium - 0 year

In case of minor life, the risk cover will commence immediately on date of commencement of Policy and the Policy will vest on the attainment of majority (age 18 years)

Maximum Age

Single Premium - 70 years

Regular/Limited Premium - 60 years

Maturity

Minimum Age at Maturity is 18 years

Maximum Age at Maturity is

Single Premium - 90 years

Regular/Limited Premium - 99 years

Policy Term

Minimum Policy term is 10 years

Maximum Policy term is

Single Premium - 20 years

Regular/Limited Premium - 60 years

Premium Paying Term

Single Premium

Regular/Limited Premium

For Maximum Maturity Age less than equal to 85:

Min -5 years

Max - PT chosen

For Maximum Maturity Age greater than 85

Minimum -minimum PPT 10 years

Maximum - PPT ceasing at age 85

Premium

Minimum Premium

Mode

Age at entry

PPT

Annual

Half-yearly

Quarterly

Monthly

Single Premium

All

All

Rs. 48000

Regular/Limited Premium

All

All

Rs. 12,000

Rs. 6,000

Rs. 3,000

Rs. 1,000

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

Maximum Premium -  No Limit

Premium Payment Frequency

Yearly, Half yearly, Quarterly and Monthly

Minimum & Maximum Sum Assured

Minimum Sum Assured

Single Premium - 1.25 times SP#

Regular/Limited Premium - 7 times AP#

Maximum Sum Assured

Single Premium

Limited or Regular Premium

Age<=40 years

Term <=10

10 times SP#

10 times AP#

Term > 10

1.25 times SP#

Age>40 years

1.25 times SP#

Maximum Sum Assured in a policy will be as per the board approved underwriting policy (BAUP).

Minimum & Maximum Top up Sum Assured

Minimum Top up Sum Assured

1.25 times Top up Premium

Maximum Top up Sum Assured

Single Premium - 1.25 times Top up Premium

Regular/Limited Premium - 10 times Top up Premium

Age calculated is age as at the last birthday

Prevailing Sum Assured is based on the prevailing Annualized Premium* and Prevailing Top up Sum Assured is based on Top up Sum Assured amount

*Annualised Premium means the premium amount payable in a year excluding the taxes, rider premiums and underwriting extra premium on riders, if any

#SP: Single Pay

Pawan is 35 years old

Pawan has various LifeGoals to be achieved. He has taken a Bajaj Allianz Life Smart Wealth Goal III Policy (Wealth Variant) to meet his LifeGoals for a Policy Term of 20 years. He is paying an Annual Premium of Rs 1 lac for a payment term of 10 years with a Sum Assured of Rs 10 Lacs. 

  • Total Survival & Maturity Benefit
  • Death Benefit

Let’s see the benefits available under the Policy

At assumed return6

At the end of 10th year

At the end of 15th year

At the end of 20th year

Total Benefit [A+B+C]

Return of Allocation Charge (ROAC)

Fund Booster

Fund Booster [A]

Return of Mortality Charge (ROMC) [B]

Maturity Benefit (Fund value) [C]

of 8%

30,000

16,986

29,159

4,635

25,48, 408

25,82,202*

of 4%

30,000

11,900

17,052

5,437

14,12,101

14,32,590*

*All figures are in rupees. The returns indicated at 4% and 8% are illustrative and not guaranteed, subject to Policy terms & conditions and do not indicate the upper or lower limits of returns under the Policy.

6The above illustrations are considering investment is in the "Pure Stock Fund II and Goods & Service Tax of 18%"

In case of Pawan’s unfortunate death on the 17th year, the Death Benefit, based on the assumed investment returns, are as per the table given below.

At assumed investment return6

At the end of 10th year

At the end of 15th year

Death Benefit at 17th year

Return of Allocation Charge (ROAC)

Fund Booster

of 8%

30,000

16,986

21,18,294*

of 4%

30,000

11,900

13,14,564*

The Death Benefit is subject to a minimum of the guaranteed benefit, which is 105% of the total Premiums paid, till the date of death.

*All figures are in rupees. The returns indicated at 4% and 8% are illustrative and not guaranteed, subject to Policy terms & conditions and do not indicate the upper or lower limits of returns under the Policy.

6The above illustrations are considering investment is in the "Pure Stock Fund II and Goods & Service Tax of 18%"

Maturity Benefit

Provided the Policy is in-force and the Life Assured is alive, the Maturity Benefit will be the Fund value as on the date of maturity of your Policy.

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, Prevailing Sum Assured#or Regular Premium Fund value(1)/Single premium fund value(1)
      plus

    • Higher of, Prevailing Top up Sum Assured or Top up Premium Fund value(3), if any.

    The Death Benefit payable is subject to the Guaranteed Benefit## of 105% of the Total Premiums* paid, till the date of death.

    All the above is paid as on date of receipt of intimation of death at the Company’s office. The risk cover will terminate on the date of intimation of death of the Life Assured. 

     

#The Death Benefit shall be reduced to the extent of the non-systematic partial withdrawals made from the regular/single premium fund during the two (2) year period immediately preceding the death of the life assured. There is no impact due to partial withdrawals in Variant 2.

## Guaranteed Benefit: is 105% of Total premium paid including any top premiums paid reduced to the extent of the non-systematic partial withdrawals made from the regular/single premium fund during the two (2) year period immediately preceding the death of the life assured.

(1) Regular Premium Fund Value is equal to the total Units in respect of limited/regular premiums paid under this policy multiplied by the respective unit price on the relevant valuation date and

(2) Single Premium Fund Value is equal to the total Units in respect of single premium paid under this policy multiplied by the respective unit price on the relevant valuation date.

(3) Top Up Premium Fund Value is equal to the total Units in respect of Top-Up premium multiplied by the respective unit price on the relevant valuation date.

*Total premiums paid shall be:
•With limited or regular premium payment, sum of all regular/limited premiums and any top-up premiums paid till date and
• In case of single premium payment, the single premiums paid and any top-up premiums paid till date.

Loyalty Benefits with option of Periodical Money Backs

The Company shall add Loyalty Benefits to the Regular Premium Fund value, provided all due Regular Premiums have been paid up to date of each Loyalty Benefit.

At Policy inception or any time before the 10th policy year, you may choose the option to take the Loyalty Benefits as Periodical Money Backs (through systematic partial withdrawals), immediately after they have been added in the Regular Premium Fund Value. You may alter your choice to receive Periodical Money Backs any number of times before the end of 10th Policy year.

You can opt out of this option any-time before the 10th policy year.

If this option to receive Periodical Money Backs has not been chosen by the 10th policy year, you cannot receive the Loyalty Benefits again as Periodical Money Backs, and such Loyalty Benefits will remain in the Regular Premium Fund Value.

The Loyalty Benefits available in the plan are as mentioned below:

Return of Premium Allocation Charge (ROAC):): At the end of the 10th Policy year or the date of maturity (whichever is earlier), the total of all the Premium Allocation charges5, deducted under the Policy will be added into the Fund as Loyalty Benefit

Fund Boosters: At the end of 15th policy year and every 5th policy year thereafter till 60th policy year (as applicable in the policy), FB as a %-age of the average of the daily Regular Premium Fund Values(1) or the average of the daily Single Premium Fund Values(2) during the previous 3 years (including the current year) will be added into the fund.

The applicable %-ages are given in the table below.

Single Premium

End of Policy Year

15th year

20th year

Fund Booster (%)

2.00%

3.00%

Applicable for Limited/ Regular Premium Payment

End of Policy Year

15th year

20th year

25th year

30th year

35th year

40th year

45th year

50th year

55th year

60th year

Fund Booster (%)

1.00%

1.25%

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%

3.00%

3.25%

Note:

  • Loyalty Benefits including Periodical Money Backs, if opted, will not be paid for a Surrendered, Discontinued or Policy converted to Paid-up Policy.
  • Amount of Loyalty Benefits will be allocated in Funds in the same proportion of the Fund value as at the date of addition
  • There will not be any Loyalty Benefits with respect to any Top up Premiums paid or any Top up Premium Fund value
  • ROAC will exclude any Goods & Service Tax/any other applicable tax with respect to the Premium Allocation charge deducted, subject to change in tax laws

5The premium allocation charge is applicable till the 5th policy year.

Return of Mortality Charge (ROMC)

At the end of the Policy term, on the date of maturity of your Policy, 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 Fund value. ROMC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy, and will be payable provided all due Regular Premiums under the Policy have been paid up to date.

Note:

1) ROMC will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date

2) ROMC will be excluding any extra Mortality charge & or Goods & Service Tax/any other applicable tax levied on the Mortality charge deducted, subject to changes in tax laws

Family Benefit

If any of your family member is an existing policyholder of Bajaj Allianz Life Insurance Company Limited, you will be entitled to a family benefit.

The benefit will be paid to you on maturity and will be added into the regular premium fund value as a percentage of the average of your previous three years daily regular premium fund value. The percentage of family benefit will depend upon the policy term opted by you:

Policy Term

% age family benefit

<20 years

0.5%

>=20 years

1%

There will not be any family benefit for Top-up premiums paid.

The amount of Family Benefit will be allocated in the funds in the same proportion of the fund values as at the date of addition.

Family member shall be defined as spouse, children, brothers, sisters, grandchildren, parents, parents in-laws; and will be available to family members of existing customers including who have matured policies

  • Overview
  • Key Advantage
  • How this Works
  • Eligibility
  • Downloads
  • Sample Illustration
  • Policy Benefits
Add Image Here

Life is about making smart choices, so are savings. Especially when these choices are about your Life Goals.

Presenting Bajaj Allianz Life Smart Wealth Goal III, an insurance plan loaded with smart features like Life cover, Return of Life Cover charge, Return of Allocation charge and multiple investment strategies to make the most of your savings. Bajaj Allianz Life Smart Wealth Goal III is a non-participating, individual, life, regular premium, Unit-Linked, limited premium & single premium1 payment plan. You can opt for any one out of the three variants offered under the plan. The chosen variant cannot be changed during the term of the policy.-

  • Wealth
  • Child Wealth
  • Joint Life Wealth

 

For details of Child Wealth variant and Joint Life Wealth variant, please refer to the respective Sales Literatures

1available for Wealth variant and Joint Life Wealth variant

Income Benefit:

An amount equal to one (1) prevailing annual premium is paid every year till the end of the policy year, in the event of death or accidental total permanent disability of the life assured (the parent). 

Premium waiver

The ULIP plan continues, and all the future premiums are waived off in the event of death or accidental total permanent disability of the life assured

Guaranteed* Life cover

Life Cover plus Prevailing Top up Sum Assured, if any, payable, in case of unfortunate death or Accidental Total Permanent Disability (ATPD) of the Life Assured, whichever is earlier

Child Milestone Payouts

This feature helps you to realize  your child’s education goal.. You can opt to receive Annual systematic partial withdrawals for any four consecutive policy years from eleventh policy anniversary onwards. You can also opt for monthly frequency to take the Child Milestone Payouts.

Avail Family Benefit:

Get an additional benefit at Maturity, if any of your family member(s)^ is an existing customer of Bajaj Allianz Life Insurance Co. Ltd.

^Family member shall be defined as spouse, children, brothers, sisters, grandchildren, parents, parents in-laws; and will be available to family members of existing customers including who have matured policies.

  1. In Bajaj Allianz Life Smart Wealth Goal III, Premiums paid by you, are saved, as per your chosen portfolio strategy across the various applicable Funds. The units are allocated at the prevailing Unit Price/NAV of the Fund, post deduction of Premium Allocation Charge. The Mortality charge and Policy Administration charge is deducted monthly through cancellation of units. Fund management charge is adjusted in the Unit Price/NAV.

  2. `

Entry Age

Minimum age is 18 year

Maximum age is 55 years

Maturity

Minimum Age at Maturity is 33 years

Maximum Age at Maturity is 85 years

 

Policy Term

Minimum Policy Term is 15 years

Maximum Policy Term is 30 years

Premium Paying Term

Minimum PPT is 5 years

Maximum PPT is Equal to Policy Term

Premium

Minimum Premium

Mode

Entry Age

PPT

Annual

Half Yearly

Quarterly

Monthly

Regular/Limited Pay

Upto 50 Years

5&6

Rs.24000

Rs.12000

Rs.6000

Rs.2000

7& Above

Rs.12000

Rs.6000

Rs.3000

Rs.1000

50 Years and above

All

Rs.48000

Rs.24000

Rs.12000

Rs.4000

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

Maximum Premium -  No Limit

Premium Payment Frequency

Yearly, Half yearly, Quarterly and Monthly

Minimum & Maximum Sum Assured

Minimum

7 times Annualized Premium

Maximum 

10 times Annualized Premium

 

Minimum Top up Sum Assured

1.25 times Top up Premium

Maximum Top up Sum Assured

10 times Top up Premium

 

Age calculated is age as at the last birthday

Prevailing Sum Assured is based on the prevailing Annualized Premium* and Prevailing Top up Sum Assured is based on Top up Sum Assured amount

* “Annualised Premium” means the premium amount payable in a year excluding the taxes, rider premiums and underwriting extra premium on riders, if any.

Prakash is 35 years old

Prakash has a 2 year old son, and he wants to create a Fund for his son’s education. He has taken a Bajaj Allianz Life Smart Wealth Goal III Policy (Child Wealth) to meet his LifeGoals for a Policy Term of 20 years. He is paying an Annual Premium of Rs 1 lac for a Premium payment term of 10 years with a Sum Assured of Rs 10 Lacs. Prakash has also opted for Child Milestone Payout. 

,
  • Total Survival & Maturity Benefit
  • Death Benefit

Let’s see the benefits available under the Policy.

At assumed  return6

At the end of 10th year

At the end of 15th year

At the end of 16th year

At the end of 17th year

At the end of 18th year

At the end of 19th year

At the end of 20th year

Total Maturity Benefit [A+B+C]

Return of Allocation Charge (ROAC)

Fund Booster

1st Child Milestone Payout

2nd Child Milestone Payout

3rd Child Milestone Payout

4th Child Milestone Payout

Fund Booster [A]

Return of Mortality, WOP, Income Benefit, Morbidity Charges [B]

Maturity Benefit (Fund value) [C]

of 8%

30,000

16,135

1,50,072

1,82,866

2,09,193

2,27,400

19,671

88,780

14,78,301

15,86,752

of 4%

30,000

11,341

95,901

1,12,280

1,23,355

1,28,704

11,373

88,780

7,88,045

9,02,653

All figures are in rupees. 6The returns indicated at 4% and 8% are illustrative and not guaranteed, subject to Policy terms & conditions and do not indicate the upper or lower limits of returns under the Policy.

The above illustrations are considering investment is in the "Pure Stock Fund II and Goods & Service Tax of 18%"

In case of Prakash’s unfortunate death on the 5th year, the Death Benefit, based on the assumed investment returns, are as per the table given below. The Policy will continue with the 2nd, 3rd and 4th Child Milestone Payout to be paid as and when they become due.

At assumed invesment return3

Death Benefit at 5th year

At the end of 10th year

At the end of 15th year

At the end of 16th year

At the end of 17th year

At the end of 18th year

At the end of 19th year

At the end of 20th year

Total Maturity Benefit [A+B]

Return of Allocation Charge (ROAC)

Fund Booster year

1st Child Milestone Payout

2nd Child Milestone Payout

3rd Child Milestone Payout

4th Child Milestone Payout

Fund Booster [A]

Maturity Benefit (Fund value) [B]

of 8%

10,00,000

30,000

16,670

1,56,367

1,91,251

2,19,678

2,39,871

20,707

15,66,886

16,05,881

of 4%

30,000

11,794

1,00,999

1,18,956

1,31,577

1,38,350

12,179

8,70,403

9,00,612

The Death Benefit is subject to a minimum of the Guaranteed Benefit, which is 105% of the total Premiums paid, till the date of death.

All figures are in rupees. 3The returns indicated at 4% and 8% are illustrative and not guaranteed, subject to Policy terms & conditions and do not indicate the upper or lower limits of returns under the Policy.

The above illustrations are considering investment is in the "Pure Stock Fund II and Goods & Service Tax of 18%"

Maturity Benefit

The Maturity Benefit will be the Fund value as on the date of maturity of your Policy. Even in case of an unfortunate death or Accidental Total Permanent Disability (ATPD) of the Life Assured during the Policy term, the Maturity Benefit will be paid.

Death or Accidental Total Permanent Disability Benefit

If all due Premiums are paid, then, in case of unfortunate death or Accidental Total Permanent Disability (ATPD) of the Life Assured, whichever is earlier, during the Policy term, the Benefit payable will be:

  • Prevailing Sum Assured
    plus
  • Prevailing Top up Sum Assured, if any.

The Benefit is subject to a minimum of the Guaranteed Benefit of 105% of the Total Premiums4 paid, till the date of death.

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

The death and ATPD cover will terminate on the date of intimation of death or ATPD (whichever is earlier). 

If this Benefit has been paid out due to occurrence of Accidental Total Permanent Disability (ATPD), then, on subsequent death of the Life Assured, no additional benefit is payable

4 Total Premiums paid shall be sum of all Regular/Limited Premiums and any Top up Premiums paid till date.

Income Benefit

On occurrence of death or ATPD of the Life Assured, whichever is earlier, an additional benefit as Income Benefit will be payable. 

    i) Each installment of the Income Benefit is equal to one prevailing Annual Premium

    ii) The Income Benefit is payable each Policy year till the end of the Policy term and the first Income Benefit instalment will be due on the Policy anniversary after the date of death or ATPD, whichever is earlier.

    iii) In case of death of the Life Assured the Income Benefit is payable to the nominee and in case of ATPD it is payable to the Policyholder, at each Policy Anniversary for the remaining Policy term

    iv) Income Benefit will be payable only if all the due Premiums are paid up to date

    v) Income Benefit will not be payable in case of a Discontinued or Paid-up Policy


If Income benefit is paid out on occurrence of ATPD, then, on subsequent death, no additional benefit is payable, and the income benefit will continue till the end of Policy term

Waiver of Premium Benefit (WOP)

On occurrence of ATPD or death of the Life Assured, whichever is earlier during the Premium Paying Term, all future prevailing Premiums due under the Policy will be paid by the Company

i) The Policy will continue with all the other benefits till date of maturity of your Policy

ii) WOP Benefit will be payable only if all the due premiums are paid up to date

iii) WOP Benefit will not be payable in case of a Discontinued or Paid-up policy

If WOP benefit is triggered on occurrence of ATPD, then, on subsequent death, no additional benefit is payable, and all future Premiums due under the Policy will continue to be paid into the policy by the Company

Loyalty Benefits 

The Company shall add Loyalty Benefits to the Regular Premium Fund value, provided all due Regular Premiums have been paid up to date.

Even after occurrence of death or ATPD of the Life Assured, Loyalty Benefits will be added to the Regular Premium Fund value. The Loyalty Benefits available in the plan are as mentioned below

Return of Premium Allocation Charge (ROAC): At the end of the 10th Policy year or the date of maturity (whichever is earlier), the total of all the Premium Allocation charges5 deducted under the Policy will be added into the Fund as Loyalty Benefit

Fund Boosters: At the end of 15th, 20th, 25th and 30th year (as applicable in your Policy), Fund Booster as a percentage of the Average of the daily Regular Premium Fund value during the previous 3 years (including the current year) will be added into the Fund as Loyalty Benefit.

The applicable percentages are as given in the table below.

End of Policy Year

15th year

20th year

25th year

30th year

Fund Booster (%)

1.00%

1.25%

1.50%

1.75%

Note:

  • Loyalty Benefits will not be paid for a Surrendered, Discontinued or Policy converted to Paid-up Policy.
  • Amount of Loyalty Benefits will be allocated in Funds in the same proportion of the Fund value as at the date of addition
  • There will not be any Loyalty Benefits with respect to any Top up Premiums paid or any Top up Premium Fund value
  • ROAC will exclude any Goods & Service Tax/any other applicable tax with respect to the Premium Allocation charge deducted, subject to change in tax laws

5The premium allocation charge is applicable till the 5th policy year.

.

Return of Mortality Charge (ROMC)

At the end of the Policy term, on the date of maturity of your Policy, 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 Fund value. ROMC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy and will be payable provided all due Regular Premiums under the Policy have been paid up to date. 

Note:

1) ROMC will not be payable on occurrence of death/ATPD of the Life Assured

2) ROMC will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date

3) ROMC will be excluding any extra Mortality charge & or Goods & Service Tax/any other applicable tax levied on the Mortality charge deducted, subject to changes in tax laws

Return of Income Benefit Charge (ROIBC)

At the end of the Policy term, on the date of maturity of your Policy, the total amount of all Income Benefit charges deducted will be added back as ROIBC, to the Fund value. This addition will be done provided all Premiums due under the Policy are paid to date and no death/ATPD benefits are paid in the Policy. ROIBC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy

Note:

1) Amount of ROIBC will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date

2) ROIBC will be excluding any extra Income Benefit charges & or Goods & Service Tax/any other applicable tax levied on the charge deducted, subject to changes in tax laws.

 

Return of Morbidity Charge (ROMBC)

At the end of the Policy term, on the date of maturity of your Policy, the total amount of all ATPD charges deducted will be added back as ROMBC, to the Fund value. This addition will be done provided all Premiums due under the Policy are paid to date and no death/ATPD benefits are paid in the Policy. ROMBC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy

Note:

1) Amount of ROMBC will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date

2) ROMBC will be excluding Goods & Service Tax/any other applicable tax levied on the charge deducted, subject to changes in tax laws.

Return of WOP Charge (ROWC)

At the end of the Policy term, on the date of maturity of your Policy, the total amount of all WOP charges deducted will be added back as ROWC, to the Fund value. This addition will be done provided all Premiums due under the Policy are paid to date and no death/ATPD benefits is paid in the Policy. ROWC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy

Note:

1) Amount of ROWC will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date

2) ROWC will be excluding any extra WOP charges & or Goods & Service Tax/any other applicable tax levied on the charge deducted, subject to changes in tax laws.

Family Benefit

If any of your family member is an existing policyholder of Bajaj Allianz Life Insurance Company Limited, you will be entitled to a family benefit.

The benefit will be paid to you on maturity and will be added into the regular premium fund value as a percentage of the average of your previous three years daily regular premium fund value. The percentage of family benefit will depend upon the policy term opted by you:

Policy Term

% age family benefit

<20 years

0.5%

>=20 years

1%

There will not be any family benefit for Top-up premiums paid.

The amount of Family Benefit will be allocated in the funds in the same proportion of the fund values as at the date of addition.

Family member shall be defined as spouse, children, brothers, sisters, grandchildren, parents, parents in-laws; and will be available to family members of existing customers including who have matured policies

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Life is about making smart choices, so are savings. Especially when these choices are about your Life Goals.

Presenting Bajaj Allianz Life Smart Wealth Goal III, an insurance plan loaded with smart features like Life cover, Return of Life Cover charge, Return of Allocation charge and multiple investment strategies to make the most of your savings. Bajaj Allianz Life Smart Wealth Goal III is a non-participating, individual, life, regular premium, Unit-Linked, limited premium & single premium1 payment plan. You can opt for any one out of the three variants offered under the plan. The chosen variant cannot be changed during the term of the policy.-

  • Wealth
  • Child Wealth
  • Joint Life Wealth

 

For details of Child Wealth variant and Joint Life Wealth variant, please refer to the respective Sales Literatures

1available for Wealth variant and Joint Life Wealth variant

Joint life cover

You can cover your loved ones, including spouse, child, parents, grandparents, or co-borrower etc under this ULIP plan variant. 

Single Premium

The Joint Life Cover variant is available only as a single premium ULIP plan. You pay the premium once to provide life cover to you and your loved ones under the same plan for a maximum of 30 years

Avail Family Benefit:

Get an additional benefit at Maturity, if any of your family member(s)^ is an existing customer of Bajaj Allianz Life Insurance Co. Ltd.

^Family member shall be defined as spouse, children, brothers, sisters, grandchildren, parents, parents in-laws; and will be available to family members of existing customers including who have matured policies.

  1. In Bajaj Allianz Life Smart Wealth Goal III, Premiums paid by you, are saved, as per your chosen portfolio strategy across the various applicable Funds. The units are allocated at the prevailing Unit Price/NAV of the Fund, post deduction of Premium Allocation Charge. The Mortality charge and Policy Administration charge is deducted monthly through cancellation of units. Fund management charge is adjusted in the Unit Price/NAV.

  2. `

Entry Age

Minimum age is 0 year

In case of minor life, the risk cover will commence immediately on date of commencement of Policy and the Policy will vest on the attainment of majority (age 18 years)

Maximum age is 70 years

Maturity

Minimum Age at Maturity is 18 years

Maximum Age at Maturity is 80 years

 

Policy Term

Minimum Policy Term is 7 years

Maximum Policy Term is 30 years

Premium Paying Term

Single Premium

Premium

Minimum Premium is Rs 1,00,000.

Maximium Premium - No Limit

Premium Payment Frequency

Single Premium

Sum Assured

Minimum sum assured 1.25 times Single Premium

Maximum sum assured 10 times Single Premium

Minimum Top up Sum Assured

1.25 times Top up Premium

Maximum Top up Sum Assured

10 times Top up Premium

 

 

Age calculated is age as at the last birthday

Prevailing Top up Sum Assured is based on Top up Sum Assured amount

Pankaj is 50 years old

Pankaj aged 50 years and his wife Pooja also aged 50 years, have taken Bajaj Allianz Life Smart Wealth Goal III (Joint Life Wealth) for a Policy Term of 20 years. Pankaj has paid a Single Premium of Rs 1,00,000. 

  • Total Survival & Maturity Benefit
  • Death Benefit

Lets see the benefits available under the plan

At  assumed return6

At the end of 10th year

At the end of 15th year

At the end of 20th year

Total Maturity Benefit [A+B+C]

Return of Allocation Charge (ROAC)

Fund Booster

Fund Booster [A]

Return of Mortality Charge (ROMC) [B]

Maturity Benefit (Fund value) [C]

of 8%

2,000

2,138

3,618

1,762

3,15,077

3,20,457

of 4%

2,000

1,243

1,720

3,621

1,41,259

1,46,600

All figures are in rupees. 6The returns indicated at 4% and 8% are illustrative and not guaranteed, subject to Policy terms & conditions and do not indicate the upper or lower limits of returns under the Policy.

The above illustrations are considering investment is in the "Pure Stock Fund II and Goods & Service Tax of 18%"

In case of death of the surviving Life Assured on the 17th year after the death of the primary Life Assured, the Death Benefit, based on the assumed investment returns, are as per the table given below.

At assumed investment return3

Death Benefit at 17th year

of 8%

10,00,000

of 4%

The Death Benefit is subject to a minimum of the Guaranteed Benefit, which is 105% of the total Premiums paid, till the date of death.

All figures are in rupees. 3The returns indicated at 4% and 8% are illustrative and not guaranteed, subject to Policy terms & conditions and do not indicate the upper or lower limits of returns under the Policy.

The above illustrations are considering investment is in the "Pure Stock Fund II and Goods & Service Tax of 18%"

Maturity Benefit

The Maturity Benefit will be the Fund value as on the date of maturity of your Policy, provided the Policy is in-force and either of the lives is alive on the date of maturity.

Death Benefit

  • On the first death out of the primary & secondary life assured, during the policy term, the death benefit shall higher of (1.25 times of Single Premium or Single Premium Fund Value(2)) and higher of (1.25 times Top up Premium or Top up Premium Fund Value(3)). Any excess of 1.25 times Single Premium over the Single Premium Fund Value (4a) and excess of 1.25 times top up Premium over Top up Premium Fund Value shall be added to the fund, and policy shall continue with death cover on the surviving life.
  • On death of the surviving Life Assured (second death), during the Policy Term, the Death Benefit payable will be:
    • Higher of, Sum Assured4b or Single Premium Fund Value plus
    • Higher of, Prevailing Top up Sum Assured or Top up Premium Fund Value, if any or

On death of the surviving Life Assured (second death), the total Death Benefit shall be at least the Guaranteed Benefit4b of 105% of Total Premiums5 paid

All the above is paid as on date of receipt of intimation of death at the Company’s office. The Policy will terminate on the date of intimation of second death.

If settlement option has been opted for at maturity, then during the settlement period, on the first death (out of the primary or secondary life assured) or the death of the surviving life assured (as applicable), the death benefit payable shall be the Higher of (Guaranteed Benefit of 105% of the Total premiums* paid or Single Premium Fund Value (2) plus Top up Premium Fund Value(3)); and the policy will terminate.

(2) Single Premium Fund Value is equal to the total Units in respect of single premium paid under this policy multiplied by the respective unit price on the relevant valuation date.

(3) Top Up Premium Fund Value is equal to the total Units in respect of Top-Up premium multiplied by the respective unit price on the relevant valuation date.

4a If the Single Premium Fund value is already in excess of 1.25 times of Single Premium and/or Top up Premium Fund value, if any, is already in excess of 1.25 times Top up Premium, then, no amount will be added.

4bSum Assured/ Guaranteed Benefit: The Death Benefit, on death of the surviving Life Assured (second death), shall be reduced to the extent of the non-systematic partial withdrawals made from the Single Premium Fund during the two (2) year period immediately preceding the death of the Life Assured

4Total Premiums paid shall be the Single Premium paid and any Top up Premiums paid till date

Loyalty Benefits (LB)

The Company shall add Loyalty Benefits to the Single Premium Fund value. 

The Loyalty Benefits available in the plan are as mentioned below:

Return of Premium Allocation Charge (ROAC): At the end of the 10th Policy year or on the maturity date of the policy, whichever is earlier, the total of all the Premium Allocation charges deducted under the Policy will be added into the fund as Loyalty Benefit. 

Fund Boosters: At the end of 15th, 20th, 25th and 30th year (as applicable in the Policy), Fund Booster as a percentage of the Average of the daily Single Premium Fund value during the previous 3 years (including the current year) will be added into the Fund as Loyalty Benefit. 

The applicable percentages are as given in the table below.

End of Policy Year

15th year

20th year

25th year

30th year

Fund Booster (%)

1.00%

1.25%

1.50%

1.75%

  • Loyalty Benefits will not be paid for a Surrendered Policy.
  • Loyalty Benefits will be allocated in Funds in the same proportion of the Fund value as at the date of addition
  • There will not be any Loyalty Benefits with respect to any Top up Premiums paid or any Top up Fund value
  • ROAC will exclude any Goods & Service Tax/any other applicable tax with respect to the Premium Allocation charge deducted, subject to change in tax laws

Return of Mortality Charge (ROMC)

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 Fund value, subject to both lives being alive on the date of maturity. ROMC is not applicable in case of a Surrendered Policy.

Note:

1) ROMC will be allocated to the Fund(s) in the same proportion of the Fund value as on the maturity date

2) ROMC will be excluding any extra Mortality charge & or Goods & Service Tax/any other applicable tax levied on the Mortality charge deducted, subject to changes in tax laws

Family Benefit

If any of your family member is an existing policyholder of Bajaj Allianz Life Insurance Company Limited, you will be entitled to a family benefit.

The benefit will be paid to you on maturity and will be added into the regular premium fund value as a percentage of the average of your previous three years daily regular premium fund value. The percentage of family benefit will depend upon the policy term opted by you:

Policy Term

% age family benefit

<20 years

0.5%

>=20 years

1%

There will not be any family benefit for Top-up premiums paid.

The amount of Family Benefit will be allocated in the funds in the same proportion of the fund values as at the date of addition.

Family member shall be defined as spouse, children, brothers, sisters, grandchildren, parents, parents in-laws; and will be available to family members of existing customers including who have matured policies

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⭐ How does the Return of Mortality Charge (ROMC) work?

On the date of the ULIP policy's maturity, the total amount of Mortality charges deducted throughout the Policy term will be added back as ROMC to the ULIP Fund value. ROMC would be added to the fund(s) in the same proportion of the Fund value as on the maturity date. However, the benefit of ROMC will be available only if all due Premiums under the policy have been paid up to date. ROMC will be excluding any extra mortality charge and/or Goods  & Services Tax /any other applicable tax levied on the Mortality charge deducted, subject to change in tax laws. 

⭐ How will I receive the allocation charge and fund booster?

At the end of the 10th policy year or on the date of policy maturity, whichever is earlier, the total of all the premium allocation charges deducted under the policy will be added into the Fund as Loyalty Benefit.  

Policyholders opting for longer policy terms will be rewarded with extra units through Fund Boosters.at the end of 15th, 20th, 25th and 30th year, fund booster as a percentage of the average of the daily Single/Regular Premium Fund value during the previous three years (including the current year) will be added into the fund as loyalty benefit., depending on the variant opted by the policyholder. 

⭐ Are the morbidity, Waiver of Premium (WOP) and Income Benefit charges also returned?

Yes, under the Child Wealth variant, the charges deducted towards the benefits like Income Benefit, Waiver of Premium and Accidental Total Permanent Disability (ATPD), will be returned at maturity provided premiums due under the policy are paid to date, and no death/ATPD benefits are already paid under the policy.  These charges would be added to the fund(s) in the same proportion of the Fund value as on the maturity date. The return of these charges will be excluding any extra charges and/or GST/any other applicable tax levied, subject to change in tax laws.

⭐Can one change the investment strategy, fund option in the middle of the policy?

At any policy anniversary, one can switch out from any of the five portfolio strategies -- Investor Selectable Portfolio Strategy, Wheel of Life Portfolio Strategy II, Trigger Based Portfolio Strategy II, Auto Transfer Portfolio Strategy or Capital Preservation-Oriented Strategy and switch into any one of the following three strategies:

1. Investor Selectable Portfolio Strategy
2. Wheel of Life Portfolio Strategy II
3. Auto Transfer Portfolio Strategy

Trigger Based Portfolio Strategy II and Capital Preservation-Oriented Strategy can be opted for only at inception.

Once you have opted out of Trigger Based Portfolio Strategy II and Capital Preservation-Oriented Strategy, you cannot switch back again during the policy term.

You can switch between ULIP funds only under the Investor Selectable Portfolio Strategy.

⭐ How many switches between funds or investment strategies are allowed in the plan?

You can make unlimited free fund switches. Switching of investment strategies would invite a Miscellaneous charge, as mentioned in the Table of charges in sales literature. 

⭐Can I partially withdraw from the fund value? If yes, what are the rules regarding such withdrawals?

Both systematic and non-systematic partial withdrawals are allowed under the ULIP policy. One can opt for non-systematic partial withdrawal any time after the 5th policy year, subject to policy terms & conditions. You can take out a minimum of Rs 5,000 and maximum of 10% of the total premiums paid at any one time. Not more than 50% of the total premiums paid will be allowed to be withdrawn during the policy term.

Systematic Partial withdrawals are available with Wealth and Child Wealth variants. In Wealth variant, at the inception of the policy, you can opt to take out the Loyalty Benefits as Periodical Money Backs by way of systematic partial withdrawal, You can opt out of this before the 10th Policy year when the first Loyalty Benefit becomes due.. You will also have the option to take these Periodical Money Backs in one-lump sum or over a period of 12 continuous months.

In Child Wealth variant, Child milestone payouts, an annual systematic partial withdrawal for Child’s Key Milestones will be available in the last four Policy Anniversaries prior to the maturity date. However, you may opt to receive the Child Milestone Payouts, at any Policy Anniversary from the eleventh (11th) Policy Anniversary onwards, as four consecutive annual systematic partial withdrawals.

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

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

#subject to product terms and conditions

*Conditions Apply – The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details please refer to sales brochure.