Bajaj Allianz Life Smart Wealth Goal III

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.

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.

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

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

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

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

- 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.

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

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.

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.

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.

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.

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.