Bajaj Life Guaranteed Income Goal Plan

Eligibility Criteria for the Bajaj Life Guaranteed Income Goal Plan

Features of Bajaj Life Guaranteed Income Goal Plan

The plan includes several features designed to support long-term savings and financial protection. Here are the key features of the plan:

• Guaranteed Maturity Benefits: Policyholders receive guaranteed payouts at maturity depending on the selected variant.
• Choice Of Payout Options: The plan allows policyholders to receive maturity benefits either as a lump sum or as periodic income instalments.
• Guaranteed Enhancer: Under the lump sum benefit option, the sum assured may be increased through a guaranteed enhancer percentage based on the policy term and premium payment term.
• Extended Life Cover Option: Policyholders can also opt for extended life cover when the policy is set up, and the life insurance can continue after the policy maturity period ends.
• Adaptable Choice of Frequency of Premium: Premiums may be paid annually, half-yearly, quarterly, or monthly, at the policyholder's discretion.

Benefits of the Bajaj Life Guaranteed Income Goal Plan

Below are the key benefits offered under this insurance plan:

1. Death Benefit

   The death benefit under the plan is generally the higher of the following:

   • Sum Assured
   • 10 times the annualised premium
   • 105% of total premiums paid
   • These terms ensure financial protection for beneficiaries during the policy term.

2. Guaranteed Maturity Benefit

   If the life assured survives until the maturity date, the policyholder receives the guaranteed maturity benefit depending on the selected variant:

   • Lump Sum Benefit: Sum Assured multiplied by the Guaranteed Enhancer percentage.
   • Income Benefit: Guaranteed maturity instalments paid periodically during the income period.

3. Guaranteed Maturity Instalments

   Under the income benefit variant, payouts can be received in yearly, half-yearly, quarterly, or monthly instalments during the guaranteed maturity period.

4. Extended Life Cover Benefit

   If the extended life cover option is selected, the life insurance cover continues for a period equal to the premium payment term after maturity.

Riders Under the Bajaj Life Guaranteed Income Goal Plan

The riders under this plan are:

• Bajaj Allianz Accidental Death Benefit Rider: It is an additional payment that is given to the nominee in case the life assured dies as a result of an accident during the period of the rider.
• Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider: Permanent total/partial disability due to accidental causes. The benefits will be provided in case of permanent total/partial disability of the life assured.
• Bajaj Allianz Critical illness benefit Rider: It is a lump-sum benefit paid in the event that the life assured contracts any of the critical illnesses covered by the rider.
• Bajaj Allianz Family Income Benefit Rider: It is an extra benefit that is provided to the family in the event of the death of the life assured to help the family in its day-to-day financial needs.
• Bajaj Allianz Waiver of Premium Benefit Rider: This policy waives future premiums under certain conditions, such as disability and critical illness, while leaving the base policy benefits intact.

Riders are optional and require additional premium payments.

Policy Details of the Bajaj Life Guaranteed Income Goal Plan

The following are the policy details under the Bajaj Life Guaranteed Income Goal Plan:

1. Grace Period

   • The plan provides a grace period for premium payments:
   • 15 days for the monthly premium frequency
   • 30 days for other premium payment frequencies
   • During this time, the policy remains active.

2. Revival

   A lapsed policy may be revived within five years from the due date of the first unpaid premium, subject to payment of pending premiums and applicable interest.

3. Free Look Period

   Policyholders have 15 days (or 30 days for distance policies) from receiving the policy document to review the terms and cancel the policy if they disagree with the conditions.

4. Surrender

   The policy can be surrendered once at least two full years of premiums have been paid. The surrender value payable will be the higher of the guaranteed surrender value or the special surrender value.

5. Loan

   Policyholders can avail of a loan up to 70% of the surrender value, subject to the insurer's conditions.

Exclusions Under the Bajaj Life Guaranteed Income Goal Plan

1. Suicidal Cover

   If the life assured dies due to suicide within 12 months of policy commencement or revival, the nominee will receive the higher of 80% of premiums paid or the surrender value, provided the policy is active.

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