Bajaj Life Assured Wealth Goal Plan

Eligibility Criteria for the Bajaj Life Assured Wealth Goal Plan

Features of the Bajaj Life Assured Wealth Goal Plan

Some of the key features of the Bajaj Life Assured Wealth Goal Plan include:

• The plan offers several variants, allowing policyholders to select the income option that best aligns with their financial objectives.
• It offers assured payouts upon expiry of the deferment period, which assists individuals in having a regular income during the income period.
• Policyholders can freely redefine the terms of premium payment according to their financial plans.
• The plan offers different payout rates, which can be annual, semi-annual, quarterly, or monthly, depending on the option chosen.
• It leaves the option of receiving the benefits either as a constant stream of payments or as a lump sum at maturity.
• The plan also provides life insurance protection throughout the term of the policy, and this is aimed at providing the nominee with financial security in future.

If you want to explore similar options offered by the same insurer, you can also review other plans available under Bajaj Life Investment Plans.

Benefits of the Bajaj Life Assured Wealth Goal Plan

The Bajaj Life Assured Wealth Goal Plan offers a mix of savings and protection plans. It is developed to assist people in creating a stable financial plan for long-term objectives.

1. Maturity Benefit

   In case of survival till maturity of the policy term, the policyholder will get the maturity benefit depending on the variant preferred. The benefit can consist of guaranteed income payments or a lump sum on maturity, depending on the option of both.

2. Guaranteed Income

   Many variants under this plan provide regular guaranteed payouts during the income period. These payouts can help individuals manage expenses after retirement or support long-term financial planning.

3. Death Benefit

   In case of the death of the life assured during the policy term, the nominee will receive the death benefit according to policy conditions. The death benefit is usually the higher of:

   Sum Assured on Death, or

   105% of total premiums paid

   Depending on policy terms, the nominee is at liberty to get the death benefit as a lump sum or by instalments.

4. Flexible Income variants

   The plan has various variants like: lifelong income, second income, step-up income, extra income, wealth creation and assured income. Such variants enable people to choose the payout model that best suits their financial objectives.

Riders Under the Bajaj Life Assured Wealth Goal Plan

Some of the riders that may be available include:

• Bajaj Life Accidental Death Benefit Rider
• Bajaj Life Accidental Permanent Total or Partial Disability Benefit Rider
• Bajaj Life Critical Illness Benefit Rider
• Bajaj Life Waiver of Premium Benefit Rider

These riders can be added to the base plan by paying an additional premium.

If you are comparing different policies before choosing one, you may also explore a wide range of the best investment plans in India, designed to help build long-term savings.

Policy Details of the Bajaj Life Assured Wealth Goal Plan

The following are the policy details of the Bajaj Life Assured Wealth Goal Plan:

1. Grace Period

   A grace period of 30 days is allowed for premium payments when the payment mode is yearly, half-yearly, or quarterly. For monthly payments, a grace period of 15 days is provided. During this period, the policy continues to remain in force.

2. Revival

   If the policy lapses due to unrecoverable circumstances, such as non-payment of premiums, the policy can be revived within the next five years from the first unpaid premium date by paying the outstanding premiums, together with relevant interest.

3. Free Look Period

   The policyholder is entitled to a 30-day free look period from the date of the policy document. The policy is reviewed and cancellable during this period in case the policyholder is not in agreement with the terms and conditions.

4. Surrender

   The policy can be surrendered for a surrender value once the minimum required premiums have been paid. After a policy has built some surrender value, a policyholder may surrender it under the policy's terms.

5. Loan

   A loan facility can be obtained as the policy's surrender value increases. The loan amount and the interest rate, which will then apply, will depend on the company's rules and conditions.

Exclusions Under the Bajaj Life Assured Wealth Goal

1. Suicidal Cover

   In case the insured person dies by suicide within 12 months of policy beginning or because of suicide, during policy revival, the payment will be made in accordance with policy terms.

2. Total Permanent Disability (TPD)

   This is no longer included in the base plan. It can, however, be offered as an optional rider, though.

FAQs