Bajaj Allianz Life LongLife Goal Plan

A post-retirement income needs proper planning so that you can easily sustain your current lifestyle after retirement. Bajaj Allianz has come up with an innovative retirement solution in the Bajaj Allianz Life LongLife Goal plan.

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It is an ideal investment choice that provides good returns along with a secure life cover. This plan is an individual, whole life, non-participating, Unit Linked endowment plan.  It helps to build up your retirement income by investing in long-term market-linked investments. This plan is an ideal solution for a comfortable and safe retirement life. Bajaj Allianz Life LongLife Goal reviews have been positive and mention key features like good returns, loyalty additions, and periodic Return of Mortality Charges that help you meet your retirement goals. 

Bajaj Allianz Life LongLife Goal Plan Details:

Parameters  Details 
Policy Tenure Whole Life Cover up to age 99
Premium Paying Term 10-25 years
Premium Paying Mode Monthly, Quarterly, Semiannually, and Annually 
Entry Age For Waiver of Premium: 0-65 years Without Waiver of Premium: 18 years-no limit
Maturity Age 99 years 
Grace Period 15 days for Monthly Premium, 30 Days otherwise
Sum Assured 10 times Annualized Premium 
Liquidity Available post the 5 year lock-in period as Surrender Benefit

Benefits of the Bajaj Allianz Life LongLife Goal Policy

The following are the core benefits offered by LongLife Goal Plan by Bajaj Allianz Life:

  1. 4 Investment Portfolios

    The policyholder gets an option to choose from 4 investment strategies -Investor Selectable Portfolio, Wheel of Life Portfolio II, Trigger Based Portfolio, and Auto Transfer Portfolio.

  2. 8 Fund Options

    The user can use any investment strategies to invest among eight available mid-cap, large-cap, and ethical funds that offer a steady rate of returns.

  3. 2 Plan Variants

    This plan comes in two variants:

    • LongLife Goal with a waiver of premium 
    • LongLife Goal without waiver of premium 
  4. Waiver of Premium

    This is available under the LongLife Goal plan with Waiver of Premium variant. Here, in case of the policyholder’s death or his permanent total disablement within the policy tenure, there is a waiver of all future premiums. The policy continues with all the previous benefits. 

  5. Whole Life Cover

    This policy provides whole life coverage for the policyholder until the age of 99.

  6. Retirement Income

    The policyholder can opt for systematic fund withdrawal post 55 years of age or upon completion of 10 years of the policy, whichever is later. Any amount between 0-12% of the fund can be withdrawn annually. 

  7. Return Enhancer

    The policyholder can start a regular income schedule after 55 years of age, based on his chosen options. Each withdrawal instalment is increased by an extra 0.5% over the desired percentage as an additional benefit. 

  8. Return of Life Cover Charges

    In case of Long-life Goal with a waiver of premium option, the total amount of premium waiver charges deducted are added back regularly to the value of the fund.

  9. Loyalty Addition

    The plan gives a 2-7% of one annualized premium as loyalty additions to the fund value every year. This starts from the 5th policy year till 25 years of the policy. The maximum limit is 102% over 20 years.

  10. Partial Withdrawal Option

    This option is allowed after completing 5 policy years. The minimum amount is Rs 5,000, and it is subject to limitations of the fund value post withdrawal.

  11. Tax Benefits

    The policy gives tax benefits on premium payments, partial withdrawal, Death benefits, Maturity benefits, and retirement income.

*Tax benefits are as per prevailing laws of the land  

The premium for Bajaj Allianz Life LongLife Goal

The Bajaj Allianz Life LongLife Goal premium amount will be based on the type of investment portfolio strategy for the fund chosen by the policyholder. Bajaj Allianz Life LongLife Goal calculator online can help you with the various premium amounts.

Frequency Minimum Premium Maximum Premium
Monthly 2,500 No such limit ; As per maximum Sum Assured and approved underwriting policies
Quarterly 6,250
Semiannually 12,500
Annually 25,000

You can opt to reduce the existing premium under the policy after the first five years at an additional charge. This reduction will be up to a maximum of 50% of the initial premium.

Additional Riders for Bajaj Allianz Life LongLife Goal Policy

This policy has a Waiver of Premium or WOP rider as an additional benefit. With this rider in force, in case of any future permanent total disability of the policyholder within the plan tenure, there is a waiver of all future premiums.

Eligibility for Bajaj Allianz Life LongLife Goal

For Plan Variant with Waiver of Premium:

Life assured-0-65 years

Policyholder-18-65 years

For Plan Variant without Waiver of Premium: 

18 years and above 

There is no maximum age limit

What are the Documents Required to Buy this Policy?

Here is the list of documents required to buy Bajaj Allianz Life LongLife Goal Plan:

  • Identity Proof- Passport/Voter ID/ Driving License
  • Address Proof- Passport/ AADHAAR Card/ Driving License/ Voter ID/Utility Bills
  • Age Proof- Passport/ DOB Certificate
  • Recent photograph

How to Buy this Plan Online?

  • For online Bajaj Allianz Life Longlife Goal, you can visit the insurer’s website at www.bajajallianzlife.com and fill in the details
  • Alternatively, you can visit https://buylifeinsurance.policybazaar.com/longlifegoal
  • You need to fill in your details like DOB and email id
  • Select the plan variant, rider, the sum assured, and investment information
  • Choose the premium amount
  • Opt for a portfolio strategy as per your life goals
  • Choose among the 8 fund options if you are opting for Investor selectable Portfolio Strategy
  • After all, selections are made; choose from the multiple payment options online to make the premium payment
  • Your policy document will be emailed to you
  • You can also check the Bajaj Allianz Life LongLife Goal Policy status online

Exclusions of Bajaj Allianz Life LongLife Goal Policy

  • Once a policyholder opts for a reduction of premiums under the policy after 5 years of policy completion, the same cannot be increased
  • No systematic withdrawal of the funds is allowed if the policyholder is below 55 years or the policy has not completed 10 years

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