Bajaj Allianz Life POS Goal Suraksha

Bajaj Allianz Life POS Goal Suraksha plan offered by Bajaj Life Insurance is a non-linked, non-participating endowment plan that not only secures the financial future of the family but also provides the benefit of guaranteed return at maturity. The combined benefit of guaranteed sum at maturity and life cover makes this plan a lucrative option of investment.

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Further in this page, we have discussed in details about everything you need to know about Bajaj Allianz Life POS Goal Suraksha.

Key Features of Bajaj Allianz Life POS Goal Suraksha

Let’s take a look at the salient features of Bajaj Allianz Life POS Goal Suraksha.

  • This is a non-participating non-linked life insurance plan.
  • Bajaj Allianz Life POS Goal Suraksha offers the advantage of guaranteed maturity benefit.
  • The plan offers the benefit of guaranteed additions at maturity.
  • The policyholder can use the facility of a policy loan.
  • The plan offers the option to alter the premium payment mode.
  • The plan offers the option of limited premium payment tenure.

Eligibility Criteria of Bajaj Allianz Life POS Goal Suraksha

Let’s take a look at the eligibility criteria of Bajaj Allianz life POS Goal Suraksha.

Eligibility Criteria

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

28 years

65 years

Policy Term

10 years

15 years

Premium Payment Term

7 years

5, 7, 10 & 12 years

Premium Amount

Yearly- Rs.3,000Half-yearly-Rs.2,100

Quarterly-Rs.1,250

Monthly-Rs.450

As per the maximum sum assured amount

Sum Assured

Rs.30,000

Rs.10,00,000

Premium Payment Frequency

Yearly, half-yearly, quarterly, monthly

How Does the Plan Work?

The policyholder can customize the policy as per their requirement in the following manner.

Step1- Choose the premium amount you want to pay towards the policy.

Step2- the sum assured amount will be 10 times the annualized premium.

Step3- Choose the tenure of the policy as per your own suitability.

Step4- Choose the premium payment term from the options available.

Benefits offered by Bajaj Allianz Life POS Goal Suraksha

Bajaj Allianz Life POS Goal Suraksha offers various benefits that guarantee maximum advantage to the insurance seekers.  This plan is specifically designed to cater to the different financial requirement of the individuals. As the non-linked non-participating plan, let’s take a look at the benefits offered by the policy.

Maturity Benefit

In case the insured survives the entire tenure of policy and all the premiums of the policy are dully paid till the date of maturity, then guaranteed sum assured on maturity plus guaranteed addition under the policy is paid to the insured. Once the maturity amount is paid to the insured the policy terminates.

Death Benefit

 In case of death of the insured person due to an eventuality, a lump-sum amount as the death benefit is paid to the beneficiary of the policy. The sum assured amount paid to the beneficiary as the death benefit is highest of:

  • 10 times the annualized premium.
  • 105% of the total premium paid till the date of death.
  • The sum assured amount under the policy.
  • The minimum guaranteed sum assured on maturity.
  • Assured absolute amount to be paid on death.

In case of demise of the insured person due to any cause other than an accident during the waiting period, the beneficiary of the policy is eligible to receive the death benefit, which is 100% of the total premium paid till date. This amount excludes any goods and service tax or any type pf extra premium. Once the death benefit is paid to the beneficiary, the policy terminates.

Guaranteed Additions

If the insured survives the entire policy term and if all the premiums of the policy are dully paid till the maturity of the policy, then guaranteed addition is paid to the insured along with maturity benefit as a multiple of one annualized premium. In the case of lapse or paid-up policy, the guaranteed addition benefit is not paid to the insured.

Tax Benefit- Under section 10(10D) and 80 C of Income Tax Act, the insurance holder are eligible to avail the benefit of tax exemption on the maturity proceeds and premium paid up to the maximum limit of Rs.1.5 lakhs.

Documents Required for the Purchase Process of Bajaj Allianz Life POS Goal Suraksha

Bajaj Allianz Life POS Goal Suraksha can be purchased online in a simple and hassle-free way. Here are some of the important documents that should be kept handy while purchasing the plan online.

  • Thoroughly filled proposal form.
  • Age proof of the individual
  • Identity proof of the individual
  • Address proof of the individual

Other Details of Bajaj Allianz Life POS Goal Suraksha

Grace Period-In case the policyholder fails to pay the premium of the policy within the premium paying tenure then 30 days of the grace period is offered by the insurer to the insured during which they can clear all the due premiums.

Free-look Period- A free-look period of 15 days from the date of policy initiation is offered by the insurance company during which the policyholder can cancel the policy if he/she is not satisfied with the terms and conditions of the policy.

Exclusions of Bajaj Allianz Life POS Goal Suraksha

If the insured commits suicide within 12 months of the policy enforcement, then only 80% of the premium is paid back to the beneficiary of the policy. A higher of 80% of premiums paid or acquired Surrender Value is provided to the nominee in case the insurance holder suicides within 12 months of policy revival.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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