Bajaj Life Flexi Income Goal Plan

Eligibility Criteria for the Bajaj Life Flexi Income Goal Plan

Risk cover begins immediately once the policy starts. If the policy is taken for a minor, it automatically transfers to the life assured once they reach the age of 18 or when the policy matures, whichever happens earlier.

Features of the Bajaj Life Flexi Income Goal Plan

Some of the key features of the Bajaj Life Flexi Income Goal Plan include:

• The scheme has Guaranteed Monthly Income, which commences upon payment of the premium term, and it is paid out until the policy maturity.
• The cash bonuses may be paid by the end of the first year of the policy, based on the insurer's annual valuation and performance.
• A maturity booster, equal to 50% of the amount assured, can be paid out at the expiry of the policy term, thereby increasing the total maturity payout.
• The plan enables policyholders to receive bonuses and income benefits as opposed to them being withdrawn, and ensures that the accumulated benefit will earn returns.
• The policy term and the premium payment term can be customised, and it seems to be more convenient to fit the plan into certain financial objectives.
• Another option that the plan offers is to have joint life cover, where the two spouses are covered under a single policy.

These features make the plan suitable for individuals who want both a regular income and long-term financial protection. If you want to explore similar options offered by the same insurer, you can also review other plans available under Bajaj Allianz Investment Plans.

Benefits of the Bajaj Life Flexi Income Goal Plan

The Bajaj Life Flexi Income Goal Plan offers savings and protection benefits that may be used to help the policyholders to better plan their funds.

1. Maturity Benefit

   In case the life assured continues to survive till the expiry date of the policy, the maturity benefit will be obtained. This advantage has the maturity enhancer and any terminal bonus and policy values as in the policy conditions.

2. Guaranteed Monthly Income

   After the term of payment of premiums is over, the policy starts paying a guaranteed amount of monthly income. This income is received up to the termination of the policy, preventing a shortfall in funds.

3. Death Benefit

   In case the insured on life dies during the term of the policy, then the death benefit will go to the nominee in accordance with the policy terms. The benefit can be given out in a lump sum or a monthly instalment of income, depending on the option of payment.

4. Bonus Benefits

   As the plan is a participating plan, the policyholders can obtain cash bonuses in addition to terminal bonuses, depending on the performance and annual results of the insurer in terms of valuation.

These advantages have been made to include insurance coverage and income-needs savings to assist people in fulfilling their long-term financial requirements. If you are comparing different policies before choosing one, you may also explore a wide range of Investment Plans in India designed to help build long-term savings.

Riders Under the Bajaj Life Flexi Income Goal Plan

The policyholders are given an opportunity to add optional riders to the Bajaj Life Flexi Income Goal Plan at an extra cost. The riders that are provided under this plan are:

• Bajaj Allianz Accidental Death Benefit Rider
• Bajaj Allianz Accidental Permanent Total Or Partial Disability Benefit Rider
• Bajaj Allianz Critical Illness Benefit Rider
• Bajaj Allianz Family Income Benefit Rider
• Bajaj Allianz Waiver Of Premium Benefit Rider

These riders also offer extra financial coverage in the event of unexpected events like accidents, disabilities or severe ailments at any policy term.

Policy Details of the Bajaj Life Flexi Income Goal Plan

The following are the policy details of the Bajaj Life Flexi Income Goal Plan:

1. Grace Period

   There is a grace period of 15 days during which the monthly premiums can be paid, and 30 days during which the other premiums can be paid. The risk cover and the policy are still active in this time frame.

2. Revival

   The policy may be revived within a period of five years of the date of the first unpaid premium under policy terms and conditions, with payment of outstanding premiums, in case of policy lapses through non-payment of the premiums.

3. Free Look Period

   The policy owner is entitled to a 15-day free look period after receiving the policy document. For policies purchased by distance marketing or electronically, the free look is a 30-day extension.

4. Surrender

   The surrender will be allowed after two full policy years have been paid in premiums. Surrender value to be paid will depend on the terms of the policy.

5. Fund Switching

   Since this is a non-linked insurance plan, fund switching is not applicable under this policy.

6. Loan

   Policyholders can borrow from the policy by borrowing in one of the loans that has their agreement once the policy attains a surrender value. The interest rate and loan value will be selected depending on the regulations of the insurer.

Exclusions Under the Bajaj Life Flexi Income Goal Plan

1. Suicidal Cover

   In the event the insured assured commits suicide within 12 months of the policy being taken or the revival date, then the benefits will be made payable as per the provisions of the policy.

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