Bajaj Life Guaranteed Wealth Goal Plan

Eligibility Criteria for the Bajaj Life Guaranteed Wealth Goal Plan

The plan is available for individual residents.

Features of the Bajaj Life Guaranteed Wealth Goal Plan

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

• The plan offers three variants: Wealth Creation, Assured Income, and Second Income.
• All benefits under the policy are guaranteed, subject to policy terms.
• You can choose your premium payment term and policy term as per your financial goals.
• Life insurance cover is provided throughout the policy term.
• Income variants allow you to select deferment and income periods.
• An Optional Return of Premium (ROP) benefit is available under certain variants.
• Tax benefits may be available as per applicable tax laws.
• The plan allows customisation at inception, including selection of life cover multiple and income options, which cannot be changed later during the policy tenure.

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 Guaranteed Wealth Goal Plan

The Bajaj Life Guaranteed Wealth Goal plan is a structured savings program with life insurance cover. The following are the benefits under this plan:

1. Maturity Benefit

   Under the wealth creation variant, you would be awarded a Guaranteed Maturity Benefit together with the accrued guaranteed additions at the expiry of the policy term.

2. Guaranteed Additions / Income Boosters

   Guaranteed additions are paid at the wealth creation variant beginning in the second policy year and will be paid when the premiums are paid during at least two-full policy years.

3. Death Benefit

   When the life assured is regrettably killed within the period in which the policy is in force, the nominee gets the Sum Assured on Death. This is computed as the:

   Annualised Premium x the Sum Assured Multiple that has been decided upon.

   The amount at which the death benefit will be paid out will not be less than 105% of all the premiums paid to date of death or of the amount that the surrender value is available, whichever is greater.

4. Regular Guaranteed Income (Under Income Variants)

   According to the Assured Income and Second Income Variants, you obtain guaranteed income in the income period. The instalments can be paid either on a yearly basis, half-yearly, quarterly, or monthly as an option.

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

Riders Under the Bajaj Life Guaranteed Wealth Goal Plan

The Bajaj Life Guaranteed Wealth Goal Plan has optional rider benefits that are provided at a higher price to increase the coverage. Available riders include:

• Family Protect Rider
• Accidental Permanent Total/Partial Disability Benefit Rider
• Accidental Death Benefit Rider
• Critical Illness Benefit Rider
• Waiver of Premium Rider
• Care Plus Rider (Non-Linked)

There are conditions and terms that apply to riders.

Policy Details of the Bajaj Life Guaranteed Wealth Goal Plan

Understanding the policy conditions helps you make informed financial decisions.

1. Grace Period

   A grace period of 30 days (15 days in case of monthly frequency) is allowed to pay premiums. Within this time frame, the policy is in force with risk cover.

2. Revival

   A lapsed or paid-up policy can be revived within 5 years of the due date of the first premium not paid, provided all arrears are paid with interest, and subject to underwriting permission.

3. Free Look Period

   There is a 30-day period you have to consider the policy terms since the receipt of the policy document.

4. Surrender

   The policy gains surrender value upon payment of the minimum required premiums. Once surrendered, it puts an end to the policy.

5. Loan

   You are permitted to take a loan equal to a certain percentage of the surrender value when the policy has any surplus value, and this declaration is made by the company, including the payment of interest charges.

Exclusions Under the Bajaj Life Guaranteed Wealth Goal

1. Suicide Exclusion

   In the event of death by suicide within 12 months of commencement of risk or last revival, the nominee will get the proceeds of 80% of total premiums paid or the surrender value, of course, subject to the policy being in force.

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