Bajaj Allianz Life Smart Protect Goal

Term Insurance plans provide financial coverage in lieu of the premiums paid on the unfortunate demise of the person insured. One such plan that offers comprehensive coverage is the. This plan offers a competitive premium and an all-encompassing life cover Bajaj Allianz Life Smart Protect Goal policy. Further, there is an option to get the entire premium back on the maturity of the policy. It also covers financial losses suffered by the person insured due to critical illness. Hence as per the Bajaj Allianz Life Smart Protect Goal reviews, this is a complete term insurance plan with new-age features.

Parameters

Details

Policy Tenure

Without Return of Premium option (ROP) on maturity:-

Limited Pay plans: 6 years to (85 – Entry Age) years

Regular Premium: 5 years to (85 – Entry Age) years

Single pay plans: 5 to 40 years

With ROP

Limited pay plans: 10 years to (75 – Entry Age) years

Regular Premium: 10 years to (85 – Entry Age) years

Single pay plans: 10 to 40 years

With Whole life

Limited Pay: (99 years – Entry Age) years

Premium Paying Term

Without Return of Premium option (ROP) on maturity:-

Limited Pay plans: 5 years to 30 years

Regular Premium: 5 years to 67 years

Single pay plans: Single premium

With ROP

Limited pay plans: 5 years to 30 years

Regular Premium: 10 years to 57 years

Single pay plans: Single premium

With Whole life

Limited Pay: 5 to 30 years

Premium Paying Mode

Monthly, Semi-annually and Annually

Entry Age

18 years to 65 years

Maturity Age

With ROP option – 75 years

Without ROP option – 85 years

Whole Life option – 99 years

Grace Period

30 Days (15 Days for monthly)

Sum Assured

50 Lakh to No limit

For riders

5 Lakh to 1 Crore under CIB (Critical Illness Benefit) option

5 Lakh to 2 Crore under ADB (Accidental Death Benefit)/ATPDB (Accidental Total Permanent Disability Benefit)

Liquidity

Loans are not available

Benefits of Bajaj Allianz Life Smart Protect Goal Policy

The core benefits of Bajaj Allianz Life Smart Protect Goal Policy are briefly described below:

  • Bajaj Allianz Life Smart Protect Goal Plan provides the benefits of a term insurance plan and has various riders that can be tailored according to the needs of the policyholder
  • This plan has a Return of Premium option under which the policyholder is liable to get the entire premium paid on their survival
  • The plan provides a whole life coverage option of up to a maximum of 99 years after paying for a fixed term. The return of Premium is not offered under this plan
  • Bajaj Allianz Life Smart Protect Goal Policy also covers various major and minor critical illnesses on opting for Critical Illness Cover
  • The policyholder is liable for tax benefits* on the premiums paid under Section 80C of Income Tax Act, 1961. Further, tax benefits as per 80D of the Income Tax Act are available if one opts for Critical Illness Cover

* Tax benefit is subject to changes in tax laws

The Premiums for Bajaj Allianz Life Smart Protect Goal Plan

The Bajaj Allianz Life Smart Protect Goal premium is divided into three options as mentioned below:

  • Single Pay Option (SP) – One-time premium paying option
  • Limited Pay Option (LP) – Paying all the premiums in a specific period which less than the policy tenure
  • Regular Pay Option (RP) – Paying all the premiums in a period which is equal to policy tenure

For the Single Pay Option, the minimum single premium is *Rs 50 Lakhs, while there is no limit for the maximum amount.

For the Limited Pay and Regular Pay option, the minimum premium amount is equal to:

  • *Rs 3483/- annually for the policy term of 10 years
  • *Rs 4368/- annually for the policy term of 60 years

*Standard T&C Apply

Applicants can use the Bajaj Allianz Life Smart Protect Goal Calculator to check for a different sum assured and corresponding premium amount according to their needs.

Additional Riders for Bajaj Allianz Life Smart Protect Goal Plan

There are various riders available for policyholders to customize their policy. They are:

  • Accidental Death Benefit
  • Accidental Total Permanent Disability Benefit
  • Waiver of Premium Benefit
  • Critical Illness Cover

These riders provide financial coverage against accidental death, disability due to accidents, and up to 55 critical illnesses.

Eligibility for Bajaj Allianz Life Smart Protect Goal Policy

Entry Age:

  • Minimum Entry Age - 18 years
  • Maximum Entry Age – 65 years

Maturity Age:

  • With Return of Premium Option – 75 years
  • Without Return of Premium Option – 85 years
  • Whole Life Option – 99 years

What are the Documents required to buy this Policy?

The documents required to buy this policy are:

  • ID Proof like Aadhaar Card, Voter Card, Ration Card, etc.
  • Age Proof like Aadhaar Card, Birth Certificate, PAN Card, etc.
  • Recent Photograph
  • Income Proof, like Form 16

How to buy this Plan Online?

To buy Bajaj Allianz Life Smart Protect Goal, one needs to follow the below-mentioned steps:

Step 1: Go to the policy provider website.

Step 2: Search for Bajaj Allianz Life Smart Protect Goal Policy and check the various eligibility conditions, etc.

Step 3: Click on the ‘Buy Now’ option.

Step 4: Enter personal details like name, date of birth, pin code, educational qualification, income, and other contact details.

Step 5: Select whether the person is a smoker or not, and their gender.

Step 6: Once done, choose the premium paying term and calculate the premium.

Step 7: Click on the pay premium.

Step 8: Choose any of the online payment options to pay the premium.

The policy documents will be mailed to the registered email address.

Exclusions of Bajaj Allianz Life Smart Protect Goal Plan

If a policyholder commits suicide within one year from the date of commencement of or revival of the policy, then the nominee will be eligible to get 80% of the total premiums paid.  Also, no accidental death or disability benefit will be paid if:

  • Death occurs due to criminal activity
  • Alcohol or drug abuse
  • Suicide
  • Involvement in armed forces operations
  • Death due to war, invasion or riots
  • Nuclear or radioactive accidents

Bajaj Allianz Term Insurance Plans - FAQs

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