Bajaj Allianz Smart Protect Goal is a comprehensive term insurance plan that ensures the financial protection of the policyholder’s family in case of their unfortunate death. You can avail of this plan at affordable premiums and even choose to receive the premiums paid throughout the policy at the end of the policy term with its ROP (Retrurn of Premium) option. With the plan’s long term coverage (till 99 years), you can secure your family and receive the applicable tax benefits. Let us see the various key features the Bajaj Allianz life smart protect goal offers:Read more
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The bajaj allianz smart protect goal has the following key features:
The plan offers comprehensive coverage with a variety of features to fit the needs of customers
You can financially protect your loved ones by getting a life cover for yourself
The plan offers a return of premium option, which returns all the premiums paid at the end of the policy term
The bajaj smart protect goal can provide you with life cover till 99 years of age
Select from any of the available riders to enhance the policy’s base coverage
You can choose to pay the premiums in a single, regular, or limited premium payment term
The following 4 plan variants are available in Bajaj smart protect goal plan:
Life cover: Protect your loved ones in case of your unfortunate demise with the life cover option
Life Cover with child education extra cover: Secure the future of your child with the bajaj allianz smart protect goal life cover with child education extra cover
Life cover with joint life: Cover your spouse within the same plan by paying extra premiums
Increasing life cover: Get a life cover that increases with your age and changing life stages
The core benefits of Bajaj Allianz Life Smart Protect Goal Policy are briefly described below:
In case the policyholder suffers an unfortunate death during the policy term and all the premiums have been duly paid, the insurer will pay out the sum assured on death along with any applicable rider benefits to the nominee of the policy. The nominee can use the benefit amount to take care of their monthly expenses and pay off any remaining loans.
Return of Premiums
The return of premium option returns all the premiums paid throughout the policy tenure at the termination of the policy. The returned premiums exclude the GST and admin charges deduction and can help the policyholder secure their retirement and fulfil life goals.
Whole Life Protection
With the policy’s whole life protection option, you can secure the financial future of your loved ones for your whole life. This way, in case of your unfortunate death during the policy term, till 99 years of age, your family will receive the benefit amount to take care of their financial needs and obligations. This option is available only with the limited premium payment option.
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
There are various riders available for policyholders to customize their policy. They are:
Accidental Death Benefit: If the policyholder untimely dies during the policy term due to an accident, the insurer will pay the accidental death benefit amount on top of the base sum assured.
Accidental Total Permanent Disability Benefit: In case the policyholder suffers an accident, which leaves him totally and permanently disabled, he/she will be eligible to receive the rider sum assured.
Waiver of Premium Benefit: On the diagnosis of 4th minor critical illness or the 1st major critical illness, the insurer will waive off all the remaining premiums of the policy.
Critical Illness Cover: In case of a minor critical illness diagnosis, 25% of the rider sum assured will be paid. You will be eligible to receive a maximum of 4 minor critical illness payouts or 1 major critical illness payout, under which 100% of the rider sum assured will be paid.
These riders provide financial coverage against accidental death, disability due to accidents, and up to 55 critical illnesses.
|Entry Age||18 years||65 years|
|Maturity Age||With ROP||75 years|
|Without ROP||85 years|
|Whole life||99 years|
|Policy Term||5 years||99 - (entry age) years|
|Premium Payment Term||1 year||67 years|
|Base Sum Assured||50 Lacs||No limit|
|Premium Payment Frequency||Limited, regular, and single pay|
If, under the ROP option, the premium payment is missed after the completion of 2 policy years, the policy will convert into a paid-up policy, and the sum assured on death or maturity will be reduced as per the number of premiums paid till that point.
You can avail of the surrender value benefit if the policy is regular, single, or limited premium pay with an ROP option and the policy has completed 2 policy years with premiums paid. For policies without ROP, the policy has to be either single premium pay or after the end of the premium payment term in a limited premium option.
Free Look Period
The free look period is 15 days for offline purchased policies and 30 days for online purchased policies. During this period, you can go through the policy documents and return the policy if you are unsatisfied with the policy’s benefits and details.
The grace period for regular and limited premium payment policies is 15 days for monthly modes and 30 days for all the other payment modes. You can easily pay the premiums without worrying about policy lapsing or extra penalties and pay the premiums during this period.
High Sum Assured Rebate
You can receive high sum assured rebates on policies with higher sum assured. The premium amount will decrease in ratio to the higher sum assured for the Bajaj Smart Protect Goal.
Change in Premium Payment Frequency
You can change the premium payment frequency at any policy anniversary during the policy term and pay the premiums as per your convenience.
If the premiums for a policy are not paid within the grace period of the policy, the policy will lapse in case of a regular or limited premium payment plan without the ROP option. In the ROP option, if the premium is unpaid within 2 years of policy issuance, the policy will lapse.
You can revive your lapsed policy within 5 years of the first unpaid premium date by submitting your medical examination certificate, outstanding premiums, and the applicable interest.
The documents required to buy Bajaj smart protect goal policy are:
To buy Bajaj Allianz Life Smart Protect Goal, one needs to follow the below-mentioned steps:
Step 1: Go to the term insurance page
Step 2: Fill in your name, gender, DOB, and contact information
Step 3: Enter your educational qualification, smoking habits, occupation type, and annual income
Step 4: Click on the Return of premium checkbox and select the Bajaj Smart Protect Goal
Step 5: Proceed to pay
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 benefit will be paid if:
The insurer will not payout under the accidental total and permanent disability rider if:
Disabiltiy occurs due to criminal activity
The person is disabled due to participation in war, riots, or invasion
Disbailtiy occurs when under the influence of alcohol or drugs
Disability ocsurs due to participation in naval, military, or air force operations
Disability occurs due to participating in dangerous sports or activites
Disability occurs due to self-harm or attempted suicide
The insurer will not payout the critical illness or waiver of premium on critical illness rider because of any of the folllowing reasons:
Diagnosis of critical illness will not be covered within the waiting period of 180 days
In case the policyholder die during the survival period from the date of the critical illness diagnosis
Illness die to self-harm, suicide, or attempted suicide
Medical conditions due to consumption of drugs, alcohol, or narcotics
Participating in hazardous activities and sports
Medical condition due to nuclear contamination, war, riots, or rebellion
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