Bajaj Life Invest Protect Goal

About Bajaj Life Invest Protect Goal

Bajaj Life Invest Protect Goal is a unit-linked, non-participating, individual life savings Insurance plan that protects your family’s future while offering market-linked returns on your premiums. With the insurance cover, the plan allows you to secure your loved ones financially, even if you are not there and build a corpus for your and your family’s future needs. Whether you want to secure your family's future, plan for your child's education, or build a retirement corpus, Bajaj Life Invest Protect Goal empowers your future goals seamlessly.

Features of Bajaj Life Invest Protect Goal

The key features of Bajaj Life Life Goal plan are as follows:

• Return of Mortality Charges: One of the main features of Bajaj Life Invest Protect Goal is its option to return the mortality charges.

• High Return Potential: The plans offer you the opportunity to earn high returns over a long period.

• Riders: Bajaj Life Invest Protect Goal provides enhanced protection by increasing your financial net. These riders are

  • Bajaj Life Life Linked Accident Protection Rider II

  • Bajaj Life Life Linked Accident Protection Rider II

  • Bajaj Life Life Linked New Critical Illness Benefit Rider

• Investment Funds: You have the option to select among 21 funds.

• Systematic Investment Plan (SIP): The Bajaj Life Invest Protect Goal offers Systematic Investment Plan (SIP) option:

  • In this, you can invest a fixed amount of money regularly over the long term.

  • This helps in spreading the investment risk over time and provides the benefit of rupee cost averaging.

• Investment Strategy: You get the option to choose among the following investment strategies:

  • Investor Selectable Portfolio Strategy: You can choose among the 21 ULIP funds and switch among them as per your choice.

    • Option to invest fully in one fund or distribute your regular premium and top-up premium across a variety of funds.

    • Decide in a way that best meets your investment requirements and risk tolerance.

  • Automatic Fund Transfer Strategy: As per the Automatic Fund Transfer Strategy: 

    • Initially, your premium is divided between low-risk bond funds and liquid funds based on your preferences.

    • A fixed amount of the value of your fund will be transferred to the other funds as stated by you at the beginning of each month.

    • Depending on your risk tolerance, desire to build wealth and personal objectives, you can select from a variety of equity, debt, and hybrid ULIP funds.

• Partial Withdrawals: Available after the end of 5 policy years of the plan.

• Unlimited Free Switches: You can avail of the benefit of unlimited free switches available to generate the highest returns from the plan.

Eligibility Criteria to Buy Bajaj Life Invest Protect Goal

The essential criteria for purchasing this investment option are listed in the table below:

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Benefits of Investing in Bajaj Life Invest Protect Goal

Let us learn the significant benefits of investing in the Bajaj Life Invest Protect Goal from the list mentioned below:

1. Death Benefit:

   • In the event of your unfortunate death during the term of the policy, a lump sum payment as the death benefit is provided to the nominee

   • The death benefit is equal to the higher of the following:

   • Sum Assured with Top-up Sum Assured

   • Total Fund Value

   105% of total premium payment with top premiums

   • The amount of the death benefit depends on factors such as:

   • Sum assured chosen

   • Additional riders or benefits attached to the plan

2. Maturity Benefit:

   In case of surviving the life assured till the maturity date, the total fund value as on the maturity date shall be payable. 

3. Tax Benefits:

   Tax benefits are available under section 80C and section 10(10D) of the Income Tax Act, 1961. 

4. Return of Premium Allocation Charges:

   All the premium allocation charges are returned back at the end of the 10th policy year with respect to regular/limited premium payments to your savings (excluding GST and cess deductions). In terms of top-up premium paid, no premium allocation charges is returned. 

5. Return of Mortality Charges:

   Upon maturity, the deducted mortality charges are added back to the fund value

   At the last of policy year	Return of mortality charges
   7 year	25% of deduction till 7th policy year
   15 year	50 % of deduction till 15th year of policy minus mortality charge returned already
   20 year	100% deduction till the last of 20th policy years minus mortality charges returned already
   25 years or at maturity (whichever is earlier)	100% of deduction from 21st year of policy
   30 years or at maturity (whichever is earlier)	100% of deduction from 26th year of policy
   35 years or at maturity (whichever is earlier)	100% of deduction from 31st year of policy
   40 yeaes or at maturity (whichever is earlier)	100% of deduction from 36th year of policy

6. Loyalty Additions:

   Insurer will contribute to the savings by adding a fixed % of the average of last 3 years regular premium fund value on a daily basis as mentioned: 

   End of policy year	Loyalty Additions (%) ages
   15th	2%
   20th	2.50%
   25th	3.50%
   30th	4%
   35th	5%
   40th	5.50%

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Policy Details of Bajaj Life Invest Protect Goal

Let us learn the key policy details involved in this ULIP plan from the below-mentioned table:

• Surrender Benefit : In case of surrendering the policy during the lock-in period of 5 years, Regular and Top Up Fund Value is credited back to you after deducting discontinuance charges. If you surrender the policy after 5 policy years: Total Fund Value is paid back

• Free Look Period: To review the terms and conditions and cancel the policy, you get a free look period of 15 days for electronic mode policies and 30 days through distance mode. 

• Assignment/ Nomination of Policy: Available under Insurance Act, 1938

• Grace Period: This is the specified period of time provided to policyholders beyond the due date of premium payment

• Grace Period for Annual/ Semi-Annual/ Quarterly Premium Payment Frequency: 30 days

• Grace Period for Monthly Premium Payment Frequency: 15 days

• Policy Revival: You can revive the policy within 3 years of last due premium payment

How Does the Bajaj Life Invest Protect Goal Work? 

Learn the working process of Bajaj Life Invest Protect Goal Plan from the steps mentioned below:

Step 1: Select the following details of the plan:

• Sum Assured

• Premium Payment Term (PPT)

• Policy Term (PT)

Step 2: Decide the life coverage you wish to get

Step 3: Select your investment portfolio strategy and decide the funds you want to invest

Illustration of Returns of Bajaj Life Invest Protect Goal

Let us learn the returns and benefits you can earn from this plan by taking the following conditions:

• Your Entry Age: 35 years

• Premium Amount: Rs. 5,000 per month

• PPT: 10 years

• PT: 30 years

Benefits/Returns:

• Lump Sum Payout: 2.7 crores

• Life Coverage: Rs. 17.3 lakhs

• Tax Benefits: Save tax of up to Rs. 28.2 lakhs over a 10-year tenure u/Sec 80C and Section 10 (10D) of the Income Tax Act, 1961

• Tax Savings u/ Section 10 (10D) on ULIP Plans: No tax on maturity benefits

Documents Required for Bajaj Life Invest Protect Goal Plan

To apply for the Bajaj Life Invest Protect Goal plan, the required documents are:

• Proposal Form 
• Age proof
• Identity proof
• Address proof