Bajaj Allianz Invest Protect Goal

About Bajaj Allianz Invest Protect Goal

Bajaj Allianz Invest Protect Goal is an investment plan that helps you secure your family’s future while offering market-linked returns on your premiums. This plan allows you to protect their loved ones financially and build a corpus for their future needs. 

One of the main feature of Bajaj Allianz Invest Protect Goal is its option to return the mortality charges.

Features of Bajaj Allianz Invest Protect Goal

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

Eligibility Criteria to Buy Bajaj Allianz 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 Allianz Invest Protect Goal

Let us learn the significant benefits of investing in Bajaj Allianz 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 term 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%

Fund Options under Bajaj Allianz Invest Protect Goal

The plans offer you to choose among the below-mentioned 11 fund options to earn benefits from the market-linked returns:

The plan offers unlimited free switches to transfer your amount between multiple funds and maximise your returns.

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Charges Levied under Bajaj Allianz Invest Protect Goal

The major charges levied under the Bajaj Allianz Invest Protect Goal Plan are as follows:

Policy Details of Bajaj Allianz 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 Allianz Invest Protect Goal Work? 

Learn the working process of Bajaj Allianz 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 Allianz 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 Allianz Invest Protect Goal Plan

When applying for the Bajaj Allianz Invest Protect Goal plan, you will typically need to submit the following documents: