Bajaj Life Smart Wealth Goal

About Bajaj Life Smart Wealth Goal

Bajaj Life Smart Wealth Goal is a (ULIP plan), designed to help you build wealth through market-linked investments while keeping your family financially protected. You can pay your premiums as a single payment, for a limited period, or regularly over the policy term. This plan also allows you to choose from different types of investment portfolios based on your risk level and financial goals.

The  investment plan comes in three variants, so you can choose the one that suits your goal:

• Wealth Variant – for long-term wealth creation
• Child Wealth Variant – for securing your child’s future
• Joint Life Variant – for couples who want combined protection.

It gives you flexibility to choose the policy term, premium payment method, and investment strategy.

Key Features of Bajaj Life Smart Wealth Goal

Here are the most useful features of the Bajaj Smart Wealth Goal Plan:

• Return of Mortality Charges: The life cover charges deducted during the policy term are added back to your fund value at maturity, if all premiums are paid.
• Return of Allocation Charge: The allocation charge (a fee when you pay the premium) is returned either at maturity or after the 10th policy year, depending on how the plan is structured.
• 5 Smart Investment Strategies: You can choose how your money is invested based on your comfort level and financial goals.
• Flexible Premium Options: You can pay premium monthly, yearly, or even as a one-time single premium.
• Option to Reduce Premium After 5 Years: After the 5th year, you can reduce your premium amount (within limits).
• Family Benefit: If anyone in your family already has a Bajaj Life policy, you get an extra benefit at maturity. The percentage of this family benefit depends on your policy term.
• Waiver of Premium Benefit: If the life assured dies or suffers a Total Permanent Disability, all future premiums are waived and the policy continues.
• Fund Boosters: Extra units of fund are added at certain policy years to reward you for staying invested. 

Bajaj Life Smart Wealth Goal Eligibility Criteria

Benefits of Bajaj Life Smart Wealth Goal 

The main benefits of Bajaj Life Smart Wealth Goal as listed below:

1. Maturity Benefit

   At the end of your policy term, you get the full fund value, which depends on how your chosen funds (equity, debt, or hybrid) have performed. Your money grows based on the market, and the final value is paid to you.

2. Death or Accidental Total Permanent Disability (ATPD) Benefit: 

   If the life insured passes away or becomes permanently disabled due to an accident:

   • The Sum Assured, plus any top-up Sum Assured, is paid.
   • You are guaranteed to receive at least 105% of all premiums paid, even if the market is down.
   • If an ATPD payout is already made, no additional death benefit is paid later.

3. Return of Charges

   This plan returns many charges back to you if the policy stays active:

   • Return of Mortality Charge (ROMC): At maturity, all mortality (life cover) charges that were deducted throughout the policy are added back into your fund (in proportion to how your fund is split). 
   • Return of Income-Benefit, Waiver-of-Premium (WOP), and Morbidity Charges: These are also returned at maturity if all premiums are paid, and no death or ATPD benefit has been claimed.
   • Return of Premium Allocation Charge (ROAC): At the 15th policy year (or at maturity, depending on your plan), all the charges you paid when allocating premium are added back into your fund.

   Such charge reversals can significantly improve net returns, which is why investors often compare features like these when evaluating the best SIP plan for long-term wealth creation

4. Fund Boosters (Extra Units)

   You get extra units added to your fund at different milestones, i.e. 1.5% fund booster in the 10th year and 2% fund booster in the 15th, 20th, 25th and 30th years. These boosters help increase your investment growth over the long term.

5. Family Benefit

   If your family member already has a Bajaj Life policy, you get an extra benefit at maturity of 0.5% of fund value for policy terms under 20 years and 1% of fund value for terms of 20 years or more. This amount is added to your existing funds in the same proportion.

6. Income Benefit with Waiver of Premium

   If death or ATPD happens, an annual Income Benefit (equal to your yearly premium) is paid every year till the policy ends. Also, all future premiums are waived, but the policy continues.

7. Partial Withdrawals

   You can withdraw money after the 5th policy year, whenever you need it, as per policy rules.
   Loans are not allowed under this plan.

8. Tax Benefits

   You may get tax benefits on premiums paid and on payouts received under Section 80C and Section 10(10D), as per current income tax laws.

Additional Riders for Bajaj Life Smart Wealth Goal

Bajaj Life Smart Wealth Goal does not have any rider plans. 

Policy Details

• Surrender Value: You can surrender the policy after completing 5 years. You will get the fund value after deducting any surrender charges. Once you surrender, your life cover under the plan stops. The payout includes both your regular fund value and any top-up fund value.
• Paid-up Value: If you stop paying premiums after the policy gains a surrender value, it becomes a paid-up policy. The policy continues but with lower benefits. All future premiums stop, and the benefits are reduced based on the premiums you have already paid.
• Free Look Period: You get a free look period to review your policy after receiving it. It is 15 days for offline purchases and 30 days for online or distance purchases. If you are not happy, you can return the policy and get a refund after deducting risk charges, medical costs, and stamp duty.
• Grace Period: The plan gives extra time to pay overdue premiums. You get 15 days for monthly mode and 30 days for other modes. If you don’t pay within this time, the policy may lapse or turn paid-up based on the surrender value.
• Policy Loans & Partial Withdrawals: Loans are not allowed under this plan. You can make partial withdrawals after completing 5 policy years, as per the plan rules.

Exclusions of Bajaj Life Smart Wealth Goal

According to the Bajaj Life Smart Wealth Goal reviews, the policy is straightforward, but it does consider the following exclusions:

Suicidal death: 

In the case of suicide of the policyholder within 12 months from the date of commencement of the Policy or from the date of the latest revival of the Policy, whichever is later, the nominee or beneficiary will get only the payable amount, i.e., the fund value.