The Bajaj Life Goal-Based Saving Plan is a unit-linked insurance plan (ULIP) that is meant to assist individuals in accumulating wealth on a long-term basis without losing life insurance cover. The plan gives policyholders the ability to invest in several funds that are tied to the market and offers them freedom in terms of premium payment, allocation of funds, and approaches to investments.
Disclaimer :
˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
| Criteria | Details |
| Minimum Entry Age | 0 Years (Regular/Limited Premium) |
| Maximum Entry Age | 60 Years |
| Minimum Age At Maturity | 18 Years |
| Maximum Age At Maturity | Up To 75 Years |
| Minimum Policy Term | 10 Years |
| Policy Term Options | 10, 15, Or 20 Years |
| Premium Payment Options | Single, Limited, Or Regular |
| Minimum Annual Premium | ₹12,000 |
| Minimum Single Premium | ₹120,000 |
Here are the key features of the Bajaj Life Goal-Based Saving Plan:
In the initial policy year, more allocation is made to the fund value. For regular or limited premiums, the first-year premium, up to 3% of the premium amount, is credited to the fund value.
Upon maturity, up to 125% of all mortality fees paid during the policy period can be reimbursed into the fund value, depending on the premium band.
There are various funds available to policyholders, including equity, balanced, and debt funds, based on their risk tolerance.
The plan permits unrestricted free movement of funds to adjust investments in line with market conditions.
One can make partial withdrawals once the five-year lock-in period is over.
The policyholder can get maturity or death benefits as instalments with a maximum term of five years with the return enhancer option.
Below are the benefits offered under the plan:
On maturity of the policy term, in case the life assured survives and all the premiums have been paid, the amount of the accumulated fund will be disbursed as the maturity benefit.
Upon the death of the life assured within the policy term, the nominee will get the greater between the current sum assured and the fund value, with a guaranteed minimum of 105% of the total amount of premiums paid.
The plan provides an additional fund distribution within the first policy year, which will raise the invested capital and long-term wealth generation.
At maturity, the mortality charges deducted over the policy term are added back to the value of the funds.
The benefits may be paid as a lump sum or in systematic payouts during the settlement period to the policyholders.
The policy permits optional coverage that boosts protection benefits.
Available riders include:
These riders give extra financial cover against accidental death, disability and critical illnesses.
The following are the policy details under the Bajaj Life Goal-Based Saving Plan:
A grace period of 30 days is offered on yearly, half-yearly, and quarterly modes of payment of premium, and 15 days on the monthly mode of payment of premium. The policy is on risk cover until this period.
In any case where the policy is to be revived for non-payment of premiums, the policy will be discontinued and revived within three years of the date of discontinuation upon payment of all due premiums and production of the necessary documentation.
Policyholders are given a 30-day free look period upon which the policy document is issued. Cancellation of the policy can occur in case the terms are not acceptable within this period.
The policy can be forfeited at any time. In case of surrendering in the five-year lock-in period, it is invested in the discontinued policy fund and paid after the lock-in period.
The policyholder can freely transfer investment between available funds at no cost, but with a minimum switching amount as stipulated by the insurer.
Loans are not offered under the ULIP plan because the investment is still tied to market funds.
In case the person assured of life commits suicide within 12 months of the date the policy was started or revived, the nominee will get the value of the fund on the date of death.
The benefits of total permanent disability become effective only in the case when the policy owner has chosen a rider explicitly giving disability protection.

˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ