Bajaj Life Goal-Based Saving Plan

Eligibility Criteria for the Bajaj Life Goal-Based Saving Plan

Features of Bajaj Life Goal-Based Saving Plan

Here are the key features of the Bajaj Life Goal-Based Saving Plan:

1. Additional Premium Allocation

   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.

2. Return Of Mortality Charges (ROMC)

   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.

3. Extensive Diversity Of Investment Funds

   There are various funds available to policyholders, including equity, balanced, and debt funds, based on their risk tolerance.

4. Unlimited Fund Switching

   The plan permits unrestricted free movement of funds to adjust investments in line with market conditions.

5. Liquidity Partial Withdrawal

   One can make partial withdrawals once the five-year lock-in period is over.

6. Flexible Settlement Option

   The policyholder can get maturity or death benefits as instalments with a maximum term of five years with the return enhancer option.

Benefits of the Bajaj Life Goal-Based Saving Plan

Below are the benefits offered under the plan:

1. Maturity Benefit

   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.

2. Death 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.

3. Additional Allocation Benefit

   The plan provides an additional fund distribution within the first policy year, which will raise the invested capital and long-term wealth generation.

4. Return Of Mortality Charges

   At maturity, the mortality charges deducted over the policy term are added back to the value of the funds.

5. Flexible Payout Options

   The benefits may be paid as a lump sum or in systematic payouts during the settlement period to the policyholders.

Riders Under the Bajaj Life Goal-Based Saving Plan

The policy permits optional coverage that boosts protection benefits.

Available riders include:

• Bajaj Life Linked Accident Protection Rider II.
• Bajaj Life Care Plus Rider.
• Bajaj Life Linked New Life Critical Illness Benefit Rider.

These riders give extra financial cover against accidental death, disability and critical illnesses.

Policy Details of the Bajaj Life Goal-Based Saving Plan

The following are the policy details under the Bajaj Life Goal-Based Saving Plan:

1. Grace Period

   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.

2. Revival

   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.

3. Free Look Period

   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.

   

4. Surrender

   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.

5. Fund Switching

   The policyholder can freely transfer investment between available funds at no cost, but with a minimum switching amount as stipulated by the insurer.

6. Loan

   Loans are not offered under the ULIP plan because the investment is still tied to market funds.

Exclusions Under the Bajaj Life Goal-Based Saving Plan

1. Suicidal Cover

   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.

2. Total Permanent Disability (TPD)

   The benefits of total permanent disability become effective only in the case when the policy owner has chosen a rider explicitly giving disability protection.