Bajaj Allianz Smart Wealth Goal II

About Bajaj Allianz Smart Wealth Goal II Plan

Bajaj Allianz Life Smart Wealth Goal II provides an individual life insurance plan with flexible premium options: regular, limited, or single premium. You can choose from three variants for the policy term: Wealth, Child Wealth, or Joint Life Wealth. Once selected, the variant cannot be changed.

Eligibility Criteria

The key eligibility criteria to purchase the Bajaj Allianz Smart Wealth Goal II Plan are mentioned in the following table:

People also read: Bajaj Allianz ULIP Plan

Features of Bajaj Allianz Smart Wealth Goal II Plan

The key features of Bajaj Allianz Smart Wealth Goal II Plan are as follows:

• Loyalty rewards with periodic cashbacks: You can earn rewards and receive cashback at regular intervals based on your loyalty to the program.

• Fund boosters for added returns: Get additional boosts to your investment returns through fund boosters.

• Return of Allocation Charge (ROAC) and Return of Mortality Charge (ROMC): Have the allocation charge and mortality charge returned to you under certain conditions.

• Flexibility to receive Maturity Benefit or Death Benefit in instalments with Return Enhancer: Choose to receive your maturity benefit or death benefit in instalments, with an added return enhancer feature.

• Choose from five investment portfolio strategies: Select from a range of five different investment portfolio strategies to suit your risk tolerance and investment goals.

• Select from fifteen funds to diversify your investment: Diversify your investment across a range of fifteen funds to spread risk and potentially increase returns.

• Option to lower your premium: Have the option to reduce your premium payments under certain circumstances.

• Option to extend premium-paying term: Extend the term for paying your premium if needed, providing flexibility in managing your policy.

• Tax benefits according to current tax laws: Enjoy tax benefits as per the prevailing tax laws, helping to maximize your savings and returns.

People also read: What is ULIP

Benefits of Bajaj Allianz Smart Wealth Goal II Plan

Bajaj Allianz Smart Wealth Goal II Plan is one of the best investment options that provide you with the following benefits:

1. Maturity Benefit:

   If your policy is active and you are alive at maturity, you will receive the fund value as of the maturity date.

2. Death Benefit:

   • The amount payable upon death will be the higher of-

     • The prevailing sum assured or the regular premium fund value (for regular premium)/single premium fund value (for single premium), plus

     • The higher of the prevailing top-up sum assured or the top-up premium fund value (if any).

   • Death benefit is subject to a guaranteed benefit of 105% of the total premiums paid until the date of death.

3. Loyalty Benefits:

   Loyalty benefits are added to the regular premium fund value/single premium fund value if all due premiums have been paid up to the date of each loyalty benefit.

4. Return of Premium Allocation Charge:

   At the end of the 10th policy year or maturity date (whichever is earlier), all premium allocation charges deducted under the policy are added into the fund as a loyalty benefit.

   

5. Fund Boosters:

   At the end of the 15th policy year and every 5th policy year thereafter (up to the maximum of the 60th policy year), a fund booster as a percentage of the average of the daily regular premium fund value or single premium fund value over the previous 3 years (including the current year) will be added into the fund as loyalty benefit.

6. ROMC (Return of Mortality Charges):

   • At the end of the policy term, on the maturity date, all mortality charges deducted for life cover provided throughout the policy term will be added back to the fund value as ROMC.

   • ROMC is not applicable in case of a surrendered, discontinued, or paid-up policy and will be payable only if all due premiums under the policy have been paid up to date.

7. Family Benefit:

   • If any of your family members are existing policyholders of Bajaj Allianz Life Insurance Company Limited, you'll be entitled to a family benefit.

   • The benefit will be paid to you at maturity and added to the regular premium fund value/single premium fund value as a percentage of the average of your previous three years' daily regular/single premium fund value.

8. Rider Option:

   You can enhance your protection by opting for the Bajaj Allianz Life Linked Accident Protection Rider.

People also read: ULIP Calculator

Investment Fund^†† Options

The list of market-linked investment funds available under Bajaj Allianz Smart Wealth Goal II are as follows:

Disclaimer: †† Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is done in alphabetical order (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Portfolio Management Strategies

The five portfolio strategies offered within the Bajaj Smart Wealth Goal II investment plan are listed below:

1. Investor Selectable Portfolio Strategy

   • Control: Puts you in the driver's seat. You choose your investment allocation percentages across the available funds.

   • Flexibility: You can change your fund distribution as your financial goals, risk tolerance, or market conditions evolve.

   • Suitable for: Investors who are comfortable with market analysis and want active control over their portfolio.

2. Wheel of Life Portfolio Strategy II

   • Automatic Adjustment: As you age, your portfolio's risk profile shifts. This strategy gradually decreases your equity exposure and increases allocation to more conservative funds over time.

   • Life Stages: Align your investments with different phases of your life to reduce risk as you near retirement.

   • Suitable for: Investors seeking a hands-off approach that matches risk tolerance with their age.

3. Trigger-Based Portfolio Strategy II

   • Market Monitoring: Your portfolio is adjusted based on market movements. If equity markets rise beyond a set threshold, profits are booked and invested into safer assets.

   • Profit Protection: Designed to lock in gains during market upswings and reduce risk during potential downturns.

   • Suitable for: Investors aiming to limit downside risk and capitalize on market fluctuations.

4. Auto Transfer Portfolio Strategy

   • Systematic Transfer: Predetermined amounts are regularly shifted from riskier equity funds to more conservative debt funds.

   • Gradual Rebalancing: Aims to reduce risk exposure over time.

   • Suitable for: Investors seeking a structured way to transition to a less aggressive portfolio over a set period.

5. Capital Preservation-Oriented Strategy

   • Security Focus: Prioritizes capital protection by primarily investing in low-risk debt funds and money market instruments.

   • Minimal Volatility: Offers greater stability with limited exposure to equity market fluctuations.

   • Suitable for: Investors who have a very low risk tolerance and prioritize safeguarding their principal investment.

Policy Details

The policy details of the Bajaj Allianz Smart Wealth Goal II are as follows:

1. Non-Payment of Premiums:

   • Non-payment of premiums can lead to policy lapse, impacting your life cover and future benefits.

   • The policy offers a grace period for late premium payments, typically 15-30 days.

   • During the grace period, revival options might be available, involving payment of outstanding premiums and possible additional charges.

2. Revival:

   • If your policy lapses due to non-payment of premiums, you can revive it within a stipulated time frame, usually up to 5 years.

   • Revival typically involves paying outstanding premiums, along with revival charges and possible interest.

3. Computation of Unit Price/NAV:

   • The plan operates on a unit-linked basis, meaning your investment value is linked to the performance of underlying funds.

   • The Net Asset Value (NAV) per unit reflects the market value of the underlying assets.

   • NAV is typically calculated daily and published by the insurance company.

4. Charges under the Plan:

   • Several charges are associated with the plan, including premium allocation charges, policy administration charges, mortality charges, and fund management charges.

   • A detailed breakdown of charges should be available in your policy documents and brochures.

5. Revision of Charges:

   • The insurance company reserves the right to revise charges under the plan, subject to regulatory approvals and with prior intimation to policyholders.

6. Grace Period:

   • The plan usually offers a grace period for late premium payments.

   • During this period, you can settle outstanding dues and avoid policy lapse.

7. Free Look Period:

   • The policy allows a free look period, typically 15 days from policy receipt, to review its terms and conditions.

   • If you choose to cancel within this period, you are entitled to a full refund of the premiums paid.

Exclusions

Suicide Clause: If the insured passes away by suicide within 12 months from when the policy began or was last renewed, the nominee or beneficiary will receive the current Fund value upon notification of the death. Any charges, except for FMC or guarantee charges, incurred after the date of death will be added to the Fund value at the time of notification.