Bajaj Allianz Smart Wealth Goal II

Bajaj Allianz Smart Wealth Goal II is a Unit Linked Insurance Plan (ULIP) offered by Bajaj Allianz Life Insurance. It is an investment and protection plan that combines market-linked investment options with life insurance coverage.

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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:

Eligibility Criteria Premium Payment Term Details
Entry Age Regular/ Limited Pay 0 – 60 years
Single Pay 0 – 70 years
Maturity Age Regular/ Limited Pay 18 – 99 years
Single Pay 18 – 90 years
Premium Payment Term (PPT) Single Pay One-time
Limited/ Regular Pay
  • Maturity age ≤ 80 years: 5 years minus (-) PT;
  • Maturity age > 85 years: 10 years minus (-) PT
Policy Term (PT) Regular/ Limited Pay 10 – 60 years
Single Pay 10 – 20 years
Minimum Annualised Premium Single Rs. 48,000 
Limited/ Regular Pay Rs. 12,000
Premium Payment Mode Single Pay; Yearly/ Half-Yearly/ Quarterly/ Monthly
Sum Assured Single Pay 1.25 × Single Premium (to) Maximum Sum Assured based on PT and Age
Limited/ Regular Pay 7 × Annualised Premium (to) 10 × Annualised Premium

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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.

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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.

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  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.

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Investment Fund Options

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

Investment Fund Name Equity Debt, Bank deposits & Fixed Income Securities Money Market Instruments Risk Profile
Equity Growth Fund II ≥ 60% 0 – 40% 0 – 40% Very High
Accelerator Mid-Cap Fund II ≥ 60% 0 – 40% 0 – 40% Very High
Pure Stock Fund ≥ 60% 0 – 40% 0 – 40% Very High 
Pure Stock Fund II ≥ 75% -- 0 – 25% Very High 
Asset Allocation Fund II 40% - 90% 0 – 60% 0 – 50% High
Bluechip Equity Fund ≥ 60% 0 – 40% 0 – 40% High
Bond Fund -- 40% - 100% 0 – 60% Moderate
Liquid Fund -- 100% Low
Flexi Cap Fund 65% - 100% 0 – 35% Very High
Sustainable Equity Fund 65% - 100% 0 – 35% Very High
Small Cap Fund 65% - 100% 0 – 35% Very High
Dynamic Asset Allocation Fund 10% - 90% 10% - 90% 0% - 80% High
Individual Short Term Debt Fund -- 40% - 100% 0% - 60% Moderate
Midcap Index fund 65% - 100% 0% - 35% Very High
Smallcap Quality Index Fund 65% - 100% 0% - 35% Very High

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.

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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.

FAQ's

  • What is Bajaj Allianz Smart Wealth Goal II Plan?

    Bajaj Allianz Smart Wealth Goal II Plan is a Unit Linked Insurance Plan (ULIP) that combines life insurance coverage with investment opportunities.
  • What are the benefits of this plan?

    The Bajaj Allianz Smart Wealth Goal II Plan provides life cover, investment flexibility, potential for wealth creation, and tax benefits.
  • What are the charges associated with the plan?

    The plan might have charges like premium allocation charges, policy administration charges, and fund management charges. Understanding these charges is crucial.
  • What is the claim settlement ratio for Bajaj Allianz Smart Protect goal?

    Bajaj Allianz boasts a claim settlement ratio of over 95% across all products, which indicates a good record of honouring claims.
  • Is it safe to invest in Bajaj Allianz?

    Bajaj Allianz itself is a reputable insurance company, but investment safety depends on the chosen investment strategy and market conditions.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^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.
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Bajaj Allianz Smart Wealth Goal II Reviews & Ratings

4.5 / 5 (Based on 4 Reviews)
(Showing Newest 4 reviews)
Umakant
Panagarh, August 16, 2016
Ulip Insurance Plan
After a long while, got the insurance policy which i needed. The ulip insurance plan from bajaj life insurance. The policy coverage is high and claims are easy to sanctioned. Service provided by you is superb, the updates of the policy is regularly mailed to me at my email address.
Nakul
Nainital, July 15, 2016
Good
I have ulip plan from bajaj allainz life insurance company limited. The policy is great and it works for me and give me full satisfaction. Policy coverage and claims are good. Claiming is very easy because the service of the staff of the company is awesome.
Ankit
Delhi, February 06, 2016
"Average"
I have life insurance with bajaj. The policy i have is an average one. Low premiums but the paybacks are also less. The policy coverage and claims are ~60-70%. The services provided is slow. Kaam chalau...
Plan Name: Future Gain
Agent Code: BPW01312
Hari
Lucknow, December 20, 2015
First time invested on bajaj allianz ulip plans
I really liked the concept of ulip plans and invested my saving on this. Really appreciated the valuable informations on Policybazaar.and the very cool customer care process. I also find bajaj allianz ulip nav and therefore i have invested on this. Lets hope for the best. If it works i will invest more, this is my first time, But would recommend to all. All the best!
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