Bajaj Life Smart Wealth Goal III Plan

What is Bajaj Life Smart Wealth Goal III Plan?

Bajaj Life Smart Wealth Goal III Plan is a unit-linked, non-participating, individual ULIP plan, that offers you smart features like, life cover, multiple investment strategies, return of life cover charge, return of premium allocation charge, and option to choose form 17 market-linked funds.

The Bajaj Life Smart Wealth Goal III Plan provides you with the option to pay premium in regular, limited or single premium payment mode. 

Features of Bajaj Life Smart Wealth Goal III Plan

The key features of the Bajaj Life Smart Wealth Goal III Plan are as follows:

• You can choose from three variants- Wealth, Child Wealth, Joint Life Wealth Plan.

• Enjoy loyalty benefits with periodic money backs as – fund boosters and Return of Mortality Charge (ROMC) benefits.

• Get benefits from the Return of Allocation Charge (ROAC).

• You can decide to get the maturity or death benefits in regular installments with a Return Enhancer.

• Option to select from five investment portfolio strategies.

• Choose from the options of 17 different market-linked funds.

• You are provided with the option to reduce your premium payments.

• You can increase your Premium Payment Term (PPT) if necessary.

• Avail of tax benefits under Section 80C and Section 10(10D) as per the Income Tax Act, 1961.

Eligibility Criteria of Bajaj Life Smart Wealth Goal III Plan

Benefits of Bajaj Life Smart Wealth Goal III Plan

The key advantages of Bajaj Life Smart Wealth Goal III Plan are listed below:

• Maturity Benefit: You will get the fund value at the time of maturity as per the earned rate of returns from the market-linked investments. 

• Death Benefit: If the policyholder passes away within the policy term and all premiums are paid on time, their beneficiary will be eligible to:

  • The higher amount between the current Sum Assured or the regular/single premium Fund Value, plus

  • The higher amount between the Top-up Sum Assured or the Top-up Premium Fund Value (if any). The total payout will be a minimum of 105% of the total premiums paid.

• Loyalty Benefits with Periodic Money Backs: If all premiums are paid, you will receive loyalty benefits that are added to the value of your fund. You can opt to get these advantages in the form of periodic money backs.

  • Return of Premium Allocation Charge (ROAC): All premium allocation charges will be added back to your fund at the end of the tenth policy year or upon maturity, whichever occurs first.

  • Fund Boosters: A fund booster will be added to your fund every five years beginning in the fifteenth policy year.

  • Return of Mortality Charge (ROMC): If all premiums are paid, all deducted mortality costs will be added back to your fund at the conclusion of the policy period. If your policy is paid up, cancelled, or surrendered, you will not receive this benefit. 

  

• Riders Available: The Bajaj Life Linked Accident Protection Rider allows you to improve your coverage.

• Top-Up Premiums: You can pay Top-up Premiums anytime except during the last five policy years. These are treated as a Single Premium.

• Premium Apportionment: Under the Investor Selectable Portfolio Strategy, you can allocate and change the proportion of your premiums into available funds, with a minimum of 5% per fund.

• Switching Between Funds: Under the Investor Selectable Portfolio Strategy, you can switch units between funds anytime with unlimited free switches.

• Switching Portfolio Strategies: You can switch between the five portfolio strategies at any policy anniversary with 30 days' notice, except for specific strategies.

• Change in Premium Payment Frequency: You can change the premium payment term after 5 years and the payment of all due premiums, subject to plan and underwriting policies.

• Reducing Regular/Limited Premium: After the first five policy years, you can reduce the Regular/Limited Premium by up to 50% of the initial premium, with a corresponding reduction in Sum Assured.

• Decreasing Sum Assured (for Top-up Sum Assured): You can reduce the Top-up Sum Assured at any time, and it cannot be increased once reduced. The Mortality Charge will be revised accordingly.

• Settlement Option: You have the option to receive the Maturity Benefit in installments over a maximum of five years, with the flexibility to switch funds during this period.

Policy Details - Bajaj Life Smart Wealth Goal III Plan

• Non-Payment of Premiums: If you miss premiums during the first five years, your policy converts to a Discontinued Life Policy without benefits, and after five years, it becomes a Paid-up Policy with reduced risk cover. Similarly, investors planning long-term wealth creation often evaluate the best SIP plans to align with their financial goals.

• Revival: You can revive a Discontinued Policy within three years by providing the necessary documents, but the company may revive it on original terms, revised terms, or deny the revival.

• Computation of Unit Price/NAV: The Unit Price/NAV is calculated based on the market value of investments plus current assets, minus liabilities and provisions, divided by the number of units.

• Grace Period: You have a 30-day grace period for yearly, half-yearly, and quarterly premiums and 15 days for monthly premiums, during which your policy remains in force with risk cover.

• Free Look Period: You have 30 days from receiving the policy document to review it and return it for a refund, minus certain charges if you are not satisfied.

• Loan: This plan does not offer a loan facility.

• Foreclosure: If your fund value drops below a certain level after three years, your policy will be foreclosed and the discontinuance or surrender value will be paid to you.

How Does the Bajaj Life Smart Wealth Goal III Plan Work?

• Step 1: Your premiums are invested based on your chosen portfolio strategy and allocated to funds at the current Unit Price/NAV, minus the Premium Allocation Charge.

• Step 2: Monthly Mortality and Policy Administration charges are deducted by cancelling units.

• Step 3: The Fund Management charge is reflected in the Unit Price/NAV.

Suicide Exclusion Criteria

If the death of policyholder occurs by suicide within 12 months from the policy's start date or its latest revival, whichever is later, the nominee or beneficiary will receive the Fund value as of the death notification date. Any charges deducted after the death, other than FMC or guarantee charges, will be added to the Fund value on that date. No other exclusions apply to death beyond the suicide clause.