Bajaj Life Smart Wealth Goal V Plan

Eligibility Criteria for the Bajaj Life Smart Wealth Goal V Plan

Features of Bajaj Life Smart Wealth Goal V Plan

Here are the key features of the plan:

1. Market-linked Investments in Life Cover

   The plan is an amalgamation of the life insurance cover as well as investment opportunities: ULIP funds.

2. Several Portfolio Strategies

   The policyholders can choose between five investment strategies, such as Investor Selectable Portfolio Strategy, Wheel of Life Strategy, Trigger-Based Strategy, Auto Transfer Strategy, and Capital Preservation Strategy.

3. Fund Booster Benefits

   The fund value is increased by additional units on the attainment of certain policy milestones in order to boost long-term returns.

   

4. Return of Premium Allocation Charge (ROAC)

   The premium charges that are allocated at the premium rate are recovered at the culmination of the 15th policy year.

5. Return of Mortality Charges (ROMC)

   Any deductions made on mortality during the course of the policy are put back in the fund value at maturity, so long as the policy is in force. The Bajaj Life ULIP Plan allows policyholders to allocate their investments across different fund options based on risk preference.

6. Flexible Premium Options

   The plan gives an option of single, regular, or limited premium payment depending on the investment planning requirements of the investor.

Benefits of the Bajaj Life Smart Wealth Goal V Plan

Below are the benefits of this plan:

1. Maturity Benefit

   In case the insured life assured lives past the policy period, he or she receives the amount saved in the form of the maturity benefit.

2. Death Benefit

   If the policyholder dies within the policy term, the nominee gets the amount of the better prevailing sum assured/fund value with a guaranteed minimum of 105 per cent of all premiums paid.

3. Loyalty Benefits

   Fund boosters and charge returns are the loyalty benefits provided in the plan, which are added to the fund's value after a certain period.

4. Flexible Option of Investment

   The policyholders can choose and alternate various funds to vary investment plans depending on their financial objectives and the market environment. The best investment plans include a mix of market-linked and fixed-return options for diversified portfolios.

Riders Under the Bajaj Life Smart Wealth Goal V Plan

The strategy enables the policyholders to increase coverage by including optional riders.

Available riders include:

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

These riders offer extra financial coverage for accidental death, disability, or critical illness.

Policy Details of the Bajaj Life Smart Wealth Goal V Plan

The following are the policy details of the Bajaj Life Insurance Smart Wealth Goal V Plan:

1. Grace Period

   There is a grace period for paying the premiums. This period is when the policy remains active despite the premium due date having elapsed.

2. Revival

   In the event of the policy lapsing because of non-payment of the premiums within three years of the discontinuation date, the policy may be revived upon the payment of the policy conditions, as well as the underwriting.

3. Free Look Period

   The policyholders will have a period of 15 days during which they will be given a free look period after the policy document has been received. In the process, the policy may be unwound if the terms are not satisfactory.

   

4. Surrender

   In case the policy is given up in the five-year lock-in period, the value of the fund minus charges is rolled over into a discontinued policy fund and paid after the lock-in period.

5. Fund Switching

   The Investor Selectable Portfolio strategy gives policyholders an opportunity to balance the investment mix between the funds available to them.

6. Loan

   This ULIP plan does not offer loans

Exclusions Under the Bajaj Life Smart Wealth Goal V Plan

Suicidal Clause

In the event that the assured one dies through suicide within 12 months upon policy commencement or revival date, the nominee gets the fund value or the sums paid in the form of premiums (excluding charges), whichever is greater.