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Bajaj Allianz Term Plan with Return of Premium

One's life goals are valuable, and one must safeguard them against Life's uncertainties. A comprehensive term plan with a low premium can be an excellent method to ensure that financial concerns do not hinder your progress toward your life objectives. Bajaj Allianz's Smart Protect Goal planis a term plan with a return ofpremium option from Bajaj Allianz.

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This is an all-encompassing term plan to ensure that your future is secured from Life's ups and downs. 

Bajaj Allianz's Smart Protect Goal is an Individual non-linked life insurance plan. It is a non-participating plan with single/limited/regular premium payment options. Its highlight is the pure risk term (Life & Health) insurance with premium savings (ROP). It provides life insurance and protects against unforeseen financial loss as a result of unexpected critical illness circumstances.

Eligibility Criteria for Bajaj Allianz Term Plan with Return of Premium

The Bajaj Allianz Term Plan's entry age is 18 years, while the term insurance plan with a return of premium has a maximum entry age of 65 years. Apart from various other variables, the Policy's premium rate is determined by the insurance buyer's age. Regardless of their financial situation, individuals of all ages can buy an overall term plan with a return of premium.

The account will mature or be kept active for a maximum of 75 years with premium and without return of premium; the term plan is active until 85 years from the launch date or sooner. But the maximum age at maturity will be 65 years as per general POS guidelines.

Salient Features of Bajaj Allianz TROP Plans

Feature

Details

Policy Term

For Regular/Limited Pay:

  • Min: 10 years
  • Max: 75 –Entry Age

Single Pay: 10-40 years

Premium Payment Term

Regular: 10-57 years

Limited: 5- 30 years

Single: 1 year

Premium Payment Mode

Regular, Limited and Single 

Entry Age

18-65 years; For POS-Max entry age is 55 years

Maturity Age

With ROP, 75 years

Sum Assured

Min: Rs 50 Lakh

Max: As per Board Underwriting guidelines

The significant features of Bajaj Allianz Term Plan with Return of Premium are as follows:

  • Customers can choose between joint and single life insurance.
  • Guaranteed premium savings
  • Customers may choose policy terms ranging from ten to thirty years.
  • Tax Benefits under Sections 80C and Sec10 of the Indian Income Tax and tax incentives (10D)
  • Customers have the option of receiving death benefits in monthly instalments.
  • Life insurance that lasts up to 100 years (Life secure)
  • Risk coverage for Accelerated Terminal Illness (TI) is available (lifestyle)
  • Provides competitive premium rates for women (Life secure)
  • Defence against loan obligations

The following are the other main characteristics of the Bajaj Allianz Term Plan with Return of Premium:

Assume an individual purchases a Term Insurance contract with a Return of Premium option with a life cover of Rs. 1 Crore for a 30-year term and pays an annualized premium of Rs. 10,000 for 30 years. The life cover sum will be charged to the beneficiaries if the Life guaranteed passes away within the insurance period of 30 years.

However, if the Life guaranteed survives until the completion of the 30-year policy period, he or she will receive a refund of the premiums charged (10,000*30=3,00,000) minus GST, underwriting additional premiums, and premiums paid against passengers, if any, at the end of the policy term.

Every policy anniversary, the life insurance coverage grows. The highest Sum assured can reach 200 percent of the basic coverage.

Benefits of the Plan

Benefits of Bajaj Allianz Term Plan with Return of Premium are:

  1. Premium Refund at Maturity

    As previously mentioned, the most significant advantage of purchasing a return of premium term insurance contract is the premium refund at maturity. 

    Thus, if a Life insured lasts the policy period, a return of premium term insurance plan guarantees that the premiums accrued over the years are not lost. In addition to providing insurance coverage, such term insurance policies also serve as a savings vehicle.

  2. Program Continuation in the Event of Nonpayment of Premiums

    If a Life assured fails to pay premiums, return of premium term insurance policies has paid-up options. This advantage is beneficial to those who do not have a stable or consistent source of income and therefore risk losing any premium payments.

    In the event that a Life guaranteed stops paying premiums after three policy years, the term insurance policy will continue, albeit with decreased benefits. If the Life assured survives the policy period, the premium charged by the Life assured would be repaid at maturity. If the Life assured dies, the beneficiaries would receive a reduced amount assured.

  3. Premium Returns Guaranteed

    If the Life insured survives the insurance period, term plans with the return of premiums income guarantee a cash inflow in the form of premium returns at the time of maturity. You can choose a term cover with a return of premium option if you want guaranteed premium returns from your term insurance policy.

  4. Tax Advantages

    Under Section 80C of the Income Tax Act of 1961, the premium charged on the return of premium term insurance policies is tax-free. Under the sections, a limit of Rs. 1, 50,000 is excluded. Furthermore, under Section 10 (10D) of the Income Tax Act, the balance earned at maturity is tax-free.

  5. Surrender Value

    When a Life assured surrenders a return of premium term insurance contract, the policy coverage ends; however, he or she will receive a portion of the total premiums paid back.

The Process to Purchase the Plan

The process of purchasing the Bajaj Allianz Term Plan with Return of Premium is:

Select your -

Option 1: Amount Assured + Option 2: Maturity Gain

  • Affixing a cover (s)
  • Policy Period
  • Payment Term for Premium

An individual’s premium will be calculated by his age, gender, smoking or non-smoking status, policy options, add-on coverage, and the information supplied above.

 If ROP is selected as the Maturity Benefit, the return of premium as maturity benefit will apply to the premium charged for the variant and any Add-on cover selected.

Documents Required

The Bajaj Allianz Term Plan with Return of Premium makes it simple and effortless to open an insurance account. Individuals without a Bajaj Allianz term plan with return of premium account can create one by submitting the following documents:

  • ID Proof: It includes an AADHAAR card, voter id, pan card, passport, ration card, driving license, or any other photo id 
  • Age-proof: Birth certificate, Matriculation Certificate, AADHAR Card
  • Recent Photograph (applicant): 2 passport-size photographs 
  • Income Proof: As the most important document to generate, you must present your income certificate here. This can be in the form of salary slips, Income Tax returns, or Form 16 in the case of salaried employees.
  • Address Proof: AADHAAR Card, Voter ID, Passport, Driving License

Finally, you must provide all relevant documents with verification in accordance with the terms and circumstances. Any documents that are not submitted following the criteria of your application will be rejected. 

Additional Features

 The financial goals and plans require protection from Life's ups and downs. A comprehensive term plan with a low premium might be a great way to protect yourself from financial stress brought on by any life event.

Bajaj Allianz Life Smart Protect Goal is a comprehensive term plan that is affordable and inclusive. It allows you to get your entire premium back at maturity, but it also protects you from facing financial loss due to various serious illnesses. A variety of plan versions are available to provide a tailored solution to meet your specific requirements found on their official website.

Terms and Conditions

  1. High Sum Assured Rebate (HSAR)

    • The amount of the Sum Assured chosen by an individual at the time of plan purchase determines the HSAR or the premium savings that one will get.  This HSAR gets applied to the calculated premium based on the Sum Assured for Life Cover that is chosen.
    • These savings will also be applied to the premium for each increase in Sum Assured by additional Rs. 1 Lakh, above Rs. 50 Lakh. It will be calculated based on the Sum Assured slab, age, policy term, and whether an individual is a smoker or a non-smoker. For a Sum Assured of Rs. 3 Crore and above, HSAR is not applicable.
  2. Female Life Rate Savings

    The plan offers reasonable and lower premium rates for women.

  3. Grace Period

    Regular and limited premium payment plans have a 30- days grace period for all frequencies except monthly mode. The monthly frequency mode has a 15 days grace period.

  4. Survival Period

    Unless a different Survival Time is indicated for any particular disease/condition, there is a 14-day survival period that starts from the diagnosis of any critical illness or diseases listed by the plan.

  5. Free Look Period

    If you are dissatisfied with any of the terms and conditions for any reason within 15 days of receiving this Policy, or 30 days in the event of an electronic Policy. Once the policyholder submits a written notice of cancellation with reasons and returns the Policy Document to the Company, the Company will provide him with a refund consisting of all Premiums paid, after deducting any applicable taxes, and any charges incurred by the Insurer due to stamp duty or medical tests.

    Any risk premium or add-on cover premiums provided for the period covered will be proportionately deducted and the Company's expenses on any medical examination and stamp duty.

Key Exclusions

Suicide Claim: In case the Life assured has a suicidal death within a year of the risk commencement of the policy cover, or, within a year of the most recent policy revival, whichever comes first, the nominee will get an amount, that is either  80 % of the total premiums paid or the Policy Surrender Value as on the date of death, whichever is higher.

Over to you

Many customers value Return of Premium term insurance plans because of the return of premium features and the knowledge that their family is still covered if something happens to the Life assured. The benefit of obtaining premiums back protects Life assurance against sunk costs and lets it create a savings account.

Overall, the Bajaj Allianz Life Smart Protect Goal is a comprehensive term plan with cutting-edge features to meet your changing demands.

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