Bajaj Allianz Life Term Insurance - India Post Payments Bank
Bajaj Allianz Life Smart Protect Goal
Bajaj Allianz Group Term Life
(A Traditional Group Insurance Plan)
Get immediate and Long-term financial assurance for your family to secure them from uncertain events.
Key Advantages:
- Lump sum cover as financial aid in case of unforeseen death
- In case of death, instalment options of 5 years, 7 years and 10 years
- Lump sum and Instalment payouts are 100% Tax-Free*
- No medicals required
*Conditions Apply – The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details please refer to scheme rule.
*Tax Benefits as per prevailing Income tax laws shall apply.
Death Benefit
Members can choose from the below mentioned options to receive the death benefit. This option can be chosen by the members at inception or at any membership anniversary. In case no option is chosen, the default option will be Option 1.
On Death of the Member
|
Option 1: 100% of Sum Assured as lump sum paid to the nominee
|
Option 2: 20% of the Sum Assured as lump sum will be paid to the nominee The balance amount, i.e., 80% of Sum Assured, will be paid in equal instalments in arrears, spread over the instalment period chosen by member, subject to maximum of 10 years. |
Maturity Benefit
There is No Maturity Benefit in this Plan
Eligibility Criteria
Parameters |
Details |
Minimum Entry Age |
18 years |
Maximum Entry Age |
50 years |
Policy Term |
One Year Renewable Group Term Assurance |
Premium |
As per chosen Sum Assured |
Minimum Sum Assured |
‘5 Lakhs |
Maximum Sum Assured |
’10 Lakhs |
Above eligibility parameters are subject to change as per Board Approved Underwriting Policy.
Plan Benefits:
How Does GTL plan works |
Option for choosing Sum Assured |
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Option to Claim Death Benefit |
Plan Options |
Option 1 |
Option 2 |
||||
Option 1 |
Sum Assured (In Rs.) |
5,00,000 |
10,00,000 |
||||
Option 2 |
Lum Sum (In Rs.) |
1,00,000 |
1,00,000 |
1,00,000 |
2,00,000 |
2,00,000 |
2,00,000 |
Monthly Income (In Rs.) |
7,168 |
5,303 |
3,936 |
14,336 |
10,606 |
7,872 |
|
Income duration (In Rs.) |
5 |
7 |
10 |
5 |
7 |
10 |
|
Total benefit to be received in case of option 2 |
Total benefits (In Rs.) |
5,30,080 |
5,45,452 |
5,72,320 |
10,60,160 |
10,90,904 |
11,44,640 |
Premium details for GTL plan options |
Option for choosing Sum Assured |
||||||
Option 1 |
Option 2 |
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Yearly Premium including GST (In Rs.) |
2,584 |
5,168 |
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Disclaimer - The participation by IPPB’s customer in insurance products is purely on a voluntary basis. There is no ’linkage’ either direct or indirect between the provision of banking services offered by the bank to its customers and use of the insurance products.