BAJAJ ALLIANZ LIFE SMART PROTECT GOAL

(A Non Linked, Non-Participating, Pure Life Term Insurance Plan)
 
OVERVIEW:
 
Life is full of uncertainties. One unfortunate incident can impact the financial stability of the entire family. Term insurance is a tool that provides a ¬financial safety net in such situations. Term Insurance helps in ensuring that your life goals such as children's education and marriage, buying own house etc. are fulfi¬lled even if something happens to you. This is why it is extremely important that you get enough life insurance coverage depending on your needs.
 
Bajaj Allianz Life Smart Protect Goal is a comprehensive term plan that helps you meet your life's aspirations and ensures your family does not have to compromise on anything.
 
KEY BENEFITS:
 
• Life Cover – For Self
• Option to choose Return of Premium (ROP 1) as maturity benefit
• Flexibility to opt for Single, Limited, or Regular Premium Payment Term
• Tax benefit *
 
 Product feature/ benefit mentioned above are dependent on variant chosen
* Tax benefits as per prevailing Income Tax Laws shall apply. Please check with your tax consultant for eligibility
 
The advantages, variant and eligibility criteria mentioned in this document are specific to POS channel.
 
India Post Payments Bank (IPPB) is offering the product in partnership with Bajaj Allianz Life Insurance Company Ltd. (BALIC). The details are as under.
 
 
 
 
 

Bajaj Allianz Life Saral Jeevan Bima (UIN: 116N165V01)

A non-linked, non-participating, individual life insurance term plan

Bajaj Allianz Life Saral Jeevan Bima provides for payment of Sum Assured in lump sum to the nominee in case of the Life Assured’s unfortunate death during the policy term.

Key Features:

  • Life cover to protect your family in case of an unfortunate event of your death
  • Life cover up to term of 40 years
  • Flexibility to opt for Single, Limited or Regular premium

Death Benefit

Death during Waiting Period of 45 days from the date of commencement of risk:

Due to Accident

Sum Assured on Death shall be paid to the nominee and the policy will terminate

Death due to any reason other than accident

100% of all premiums received excluding taxes^, if any, shall be paid to the nominee and the Sum Assured shall not be paid

Death post completion of Waiting Period: Sum Assured on Death shall be paid to the nominee and the policy will terminate.

On death of the Life Assured, provided the policy is in force, the death benefit payable to the nominee would be as follows:

Premium payment type

Death benefit

Limited premium/ Regular premium

Death benefit equal to Sum Assured on death which is the highest of:

• 10 times the Annualized Premium1, or

• 105% of Total Premiums paid2 as on date of death, or

• Absolute amount assured to be paid on death equal to Sum Assured

Single premium

Death benefit equal to Sum Assured on death which is the higher of:

• 125% of Single premium, or

• Absolute amount assured to be paid on death equal to Sum Assured

 

The death benefit mentioned above would be payable as a lump sum and would be applicable in case of:

Accidental Death of the Life Assured during the Waiting period; or

• Death of the Life Assured due to any reason after expiry of the Waiting period

^Tax(es) refers to GST/any other applicable tax levied, subject to changes in tax laws.

1Annualized premium shall be the premium amount payable in a year excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums

2Total premiums paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly

Eligibility Conditions

Age at Entry

Minimum- 18 years, Maximum- 65 years

Minimum maturity age

23 years

Maximum maturity age

70 years

Sum Assured*

Minimum- 5 lakhs, Maximum- 25 lakhs

Policy Term

Minimum- 5 years, Maximum- 40 years

Premium Payment options

• Single Premium;

• Limited Premium for 5 years or 10 years;

• Regular Premium

Premium payment modes

Single/Yearly/Half yearly, Monthly

Monthly is available only under ECS/NACH

*Sum assured would be allowed only in the multiples of 50,000. The Sum Assured under a policy will be chosen by the policyholder at inception, subject to the minimum and maximum mentioned above, as applicable, and as per Board Approved Underwriting Policy (BAUP).

All the references to age are Age as on last birthday.

Eligibility conditions for Policies sourced through POS channel will be as per the POS Guidelines as amended from time to time.

For more details, please refer to sales brochure.

Claim and FAQs

 

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.