Bajaj Allianz Life POS Goal Suraksha Plan

Bajaj Allianz Life POS Goal Suraksha Plan is an individual, non-linked, non-participating, limited premium payment, and non-medical POS (Point of Sale) endowment savings plan. This plan comes with quick processing and issuance without any medical check-ups.
This plan offers guaranteed maturity benefits apart from guaranteed additions on maturity and insurance coverage for the entire chosen policy term.

 

Key Features and Benefits


The key features covered under this policy are as follows:

  • Maturity benefit

    If the policyholder pays all the premiums by the maturity date, then they will get the benefit of both the guaranteed sum assured and the guaranteed additions. The policy will be terminated once the maturity benefit is paid out.

  • Death coverage

    In case of unfortunate death of the life assured due to an accident during the waiting period or due to any cause after the waiting period, the death coverage is payable to the nominee(s)/beneficiaries. Such death coverage is stated as sum assured on death# which is as below:

    The sum assured on death is higher than
    • 10 times of annualised premium* or
    • 105% of total premiums** paid as on date of death of the life assured
    • Sum assured#

    * Annualized Premium is exclusive of extra premium, loading for modal premiums & Goods and Services Tax / any other applicable taxes levied, subject to change in tax-laws, if any.

    ** Total Premiums paid is equal to (Annualized Premium X Number of Years for which the premium has been paid) Total Premium is exclusive of Taxes and extra premium paid, if any.

    • # Guaranteed Sum assured on Maturity and Sum Assured is 10 Times the Annualized Premium

  • Alteration of premium payment frequency

    The policyholder will have the option to change the overall premium payment frequency under this policy at any policy anniversary, subject to the availability of the frequency and subject to the minimum modal premiums applicable under the product. The frequency factors are:
     

    Premium frequency Monthly Quarterly Half-Yearly Yearly
    Frequency Factor 1/12 ¼ ½ 1

  • Surrender Value Benefit

    The policyholder can surrender the policy anytime. The surrender benefit will be available under the policy if the premiums for at least the first two full years have been paid.

    • The Surrender Benefit will be higher than Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV)

  • Loan under policy

    The policyholder can avail loan under the policy, provided that the policy has acquired a surrender benefit. The loan amount granted (cumulatively) shall be up to 75% of the surrender benefit available under the policy as of the date of the loan request being considered.

  • Guaranteed Additions (GA)

    On the maturity date, if all the premium dues have been paid, then the guaranteed addition as multiple of one annualised premium will be paid along with the maturity benefit. Guaranteed additions will not be payable in case of a lapse or paid-up policy.
     

    GA as multiple of one Annualized Premium)
    Age at Entry Policy Term (PT) – Premium Payment Term (PPT)
    10 - 7 15-5 15-7 15-8 15-10 15-12 20-5 20-7 20-8 20-10 20-12
    18 – 24 .01 .02 3.85 5.25 8.21 10.70 4.00 8.43 10.61 14.51 17.85
    25 – 34 .01 .02 3.39 4.74 7.48 9.81 3.28 7.62 9.72 13.38 16.14
    35 – 45 .01 .02 3.15 4.47 6.96 9.18 3.15 7.22 9.34 12.82 15.10
    46 - 55 .01 .02 2.63 3.89 6.70 8.85 NA NA NA NA NA

  • No medical check-up

    The cover comes with quick processing, which allows easy issuance without producing medical reports or documents for the customers. The insured does not need to undergo any medical tests to avail the benefits of this plan.

  • Free look period

    Within fifteen days of the receipt of this policy and thirty days in case of electronic policy and policy obtained through distance mode. The policyholder has the option to review the terms and conditions of the policy, and if they disagree with any of the terms and conditions, they will have an option to return it stating the reasons of objections, provided no claim has already been made in the policy. The policyholder shall be entitled to a refund comprising all the premiums (excluding applicable taxes) paid, less the proportionate amount of risk premium (for the period the life assured was on the cover) and the expenses incurred by the insurer on medical examination, stamp duty, and tax benefit.

    Premium paid, maturity benefit, death benefit, and surrender benefit may be eligible for tax benefits as per the extant income tax act, subject to the provision stated therein.
    *Waiting period is the first 90 days from the date of commencement of risk. The waiting period is not applicable in case of revival.
    **Total premiums paid is equal to (annualized premium X number of years for which premiums have been paid).

Eligibility Criteria

You are eligible for this policy as per the requirements given below:

Bajaj Allianz Life POS Goal Suraksha plan
Insurer Name Bajaj Allianz Life Insurance Co Ltd
Policy Type Individual
Minimum Entry Age 18 Years
Maximum Entry Age 55 Years
Policy Term (PT) 10 Years^ 15 Years 20 Years
Premium Payment Term (PPT) 7 Years 5/7/8/10 & 12 Years 5/7/8/10/12 Years
Minimum Sum Assured Rs. 30,000
Maximum Sum Assured Rs. 25 Lakh
Minimum Premium Amount Yearly: Rs. 3000
Half-Yearly: Rs. 2100
Quarterly: Rs. 1250
Monthly: Rs. 450
Premium Payment Frequency Yearly, Half-yearly, Quarterly and Monthly
*Quarterly & Monthly premium payment frequency will be
allowed only under the auto-debit process (as per the approved RBI facilities)

^ Policy Term of 10 Years will be available only for Ages between 50 and 55 Years.

How to Purchase the Policy

You can follow these simple steps to buy this policy:

  • To apply for the product, click on ‘Apply Now’ and fill in the necessary details in the application form.
  • Make the fee payment online.
  • If required opt for a call back from our representatives or complete the process by clicking ‘Buy now'.

Claim/Assistance Contact Details

BFL Helpline Number: 08698010101

Bajaj Allianz Life Insurance Helpline Number: 1800-209-7272

E-mail –  wecare@bajajfinserv.in

Mailing address:Ground Floor, Bajaj Finserv Corporate Office, Off Pune-Ahmednagar Road, Viman Nagar, Pune – 411014.


*For claim related issues please refer to your policy document or certificate of insurance (COI).

Disclaimer

Bajaj Finance Limited (BFL) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, Tata AIG General Insurance Company Limited, ACKO General Insurance Limited, Max Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA0101.

Please note that, BFL does not underwrite the risk or act as an insurer.  Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. This product provides insurance coverage under Bajaj Allianz Life POS Goal Suraksha - UIN: 116N155V05.

Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services.  Please consult your advisors before proceeding to purchase an insurance product