BALIC Flexi Income - Income Variant

Our financial plan should be flexible enough to meet our life goals. Our life goals change depending on the stage of life we are in. Some life goals may need regular income, whereas some may need huge income or a mix of standard and huge income.
Presenting Bajaj Allianz Life Flexi Income Goal, which can provide cash bonus from the first month itself. You can get more benefits like joint life cover and a waiver of premium option to provide a lump sum or guaranteed regular income for a spouse in case of the policyholder's death.


Key Features and Benefits

The key features covered under this policy are as follows:

  • Guaranteed monthly income* (GMI)

    As the first premium payment term ends, GMI shall be payable every month until the policy term. First payments are due at the end of the premium payment term, but you can opt for annual instalments.

  • Sum assured

    The sum assured of the policy is calculated by multiplying the Guaranteed Monthly Income (GMI) to the number of months it will be payable.

  • Guaranteed benefits – 150% of sum assured

    The policy offers 100% sum assured as guaranteed monthly income (GMI) from the end of the premium payment term (PPT) till maturity. A 50% sum is assured as guaranteed maturity booster paid on maturity.

  • Joint life availability

    The product is available with the option for joint life cover with a spouse. Joint life can only opt at the inception of the policy.

  • Cash bonus

    At the end of each policy year, a non-guaranteed cash bonus (if any) shall be payable. The default option for payment of cash bonus is on an annual basis. However, the policyholder can opt for a monthly basis payment of cash bonus. The instalment option has to be chosen at inception and can be changed at any policy anniversary.

    Monthly Cash Bonus = [{95% X Declared Cash Bonus} / 12]

  • Option to accumulate cash bonus (ACB) and accumulated GMI (AGMI) and earn investment returns

    The policyholder will have the option to accumulate the cash bonus and GMI declared in the policy instead of receiving payouts. The policyholder will be entitled to cash value (CV), which will be a total of accumulated cash bonus (ACB) and accumulated GMI (AGMI) and earn an investment return which will be declared every year.

  • Maturity benefit

    When the policy is in force and the life assured is alive, as on the maturity date, maturity booster (50% of Sum Assured) plus cash value (if not fully withdrawn) plus terminal bonus (if any) will be paid.

  • Death benefit

    Sum assured on death is higher than the sum assured or ten times the annualized premium. The death benefit plus cash bonus paid out will not less than 105% of the total premium paid.

    When all premiums are paid, in case of an unfortunate death during the policy term, the sum assured on death plus 105% of cash value (if not completely withdrawn) plus compound revisory bonus, terminal bonus (if any) will be paid immediately as lump-sum. Also, the policy will terminate on the payment of the full death benefit.

Policy Details

Refer to the table below for the key points of the policy:

Eligibility Parameters Minimum Maximum
Age at Entry 0 Years (18 Years for Joint Life) 55 Years
Age at Maturity 18 Years 80 Years
Premium Payment Term (PPT) 5 to 20 Years
Policy Term PPT plus 12 years 80 – Age at Entry (Subject to 50 years maximum)
Minimum Guaranteed Monthly Income (GMI) PPT 5-11 Yrs. PPT 12-14 Yrs. PPT 15 – 19 Yrs. PPT 20 Yrs.
Rs. 1,100 Rs, 1,400 Rs. 1,600 Rs. 2,200
Maximum GMI No Limit
Annual Premium As per minimum Sum Assured As per maximum Sum Assured

Plans Available

The Bajaj Allianz Life Insurance Flexi income plan has multiple plans based on different premium payment terms. Choose your guaranteed monthly income at your convenience or as per the policy conditions.
The insured and their spouse can enjoy extra coverage during the policy term by choosing the optional additional rider benefits at a nominal extra cost. The riders available with Bajaj Allianz Life Flexi Income Goal are:

  • Bajaj Allianz Accidental Death Benefit Rider
  • Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider
  • Bajaj Allianz Critical Illness Benefit Rider
  • Bajaj Allianz Family Income Benefit Rider
  • Bajaj Allianz Waiver of Premium Benefit Rider

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'.

List of Documents to Buy the Plan

While buying for your Flexi income policy, the documents that are mandatory to submit:

  • Fill the claim intimation form
  • Original and attested copy of the policyholder’s death certificate
  • Original term policy documents
  • Any deeds of assignments or reassignments, if applicable
  • Documents of the nominee, including Address proof and photo ID proof
  • Last medical certificate issued to the policyholder.
  • All medical records
  • Bank account proof of Nominee

How to Process the Claim

As a nominee, you can register your claim request by either of the two options mentioned below:

• Please write your claim request to
• You can visit the nearest Bajaj FinServ branch with your policy documents

Your claim will be settled within 30-90 days of submitting all documents.

Major Policy Exclusions

Suicide Exclusion

In case of the death of the policyholder (in case of joint life cover) due to suicide within twelve months from the date of commencement of risk or the date of the latest revival of the policy, whichever is later the claimant shall be entitled to receive the higher of 80% of total premiums received till the date of the life insured (primary life assured) or the surrender benefit if any available on the death, provided the policy is in force, and the policy will be terminated.

In case of death of a spouse (in joint life) due to suicide within 12 months of the date of commencement of risk or the date of commencement of risk or the date of the latest revival of the policy, whichever is later, then the clammiest shall be entitled to receive 80% of the total premium received till the date of the spouse, provided the policy is in force. The policy will continue primary life assured (if surviving), subject to all the premiums.

Claim/Assistance Contact Details

BFL Helpline Number: 08698010101

Bajaj Allianz General Insurance Helpline Number: 1800-209-0144 /1800-209-5858

E-mail –

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).


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, Oriental Insurance Company 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 life insurance coverage under the name Bajaj Allianz Life Flexi Income Goal UIN: 116N162V01.

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.