Bajaj Allianz Life Insurance - Flexi Income Goal - Income Variant with guaranteed monthly income benefit
Key features
Key features and benefits of this policy
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Guaranteed maturity income
At the end of the Premium Payment Term (PPT), get Guaranteed Monthly Income (GMI) every month till the end of the policy term.
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Maturity booster
At maturity, get 50% of the sum assured as a maturity booster.
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Receive a cash bonus from the first month
A cash bonus (if accrued) is paid at the end of each policy year. You can also opt to take it at the end of every month, starting from the first month of your policy.
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Option to accumulate survival benefits
You can opt to accumulate survival benefits (cash bonus and guaranteed monthly income) and earn investment returns.
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Alter premium payment frequency
Get the flexibility to alter the premium payment frequency. The available frequencies are monthly, quarterly, half-yearly, and yearly.
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Option to avail of joint life cover
Under a Joint Life policy, your spouse will be covered for a sum assured of 50% to 100% of your sum assured.
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Loan against policy
Avail of a loan up to 80% of the surrender value under this policy, subject to the terms and conditions specified in the policy document.
Eligibility criteria and documents required
Anyone can apply for Bajaj Allianz Flexi Income Goal – Income Variant plan as long as you meet the basic criteria mentioned below. If you meet all the eligibility criteria, we will need a set of documents to complete your application process.
Eligibility criteria
- Nationality: Indian
- Age: 0 year to 55 years
- Age (Joint Life Cover): 18 years to 55 years
Documents required
- Photograph of the proposer
- Age proof, such as PAN card, passport, voter’s ID, birth certificate.
- Address proof, such as telephone bill, electricity bill, aadhar card, etc.
- Identity proof such as aadhar card, Passport, PAN card, etc.
- Income proof such as Form-16, salary slips, employment certificate, etc.
Step-by-step guide to buy this policy
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Step 1
Click on ‘Get Quote’ to open our online application form.
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Step 2
Enter the required details – amount you want to invest, name, date of birth, and contact number.
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Step 3
Choose your preferred plan from the list of products shown by clicking ‘Buy Now’.
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Step 4
Our representative will call you back and explain the products available for you to take an informed decision.
Policy details
Here’s a quick look at the policy details of the Bajaj Allianz Flexi Income Goal – Income variant plan:
| Policy details | Description |
|---|---|
| Premium payment term (PPT) | 5 to 20 years |
| Minimum guaranteed monthly income (in Rs.) | Premium payment term - 5 -11 years | Guaranteed monthly income – 1,100 Premium payment term - 12 -14 years | Guaranteed monthly income – 1,400 Premium payment term - 15 -19 years | Guaranteed monthly income – 1,600 Premium payment term - 20 years | Guaranteed monthly income – 2,200 |
| Minimum policy term | PPT plus 12 years |
| Maximum policy term | 80 years |
| Maximum guaranteed monthly income | No limit |
| Minimum annual premium | As per minimum sum assured |
| Maximum annual premium | As per maximum sum assured |
| Minimum age at maturity | 18 years |
| Maximum age at maturity | 80 years |
Key Policy inclusions and exclusions
Here’s a quick look at the inclusions and exclusions under the Bajaj Allianz Flexi Income Goal – Income Variant plan:
- Key inclusions
- Key exclusions
| Key inclusions | Description |
|---|---|
| Maturity benefit | Provided the Policy is in force, and the Life Assured is alive, as, of 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 | If all due premiums are paid, then in case of unfortunate death of the life assured during the policy term, 105% of Cash Value (if not fully withdrawn) plus Terminal Bonus (if any) will be paid immediately as lumpsum | Sum assured on death will be paid as monthly income over a period equal to the outstanding policy term or 12 years, whichever is lower |
| Additional riders | 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 |
| Key exclusions | Description |
|---|---|
| Suicide | In case of death due to suicide within 12 months from the date of commencement of risk or the date of latest revival of the policy, whichever is later, the nominee shall be entitled to at least 80% of the total premium paid or the surrender value, whichever is higher |
Product information
For complete details on product benefits, features, terms and exclusions, please read the product brochure and policy wordings carefully before buying a policy.
How to claim
Follow these steps to raise claim requests for Bajaj Allianz Flexi Income Goal – Income Variant plan.
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Step 1 - Register your claim request
Register the claim request with the insurer through their website, e-mail or by calling their claim assistance contact number.
Contact No.: 1800 2201 02
Email at: balic.healthclaims@healthindiatpa.com -
Step 2 - Submit the required documents
Submit the necessary documents along with the duly filled claim form online or to the nearest branch of the insurer.
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Step 3 - Claim settlement
The claim request will be assessed, and the status will be informed to the claim initiator via e-mail and SMS. It can also be checked online on the insurer’s website.
Documents required for raising a claim request
Here is the list of documents you need to raise a claim for Bajaj Allianz Young Assure plan.
- Original policy documents
- Attested copy of death certificate issued by local municipal authority
- Death claim intimation form\
- NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook
- Nominee's photo identity and address proof such as copy of passport, voter identity card, aadhar (UID) card, etc.
- FIR copy or post-mortem report in case of an accidental/unnatural death
Frequently asked questions
On the maturity date, provided 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.
At the end of the Premium Payment Term (PPT), the insured will receive Guaranteed Monthly Income (GMI) every month, till the end of the policy term. The first instalment is paid at the end of the PPT. You can opt to take GMI as annual instalments or accumulate and earn investment return.
You will have the option to change the premium payment frequency under this policy at any policy anniversary. The available frequencies are – monthly, quarterly, half-yearly, and yearly.
Yes. This policy provides a loan facility once it acquires a surrender value. The policyholder can take a loan of a maximum amount of 80% of the Surrender Value of the policy.
There is an option to avail of a Joint Life policy, where your spouse will be covered for a sum assured of 50% to 100% of your sum assured.
