Bajaj Allianz Life Smart Protection Goal

At a Glance

Planning your Life Goals is just the start, securing them against eventualities is the next step. Here is an affordable term plan with numerous options, to secure your Life Goals and help you live worry free. Bajaj Allianz Life Smart Protection Goal is an Individual, Life, Non-Linked, Non-Participating, limited/regular premium payment, savings (ROP^) and pure risk term cover plan, providing protection.

If Whole Life is opted for, then ROP is not available.

Key Features

  • Comprehensive coverage with a multitude of features
  • Option to choose Return of Premium^ (ROP)as Maturity Benefit
  • Option to choose Whole of Life^ cover up to age 99 years
  • Option to get covered for listed Critical Illnesses available
  • Flexibility to opt for Limited or Regular Premium

Critical Illness Benefit, Return of Premium option & Whole of Life option can be chosen/opted at inception only and cannot be changed subsequently

^In Bajaj Allianz Life Smart Protection Goal, Return of Premium (ROP) option is available as an optional benefit. The Return of Premium amount is total of all the premiums received, exclusive of extra premium and GST & any other applicable tax levied, subject to changes in tax laws. If Whole of Life is opted for, then ROP is not available

How does the plan work?

  • Step 1: Choose your Sum Assured
    Decide on the level of protection by choosing the sum assured you need to safeguard your family's financial future.
  • Step 2: Decide whether you wish to opt for Critical Illness Benefit (CIB) and/or Return of Premium (ROP)* feature.
  • Step 3: Choose your Policy Term and the Premium Payment Term
    Select the period for which you want to get life insurance protection and the period for which you want to pay the premium.
  • Step 4: Choose your Premium Payment Frequency
    Depending on your convenience, you can decide the interval at which you would prefer to pay the premium during the premium payment term.

    Your premium will be based on your current age, gender, sum assured, optional benefit(s) chosen, policy term, premium payment term & frequency, discounts applicable etc.

*If ROP has been chosen as Maturity Benefit, the return of premium as maturity benefit will be applicable both on the premium paid and on the Critical Illness Benefit opted. If Whole Life is opted for, then ROP is not available

Key Benefits

  1. Life Cover

    1. Death Benefit (Benefit payable on death of the Life Assured during the policy term)

      Your nominee/legal heir will receive the Sum Assured (as chosen by you at inception). The policy will terminate on payment of Death Benefit.

    2. Maturity Benefit

      If ROP option has not been chosen, Maturity Benefit shall be NIL.

  2. Optional Benefit (s)-

    1. Critical Illness Benefit (CIB)

      You can choose to opt for this Benefit. This Benefit will have a separate sum assured (CI Sum Assured).

      • In case of diagnosis of any of the listed Critical Illnesses, Sum Assured chosen for Critical Illness Benefit is payable

      • In case of Minor CI other than Angioplasty, 25% of the CI Sum Assured will be payable 

      • For Angioplasty, lower of 5 Lacs or 25% of CI Sum Assured, will be payable 

      • A maximum of four (4) Minor CI including Angioplasty claims will be payable during the CIB cover period 

      • For Major CI, 100% of CIB will be payable 

      • The total claims paid under Minor and Major CI will not be more than 100% of CI Sum Assured 

      • If CIB has been paid for four (4) Minor CIs including Angioplasty during cover period, no CIB will be payable for any future Minor CI. Any remaining CI Sum Assured shall be payable on the occurrence of a Major CI. 

      • Once claim is paid for Minor CI (including Angioplasty), no future claim will be paid for the same Minor CI. The remaining CI Sum Assured will continue for all listed CI's excluding the Minor CI for which the claim has already been paid. 

      • If ROP option is chosen and 100% of CI Sum Assured has not been claimed, on maturity the ROP will be a proportion of the total premiums paid for CIB.

    2. Whole of Life – Life Cover up to age of 99 years

      This option is only available when limited premium payment option is chosen

    3. Return of Premiums (ROP)** - (Maturity Benefit payable if the Life Assured survives till date of maturity and if no death claims have been made before the date of maturity)

    You will receive a Maturity Benefit equal to total premiums paid**, as a one-time lump sum on the date of maturity, and the policy will terminate.

    If You have opted for CIB and if no claim has been paid w.r.t. CIB, then, Maturity Benefit will be paid at the end of CI Policy Term

    If any claim for Minor CI(s) has been paid, proportion of Maturity Benefit, as applicable, shall be payable under this Benefit, provided CI Sum Assured has not exhausted

    CI Benefit shall immediately terminate on payment of this Benefit.

    Note -

  • *Total Premiums paid shall be the total of all premiums received, exclusive of taxes, extra premium, loadings for modal premiums, if any. Please note that GST and cess, if any, will be collected over and above the premium under the policy.
  • The optional Benefit(s)can be chosen only at inception and cannot be altered during the term of the Policy.
  • Premium will vary depending upon the Optional Benefit(s) chosen
  • **Return of Premium (ROP) is the total of all the premiums received through-out the PT or cover period for an LP & RP exclusive of extra premium and GST and cess, if any, respectively and separately, for the Life Cover or for the optional Critical Illness Benefit chosen if any.
  • For policies sourced through POS channel, Waiting Period of sixty (60) days from Date of commencement of risk shall be applicable. During this period, the Death Benefit due to any reason other than Accidental Death will be 100% of Total Premiums paid till date, excluding GST/any other applicable tax levied, subject to changes in tax laws and any extra premium.

Eligibility Conditions - Life Cover Variant

Age at Entry

Minimum - 18 years
ROP: Pay-till-60 Option -25 years

Maximum - 65 years
ROP: Pay-till-60 Option -55 years
For Critical Illness Benefit- 65 years

Maximum Age at Maturity
for Life Cover 

With ROP

85 years

Without ROP

85 years

Whole Life

99 years

Maximum Age at Maturity
for Critical Illness Benefit Option

With ROP

75 years

Without ROP

80 years

Whole Life

80 years

Sum Assured

Life Cover

Minimum - 50 Lakhs

Maximum - As per Board Approved
Underwriting Guidelines

Critical Illness Benefit

Minimum - 5 Lakh

Maximum - 1 Cr

Policy Term (PT)/Premium Payment Term (PPT) for Life Cover

 

Premium Type

Minimum

Maximum

PT (years)

PPT (years)

PT (years)

PPT (years)

Without ROP

RP

10

10

85 minus Age at
Entry

85

LP7

10

5

85 minus Age at
Entry

42

With ROP

RP

10

10

40

40

LP7

10

5

40

35

Whole Life

RP

Not Available

LP7

99 Minus Age at
Entry

5

99 Minus Age at
Entry

42

Policy Term (PT)/Premium Payment Term (PPT) for Critical Illness Benefit

 

Premium Type

Minimum

Maximum

PT (years)

PPT (years)

PT (years)

PPT (years)

Without ROP

RP

5

5

62

62

LP7

5

5

30

30

With ROP

RP

10

10

40

40

LP7

10

10

30

30

7For Limited Premium Payment, the PPTs available are 5, 10, 15, 20, Pay-till-60 years; subject to maximum PPT cessation age of 75 years. For Limited Premium with ROP option, the minimum difference between PT and PPT should be 5 years

Note:

  • For Critical Illness Benefit cover, cover Term(PT) and cover PPT will always be the same
  • However, the cover Term (PT) and premium payment term for CIB can be less than or equal to the Life Cover Premium Payment Term

Disclaimer:

BEWARE OF SPURIOUS FRAUD PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS - IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

1Note - If Whole Life is opted for, then ROP is not available Critical Illness Benefit, Return of Premium option & Whole of Life option can be chosen/opted at inception only and cannot be changed subsequently

Disclaimer:

DBS Bank India Limited (IRDA of India Registration Number: CA 0257) having the registered office at GF: Nos. 11 & 12, Capitol Point BKS Marg, Connaught Place, Delhi - 110001 is the Corporate Agent of Bajaj Allianz Life Insurance Company Limited. DBS Bank India Limited (Bank) does not underwrite the risk or act as an insurer. Bajaj Allianz Life Smart Protection Goal (UIN: 116N174V03),  is underwritten by Bajaj Allianz Life Insurance Company Limited. The contract of insurance is between the insurer and the insured and not between the Bank and the insured. Bank does not give any warranty, as to the accuracy and completeness of the policies. Bank does not accept any liability or losses attributable to your contract of Insurance. Participation by the Bank’s customers in the insurance products is purely on a voluntary basis, and is not linked to availment of any other facility from the bank.

The contents and product information of this website are given strictly for your convenience and is indicative in nature and ‘as is’ received from the Insurer. Nothing contained herein is to be construed as advice, recommendation, offer for a policy or any other assistance. Bank does not guarantee that this website reflects latest amendments/ information at all times or at any time. Bank shall have no liability to the customer for any loss or damage of any kind incurred for reliance on the content and product information available on this website.

For more details on risk factors, terms and conditions, exclusions, please read sales brochure of insurer and policy terms and conditions carefully before concluding a sale. Tax benefits are available as per the prevailing tax laws, which are subject to change.

For any information including cancellation, claims and complaints, please contact our Treasures Relationship Manager or visit DBS Bank India’s nearest branch office or Contact our 24-hour toll free customer service helpline number 1-800-209-4555 / 1-860-267-1234 or our overseas customer service number 91-44-66854555 or write to us at [email protected]. Visit us at: www.dbs.com/in

Bajaj Allianz Life Insurance Co. Ltd.

Risk Factors and Warning Statements: Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz Life Smart Protection Goal are the names of the company and the product respectively and do not in any way indicate the quality of the product and its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochures & policy document (available on www.bajajallianzlife.com) carefully before conducting a sale. Bajaj Allianz Life Smart Protection Goal – A Non Linked, Non Participating, Individual Life Insurance Term Plan. Regd Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune – 411006. Reg. No.: 116. CIN: U66010PN2001PLC015959 | Mail us: [email protected] | Call On: Toll free no.: 1800 209 7272 | Fax No.: 02066026789. Bajaj Allianz Life Smart Protection Goal (UIN: 116N174V03), The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use it “Allianz” Logo. All charges/taxes, as applicable, will be borne by the Policyholder.

BJAZ-WP-ECNF-05233/23