Bajaj Allianz Life Assured Wealth Goal

Benefits

Key Features

• Choice of variants: Select the variant as per your needs
• Flexibility: Select the Income Period for which you want to receive your Regular Guaranteed¹ Payouts
• Security: Life Cover to protect your family
• Tax benefits⁺: Receive benefits as per prevailing tax laws
• Select: What date you want to receive the payouts
• Guarantee¹: All the benefits of the policy are guaranteed¹

¹ Conditions Apply – The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details, please refer to sales brochure.

⁺Tax Benefits as per prevailing Income tax laws shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

How does the plan work? (Illustration):

• Step 1: Select from any of the Six variants
• Step 2: Decide premium amount and for how long you wish to pay
• Step 3: Choose Deferment Period and when to start receiving the income
• Step 4: Choose how long you want to receive the income

Income Period is the period over which you receive your guaranteed¹ benefits.

Deferment Period is the number of years after the end of Premium Payment Term (PPT) and before the start of Income Period.

Variant/Deferment Period/ Income period/ Premium Payment Term/ Policy Term (PT)/ Return of Premium^ (ROP) option once chosen cannot be changed.

Sum of all premiums paid is Return of Premium^ (ROP).

Regular Guaranteed¹ Payouts is the income paid in arrears after the end of the Deferment Period. The default option is to take yearly Income Payouts.

PPT = Premium Payment Term

PT = Policy Term

^The premiums mentioned above are exclusive of any extra premium loading and Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws.

¹ Conditions Apply – The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details, please refer to sales brochure.

KEY BENEFITS

Variant 1: SECOND INCOME

Maturity Benefit

On maturity, you will receive-

1. Sum of all premiums paid (if opted), plus
2. Last regular guaranteed¹ payout

Variant 2: STEP UP INCOME

Maturity Benefit

On maturity, you will receive-

1. Sum of all premiums paid, plus
2. Last regular guaranteed¹ payout

Variant 3: WEALTH CREATION

Maturity Benefit

Guaranteed Maturity Benefit (GMB) will be a percentage of Total Premiums* paid.

In case of Joint life, the Guaranteed Maturity Benefit will be payable on at least one life surviving till maturity.

Variant 4: EXTRA INCOME

Maturity Benefit

On maturity, you will receive last regular guaranteed¹ payout

Variant 5: LIFELONG INCOME

Maturity Benefit

On maturity you will receive-

1. Sum of all premiums paid, plus
2. Last regular guaranteed¹ payout

Variant 6: ASSURED INCOME

Maturity Benefit

On maturity you will receive-

 1.The regular guaranteed payouts expressed as a percentage of Annualized Premium will be paid over the chosen Income Period. Additionally, get back all premiums paid at the end of the Income Period.

2.The policyholder will have an option to take these regular guaranteed payouts and the sum of all premiums paid as a lump sum at a discounted rate.

Note- If this option of taking lumpsum is exercised at the time of maturity the interest rate applicable for calculating this shall be 8.5% p.a. whereas if this option is exercised post the start of income period, the interest rate applicable for calculating this shall be equal 30-year G-Sec Yield plus 1%. These interest rates will be reviewed on an annual basis. Any change in bases used for determination of applicable interest rate will be subject to prior approval of IRDAI.

The regular guaranteed payouts will continue to be paid to the nominee even if death of the life assured occurs (during the Income Period). However, the nominee will have an option to receive the remaining regular guaranteed payouts plus sum of all Annualized premiums paid during the premium payment term as a lump sum. The lump sum amount shall be the present value of all outstanding future payouts at a discounted rate.

Note- The discount rate to arrive at present value of future instalments will be benchmarked to the G-Sec based on the information from Financial Benchmark India Private Ltd (FBIL). The interest rate applicable for calculating the instalments shall be equal to 30-year G-Sec plus 1%. The interest rate will be reviewed on an annual basis. Any change in bases used for determination of applicable interest rate will be subject to prior approval of IRDAI

¹ Conditions Apply – The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details, please refer to sales brochure.

Note (for variant 6) -

• Annualized Premium is the total amount of premiums payable in a year excluding rider premiums, underwriting extra premiums and GST & /any other applicable tax
• levied, subject to changes in tax laws.
• Total Premium is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws.
• Higher benefit will be given to customers paying higher premiums, to existing customers and to customers opting for auto pay/auto debit
• Regular income on death is Annualised Premium x Applicable Death Income factor
• Sum Assured will be 10 times of Annualised premium
• The discount rate of 8.5% p.a. is non-guaranteed. Any change in bases used for determination of applicable interest rate will be subject to prior approval of IRDAI.

Death Benefit (Lifelong Income, Second Income, Step-up Income & Extra Income)

You will have life cover throughout the Policy term. On Death the benefit shall be payable to the nominee in equated monthly instalments for a period of 5 years.

The Death benefit will be higher of-

1. Sum Assured on Death^#, or
2. 105% of total premiums* paid as on date of death, or
3. the prevailing surrender value

The nominee will have an option to receive the future instalments as a Lump sum, which shall be the present value of future instalments at a discounted rate.

Death Benefit (Wealth Creation)

You will have life cover throughout the Policy term. On Death of the life assured(s) the benefit shall be payable to the nominee in lump sum.

The Death benefit will be higher of –

For Limited/ Regular Pay option

1. Sum Assured on Death^#, or
2. 105% of Total Premiums* paid as on date of death, or
3. the prevailing surrender value

For Single Pay with Joint life option

On 1^st Death during the Policy Term, 1.25 times of Single Premium will be payable to the nominee and the plan will continue.

On 2^nd Death during the Policy term, the Death benefit will be higher of -

1. Sum Assured on Death^#, or
2. 105% of Total Premiums* paid as on date of death, or
3. the prevailing surrender value

Death Benefit for (Assured Income)

On the death of the Life Assured during the Policy Term, the nominee shall receive

1. A regular income starting immediately from the date of death that is payable for a period equal to the Income Period chosen by the Policyholder.
2. At the end of Income Period a lump sum amount equal to sum of all premiums payable during the premium payment term shall be paid.

The total death benefit payable will be the higher of sum assured on death which is higher of (Sum Assured or 10 times of Annualized Premium* or Amount equal to sum of (a) and (b) as explained above) At no time the total death benefit will be less than Guaranteed¹ Death Benefit of 105% of the Total Premiums* received by the company up to the date of death or the surrender value available then, whichever is higher.

At any time, the nominee will have an option to receive the Death Benefit as a lump sum. The lump sum amount shall be the present value of all outstanding future death income payouts including sum of all premiums payable at a discounted rate or 10 times of premium, whichever is higher.

Note- If this option of taking lump sum on death is exercised at the time of death intimation the interest rate applicable for calculating this shall be 8% p.a. whereas if this option is exercised post the start of death income payouts, the interest rate applicable for calculating this shall be equal 30-year G-Sec Yield plus 1%. This interest rate will be reviewed on an annual basis. Any change in bases used for determination of applicable interest rate will be subject to prior approval of IRDAI.

¹ Conditions Apply – The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details, please refer to sales brochure.

Note (for Assured Income Variant)

• Annualized Premium is the total amount of premiums payable in a year excluding rider premiums, underwriting extra premiums and GST & /any other applicable tax

levied, subject to changes in tax laws.

• *Total Premium is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax

laws.

• Higher benefit will be given to customers paying higher premiums, to existing customers and to customers opting for auto pay/auto debit
• Regular income on death is Annualized Premium x Applicable Death Income factor
• Sum Assured will be 10 times of Annualized premium
• The discount rate of 8.5% p.a. is non-guaranteed. Any change in bases used for determination of applicable interest rate will be subject to prior approval of IRDAI.

Note (For Variant1-5)

All the above benefits are payable on survival of life assured (in a single life policy) or at least one life assured (in a joint life) and on payment of all due premiums under the plan.

Under Joint Life, the relationship between the two Life Assured's can be spouse / child / parent / grandparent etc.

(The other relationships will be based on the prevailing underwriting norms.)

Annualized Premium is the total amount of premiums payable in a year excluding rider premiums, underwriting extra premiums and GST &/any other applicable tax levied, subject to changes in tax laws.

 *Total Premium is (the sum of all premiums paid under the policy; even refers to the Single Premium) is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws

^#Sum Assured on Death is higher of the Sum Assured or 10 times of Single/ Annualized Premium.

 Sum Assured = Premium x SA Multiple; where Premium is Single/Annualized Premium as applicable in the policy.

 Higher benefit will be given to customers paying higher premiums, to existing customers and to customers opting for auto pay/auto debit

Eligibility

All ages mentioned above are age as on last birthday. Risk cover will commence immediately on the date of commencement of risk of the policy and, in the case of a minor life, policy will vest on the life assured on the earlier of attainment of majority (i.e., 18 years’ age last birthday) and on maturity date.

For female lives, the age set-back of 3 years will be applicable for calculation of SA Multiple and Maturity Benefit/ Income payout.

For variant 1 to 5: Income Period will commence after the end of Deferment Period.

For variant 1 to 5: Income period = Policy term – PPT – Deferment period.

For variant 6: Policy Term = PPT + Deferment Period

For variant 6: Income Period will commence after the end of policy term

Joint life is only available under Wealth Creation – Single premium payment option.

In case of Single Pay with Joint life under Wealth Creation -

o The primary life assured will be the older life assured

o The maximum maturity age criteria will be based on the older life (primary life assured).

In case of Single Pay with Joint life under Wealth Creation

• The primary life assured will be the older life assured
• The maximum maturity age criteria will be based on the older life (primary life assured)

For POS channel under all variants: 4, 5 & 6:

• Maximum Maturity Age shall be 65 years
• Only Single life will be available
• Maximum Policy Term is 20 years
• Maximum Sum Assured is Rs. 25 lacs