Benefits

We all like certainty in life and when this certainty is about our Life Goals,life is simple. This certainty can be achieved with guaranteed regular income that supports our financial needs tomorrow. So we can sustain as well as achieve our Life Goals. Presenting Bajaj Allianz Life Guaranteed Income Goal, a life insurance plan that offers guaranteed returns along with life cover.

 

Key Features

  • Choice of 2 Variants: Depending upon your Life Goal: Income Benefit and Lump-Sum Benefit
  • Guarantee: Guaranteed^ increasing income under income benefit
  • Extended Life cover: Option to extend your Life Cover beyond your Policy Term.
  • Financial Security for your loved ones: Get comprehensive risk cover in case of death of life insured.
  • Flexibility: Multiple Policy Terms & Premium Payment Terms to choose from
  • Choice of 5 Riders to Enhance Cover: Avail additional risk cover through Riders on payment of additional premium.

^Conditions apply. The Guaranteed benefits are dependent on the policy term, premium payment term availed along with other variable factors. For details please refer to sales brochure (Also available on www.bajajallianzlife.com).

 

How does the plan work?

Case Study for Lump-sum Benefit Option:

Ritesh is 35 years of age and runs a book store. He has currently rented a shop and plans to purchase a small shop of his own in future. The worry is:

  • No immediate liquid funds
  • Increasing property cost
  • Zero risk appetite
  • Financial security for his family in his absence

He takes Bajaj Allianz Life Guaranteed Income Goal (Without ELC) for ₹ 1 lac premium. He opts for Lump sum benefit with policy term of 10 years & premium payment term of 5 years where the Sum Assured is ₹ 2,38,349. The total premium that Ritesh will pay over 5 years is ₹ 5,00,000 for a chosen Sum Assured of ₹ 2,38,349; to receive a total Lump sum Benefit of ₹ 7,38,883 at the end of the 10 year.

Policy Year

Life Assured's Age
(during the year)

Annualized Premium (₹)
(during the year)

Maturity Benefit (₹)
(End of year)

Death Benefit (₹)
(End of year)

0

35

1,00,000

-

10,00,000

1

36

1,00,000

-

10,00,000

2

37

1,00,000

-

10,00,000

3

38

1,00,000

-

10,00,000

4

39

1,00,000

-

10,00,000

5

40

-

-

10,00,000

6

41

-

-

10,00,000

7

42

-

-

10,00,000

8

43

-

-

10,00,000

9

44

-

-

10,00,000

10

45

-

7,38,883

10,00,000

Total

-

5,00,000

7,38,883

-

The death benefit will be receivable by the nominee(s)/beneficiaries

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.

 

Key Benefits

Maturity Benefit

Guaranteed Maturity Benefit (GMB) :

  • If Lump-sum Benefit option is chosen by you, on the Maturity Date, if all premiums are paid, your Guaranteed Maturity Benefit payable as Lump-sum will be an enhanced percentage of your Sum Assured. This is called as Guaranteed Enhancer (GE)
  • Guaranteed Maturity Benefit will be paid in lump sum at the end of the policy term if all due Premiums have been paid.

Guaranteed Maturity Instalments (GMI) :

  • If Income Benefit option is chosen by you, on the maturity date, if all premiums are paid, your Guaranteed Maturity Benefit will be paid in yearly, half-yearly, quarterly or monthly installments (as chosen by you at the inception of the policy). These are called as Guaranteed Maturity Instalments (GMI), and will be paid at the end of the GMI year for a period equal to your Premium Payment Term (PPT). For full information on Guaranteed Enhancer and Guaranteed Maturity Installments table please refer to the sales literature.

Death Benefit

Under Lump-sum Benefit and where all due premiums have been paid:

  • Death Benefit during the Policy Term is the, Sum Assured on Death%, as on the date of death. The policy will terminate on payment of the Death Benefit.
  • Death Benefit during the ELC Period (only if chosen) (ELC Period is after the policy term) is the Sum Assured on Death% as on the date of death. The policy will terminate on payment of the Death Benefit

Under Income Benefit and where all due premiums have been paid:

  • Death Benefit during the Policy Term is the Sum Assured on Death% as on the date of death. The policy will terminate on payment of the Death Benefit.
  • Death Benefit during payout period i.e. after the Policy Term is-
  • If ELC is chosen then the Sum Assured on Death% will be paid. The risk cover will terminate immediately and the Policy will terminate on payment of last GMI.
  • If ELC is not chosen, then the remaining GMI will be paid. The policy will terminate on payment of last GMI.

Extended Life Cover

At the inception of the policy, you will have the option to choose the Extended Life Cover (ELC) under the policy.

  • The amount of risk cover during the ELC Period is equal to the Sum Assured on Death%.
  • The ELC will start from the Maturity Date and will continue for an ELC Period equal to the duration of the PPT (in years), starting from the Maturity Date.
  • In Lump Sum Benefit, on death of the Life Assured, the Sum Assured on Death% will be paid and the Policy will terminate. In % Income Benefit, on death of the Life Assured, the Sum Assured on Death% will be paid, the risk cover will terminate immediately and the Policy will terminate on the payment of the last GMI.
  • Once chosen at inception,the ELC cannot be removed from the Policy

%Sum Assured on Death is the higher of (i) 10 times Annualized Premium*, (ii) 105% of total premiums* paid as on date of death, (iii) Sum Assured#

*Annualized Premium is exclusive of extra premium, rider premiums, and GST/any other applicable tax levied, subject to changes in tax laws, if any, and Total Premiums paid is equal to (Annualized Premium * number of years for which premiums have been paid).

Total Premium is exclusive of extra premium, rider premiums and GST/any other applicable tax levied, subject to changes in tax laws, if any. Please note that GST/any other applicable tax levied, subject to changes in tax laws will be collected over and above the premium under the Policy.

Please refer to the product brochure for detailed description on the above benefits.

Parameters

Details

Minimum Entry Age

6 years

Maximum Entry Age

60 years

Minimum Age at Maturity

18 Years

Maximum Age at Maturity

72 years

The maximum maturity age does not include the ELC,if opted for or Income Period.       

Maximum Age for termination of life cover (if ELC is opted)

84 years    

Policy Term (PT) & Premium Payment Term (PPT)

Lump Sum Benefit

PT (in Years)

10

12

15

20

PPT (in Years)

5,7,10

5,7,8,12

5,7,8,10,12

5,7,8,10,12

 

Income Benefit

PT (in Years)

5

7

10

12

PPT (in Years)

5

7

5,7,10

5,7,12

 

 

Minimum Premium (₹)

Variant

Yearly

Half yearly

Quarterly

Monthly

Lump-sum

22,855

11,656

5,942

2,057

Income

28,822

14,699

7,494

2,594

Maximum Premium

As per Maximum Sum Assured

Minimum Sum Assured

₹1,00,000

Maximum Sum Assured

Based on Board Approved Underwriting Policy

 

Premium Payment Frequency

Yearly, Half yearly, Quarterly and Monthly

Quarterly & Monthly premium payment frequency will be allowed only under auto-debit process (as per the approved RBI facilities)

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.

Premium will vary depending upon the Variant chosen

 

Disclaimer

Risk Factors and Warning Statements: Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz Life  Guaranteed Income 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 Guaranteed Income Goal  – A Non-Linked Non-Participating Endowment Life Insurance Plan. Regd Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune – 411006. Reg. No.: 116. CIN: U66010PN2001PLC015959 | Mail us: customercare@bajajallianz.co.in | Call On: Toll free no.: 1800 209 7272 | Fax No.: 02066026789. Bajaj Allianz Life Guaranteed Income Goal (UIN: 116N157V06), 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.

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. The Insurance product 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.

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.

BJAZ-WP-ECNF-00835/22

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 (IRDA of India Regn. No.116) CIN: U66010PN2001PLC015959 having the Registered office/principal place of business at Bajaj Allianz House, Airport Road, Yerawada, Pune – 411006. DBS Bank India Limited (Bank) does not underwrite the risk or act as an insurer. The Bajaj Allianz Life  Guaranteed Income Goal Plan with UIN: 116N157V06 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. ISNP registration valid.

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 customercareindia@dbs.com. Visit us at: www.dbs.com/in

UIN: 116N157V06

Thank you. Your feedback will help us serve you better.

Was this information useful?

Thank you for your feedback
Let us know how this article helped:
We're sorry to hear that.
How can we do better?
Enter only letters, numbers or @!$-(),.