Bajaj Allianz Life LongLife Goal | Buy ULIP Plan Online (2023)

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Quarterly & Monthly premium payment frequency will be available under auto-debit options as approved by RBI

No limit

As per maximum Sum Assured and Board Approved Underwriting Policy

10 times Annualized Premium

Age calculated is age at the last birthday

Prevailing Sum Assured is based on the prevailing Annualized Premium and applicable Sum Assured multiplier

Risk will commence immediately on date of commencement of Policy. In case of a minor life, the Policy will vest on the Life Assured on attainment of age 18 years and the life assured becomes the owner of the Policy. The original Policyholder ceases to be the owner of the Policy and the Waiver of Premium benefit cover will continue on his/her life.

Retired Life Income till age 99 years

You can opt for systematic withdrawal of the funds once you reach the age of 55 years or the policy has completed 10 years, whichever is later. You can also choose the amount to be withdrawn every year i.e. between 0-12% of the fund value. The amount withdrawn can be paid monthly, quarterly, half-yearly or annually. Each installment is increased by 0.5% over and above the percentage chosen by you as an additional benefit which is called as Return Enhancer. Depending on the options you choose, you can start getting regular income, from the age of 55 years, which will allow you to live comfortably post your retirement.

Cover for whole life

Even though you pay a premium for a limited term. i.e. minimum of 10 years & maximum of 25 years, the policy covers your life till you reach the age of 99 years. Bajaj Allianz Life LongLife Goal ULIP provides whole life insurance cover which means that your family members will be able to achieve their life goals even if you are not around.

Periodical Return of life cover charges

The mortality (life cover) charges i.e. the charge deducted from the premium amount to provide life cover to the life assured - are returned periodically as PROMC. The PROMC is paid after the life assured attains 60 years of age or completed 15 policy years, whichever is later, and subsequently every 10^th policy year from thereon and then at maturity. This significantly adds to your retirement corpus, enabling you to enjoy a fun-filled retired life.

Loyalty additions

It pays to stay longer in the policy. From the end of 5^th year till the 25^th policy year, the plan gives a certain percentage of one annualized premium as loyalty additions every year. The loyalty additions start from 2% per year and can go as high as 7% per year.

Premium waiver option

This ULIP plan comes in two variants - LongLife Goal with waiver of premium option and LongLife Goal without waiver of premium.

Waiver of premium option :If the Life Assured and Policyholder are the same in case of Accidental Permanent Total Disability during the Premium Payment Term, all future premiums are waived off, and the policy continues with all the benefits.

If the Life Assured and Policyholder are not the same, in case of death or Accidental Permanent Total Disability of the Policyholder during the Premium Payment Term, all future premiums are waived off, and the policy continues with all benefits.

Waiver of Premium is not applicable under LongLife Goal without Waiver of Premium variant.

Periodical Return of waiver of Premium charges

If you have opted for LongLife Goal with waiver of premium, the total amount of Waiver of Premium charges deducted in the Policy, will be added back as Periodical Return of Waiver of Premium Charge, to the Fund Value at regular intervals.

Option of four investment portfolio strategies

The fund offers four different investment strategies to choose from - Investor Selectable Portfolio Strategy, Wheel of Life Portfolio Strategy II, Trigger Based Portfolio Strategy and Auto Transfer Portfolio Strategy. You can opt for one depending on your risk appetite.

Unlimited free switch option

For those opting for Investor Selectable Portfolio Strategy, this ULIP plan allows unlimited free switches between the eight fund options available.

Option of Partial Withdrawal

After the completion of 5^th policy year the investor can partially withdraw a minimum of ` 5,000 any time during the policy years, Subject to fund value after withdrawal not falling below value equal to 105% ^* annualized premium ^* premium paying term.

Tax benefit

The policy offers tax benefit on premium paid, Maturity Benefit, Death Benefit, partial withdrawal, Retired Life Income may be eligible for tax benefits as per prevailing Income Tax Act subject to the provision stated therein.

Payment Term: 20 years

On the maturity date, his maturity benefit, based on the assumed investment returns, are as per the table given below :

When Retired Life Income (RLI) is opted for :

Payment Term: 20 years

When Retired Life Income (RLI) is opted :

When Retired Life Income (RLI) is not opted for :

The death benefit is subject to the guaranteed benefit, which is 105% of the total premiums paid, until the date of death.

If all due premiums are paid, then, in case of unfortunate death of the Life Assured during the Policy Term, the Death Benefit payable will be higher of:

• a. Prevailing Sum Assured^%
• Fund Value

The Death Benefit is subject to the Guaranteed Death Benefits^% of 105% of the Total Premiums^*paid, till the date of death.

^*Total Premiums paid shall be sum of all Regular Premiums paid till date

All the above is paid as on date of receipt of intimation of death of the Life Assured, at the Company’s office.

Note:

• ^%Sum Assured/Guaranteed Death Benefit – The benefit shall be reduced to the extent of the partial withdrawals (including Retired Life Income) made during the two year period immediately preceding the death of the Life Assured.
• The Policy and all benefits will terminate on the date of receipt of intimation of death of the Life Assured.
• Under LongLife Goal with Waiver of Premium, if waiver of premium has already been triggered under the Policy, then, the present value of future waiver of premium installments, discounted at 4% p.a. (from the date of death), shall be paid

You can choose for Retired Life Income, at inception or anytime during the Policy Term.

You may decide to receive the RLI –

• At any Policy Anniversary on either attaining Age 55 years or after 10 Policy Year, whichever is later
• As percentage of your Fund Value ranging from 0 to 12% per annum, as chosen by you, payable yearly, half yearly, quarterly or monthly

Note:

• RLI payout is through Systematic Partial Withdrawal
• The RLI percentage can be changed anytime during the Policy Term, even after start of RLI
• The RLI will be paid over the remaining Policy Term or till You terminate the option, subject to availability of fund
• The Fund Value after payment of instalment of RLI should not drop below 105% * Total Premiums paid till date. In case the amount available (Fund Value less 105% * Total Premiums paid till date) for RLI is not sufficient to meet the percentage chosen by You, an amount lower than the percentage chosen will be paid as RLI.
• The RLI installment will be paid by redeeming Units from the funds in the same proportion as the Fund Value in each Fund and will be redeemed at the Unit Price applicable on the date of each RLI instalment
• Each RLI installment will be hiked-up by 0.5% over and above the percentage chosen by You. The hike-up is given as an additional benefit to You. The hike-up is called the Return Enhancer
• All charges including mortality charges (as applicable in the Policy) shall be deducted during the period
• Partial withdrawals will be allowed anytime even during the RLI period
• You will have the option to exit out of the RLI option at any time, even if it is after the start of the RLI. Once exited You can opt for RLI option again anytime during the Policy Term
• Also, You will have the option to withdraw the Fund Value completely as Surrender Benefit, anytime even during RLI period.
• In case of your policy is converted to a paid-up policy, you will still be entitled for RLI benefit, subject to above terms & conditions

You have the option to make partial withdrawals, any time after the fifth Policy Year, subject to the following conditions:

• The Fund Value should not fall below 105% of the prevailing Annualized Premium * Premium Payment Term (PPT), after a partial withdrawal.
• The minimum amount of partial withdrawal at any time is `5,000.
• A partial withdrawal shall not be allowed if it will result in termination of the Policy.
• In case of minor Life Assured, partial withdrawal is allowed after attaining Age 18 years.
• Under Investor Selectable Portfolio Strategy, You will have the option to choose the fund You want to do partial withdrawals from. In the Wheel of Life Portfolio Strategy, Trigger Based Portfolio Strategy or Auto Transfer Portfolio Strategy withdrawal of units from each fund will be done in the same proportion as the value of the Units held in that Fund as on date of withdrawal. You will not have any choice to opt the fund from which the partial withdrawal of units is to be done
• The Company reserves the right at any time and from time to time to vary the minimum/maximum value of units to be withdrawn, maximum number of withdrawals allowed during a Policy Year, maximum amount of total withdrawal allowed during the Policy Term, minimum time gap to maintain between two withdrawals and/or the minimum balance of value of units to be maintained after such partial withdrawals, by giving a written notice of three months in advance, subject to prior approval from IRDAI.

The total amount of life cover charges, i.e., mortality (life cover) charges deducted in the Policy, will be added back as Periodical Return of Mortality Charge or PROMC, to the Fund Value at regular intervals, as mentioned below.

• First addition will be at the end of the Policy Year in which You attain Age 60 years or end of the 15 Policy Year, whichever is later
• After that, at end of each subsequent 10 Policy Year
• The last addition will be done on the Maturity Date

PROMC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy and will be payable provided all due Regular Premiums under the Policy have been paid up to date.

Note:

• The amount of PROMC that will be added into the Fund at each interval of PROMC will be sum total of all the mortality charges deducted from, inception of the Policy or date of latest PROMC, whichever is later
• Amount of mortality charge will be allocated to the Fund(s) in the same proportion of Fund Value as on the date of addition.
• In case the premium(s) are un-paid and the Policy is revived during the Revival Period by paying all due premiums, the PROMC due-but-not-allotted will be added to the Fund as on the date of revival.
• PROMC will be excluding any extra mortality charge & or Goods & Service Tax/any other applicable tax levied on the mortality charge deducted, subject to changes in tax laws.

The Waiver of Premium Benefit is as mentioned below:

• If the Life Assured & Policyholder are the same, in case of Accidental Permanent Total Disability of the Life Assured during the Premium Payment Term, premiums for the rest of the Policy Term will be waived and the Policy will continue with all the benefits
• If the Life Assured & Policyholder are not the same, on earlier occurrence of Death or Accidental Permanent Total Disability of the Policyholder during the Premium Payment Term, premiums for the rest of the Policy Term will be waived and the Policy will continue with all the Benefits

Waiver of Premium is not applicable under LongLife Goal without Waiver of Premium variant.

The total amount of Waiver of Premium charges deducted in the Policy, will be added back as Periodical Return of Waiver of Premium Charge or PROWC, to the Fund Value at regular intervals as mentioned below.

• First addition will be at the end of the Policy Year in which Your (Life Assured’s) Age is 60 years or end of the 15^th Policy Year, whichever is later
• After that, at end of each subsequent 10^th Policy Year

The PROWC will be payable even after the WOP has been triggered in the Policy, to the extent of any unpaid PROWC. PROWC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy and will be payable provided all due Regular Premiums under the Policy have been paid up to date.

Note:

• The amount of PROWC that will be added into the fund at each interval of PROWC will be sum total of all the mortality charges deducted from, inception of the Policy or date of latest PROWC, whichever is later
• Amount of WOP charge will be allocated to the fund(s) in the same proportion of the Fund Value as on the date of addition
• In case the premium(s) are un-paid and the Policy is revived during the revival period by paying all due premiums, the PROWC due-but-not-allotted will be added to the fund as on the date of revival
• PROWC will be excluding any extra mortality charge & or Goods & Service Tax/any other applicable tax levied on the mortality charge deducted, subject to changes in tax laws

The Company shall allocate Loyalty Additions to the Fund Value as percentage of one Annualized Premium at the end of each Policy Year commencing from the end of 5^th Policy Year, provided all due Regular Premiums have been paid up to date. The Loyalty Additions payable are as below:

¹Loyalty Addition is based on Prevailing Annualized Premium

Note:

• The amount of LA added into each Fund will be in the same proportion of the value of those Funds as at the date of addition.
• LA will not be paid for a surrendered, discontinued or Policy converted to paid-up Policy.
• In case the premium(s) are un-paid and the Policy is revived during the revival period by paying all due premiums, the Loyalty Additions due-but-not-allotted during the period the Policy was in Discontinuance will be added to the fund as on the date of revival.

You have the option to surrender your Policy at any time.

• On surrender during the lock-in period of first five years of your Policy, the Fund Value, less the applicable discontinuance/surrender charge, as on the Date of Surrender, will be transferred to the Discontinued Life Policy Fund (maintained by the Company), and risk cover under the Policy shall cease immediately.
• On surrender during the lock-in period, the option to revive the Policy will not be available to such a Discontinued Life Policy. The discontinuance value as at the end of the lock-in period will be available as surrender benefit
• On surrender after the lock-in period of first five years of your Policy, the surrender value available will be Fund Value, as on the date of surrender, and will be payable immediately.
• Under LongLife Goal with Waiver of Premium, if waiver of premium has already been triggered under the Policy, then, the present value of future waiver of premium installments, discounted at 4% p.a.(from the date of surrender), shall be paid
• The Policy shall thereafter terminate upon payment of the full Surrender Benefit by the Company.