In today's fast-paced world, where convenience and accessibility are paramount, purchasing insurance online has become the preferred choice for many individuals. One such insurance plan that offers comprehensive coverage and financial security is the Bajaj Allianz Life Smart Protect Goal Term Plan. This article explores the benefits of this plan and highlights the advantages of buying it online.
Table of Contents:
- Overview of Bajaj Allianz Life Smart Protect Goal Term Plan?
- Key Features and Benefits of Bajaj Allianz Life Smart Protect Goal Term Plan
- Eligibility Criteria of Bajaj Allianz Life Smart Protect Goal Term Plan
- Additional Riders of Bajaj Allianz Life Smart Protect Goal Term Plan
- Terms and Conditions of Bajaj Allianz Life Smart Protect Goal Term Plan
- Importance of Purchasing Bajaj Allianz Life Smart Protect Goal Term Plan Online
- Online Purchase Process of Bajaj Allianz Life Smart Protect Goal Term Plan
- Documents Required to Buy Bajaj Allianz Life Insurance Policy
Overview of Bajaj Allianz Life Smart Protect Goal Term Plan
Bajaj Allianz Life Smart Protect Goal is an individual, non-linked, and non-participating, savings (Return of Premium) and pure risk term cover plan, providing protection and add-on covers. The Bajaj Allianz Life Smart Protect Goal Term Plan is designed to provide a safety net for your loved ones in the event of an unfortunate incident. It offers a range of features and benefits that cater to your specific needs and requirements. From flexible policy terms to additional riders for enhanced coverage, this plan ensures you can customize it to suit your circumstances.
Term Insurance Variants:
- Whole of Life: Under this variant the life cover is available up to 99 years term insurance of age of the insured customer.
- Return of premiums (ROP): Under this variant, if no claim has been made for the variant or add-on cover, the total premium paid during the policy period for the variant or add-on cover opted for, will be returned to the customer on their respective maturity dates. The Bajaj Allianz term plan with the Return of premium option is not available for the Whole life variant.
- Life Cover with Child Education Extra Cover: Under this variant, the Bajaj Allianz child education plan cover would be provided in addition to the life cover for the insured customer. In case of the sudden death of the insured customer, Bajaj Allianz Life Insurance Company would provide child education expenses to the family of the insured.
- Life Cover with Joint Life: Under this variant, the insured has the option to include his/her spouse in the same term life insurance policy. The sum assured under this variant would be limited to a maximum of 75% of the insured’s sum assured. The insurance policy would continue to exist even if the insured or spouse expires during the policy period.
- Increasing Life Cover: Under this variant, the sum assured under the life insurance policy would be increased with each passing year. The sum assured can be increased up to 10% each year which helps in preventing the insured from fighting inflation. The premium for increasing the life cover variant would be slightly higher compared to the other variant options.
Key Features and Benefits of Bajaj Allianz Life Smart Protect Goal Term Plan
Key Features and Benefits of Bajaj Allianz Life Smart Protect Goal Term Plan:
- Financial Security for Your Loved Ones: The primary benefit of the Bajaj Allianz Life Smart Protect Goal Term Plan is that it offers financial security to your family in case of an unfortunate event such as your demise.
- Comprehensive Coverage: The Plan offers extensive coverage against the risk of unfortunate events such as death, terminal illness, or critical illnesses, ensuring financial protection for your loved ones.
- Flexibility in Policy Terms: This plan provides flexibility in choosing the policy term based on your specific needs and financial goals. You can select a term that aligns with your long-term financial planning.
- Choice of Sum Assured: The plan allows you to choose the sum assured, in which the amount is paid to your nominees in the event of your demise. This ensures that your family receives the financial support necessary to maintain their lifestyle and meet future obligations.
- Additional Riders: The Plan offers optional riders that can be added to enhance coverage. Riders such as accidental death benefits, critical illness benefits, and waiver of premium ensure more comprehensive protection against unforeseen circumstances.
- Tax Benefits: By investing in the Bajaj Allianz Life Smart Protect Goal Term Plan, you can avail of tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. This allows you to save on taxes while securing your family's financial future.
- Claim Settlement Process: Bajaj Allianz has a streamlined and efficient claim settlement process to provide prompt assistance to the policyholders and their beneficiaries during their time of need.
- Affordable Premiums: The plan offers competitive and affordable premium options, making it accessible to a wide range of individuals who seek comprehensive life insurance coverage.
- Surrender Value: In case of emergencies or changing financial circumstances, the plan allows you to surrender the policy and receive a surrender value, providing some flexibility and liquidity.
- Maturity Benefit: If the policyholder survives till the end of the policy term, there is a maturity benefit provided, ensuring financial security even after the term of the policy has ended.
Eligibility Criteria of Bajaj Allianz Life Smart Protect Goal Term Plan
|Minimum Entry Age||18 Years|
|Maximum Entry Age|| |
|Maximum Maturity Age|| |
|Minimum Sum Assured||50 Lakhs|
|Maximum Sum Assured||As per Board Approved Underwriting Guidelines|
|Policy Term||Without ROP |
|Premium Payment Term|| |
Whole LifeLimited Premium: 5 Years to 30 Years
|Premium Payment Frequency||Monthly, Half- Yearly, Yearly|
|Grace Period||30 Days|
Additional Riders of Bajaj Allianz Life Smart Protect Goal Term Plan
Bajaj Allianz Life Smart Protect Goal Term Plan offers the following additional riders to enhance the coverage and customize the policy according to individual requirements:
- Accidental Death Benefit Rider: This rider provides an additional sum assured in case of death due to an accident. It ensures that your family receives an extra financial benefit on top of the base policy sum assured if the death occurs due to an accident.
- Critical Illness Benefit Rider: This rider provides coverage against critical illnesses specified in the policy, such as cancer, heart attack, stroke, organ transplantation, and major surgeries. If the policyholder is diagnosed with any covered critical illness during the policy term, a lump sum amount is paid, which can be used to cover medical expenses or other financial obligations.
- Waiver of Premium Rider: The waiver of premium rider waives off future premiums in case of the policyholder's total and permanent disability due to an accident or illness. This ensures that the policy remains in force even if the policyholder is unable to pay the premiums, allowing the coverage to continue without any financial burden.
- Accidental Total Permanent Disability Benefit Rider: This rider provides an additional sum assured in case of the policyholder's total and permanent disability resulting from an accident. It ensures that the policyholder receives financial support to cover medical expenses and lifestyle adjustments due to disability.
The variant/ add-on/ options can only be chosen at the inception of the policy and cannot be altered or added during the policy period.
Terms and Conditions of Bajaj Allianz Life Smart Protect Goal Term Plan
There are certain terms and conditions which are available under the Bajaj Allianz Life Smart Protect Goal are detailed below:-
- Free look period: A free look period of 15 days of the receipt of the policy and 30 days in case of electronic policy obtained through distance mode would be given to the insured customer to return the insurance policy or cancel the policy if not satisfied with the terms and conditions mentioned in the policy.
- Surrender Value: For regular premium with Return on premium, if at least two full years of premiums under the policy are paid. For limited premium with Return of premium, if at least two years premiums are paid under the policy. For limited premiums without the return of the premium option, surrender value would be available only after the premium payment term. For single premium payment with/without ROP, the surrender value would be available any time after surrendering the policy.
- High Sum Assured Rebate: A rebate will be applicable in case of High sum assured cases. The rebate would be applicable on the premium for every additional 1 lacs increase in sum assured over and above Rs.50 Lacs and will be based on the variant, smoker categorization, sum assured slab for each age and policy term. HSAR does not apply to the sum assured above Rs.3 Cr.
- Grace Period: A grace period of a maximum of up to 30 days will be provided to the insured customers to make the renewal premium payment. If the insured fails to make the renewal payment within the grace period the life insurance policy would lapse.
- Waiting period: For major/minor CI conditions, a waiting period of 180 days is applicable from the date of issue of the policy or the date of revival whichever is later. For policies sourced through the POS channel, a waiting period of 60 days from the risk commencement date shall be applicable.
- Survival Period: 14 days survival period from the date of diagnosis of any CI condition is mandatory under the life insurance plan.
- Policy Loan: No loan is permitted under the Bajaj Smart Protect Goal plan.
- Female Life Rebate: A special rebate will apply to female lives. The premium rate applicable to female life will be based on the premium rate of 3 years younger males. For instance, if the age of the female applicant is 23 years then the premium would be the same as that of 20 years male applicant.
- Suicide Claim Provisions: If the life assured commits suicide within 12 months of the inception of the policy or the date of the latest revival of the policy, whichever is later, the higher of 80% of the total premiums paid or the surrender value as on the date of the death will be paid as the death benefit, provided the policy is in force.
Importance of Purchasing Bajaj Allianz Life Smart Protect Goal Term Plan Online
Online buying the Bajaj Allianz Life Smart Protect Goal Term Plan brings numerous advantages. Firstly, it offers unparalleled convenience. Gone are the days of visiting physical branches and dealing with paperwork. With just a few clicks, you can explore the plan details, calculate the premium based on your preferences, and complete the application process from your home.
Furthermore, purchasing insurance online provides you with access to a wealth of information and customer reviews. You can thoroughly evaluate the plan's features, benefits, and claim settlement process before making a decision. The online platform also allows you to compare different plans, ensuring that you make an informed choice that aligns with your financial goals.
Another significant advantage of buying the Bajaj Allianz Life Smart Protect Goal Term Plan online is the swift policy issuance and documentation. Once you complete the application process and make the premium payment, you can instantly receive your policy documents via email. This eliminates any delays or uncertainties associated with traditional offline methods.
Online Purchase Process of Bajaj Allianz Life Smart Protect Goal Term Plan
The process of buying a Bajaj Allianz Life Smart Protect term insurance policy online has become simple with PolicyBachat. Follow the below steps to buy term insurance online:
At PolicyBachat Website:
- Step 1: Visit the PolicyBachat website. Click on the ‘Term’ tab. Enter the details such as Gender, Annual income from all the sources, Alcohol consumption and tobacco consumption, Salaries or Self-employed, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
- Step 2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc., and submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
- Step 3: Compare different plan rates with Bajaj Allianz smart protect plan, Select the plan and pay the premium online. After the premium payment is successful, you will receive an email of the premium payment receipt.
At Bajaj Allianz Life Insurance Company Website
The online purchase process for the Bajaj Allianz Life Smart Protect Goal Term Plan typically involves the following steps:
- Visit the Website: Go to the official website of Bajaj Allianz Life Insurance.
- Plan Details and Features: Explore the details and features of the Bajaj Allianz Life Smart Protect Goal Term Plan.
- Calculate Premium: Utilize the online premium calculator provided by Bajaj Allianz to estimate the premium amount based on your age, desired sum assured, policy term, and other relevant factors.
- Fill Application Form: Complete the online application form with accurate personal and policy-related information such as your name, age, contact information, nominee details, medical history, and lifestyle habits.
- Documentation: Submit the necessary documents as required by Bajaj Allianz.
- Review and Customize: Review the application form and the selected coverage options. Make any necessary adjustments or customization based on your preferences and requirements.
- Premium Payment: Select the preferred premium payment mode and make the payment online.
- Confirmation and Policy Issuance: After the premium payment is successful, you will receive an acknowledgement or confirmation of the payment.
Note: It is important to note that the specific steps and process may vary slightly depending on the insurer's online portal or any updates to their online purchasing system.
Documents Required to Buy Bajaj Allianz Life Insurance Policy
When purchasing a Bajaj Allianz Life Insurance policy, you will typically be required to submit the following documents:
|Identity Proof:||Aadhaar card |
Voter ID card
|Address Proof:||Aadhaar card |
Utility bill (electricity bill, telephone bill, etc.)
|Age Proof:||Birth certificate |
|Income Proof:||Salary slips |
Income tax returns (ITR)
Purchasing the Bajaj Allianz Life Smart Protect Goal Term Plan online offers a seamless and efficient way to secure the financial future of your loved ones. With its comprehensive coverage options, flexibility, and hassle-free online buying process, this plan ensures that you can protect your family's financial well-being with ease. So, take advantage of the convenience and benefits offered by online insurance purchases and embark on the journey of securing a brighter tomorrow.