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Bajaj Allianz Smart Protect Goal Plan

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Bajaj Allianz Smart Protect Plan Summary

Bajaj Allianz Life Smart Protect Goal is an individual, life, non-linked, non-participating, single/limited/regular premium payment, savings (ROP) and pure risk term plan, providing protection.
 
Plan Name Smart Protect Plan
Product Type Term Life Insurance
UIN 116N163V03

 
 

Key Features of Bajaj Allianz Smart Protect Plan

  • Comprehensive coverage with multiple features
  • Option to choose Return of Premium (ROP) as Maturity Benefit
  • Option to choose Whole of Life cover up to age 99 years 
  • Add-on covers to choose from –
    • Accidental Death Benefit (ADB)
    • Accidental Total Permanent Disability Benefit (ATPDB)
    • Critical Illness Benefit (CIB)
    • Waiver of Premium Benefit (WOPB)
  • Flexibility to opt for Single, Limited or Regular Premium
 
COMPARE THIS PLAN WITH OTHER TERM PLANS
    Yes
    No

     

    Eligibility Criteria for buying Bajaj Allianz Smart Protect Plan

      Minimum Maximum
    Sum assured 50 lakhs No limit, subjected to the underwriting policies of Bajaj Allianz
    Age at entry 18 years Without ROP - 60 years
    With ROP - 55 years
    Maturity age 65 years
    Premium Payment Modes Annual, Semi-Annually, quarterly & monthly

     

    How does Bajaj Allianz Smart Protect Plan work?

    Step 1: Choose your Coverage Amount & Policy Term & Premium Payment Term based on your requirement

    Step 2: Select any Variant:
    • Life Cover
    • Life Cover with Child Education Extra Cover
    • Life Cover with Joint Life
    • Increasing Life Cover
    Step 3: Choose your Premium Payment type:
    • Single Premium
    • Limited Premium
    • Regular Premium
    Step 4: Choose - 
    • Add any enhancement option to increase coverage for future life stage events
    Step 5 (Optional): Choose Additional Cover through 3 Riders:
    • Accidental Death Benefit Rider
    • Accidental Total Permanent Disability Rider 
    • Critical Illness Rider

    Plan Details for Bajaj Allianz Smart Protect Plan

    Variant 1 - Life Cover
     
    Benefits Availability RP LP SP
    Death Benefit Yes Yes Yes Yes
    Accidental Total Permanent Disability Benefit Yes Yes Yes Yes
    Critical Illness Benefit Yes Yes Yes No
    Accidental Death Benefit Yes Yes Yes Yes
    Waiver of Premium Benefit - I Yes Yes Yes No
    Waiver of Premium Benefit - II No Yes Yes No
    Whole Life Yes No Yes No
    Return of Premiums Yes Yes Yes Yes
     
    Let us understand the above options better –
    • Whole Life – Life Cover up to age 99 years
      • This option is only available when a limited premium payment option is chosen?
    • Return of Premiums (ROP) – If no claim has been made for the Variant or for Add-on cover, the total premiums paid, will be returned on their respective maturity dates. If Whole Life is opted, ROP will not be available.
    • Accidental Death Benefit (ADB) –In case of death due to an accident, Sum Assured chosen as ADB is payable
    • Accidental Total Permanent Disability Benefit (ATPDB) – In case of occurrence of total permanent disability of the Life Assured due to an accident, Sum Assured chosen as ATPDB is payable
    • Critical Illness Benefit (CIB) – 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 CIB will be payable
      • For Angioplasty, lower of 5 lakhs or 25% of CIB, will be payable
      • A maximum of 4 Minor CI including Angioplasty claims will be payable during the CIB cover period
      • For Major CI, 100% of CIB will be payable
    Variant 2 - Life Cover with Child Education Extra Cover
     
    Benefits Availability RP LP SP
    Death Benefit Yes Yes Yes Yes
    Accidental Total Permanent Disability Benefit Yes Yes Yes Yes
    Critical Illness Benefit Yes Yes Yes No
    Accidental Death Benefit Yes Yes Yes Yes
    Waiver of Premium Benefit - I Yes Yes Yes No
    Waiver of Premium Benefit - II No Yes Yes No
    Whole Life No No Yes No
    Return of Premiums No Yes Yes Yes
     
     
    Let us understand the above options better –
    • Life Cover amount is payable on death of the Life Assured
    • Additional cover to meet your children’s educational expense equal to ‘Child Education Extra Cover’ (CEEC) amount is payable on death of the Life Assured during the CEEC period
    • CEEC can be chosen at inception only, for each of your child, provided the age of the child at inception is less than 18 years
    • CEEC(s) can be opted separately for each child, each CEEC period(s) will cease on each child attaining age of 25 years respectively
    • CEEC(s) amount can be chosen as any percentage between 10% and 100% (in multiples of 10%) of the Sum Assured 
    Variant 3 - Life Cover with Joint Life
     
    Benefits Availability RP LP SP
    Death Benefit Yes Yes Yes Yes
    Accidental Total Permanent Disability Benefit No Yes Yes Yes
    Critical Illness Benefit No Yes Yes No
    Accidental Death Benefit No Yes Yes Yes
    Waiver of Premium Benefit - I Yes Yes Yes No
    Waiver of Premium Benefit - II Yes Yes Yes No
    Whole Life No No Yes No
    Return of Premiums No Yes Yes Yes


     
    Let us understand the above options better –
    • Life Cover amount with respect to First Life Assured is payable on death of the First Life Assured
    • Life Cover amount with respect to Second Life Assured (Spouse) is payable on death of the Second Life Assured
    Variant 4 - Increasing Life Cover
     
    Benefits Availability RP LP SP
    Death Benefit Yes Yes Yes Yes
    Accidental Total Permanent Disability Benefit No Yes Yes Yes
    Critical Illness Benefit No Yes Yes No
    Accidental Death Benefit No Yes Yes Yes
    Waiver of Premium Benefit - I Yes Yes Yes No
    Waiver of Premium Benefit - II No Yes Yes No
    Whole Life No No Yes No
    Return of Premiums No Yes Yes Yes


     
    Let us understand the above options better –
    • Automatic increase of your Life Cover amount at every policy anniversary
    • The maximum sum assured due to such an increase during the policy term can be up to 200%
    • Percentage of such year on year increase can be 5%, 8% or 10% of the Sum Assured, as chosen by you at inception
    • Under this variant, in case of death of the Life Assured, Life Cover amount as on the date of death is payable
    RP - Regular Premium
    LP - Limited Premium
    SP - Single Premium
     
    You can get Cheapest Term plan on MyInsuranceClub
     

    Sample Premiums for Bajaj Allianz Smart Protect Plan

    Given below are annual premiums for various entry age and variants for a Basic Sum Assured of ?1 crore with a Term of 25 years.
     
    Variant 1 - Life Cover 
     
    Without Return of Premium
     
    Age Premium
    30 Years ?8,836
    40 Years ?17,185
    50 Years ?38,568

     
    With Return of Premium
     
    Age Premium
    30 Years ?20,113
    40 Years ?41,629
    50 Years ?88,976

     
    Whole Life
     
    Age Premium
    30 Years ?27,285
    40 Years ?46,992
    50 Years ?84,320

     
    Variant 2 -  Life Cover with Child Education Extra Cover
     
    Here the age of Child is assumed to be 0 Years
     
    Age Premium CEEC of ?30 lakhs
    30 Years ?8,836 ?2,509
    35 Years ?11,924 ?3,396
    40 Years ?17,185 ?4,922

     
    Variant 3 - Life Cover with Joint Life
     
    Given below are annual premiums for various entry ages for a Basic Sum Assured of ?50 lakhs each with a Term of 25 years.
     
    Husband Premium Wife Premium
    30 Years ?4,962 28 Years ?4,962
    40 Years ?9,524 38 Years ?5,822
    50 Years ?20,163 48 Years ?13,023

     
    Variant 4 - Increasing Life Cover (10% increase)
     
    Given below are annual premiums for various entry ages for a Basic Sum Assured of ?50 lakhs with a Term of 25 years
     
    Age Premium
    30 Years ?7,292
    40 Years ?15,072
    50 Years ?33,330

     

    Tax Rebates in Bajaj Allianz Smart Protect Plan

    • Premiums – The premiums paid for the plan are exempt from taxation under Section 80C of the Income Tax Act. 
    • Maturity Claim – Maturity amount is exempted from tax under Sec 10(10D) of the Income Tax Act  
    • Death Claim – Death claims received under the plan are free from taxation under Section 10(10D) of the Income Tax Act

    Exclusions in Bajaj Allianz Smart Protect Plan

    If the Life Insured dies by suicide within 12 months from the date of inception of the policy or the date of revival of the policy, the policy shall terminate immediately. In such cases, the Company shall only refund Total Premiums Paid + underwriting charges + loading for modal premiums (if any) to the nominee.

    FAQs on Bajaj Allianz Smart Protect Plan

    1. What is Free-look Period? 
    If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the premium paid net of any applicable expenses would be returned. To know more about the Free-Look Period, click here.

    2. What is Grace Period?
     In the case of Yearly, Half-yearly, and Quarterly premium payment modes you have a grace period of 30 days from the premium due date. In the case of monthly premium payment mode, the grace period is 15 days. 

    3. What is the Revival Period?
    Once the policy has lapsed, it can only be revived within a revival period of five years from the due date of the first unpaid premium or the end of the Policy Term whichever is earlier.

    4. Are any Riders available?  
    You have the choice of taking the following rider by paying an extra premium amount:
    • Bajaj Allianz Accidental Death Benefit Rider
    • Bajaj Allianz Accidental Total Permanent Disability Rider
    • Bajaj Allianz Critical Illness Rider
    If you have any queries, our IRDA-trained advisor at MyInsuranceClub can help you get them solved. You can Compare Term Life Insurance Plans on MyInsuranceClub.
     
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