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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
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
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.
