India's 1st IRDAI Approved Insurance Web Aggregator

Bajaj Allianz Life Smart Protect Goal Plan

  •  views
  •  views

Smart Protect Goal Plan Summary

Smart Protect Goal Plan from Bajaj Allianz Life Insurance is a pure term insurance plan with options which make the protection more comprehensive. Apart from life cover, it offers health protection, return of premiums and more options through riders.

We will understand these options in detail in the sections below.
 
Plan Type Unique Identification Number (UIN)
Term Insurance 116N159V01


Variants & their Benefits in Bajaj Allianz Smart Protect Goal Policy

The plan has 4 variants to choose from:
  1. Life Cover
  2. Life Cover with Child Education Extra Cover
  3. Life Cover with Joint Life
  4. Increasing Life Cover
Other flexibility and features of this plan:
  • There is a Return of Premium Option in this plan
  • You have the option to cover yourself till the age of 99 years
  • You can pay premiums as Single, Limited & Regular Pay
  • Add-on covers are available
    • Accidental Death Benefit (ADB)
    • Accidental Total Permanent Disability Benefit (ATDB)
    • Critical Illness Benefit (CIB)
    • Waiver of Premium Benefit (WOPB)
Now let us understand how each of these variants work.


Life Cover Variant

In case of death of the policyholder at any time during the policy term, the Sum Assured on Death will be paid to the nominee.

Sum Assured on Death is defined as the following:
  • For Regular Premiums & Limited Premium Options, it is the highest of
    • Sum Assured
    • 10 times the Annualized Premium
    • 105% of total premiums paid
  • For Single Premium, it is the highest of
    • Sum Assured
    • 1.25% of Annualized Premium

You can pay the premiums as follows:
 
  1. Regular Pay - you pay premiums every year throughout the policy term
  2. Limited Pay - you pay premiums only for a certain years, but cover will continue till the end of the policy term
  3. Single Pay - You pay premiums only once

In the plan variant, you can also opt for the following:
 
  • Whole Life Cover - Cover till the age of 99 years. You premium payment option will be Limited Pay though
  • Return of Premiums - In case no claims have been made in the plan, the premiums paid by you will be returned on Maturity. This option is not available with the Whole Life Cover

Additionally, you can opt for the following Add-on covers too:
  • Accidental Death Benefit (ADB) - In case of death due to an accident, the amount of cover chosen in this cover will be paid additionally
  • Accidental Total Permanent Disability Benefit (ATDB) - In case of total & permanent disability due to an accident, the amount of cover chosen in this cover will be paid additionally
  • Critical Illness Benefit (CIB) - On diagnosis of any Critical Illness listed in this plan, the additional cover chosen will be paid. The payouts vary depending on whether the Critical Illness is Major or Minor. You can check the List of Critical Illnesses Covered under this plan. The premium for this cover is fixed for 5 years and may be reviewed after that.
    • In case of a Major Critical Illness, 100% of the CI Benefit is payable
    • In case of a Minor Critical Illness other than Angioplasty, 25% of the CI Benefit is payable
    • For Angioplasty, lower of 5 lakhs or 25% of the CI Benefit is payable
    • A maximum of 4 Minor Critical Illnesses including Angioplasty is payable 
  • Waiver of Premium Benefit (WOPB) - In case of occurrence of the 1st Major Critical Illness or the 4th Minor Critical Illness, all future premiums will be waived. The premium for this cover is fixed for 5 years and may be reviewed after that.

Child Education Extra Cover Variant

In this variant, you can take an additional cover anywhere between 10% to 100% of your base cover to take care of your child’s education expenses, in case of death of the policyholder.
  • This extra cover is called the Child Education Extra Cover (CEEC)
  • This option has to be opted at inception of the plan
  • You can opt for this for more than 1 child

All options and Add-ons which are available with the Life Cover Variant are available with this variant too.

Life Cover with Joint Life Cover Variant

In this variant, you can take an additional cover for your spouse as well. The only Add-on cover that can be opted in this plan is the WOPB.
The rest of the plan working is exactly as the Life Cover variant.

Increasing Life Cover Variant

In this variant, the cover increases with every policy year. You can take a maximum of 2 times your base cover. It is a good option to automatically increase your life cover with age and income increase. The only Add-on cover that can be opted in this plan is the WOPB.

The rest of the plan working is exactly as the Life Cover variant.


Summary of Bajaj Allianz Smart Protect Goal Policy

The standard conditions of life insurance policies are applicable. It is best to go through the policy brochure before making the purchase.
No loans are available in this plan.
The plan, along with its variants, offer comprehensive coverage and flexibility with competitive pricing. 

If you have questions on this plan, please drop a comment and we will get back to you. 
 
Compare Term Plans

Leave a Comment

Term Insurance Calculator
Important: Insurance is the subject matter of solicitation | © 2009-2021 MyInsuranceClub.com