As per the company, the scheme allows individuals to tailor their financial needs to achieve a diverse range of life goals early, be it covering a child’s education expenses or going on a vacation.
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Private life insurance company Bajaj Allianz Life Insurance has introduced a comprehensive plan that will allow subscribers unlock guaranteed early income. The plan offers early guaranteed payouts starting as early as the beginning of second policy year.
Bajaj Allianz Life Assured Wealth Goal Platinum Smart Income: Plan features
1) As per the company, the scheme allows individuals to tailor their financial needs to achieve a diverse range of life goals early, be it covering a child’s education expenses or going on a vacation.
2) In addition to providing the primary assurance of life cover, this life insurance plan offers other features as well making it the suitable choice for customers seeking both guarantee and flexibility.
3) The non-linked, non-participating individual life insurance and savings plan presents customers with a distinctive option to utilize early guaranteed income payouts for immediate goals or accumulate the income and take a lumpsum at the maturity of the policy or for adjusting / offsetting their renewal premiums.
4) The product also provides continued income and an enhanced Return of Premium to ensure financial security for the nominee in the unfortunate event of the policyholder’s demise during the income period.
Bajaj Allianz Life Assured Wealth Goal Platinum Smart Income: How it works
The plan works in two simple steps —
a) The user first decides the premium amount and the duration for which they wish to pay it, providing flexibility based on their financial capacity.
b) Then, they choose the income start year and how long they wish to receive the income, allowing them to align the payouts with your specific financial milestones or needs.
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Bajaj Allianz Life Assured Wealth Goal Platinum Smart Income: Key features
1) Early guaranteed income starting as early as beginning of second year.
2) Option to decide your Income start year and Income period.
3) Option to use the early income to pay the renewal premiums or accumulate and take as a lumpsum.
4) Life cover to protect the family against uncertainties
5) Choice of 5 riders-
a)Bajaj Allianz Accidental Death Benefit Rider,
b) Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider,
c) Bajaj Allianz Critical Illness Benefit Rider,
d) Bajaj Allianz Family Income Benefit Rider; and,
e) Bajaj Allianz Waiver of Premium Benefit Rider for comprehensive protection
6) Provision to avail tax benefits as per prevailing tax laws
Bajaj Allianz Life Assured Wealth Goal Platinum Smart Income: Case example
Sachin, a 30-year-old IT professional with a small family wants an investment which will give him an assured early income for long term. He invests Rs 1 lakh per year for 10 years in Bajaj Allianz Life Assured Wealth Goal Platinum – Smart Income. He receives guaranteed early income of Rs 30,000 per year from the beginning of second (2) year till the tenth (10) year. From the beginning of eleventh (11) year until the 40th year, he receives an increased income of Rs 47,750 per year. Additionally, at the end of the income period, he receives an Enhanced Return of Premium (ROP) of Rs 11,00,000.
As per the company, the total premiums paid by Sachin will be Rs 10,00,000 and the total benefits received by him are Rs 28,02,500.
Talking about the product, Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “At Bajaj Allianz Life, our goal is to provide insurance and investment solutions for an expansive and diverse customer segment. There’s a significant segment that seeks stability amidst volatility, coupled with the flexibility, and Bajaj Allianz Life Assured Wealth Goal Platinum is the suitable fit for them.”
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“This policy offers peace of mind for individuals and families navigating today’s economic challenges. They enjoy the best of both worlds – guarantee and flexibility – empowering them to fulfill not only their long-term but also short-term life goals. We will continue to revisit our product portfolio, innovating to stay ahead of the ever-evolving economic environment and customer needs,” he added.
