Bajaj Allianz Smart Protect Goal Plan
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 |
Death Benefit
Accidental Benefits
Whole Life
Compare this plan with other Term Plans
Key Features
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
Variants
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
How it works
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
Eligibility
| 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 | |
Exclusions
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
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.
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.
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.
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
