Benefits of Bajaj Allianz Life POS Goal Suraksha
Bajaj Allianz Life POS Goal Suraksha comes with a lot of benefits that enable maximum advantage for the customers. The key benefits include:
Maturity Benefits
If all the premiums are paid on the date of maturity, the guaranteed sum assured under the policy will be paid to the customer along with Guaranteed Additions and the policy shall be terminated upon the payment of the maturity benefit.
Death Benefits
In case of death of the insured due to any cause, after the waiting period or in case of the death of the insured during the waiting period, due to an accident, the death benefit will be paid to the nominee or the beneficiary. The death benefit is thus called Sum assured on death and is paid when the policy is in force and all the premiums have been paid. The sum assured on death will be higher of:
- 10 times of the Annualized premium
- 105% of the total premiums paid till the date of the death
- Sum assured under the policy
- Minimum guaranteed sum assured on maturity
- Any absolute amount assured to be paid on death
In case the death of the insured is caused by anything other than accident during the waiting period, the death benefit is paid to the nominee or the beneficiary which is 100% of the total premiums paid till date, excluding any Good & service tax or any extra premium and upon the payment of the death benefit, the policy will be terminated.
Guaranteed Additions
If all the premiums have been paid on maturity date, Guaranteed additions will be paid along with maturity benefits, as a multiple of one annualized premium. The guaranteed additions are not paid in case of paid up policy or in case of a lapsed policy.
Surrender Benefit
The policy is made flexible when it comes to surrendering Bajaj Allianz Life POS Goal Suraksha. The process includes:
- One can surrender the policy anytime
- Surrender benefit under the policy will be given if: i. Premiums for at least two full years have been paid with PPT less than 10 years, under the policy ii. Premium for at least three years have been paid with PPT less than 10 years, under the policy
- Surrender amount will be higher of Special Surrender value or Guaranteed Surrender value under the policy
- The risk cover is also be terminated on the date of the surrender of the policy and on the date when the surrender benefit is paid off, the policy will be terminated.
Tax benefits
Subjected to the provisions of the Income Tax Act, the maturity benefit, surrender benefit, premium paid and death benefit may be eligible for tax exemption. The tax benefit should only be claimed after consultation with the tax consultant for eligibility.
Eligibility Criteria of Bajaj Allianz Life POS Goal Suraksha Insurance
The eligibility criteria for this plan includes:
Parameters |
Details |
Minimum Entry Age |
18 years |
Maximum Entry Age |
55 years |
Minimum Age at Maturity |
28 years |
Maximum Age at Maturity |
65 years |
Policy Term (PT) & Premium Payment Term (PPT) |
PT (In years) |
10 |
15 |
20 |
PPT (In years) |
7 |
5, 7, 8, 10 & 12 |
5, 7, 8, 10 & 12 |
|
Minimum Premium |
Mode |
Yearly |
Half-Yearly |
Quarterly* |
Monthly* |
Premium (Rs.) |
3,000 |
2,100 |
1,250 |
450 |
|
Maximum Premium |
As per Maximum Sum Assured |
Minimum Sum Assured |
Rs. 30,000 |
Maximum Sum Assured |
Rs. 25,00,000 |
Premium Payment Frequency |
Yearly, Half yearly, Quarterly* and Monthly* |
Exclusions of Bajaj Life POS Goal Suraksha
Suicide Exclusions
If the insured, whether insane or sensible, commits suicide within 12 months from the date the policy was taken or from the date when the policy was revived, the liability of the company is limited to the below mentioned amounts.
- 80% of the premiums paid regularly from the date of policy inception to the date of death of the insured. OR
- Amount higher than 80% of the premiums paid regularly and the surrender benefit from the date of the latest revival of the policy to the date of death of the insured by suicide.
- Outstanding loan and interest on the loan will be deducted from the benefit payable.