Bajaj Allianz Life POS Goal Suraksha Insurance

Advantages of POS Goal Suraksha

Guaranteed Maturity Benefit
On the maturity date, if all premiums are paid, the Guaranteed Sum Assured on Maturity plus Guaranteed Additions, under your policy, will be paid and the policy will terminate.

Limited Premium Payment Term
In a limited premium payment term insurance policy, the premium payment term is always lower than the policy term. Therefore, this means that you will not have to pay premiums for the entire duration of the policy. However, you will continue to enjoy the benefits of the life cover until the end of the policy term.

Option to take Policy Loan
You may avail loan under your policy, provided that your policy has acquired a surrender benefit. The maximum loan amount granted (cumulatively) shall be up to 75% of the surrender benefit available under your policy as on date of the loan request being considered. Loan interest rate applicable currently is 9% per annum compounding half-yearly, however the loan interest rate may be revised by the company from time-to-time.

Offers Guaranteed Additions at Maturity
On maturity date, if all due premiums have been paid, Guaranteed Additions as a multiple of one Annualized Premium will be paid along with the maturity benefit.

Option to alter Premium Payment Mode
Policyholders can change the frequency of premium payment at any time, regardless of whether it is regular or limited; change in premium payment frequency will be done subject to conditions.

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.

Other Policy Terms & Conditions

Grace Period	For yearly, half yearly and quarterly payments, the grace period is 30 days and for monthly payment of premium, 15 days of grace period is given under the policy from the due date of payment of regular premium.
Free look Period	The customer may cancel the policy with a written notice along with reasons for cancellation and return the policy documents to the company within 15 days of the receiving the policy, and within 30 days if the policy has been received electronically and through other distance modes. The company will refund all the premiums paid, excluding the taxes applicable minus the proportionate amount of risk premium during the period when the insurance was not cancelled and the company incurred any expenses in respect of stamp duties and medical examination. Also, there should be no claim made on policy.
Foreclosure	If the policy is paid-up and the insured has taken loan and the surrender benefit is exceeded by the outstanding loan with interest, the outstanding loan will be adjusted against the surrender value and after notifying the insured, the policy will be foreclosed with no further benefits payable under the policy.
Policy Revival	If the policy lapses or is in paid-up status because of premium non-payment, subjected to the following conditions, the policy can be revived. Revival application should be made within two years from the due date of the premium first unpaid. Submission of satisfactory proof of good health at own expenses. The premium arrears are paid along with interest, the company decides from time to time along with taxes applicable. The revival policy may differ from those applicable before the policy lapsed or before the policy became paid-up. This is based on the approved guidelines of the prevailing board of the company. The revival process shall begin on specific communication about the revival of the policy by the insured to the company. Revival of the policy depends on the approved guidelines of the prevailing board of the company who has the right to refuse revival as per the current guidelines. The amount deposited for the purpose of the revival will be refunded. The sum assured, guaranteed sum assured upon maturity and guaranteed additions, sum assured on death which prevailed before the policy lapsed will be reinstated.
Termination	On the occurrence of the following, the policy will be terminated automatically- The surrender benefit has been paid If the policy has lapsed and has not been revived, the risk cover will be immediately terminated after policy has lapsed at the expiry of the revival period. In case of death of the insured In case of maturity The policy will be terminated on foreclosure date, if the surrender value is exceeded by the outstanding loan with interest under paid-up policy. Cancelling policy during the Free Look period.
Documents Required	Properly filled Proposal form Photograph Age Proof Identity Proof Address Proof

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.