Bajaj Allianz Life

Bajaj Allianz Life Smart Protect Goal Life insurance

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 (life & health) cover, an all-encompassing term plan is all you need to ensure that your future is secure against the twists and turns of life.

Key Benefits of Bajaj Allianz Life Smart Protect Goal Term Insurance

  • Comprehensive cover:Bajaj Allianz Life Smart Protect Goal offers a complete cover with multiple add-ons and carefully structured variants to meet your unique needs.
  • Competitive premium:Competitive premium with features in keeping with your requirements.
  • Return of premium:Receive the total premiums paid towards the policy at the time of maturity provided, no claim is made
  • Whole life cover:Avail cover till the age of 99 years by paying for a limited term only. Return of Premium option is not available if you opt for a whole life plan.
  • Multiple add-ons:Get multiple add-on covers, like Accidental Death Benefit, Accidental Total Permanent Disability Benefit, Critical Illness cover and Waiver of Premium Benefit, for comprehensive coverage.

Bajaj Allianz Life insurance review

Bajaj Allianz Life
Distribution - Number of branches pan India (March 2019)
604
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
50 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
5/67
Solvency Ratio (FY 2018-19) *
8.04
Number of Policies Sold (Ind+Group) *
311,507
Number of Lives Covered (Ind+Group) **
34,353,869
Claims Settlement Ratio (Ind+Group) ***
99.47%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Bajaj Allianz Life Smart Protect Goal has following combinations of variants, maturity benefit option (ROP), whole life option and Add-on cover (s) to choose from:

  • Life cover
  • Child Education extra cover variant
  • Life cover with joint life variant
  • Increasing life cover variant

Increasing life cover

Entry Age Minimum age is 18 years
Maximum age is 65 years
Maximum age at maturity With ROP - 75 years
Without ROP - 85 years
Whole Life - 99 years
Sum Assured Minimum Sum Assured: 50,00,000
Maximum Sum Assured:As per Board Approved Underwriting Guidelines
Eligibility for Add-On Covers (if opted) with this Variant Minimum age at Entry - 18 years, Maximum age at Entry - 65 years

Child Education extra cover variant

Entry Age Minimum age is 18 years
Maximum age is 65 years
Maximum age at maturity 85 years
Sum Assured Minimum Sum Assured: 50,00,000
Maximum Sum Assured:As per Board Approved Underwriting Guidelines
Maximum age at maturity 80 years

Life cover with joint life variant

Entry Age Minimum age is 18 years
Maximum age is 65 years
Maximum age at maturity 85 years
Sum Assured Minimum Sum Assured: 50,00,000
Maximum Sum Assured:As per Board Approved Underwriting Guidelines

Increasing life cover variant

Entry Age Minimum age is 18 years
Maximum age is 65 years
Maximum age at maturity 85 years
Sum Assured Minimum Sum Assured: 50,00,000
Maximum Sum Assured:As per Board Approved Underwriting Guidelines

Variants under Bajaj Allianz Life – Smart Protection Goal (SPG)

Variants /Benefits Death Benefits Accidental Total Permanent Disability Benefit(ATPDB) Critical Illness Benefit(CIB) Accidental Death Benefit(ADB) Waiver of Premium Benefit(WOPB - I) Waiver of Premium Benefit(WOPB - II) Whole Life Return of Premium(ROP)
Life Cover
Life Cover with Child Education Extra Cover
Life Cover with Joint Life
Increasing Life Cover
  • WOPB – II {CI (Incl ATPD)/Death} is applicable on Life Assured and not on the Spouse
  • If Whole Life is opted for, then ROP is not available
  • If CIB is opted for, then ATPDB is not available and vice versa
  • The cover period for CIB / WOPB will always be equal to CIB / WOPB Premium Payment Terms respectively
  • However, the cover period and Premium Payment Term for CIB can be less than or equal to the Variant Premium Payment Term
  • The Policy Term and Premium Payment term of all other Add-on Covers (except CIB and WOPB) can be less than or equal to the Policy Term and Premium Payment Term of the variant respectively.

Other Terms & Conditions

Surrender Benefit
Surrender Value is available, subject to below conditions –
  • For Regular premium with ROP, if at least two (2) full years’ premiums under a policy are paid
  • For Limited premium –
    • with ROP only if at least two (2) full years’ premiums under a policy are paid
    • without ROP option only after the premium payment term
  • For single premium with/without ROP anytime
Free Look Condition
Within fifteen (15) days of the receipt of the Policy and thirty (30) days in case of electronic Policy & Policy obtained through distance mode, the insured may, if dissatisfied with any of the terms and conditions for any reason, provided no claim has already been made on the Policy, cancel the same and have a full refund.

High Sum Assured Rebate (HSAR)
  • HSAR will be applicable on your premium with respect to Sum Assured chosen for Life Cover.
  • This rebate will be applied on your premium for every additional ₹1 lacs increase in Sum Assured over and above ₹50 Lacs and will be based on variant, smoker categorization, Sum Assured slab for each age and policy term. HSAR is not applicable for Sum Assured above ₹3 cr.
Female Life Rebate
Premium rate applicable to female life will be based on the premium rate of 3 years younger male.

Suicide Claim Provisions
If the life assured commits suicide, within 12 months from the date of commencement of risk or the date of latest revival of the policy, whichever is later, the higher of 80% of the total premiums paid or the surrender value as on the date of death will be paid as death benefit, provided the policy is in force.

Grace Period for Regular & Limited premium payment
Thirty (30) days for frequencies other than monthly and fifteen (15) days for monthly frequency. During the grace period, you will be covered for the contingent events in the variant & the Add-on Cover/s chosen. On the occurrence of the contingent event during the grace period, the due-but-unpaid premium/s will be deducted from the benefit payable.

Waiting Period
For Minor / Major CI conditions: A waiting period of 180 days is applicable from the date of issue of policy or date of revival or reinstatement whichever is later.

Survival Period
14 days survival period from the date of diagnosis of any CI conditions covered under the plan, unless a separate Survival Period is specified for any particular disease/condition.

Cooling Period
Up to four (4) Minor CI conditions can be claimed over the term of the policy subject to Cooling-off period of 180 days. Cooling-off period of 180 days applies from date of diagnosis of one (1) Minor stage CI condition to the date of diagnosis of another Minor stage CI condition. However, Cooling-off will not apply in case of diagnosis of any Major stage condition claim following a claim made for a Minor stage condition.

Policy Loan
Policy Loan is not available
Exclusions
A) Accidental Death:
The accidental death benefit will not be payable in the following situations:
  • Death occurs as a result of the insured person committing any breach of law with criminal intent
  • Death as a consequence of the insured person being under the influence of alcohol or drugs other than in accordance with the directions of a registered medical practitioner.
  • Death as a result of self-inflicted injuries.
  • Death occurs as a result of the insured person taking part in any naval, military or air force operation during peace time
  • Death occurs as a result of the insured person participating in or training for any dangerous or hazardous sport or competition or riding or driving in any form of race or competition
  • Death occurs as a result of suicide
  • Death occurs as a result of aviation, gliding or any form of aerial flight other than as a fare paying passenger of a recognized airline on regular routes and on a scheduled timetable
  • Death occurs as a result of war, invasion, civil war, rebellion, riots.
  • Failure to follow medical advice
  • Nuclear Contamination; the radio-active, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature
B) Accidental Total Permanent Disability:
The Accidental Permanent Total Disability will not be payable in the following situations:
  • Disability as a result of the insured person committing any breach of law with criminal intent;
  • Disability of insured person as a result of war, invasion, civil war, rebellion or riot;
  • Disability as a consequence of the insured person being under the influence of alcohol or drugs other than drugs prescribed by and taken in accordance with the directions of a registered medical practitioner;
  • Disability as a result of the insured person taking part in any naval, military or air force operation;
  • Disability as a result of the insured person participating in or training for any dangerous or hazardous sport or competition or riding or driving in any form of race or competition;
  • Disability of insured person as a result of aviation, gliding or any form of aerial flight other than as a fare paying passenger on a civilian airline plying on regular routes and according to a scheduled timetable;
  • Disability of insured person as a result of attempted self-injury
  • Disability of insured person as a result of poison, gas or fume (voluntary or involuntarily, accidentally or otherwise taken, administered, absorbed or inhaled)
  • Failure to follow medical advice
  • Nuclear Contamination; the radio-active, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature
C) Critical Illness and Waiver of Premium on CI Benefit:
The Critical Illness benefit shall not be paid in the event of any claim occurring directly or indirectly as a result of any of the following:
  • If the diagnosis of such Critical Illness was made within 180 days of the start of coverage (i.e. during the waiting period). This would not be applicable on consecutive renewal of the Critical Illness cover for the member with the company;
  • If the insured dies within the survival period as per definition from date of the diagnosis of the covered CI;
  • Intentional self-inflicted injury, suicide or attempted suicide,
  • For any medical conditions suffered by the life assured or any medical procedure undergone by the life assured, if that medical condition or that medical procedure was caused directly or indirectly by influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescriptions of a registered medical practitioner.
  • Engaging in or taking part in hazardous activities*, including but not limited to, diving or riding or any kind of race; martial arts; hunting; mountaineering; parachuting; bungee-jumping; underwater activities involving the use of breathing apparatus or not;
  • Hazardous Activities mean any sport or pursuit or hobby, which is potentially dangerous to the Insured Member whether he is trained or not;
  • Participation by the insured person in a criminal or unlawful act with criminal intent;
  • For any medical condition or any medical procedure arising from nuclear contamination; the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature;
  • For any medical condition or any medical procedure arising either as a result of war, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, terrorism, military or usurped power, riot or civil commotion, strikes or participation in any naval, military or air force operation during peace time;
  • For any medical condition or any medical procedure arising from participation by the insured person in any flying activity, except as a bona fide, fare-paying passenger and aviation industry employee like pilot or cabin crew of recognized airline on regular routes and on a scheduled timetable.
  • Any External Congenital Anomaly which is not as a consequence of Genetic disorder
  • Failure to follow medical advice

Brochure

Review Bajaj Allianz Life Smart Protect Goal Plan Insurance brochure to understand coverage details.

Know more »

Policy wordings

Review Bajaj Allianz Life Smart Protect Goal Plan Insurance policy wordings which explains the terms and conditions.

Know more »

Search for Bajaj Allianz Term Life insurance

-

ONLINE CHAT

CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025