Enjoying your life to the fullest and giving your family the best life involves the fulfilment of critical milestones like buying your dream home, taking care of your child’s education and marriage, and saving up for life’s second innings – retirement. With such non-negotiable goals, it is important to go ahead with the right financial backing and ample savings for the future you desire
It’s no news that financial planning begins with the right financial decisions, like investing in a guaranteed income plan. This income plan comes with a host of benefits including an option to enjoy guaranteed policy benefits either as a lump sum or in instalments. With assured benefits like an optional guaranteed increasing income and extended life cover, a Guaranteed Income Goal Plan helps you turn your dreams into reality. Bajaj Allianz Life Guaranteed Income Goal is one such non-linked, non-participating endowment plan. Let us understand this policy further in detail.
Guaranteed Income Plan enables you to fulfil your short-term as well as long-term financial goals with the help of two payout variants. These include the lump-sum benefit and the income benefit. If the insured opts for the lump sum benefit option, a pre-decided corpus shall be paid out on maturity of the Bajaj Allianz Guaranteed Income Goal Plan. The maturity amount payable depends on the policy period and the premium payment term that you have chosen.
For the income benefit option, you shall receive the maturity payout as per the premium payment term of your Bajaj Allianz Guaranteed Income Goal Plan. Thus, you can select a suitable instalment period from monthly, quarterly, half-yearly, and yearly options as per your future goals.
Furthermore, you can choose the Extended Life Cover feature to avail insurance coverage beyond the policy period at the time of purchase. So, your loved ones are taken care of in your absence and have financial independence due to the Guaranteed Monthly Income Plan.
Guaranteed Income Goal Endowment Plan offers a specific percentage of the sum assured as guaranteed income for a duration equal to the time you have paid your premiums. You, as the policyholder, receive this benefit after your policy’s maturity. Such an assured income enables you to create a corpus to achieve your short-term and long-term future goals with ease. Additionally, you can avail this benefit in yearly, half-yearly, quarterly, or monthly instalments.
As mentioned above, the Guaranteed Income Goal comes in 2 variants. You, as a policyholder, can either choose to receive the maturity benefit amount as a one-time lump-sum payout or as an income benefit paid to you over time, helping you achieve your life goals.
Guaranteed Maturity Benefit is paid as a lump-sum payout that will be greater than your sum assured by a certain percentage depending on the policy term and premium payment term chosen.
If you choose the extended life cover option, you can enjoy the plan beyond the policy term. You can be assured that your beneficiary is secure even if the policy period has lapsed. The nominee receives the death benefit amount as financial support under this plan.
Achieving your goals and aspirations requires a flexible savings endowment plan. Bajaj Allianz Life Guaranteed Income Goal comes with multiple policy terms and premium paying term combinations that help you plan for any medium to long-term life goals.
Guaranteed Income Goal is a savings plan that enables you to seek a loan during the policy period. To enjoy this benefit, you need to ensure that your plan has acquired a surrender value, i.e. if you have paid premiums for at least 2 full years.
Preparing to meet your future needs involves sheer financial stability and investment in the right financial tool. A guaranteed income plan is an ideal insurance instrument for people who are looking forward to building and maintaining a substantial corpus for their future.
Bajaj Allianz Guaranteed Income Goal is an assured income plan that helps you if you wish to receive a regular monthly income, in the chosen period of time.
If you are a keen aspirant yet struggle with maintaining savings and are likely to require a lump-sum amount for your future, a secure income plan is what you need!
If you wish to begin early and plan for your family’s future financial needs, which include your child’s education, buying your dream home, etc., a guaranteed income plan should suffice the need.
Suicide: In case the policyholder dies due to suicide in the first year of the policy, the one claiming the policy shall be entitled to receive a payout. The amount shall be higher than 80% of the total premiums paid till the date of death or the surrender benefit available as on the date of death if the plan is in force.
Premium Amount (Minimum)
Lump Sum Benefit
You can easily revive your Bajaj Allianz Life Guaranteed Income Goal Plan to continue enjoying its features subject to certain conditions. These include:
The application to revive the Guaranteed Income Goal Plan must be made before maturity and within 5 years since the last unpaid premium due date
The policyholder needs to submit satisfactory evidence of their health to the insurance provider at their own expense
The revival of your Guaranteed Income Insurance Plan shall be based on the prevailing board approved underwriting guidelines. Thus, the terms for revival can be different from those applicable to the plan before it became paid up or lapsed
The insurance policy shall be revived only if the insurance company has specifically communicated it to you
The insurance provider can refuse to revive your plan based on the prevailing underwriting guidelines. In this case, the amount deposited for the revival of the policy shall be refunded
If the Guaranteed Income Goal Plan is revived, the sum assured on death and maturity, and other features of policy will be reinstated
Let’s understand the conditions applicable to the termination of the risk cover and the insurance policy below:
If the insurance policy lapses at the end of the grace period
On maturity of the income benefit insurance variant, in case the Extended Life Cover feature wasn’t chosen
In case of death of the insured under the income benefit insurance variant
Payment of surrender benefit of the plan
On the expiry of the revival period, in case the lapsed policy hasn’t been revived
On foreclosure of the insurance plan
In case of death of the insured, except for the policyholders covered under the income benefit insurance variant
On maturity of the lump-sum benefit insurance variant
At the end of the Extended Life Cover period in case the insured had opted for it
On cancellation of the plan after the free look period
On payment of the paid-up or last guaranteed maturity instalment under the income benefit insurance variant
Filing claims was never so easy. Just follow these steps and you are done:
Finserv MARKETS makes it easy to buy your guaranteed income endowment plan through quick and easy steps online.
Bajaj Allianz Life is a trusted insurance partner as it holds a high claim settlement ratio and promises to settle your claims instantly.
Buying a guaranteed savings endowment policy online at Finserv MARKETS is a hassle-free process, with minimal paperwork and documentation.
A Guaranteed Income Goal plan is a traditional endowment policy that offers maturity-cum-life-cover benefits. Along with helping you generate wealth, it also offers a death benefit to the policyholder’s nominee. If you are looking for a low-risk savings plan that offers dual benefits of insurance and savings, you must check out the Bajaj Allianz Life Guaranteed Income Goal available at Finserv MARKETS. We ensure instant policy issuance with minimal documentation. You must also check out the Bajaj Allianz POS Goal Suraksha plan if you have a low-risk appetite.
No. The Extended Life Cover feature must be chosen at the time of purchase of the Guaranteed Income Goal Policy. Moreover, you cannot opt-out of the Extended Life Cover option during the policy period.
You can surrender the Bajaj Allianz Guaranteed Income Goal Plan anytime during the policy term for the lump-sum benefit variant. However, for the income benefit variant, you can surrender the plan anytime up to the end of the guaranteed maturity instalment period.
If you have opted for the Extended Life Cover option, you cannot take a loan during this period. The loan against policy feature can only be availed during the policy term.
The type of insurance variant you should purchase depends on your financial goals. The income benefit variant is ideal to fulfil short-term as well as long-term goals. Whereas the lump-sum benefit variant enables you to get a lump sum corpus on the maturity of the plan.
Go to the ‘Savings Plan’ section on Finserv MARKETS
Click on Save Now
You will be redirected to the product buying journey
Input the necessary information required on the page
Select the plan variant, premium payment term, sum assured and other such plan details
Review the policy terms and conditions
Pay the premium online
You shall receive the policy on your registered email ID
Bajaj Allianz Life Guaranteed Income Goal comes with five add-on covers that help you enhance the insurance cover and meet your life goals at a nominal extra cost:
Bajaj Allianz Accidental Death Benefit Rider
Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider
Bajaj Allianz Critical Illness Benefit Rider
Bajaj Allianz Family Income Benefit Rider
Bajaj Allianz Waiver of Premium Benefit Rider