Earn interest up to 7.75% p.a. by investing in a Bajaj Finance Fixed Deposit | Stable Rating - CRISIL’s FAAA & ICRA’s MAAA

Guaranteed Income Goal Plan

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

What is a Guaranteed Income Goal Plan?

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.

How Does a Guaranteed Income Plan Work?

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.

Features & Benefits of Guaranteed Income Goal

  • Income Benefit

    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.

  • Choice of Two Variants

    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.

  • Lumpsum Benefit

    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.

  • Extended Life Cover

    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.

  • Multiple Premium and Policy Terms

    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.

  • Loan Against the Policy

    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.

Who Should Buy a Guaranteed Income Goal?

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.

Eligibility Criteria & Documentation

Eligibility Criteria
  • Age while buying the policy should be between 6 to 60 years
  • Age at maturity should be between 18 to 72 years (the maximum maturity age does not include the extended life cover option or income period)
  • Minimum sum assured is ₹1,00,000
  • Tenor of the policy is 5, 7, 10, 12, 15 and 20 years
  • Premium payment term is 5, 7, 8, 10, and 12 years
Documents Required to Buy an Guaranteed Income Goal Plan
  • ID Proof
  • Age Proof
  • Address Proof
  • Recent Photograph

Note:

For Lump-sum Benefit:

  • Tenor of the policy is 10, 12, 15 and 20 years
  • Premium payment term is 5, 7, 8, 10, and 12 years

For Income Benefit:

  • Tenor of the policy is 5, 7, 10 and 12 years
  • Premium payment term is 5, 7, 10 and 12 years

Exclusions of Guaranteed Income Goal Plan

  • 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 Details of Guaranteed Income Goal Plan

Mode

Premium Amount (Minimum)

Lump Sum Benefit

Income Benefit

Yearly

₹22,885

₹28,822

Half-Yearly

₹11,656

₹14,699

Quarterly

₹5,942

₹7,494

Monthly

₹2,057

₹2,594

Revival Terms of Guaranteed Income Goal Plan

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

Termination of Guaranteed Income Goal

Let’s understand the conditions applicable to the termination of the risk cover and the insurance policy below:

Termination of Risk Cover

  • 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

Termination of Insurance Policy

  • 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

  • Download
  • Bajaj Allianz Life Guaranteed Income Goal Brochure

Claim Process

Filing claims was never so easy. Just follow these steps and you are done:

  • 1

    Begin by registering your claim online

  • 2

    Next, upload the required documents

  • 3

    The insurer will assess your claim

  • 4

    Claim Decision

Why Choose Finserv MARKETS for Guaranteed Income Goal?

Instant Policy Issuance

Finserv MARKETS makes it easy to buy your guaranteed income endowment plan through quick and easy steps online.

Trusted Partner

Bajaj Allianz Life is a trusted insurance partner as it holds a high claim settlement ratio and promises to settle your claims instantly.

Minimal Paperwork Involved

Buying a guaranteed savings endowment policy online at Finserv MARKETS is a hassle-free process, with minimal paperwork and documentation.

To Conclude

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.

FAQs on Guaranteed Income Goal Plan

  • ✔️Can I opt-in or opt-out of the Extended Life Cover feature in the Guaranteed Income Goal Plan by Bajaj Allianz?

    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.

     

  • ✔️When can I surrender my Bajaj Allianz Guaranteed Income Goal Plan?

    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.

  • ✔️Is it possible to take a loan against the policy during the Extended Life Cover 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.

  • ✔️Which is better, lump-sum benefit or income benefit variant?

    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.

  • ✔️How can I purchase the Bajaj Allianz Guaranteed Income Goal Plan at Finserv MARKETS?

     

    • 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

  • ✔️Are there any add-on covers available with this product?

    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

Guaranteed Income Goal Reviews

Guaranteed Income Goal Reviews

4.1out of 5

5 reviews

Happy with the guaranteed income plan

When I was collecting funds for my long-term goal of buying a new house, a plan like the one at Finserv MARKETS grabbed my attention due to its benefits like tax benefits and guaranteed income. Moreover, getting it through Finserv MARKETS was far easier.

Helped me Save for my Big Dream

Guaranteed Income Goal helped me save for my dream House through its guaranteed income and guaranteed benefits. Thanks to Finserv MARKETS, I came across this great plan.

A savings plan that gave me credit benefits too!

Guaranteed Income Goal is not just a great income generating endowment plan, but it also allows to avail a loan during the policy tenure. Great product!

Flexible plan

When I was looking for a savings plan, I wanted a one that could offer flexibility as per my future goals. Thankfully, Guaranteed Income Goal on Finserv MARKETS gave me a choice of two variants. I could choose to receive the maturity benefit as a one-time payout or as an income benefit.

Perfect plan for planning future goals!

I needed an investment plan that could work as an income plan and allow me to earn tax benefits. When I was looking for such a guaranteed income plan, I came across the one on Finserv MARKETS. The plan details were well-explained and the process of getting it was also very simple!