Guaranteed Income Goal Endowment Plan
Enjoying your life to the fullest and giving your family the best life involves fulfillment 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 a right financial backing and ample savings for the future you aspire. Right financial planning begins with right financial decisions, like investing in a guaranteed income plan. Bajaj Allianz Life Guaranteed Income Goal is one such non-linked, non-participating endowment plan. This income plan comes with a host of benefits including an option to enjoy guaranteed policy benefits either as lumpsum or in installments. With assured benefits like an optional guaranteed increasing income and extended life cover, Guaranteed Income Goal helps you bring your dreams to reality.
Features & Benefits of Guaranteed Income Goal
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Income Benefit
With Guaranteed Income Goal Endowment Plan, you get a specific percentage of sum assured as guaranteed income for a period equal to the time you have paid your premiums. You will receive this benefit after your policy’s maturity. Such a certain income enables you to create a corpus to achieve your short-term as well as long-term future goals with ease. Additionally, this benefit can be chosen for yearly, half yearly, quarterly or monthly installments.
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Choice of Two Variants
Guaranteed Income Goal comes with the option of two variants. Depending on your life goals and aspirations, you can choose to receive the maturity benefit amount as a one-time lump-sum payout or as an income benefit that is paid to you over a period of time, helping you achieve your life goals.
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Lumpsum Benefit
Guaranteed Maturity Benefit is paid to you as lumpsum payout which will be an amount that is greater than your sum assured by the percentage depending on the policy term and premium payment term chosen.
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Extended Life Cover
If extended life cover is chosen, your life cover is extended beyond the policy term for an extended Life cover period chosen. With this feature, you can rest assured that your nominee will receive the death benefit amount for a longer period of time.
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Multiple Premium and Policy Terms
Achieving the goals and aspirations of your choice 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 life goals of any medium to long-term span.
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Loan against the policy
Guaranteed Income Goal is a perfect savings plan that allows you to avail a loan during the policy term. You can enjoy this benefit if your plan has acquired a surrender value, i.e. if you have paid premiums for at least 2 full years.
Who should buy 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 build and maintain 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 keen aspirant yet struggle with maintaining savings and are likely to require a lumpsum amount for your future, a secure income plan is what you need!
If you wish to begin early and plan for your and your family’s financial future needs including your child’s education and marriage, buying your dream home, and more, a guaranteed income plan should suffice the need.
Tax Benefits for Guaranteed Income Goal
Not just savings and guaranteed corpus for retirement, guaranteed income insurance plans also let you save up on taxes. Like all other life insurance products, the Bajaj Allianz Life Guaranteed Income Goal Endowment plan also comes with tax benefits. You can enjoy tax benefits under section 80C on the premiums paid and, on maturity, death and surrender benefit under section 10(10)D of the Income Tax Act.
Why Choose Finserv MARKETS for Guaranteed Income Goal?
Eligibility Criteria & Documentation
- Age while buying the policy should be between 18 to 55 years
- Age at maturity should be between 28 to 65 years
- Minimum annual premium amount should be Rs. 3000.
- Sum assured ranges from Rs 3,00,000 to Rs. 10,00,000.
- Tenure of the policy is 10 years or 15 years.
- Premium payment term is 5,7,10,12 years.
- ID Proof
- Age Proof
- Address Proof
- Recent Photograph
Note:
Lumpsum Benefit-
- Tenure of the policy is 5 or 7 or 10 or 12 years
- Premium payment term is 5,7,10,12 years
For Income Benefit-
- Tenure of the policy is 10 or 12 years
- Premium payment term is 5,7,10,12 years
Exclusions
Suicide Exclusions
In case the policy holder was to die due to a suicide in the first year of the policy, the one claiming the policy shall be entitled to receive, the higher of 80% of the total premiums paid till the date of death or the surrender benefit available as on the date of death of the policy holder.
Claim Process
Filing claims was never so easy. Just follow these steps and your're done.
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1
Begin by registering your claim online
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2
Next, upload the required documents
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3
The insurer will assess your claim
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4
Claim Decision
If you are looking for a low risk savings plan which offers benefits of both insurance and savings, you can also check out the Bajaj Allianz POS Goal Suraksha plan at Finserv MARKETS.
FAQs on Guaranteed Income Goal Plan
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✔️By how much can I extend the life cover for?
The option of Extended Life Cover (ELC) lets you extend the life cover after the policy term. This extension will be for a period equal to the Premium Payment Term (PPT) of your policy. For example, if you purchased Bajaj Allianz Life Guaranteed Income Goal with premium paying term of 5 years and a policy term of 10 years along with the ELC option, you will get additional life cover for 5 years after policy term. You can opt for ELC only at the time of inception of this guaranteed income plan. -
✔️Can I buy it in the name of my minor child?
Yes, you can purchase this guaranteed income plan in the name of your minor child provided he/she is more than six years of age. -
✔️Can I choose to change from Lumpsum Benefit option to Income Benefit option and vice versa in the middle of the policy period?
No, you can opt for Lumpsum Benefit and Income Benefit variant only at the time of buying the policy. It is not possible to convert from one variant to another during the policy term of this guaranteed income plan. -
✔️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 -
✔️Do you get a Loan against the policy?
Guaranteed Income Goal is a perfect savings plan that allows you to avail a loan during the policy term. You can enjoy this benefit if your plan has acquired a surrender value, i.e. if you have paid premiums for at least 2 full years.
