Endowment plans such as Bajaj Allianz Life POS Goal Suraksha allow the benefit of life insurance, whilst also proving to be an avenue to save. Let’s look to understand what this endowment plan is all about, and assess what its various features and offers are.
To understand how the Bajaj Allianz Life POS Goal Suraksha plan works, we must first understand how an endowment insurance plan generally works.
Endowment plans are for the most part, very similar to life insurance policies. You pay a premium that entitles you to life insurance coverage until a certain point in time. If you pass away during this period, the life insurance death benefit is provided to your family or beneficiaries. However, endowment plans such as the Bajaj Allianz Life POS Goal Suraksha also have another benefit in that they allow you to generate savings. Here’s how it works.
When you invest in an endowment plan such as the Bajaj Allianz Life POS Goal Suraksha, your premium is split into two portions. While one portion is allocated towards your life insurance fund, the remaining sum of money is put towards your savings. The plan offers you a unique benefit because if you outlive the term of the policy, you receive all your premium payments back in full, with the addition of any bonuses if applicable.
A life insurance policy ensures that your family is able to live without financial burden even in your absence. Should something unfortunate happen to you during the term of the policy, a death benefit will be paid out to your beneficiaries to enable them to live a dignified life.
As an endowment plan, the Bajaj Allianz Life POS Goal Suraksha channels a portion of your premium payments into a low-risk savings plan. Thus as you invest in your life insurance, you are also investing in your future wealth.
With the Bajaj Allianz Life POS Goal Suraksha benefits you can avail of tax savings under section 80C of the IT act, and death and maturity payouts can be claimed under Section 10(10D) of the IT act
As part of the Bajaj Allianz Life POS Goal Suraksha benefits, if something were to happen to you, your loved ones will receive a death benefit payout from the Bajaj Allianz Life POS Goal Suraksha plan.
If you outlive the policy and do not claim it, a lump sum in the form of a maturity benefit is paid out.
You can surrender the policy at any time. However, you will receive a surrender benefit only if at least two years' worth of premiums have been paid in full. The surrender benefit you receive will depend on the nature of your plan and the number of years into your policy coverage term that you surrender the policy.
As part of the Bajaj Allianz Life POS Goal Suraksha benefits, you will get a multiple of the annual premium, provided all your premiums have been paid. This is in addition to the maturity benefit that you will also receive.
You can also use your POS Goal Suraksha savings plan to help get a loan against the plan if you are in dire need of capital.
In the event that the policyholder passes away due to committing suicide within 12 months of the purchase or revival of the policy, the nominee will still receive a payout in the form of a death benefit. This will be the higher of either 80% of all premiums paid thus far, or the surrender benefit.
In order to begin your POS Goal Suraksha claim process in the event that you have to make a claim on the plan, you can go through the simple following steps in order to do so.
Begin your Bajaj Allianz POS Goal Suraksha claim process by registering your claim online on the website.
Next, you will be required to upload some KYC and policy-related documents, which you should proceed to do before moving on to the next step. This will help the insurer better assess your claim.
Once your claim has been submitted, you can now wait as your insurer assesses your claim.
The Bajaj POS Goal Suraksha endowment plan offers you all the benefits of life insurance, with the addition of being able to save. It can help you provide a financial buffer to your loved ones in case of your unfortunate demise, and also help you meet your financial goals. Opting for any plan including term plans through Bajaj Markets ensures that the purchase process is hassle-free and quick, getting you the coverage you need when you need it.
If the policyholder of the Bajaj Allianz Life POS Goal Suraksha plan passes away during the waiting period due to an unfortunate accident, they will still receive a payout amount that is higher of either i) 10x the annualized premium, ii) 05% of all premiums paid up to the date of the death of the policyholder or iii) the sum assured.
Yes, the waiting period is applicable and amounts to 90 days from the date of risk commencement.
If the insurance policy is foreclosed, the maturity period is reached or the policyholder cancels the policy, then POS Goal Suraksha can be terminated.
So long as you have paid out two years of your premium in full, you will be eligible for a surrender benefit that is dependent on the nature of your policy and the point at which you cancel the policy.
You can visit the Saving Plan section of the Bajaj Markets website, and select ‘save now’ which will redirect you to the product purchase page, where you can select the Bajaj Allianz Life POS Goal Suraksha plan.