POS Goal Suraksha

Living your best life means the fulfillment of your life goals and your family’s aspirations. But these milestones come with expenses and responsibilities. Financial planning plays a vital role in achieving goals like your marriage, children’s education, buying a dream house, retirement, etc. as it helps us stay prepared for these life goals. This is where the Bajaj Allianz Life POS Goal Suraksha comes into picture. An endowment savings plan, Bajaj Allianz Life POS Goal Suraksha helps you grow your wealth and secure your savings for the future. With assured benefits like a guaranteed sum at maturity, the POS Goal Suraksha enables you to save for your future and your family’s dreams.

What is an Endowment Policy?

Who does not wish to live a life full of happiness? Each one of us wants to achieve their life goals, fulfill their family’s dreams and live a happy and worry-free life after retirement. Here’s where an Endowment policy helps you. Unlike how it is usually perceived, life insurance

Unlike any other life insurance plan that comes only with a death benefit, an Endowment plan is a life insurance policy that not only covers you incase anything were to happen to you, but also offers a maturity benefit that the end of the policy term. Under an endowment policy, you receive a lump sum amount after a specific period of time, called maturity. This amount is either paid to your nominee incase of your death or to you on the date of maturity.

Why should you invest in Endowment Plans?

To manage investment risks:

Investing involves several risks. What would happen to your investment plans if you are not around? What if the investment returns are negative? A simple answer to all such queries is an endowment policy which a single policy that does the work of two policies. Buying an endowment policy helps mitigate these investment risks smoothly, as the insurer not just takes care of your investments incase of your unfortunate death, but also offer a guaranteed savings benefit.

To fulfil financial needs at life stages:

Endowment plans offer you a sum assured on maturity, owing to which they are a well-designed plan that helps meet various financial needs at several life stages including your child’s education, marriage, and others. Moreover, it also helps you live your life’s second innings with financial stability by using the endowment plan like a retirement corpus.

To keep your family financially stable after you:

More than just an ideal savings plans, an endowment life insurance plan lets your family live their life without any financial burden even after in your absence. The policy pays the entire sum assured along with the respective bonuses to your nominee in case of your untimely death.

How does an Endowment Plan work?

Although investing in an endowment plan is similar to investing in any life insurance plans, it has some benefits over the conventional counterparts. So, now that you are well-versed with an endowment plan is, let’s understand how the plan works.

You get the flexibility to customize your endowment policy to suit your needs and future aspirations. Begin with choosing your premium amount. The sum assured offered will be 10 times the annualized premium. Now, choose your policy term along with your premium payment term from the available options.

Let’s understand how an endowment plan like the POS Goal Suraksha with the help of an example.

Rahul, a 41-year-old male took a Bajaj Allianz Life POS Goal Suraksha. He chose to pay an annualized premium of Rs. 10,000 for a period of 5 years. The total premium amount paid after 5 years came to Rs. 50,000. Alongside, he chose a policy term of 15 years.

Now let’s understand the death benefit and maturity benefit which he or his nominee will receive.

Rahul or his nominee will receive a death benefit of Rs. 1,00,000. Along with this, the insurer will be liable to pay a guaranteed addition worth Rs. 10,500, while the guaranteed sum assured on maturity will be Rs.1,00,000, bringing the total maturity benefit to Rs. 1,10,500. 

Features & Benefits of an Endowment Plan

  • Death Benefit

    An endowment plans acts as a financial shield for your family in case anything were to happen to you. Under an endowment life insurance policy’s life cover benefit, your nominee is paid a lump sum amount in case of your untimely death to ensure that your family can continue to live their lives without any financial burden due to loss of income.

  • Maturity Benefit

    By paying your premiums on time, you can ensure that your maturity benefits are intact! Endowment plans offer a guaranteed maturity benefit on surviving the policy term, where a lump sum amount is paid to you at the end of the policy term which enables you to fulfill your financial needs.

  • Guaranteed Savings

    Guaranteed savings are something that make this life insurance policy unique. An endowment plans offers fixed returns in the form of guaranteed benefits. This way you can achieve your financial goals easily. The policy pays you Guaranteed Additions in addition to the Sum Assured paid to you on Maturity, if you pay all due premiums.

  • Tax Benefit

    An endowment plan can not just help you save for your future but also avail tax benefits! You can avail tax benefits under Section 80C on the premiums paid and also on the maturity amount under Section 10(10) D.

  • Loan Facility

    Life keep evolving, and financial requirements can rise anytime. To help you meet these, endowment policies also let you avail a loan. After your policy gains a surrender value, you can take a policy loan.

Are Endowment Plans tax-free?

Endowment plans are not just an ideal savings plan, but also come with tax benefits.

With an endowment plan, the premiums paid are eligible for tax benefits under section 80C. Apart from this, other benefits offered with the plan including death benefit, maturity benefit and surrender benefit come with tax benefits under section 10(10) D.

Who Should Buy an Endowment Policy?

Endowment plans are ideal for any individual, be it a youth or a senior citizen. With most of us worried about our family’s responsibilities, it gets all-the-more crucial to take care of their future. Moreover, with, most us eyeing on long-term goals, it is important to plan for those.

  • If you are a looking for a low-risk savings plan that comes with the benefit of both, insurance and savings, endowment plan is your answer!
  • With no market risks involved, endowment policies are a go-to option for those who look for long-term savings.
  • If you want the benefit of a lump sum amount that could help you achieve your long-term goals, an endowment plan is suitable for you, as it offers guaranteed maturity benefit.
  • If you are looking for a plan that not just offers the benefit of life cover and savings, but also helps you save taxes, get an endowment plan today!

How to Choose an Endowment Policy?

When it comes to picking the right endowment plans, it takes a lot of planning and research to make sure that you are making the right choice. Here are a few things to consider when picking an ideal endowment plan:

  • Identify your goals:

It is important to recognize your short-term and long-term aspirations and life goals, with respect to your current earnings, family’s financial requirements and other such responsibilities. Evaluate the endowment plans available accordingly.

  • Look for plans offering flexibility:

With life’s changing requirements, you need an endowment policy that fulfills your changing needs. opt for a plan that allows you maximum flexibility in terms of choosing the premium, customizing the tenure, and premium payment frequency.

  • Evaluate the benefits of the plans available:

Take a look at the benefits offered under the endowment plans available. Benefits like maturity benefit, surrender benefit, death benefit, and guaranteed additions are something that you need to look for in an endowment plan.

  • Affordable Premiums:

Choose plans that are not just beneficial in the long run but are easy on the pocket. One such plan is the POS Goal Suraksha on Finserv MARKETS which comes with various benefits including affordable premiums.

Why Choose Finserv MARKETS for POS Goal Suraksha?

 

Trusted Insurance Partner

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

Swift Policy Issuance

With a few, easy steps, Finserv MARKETS makes it easy to buy your endowment plan online in a quick and hassle-free manner.

Quick Online Process

Buying an endowment policy online at Finserv MARKETS is a hassle-free process, with no tedious paperwork involved.

Eligibility Criteria & Documentation

Eligibility Criteria
  • 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.
Documents Required to buy an Endowment Policy
  • Identity Proof
  • Age Proof
  • Address Proof
  • Recent Passport size photograph

Exclusions

Suicide Exclusions:

In case the policyholders were to die due to a suicide within 12 months from the commencement or the date of policy renewal, then they will receive the higher of 80% of the regular premiums paid by them till the date of the policyholder’s death or the surrender benefit is available as on the date of the policyholder’s death if the policy is still in force. 

Waiting Period

POS Goal Suraksha has a waiting period of 90 days from the date of commencement of risk.

Claim Process

Filing claims on your endowment policy requires just a few steps. Register your claim online by following these four easy steps:

  • 1

    Register your claim online

  • 2

    Upload documents online

  • 3

    Claim Assessment

  • 4

    Claim Decision

If you are looking for an endowment policy which offers benefits of a guaranteed income plan, you can also check out the Guaranteed Income Goal Endowment Plan at Finserv MARKETS.

FAQs

  • ✔️What is Bajaj Allianz Life POS Goal Suraksha?

    Bajaj Allianz Life POS Goal Suraksha is an easy-to-buy endowment plan that protects you and your family against life’s odds with the help of a guaranteed sum at maturity along with a death benefit.
  • ✔️What will I receive after completion of the policy term?

    In case all the premiums are paid as of the maturity date, you will be paid with the Guaranteed Sum Assured on Maturity along with Guaranteed Additions applicable to your policy after which the policy will terminate.
  • ✔️What will I receive in case of death before completion of policy term?

    In case of your unfortunate death, your nominee will receive a higher of: a. 10 times of Annualized Premium b. 105% of Total Premiums paid as on date of death c. Sum Assured
  • ✔️What are Guaranteed additions?

    If all the due premiums are paid by the policy maturity date, you will receive the benefit of Guaranteed Additions which is a multiple of one Annualized Premium along with the maturity benefit.
  • ✔️Which is the tax benefit available with an endowment plan?

    Premiums paid under POS Goal Suraksha are eligible for tax benefits under section 80C of the Income Tax. Maturity, Death and Surrender Benefits are eligible for tax benefit under Section 10(10) D.
  • ✔️Can I change my premium payment frequency?

    Yes, you will have the option to change the premium payment frequency under this policy at any policy anniversary between monthly, quarterly, half-yearly, and yearly.

POS Goal Suraksha Reviews

POS Goal Suraksha Reviews

4out of 5

5 reviews

It is now easy to save for the future

With savings plans like the POS Goal Suraksha, it is easy to build enough corpus for the future. Thanks to Finserv MARKETS, I came across a great endowment plan.

Great plan to meet the financial needs of life

I was looking for a plan that could help me manage the future expenses of my child's education and marriage. The POS Goal Suraksha endowment plan was a great deal. With guaranteed savings, tax benefits, and more, it was an ideal pick for my requirements.

Great Customer Support

When I was looking for a plan that offers guaranteed returns after maturity, my friend suggested me POS Goal Suraksha. Moreover, it was easy to get the policy through the complete support provided by their customer executive who guided me throughout the application process.

Satisfied with the customer service!

The customer care person at Finserv MARKETS explained the product and the entire buying journey of POS Goal Suraksha in detail. I could not just purchase the plan very easily, but also explore the benefits of the plan easily.

Such an easy Platform

I must say, the Finserv MARKETS platform is very easy to use. I got the POS Goal suraksha saving plan within minutes. The process was so quick, I completed it all, through my mobile. Great platform!