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.
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.
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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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:
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.
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.
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.
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.
Bajaj Allianz Life is a trusted insurance partner as it holds a high claim settlement ratio and promises to settle your claims swiftly.
With a few, easy steps, Finserv MARKETS makes it easy to buy your endowment plan online in a quick and hassle-free manner.
Buying an endowment policy online at Finserv MARKETS is a hassle-free process, with no tedious paperwork involved.
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.
POS Goal Suraksha has a waiting period of 90 days from the date of commencement of risk.
Filing claims on your endowment policy requires just a few steps. Register your claim online by following these four easy steps:
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.
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.
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.
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
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.
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.
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.