Bajaj Allianz Life POS Goal Suraksha - Endowment Plan 

POS Goal Suraksha

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 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 in case of your death or to you on the date of maturity.

Now that you know the meaning of Endowment policy, let’s look at what POS Goal Suraksha has in store for you!

Why should you invest in the POS Goal Suraksha Endowment Plan?

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 all 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 the POS Goal Suraksha 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. 

 Tax Benefits on POS Goal Suraksha Endowment Plan

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 as deduction 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 the POS Goal Suraksha 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 at Finserv MARKETS?

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.

Exclusions & Waiting Period under POS Goal Suraksha

a. 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. 

b. Waiting Period

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

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.