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Bajaj Allianz Goal Assure ULIP
Each one of us has a series of goals in our life’s journey. From receiving your first salary to getting married, from having your first child to buying your dream home, your life goals continue to expand. These experiences add an essence to your life and make it more memorable. And, with the human tendency to protect what we value the most, these life goals must be protected.
You can’t afford to go wrong when it comes to planning for your life goals. Imagine falling short of funds and finances when it comes to fulfilling your child’s education or saving for your own retirement!
With the Bajaj Allianz Life Goal Assure ULIP plan, you can rest assured! It is a life goal-based Unit Linked Insurance Plan that offers you the opportunity to plan for the most valuable lifetime experiences without any worries.
Why Invest in Bajaj Allianz Goal Assure ULIP?
Features of Bajaj Allianz Life Goal Assure Plan
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Partial withdrawals
You can make partial withdrawals after the 5th policy year, subject to conditions.
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Premium apportionment
Under the Investor Selectable Portfolio Strategy, you can choose to invest completely in any one fund or allocate your Regular Premium and Top-up Premium into the different funds in a proportion that suits your risk appetite.
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Top-up Premium
Except for the last 5 policy years, you can make additional lump sum investments in the policy by paying Top-up Premiums over and above the Regular Premiums payable.
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Termination of Policy
The policy will terminate on the occurrence of any of the following events: • Foreclosure of policy • Intimation about the death of the life insured • Payment of Surrender Benefit or Discontinuance Value • On the maturity date, except if you have chosen the Settlement Option • Expiry of Settlement Period, if applicable • Cancellation of the policy during the Free look period
Key Advantages of Bajaj Allianz Goal Assure ULIP
Fund Booster at Maturity (for a policy term of 10 years or greater)
The fund booster on maturity, helps you grow your money without making any further investments. Fund booster is a loyalty reward that you receive for paying premiums regularly.
4 Investment Portfolio Strategies to Choose From
When making an investment, you may want to manage your investments by yourself. With a choice of 4 different investment portfolio strategies, you can plan your investments at the very initial stage. These four strategies include Investor Selectable Portfolio Strategy, Wheel of Life Portfolio Strategy, Trigger-Based Portfolio Strategy, and Auto Transfer Portfolio Strategy. You can manage your money by investing it according to your risk appetite and watch your money grow.
8 Funds to choose from
With an Investor Selectable Portfolio, you can choose from 8 different funds for investing. The funds you decide to invest will depend on your risk appetite. These fund choices include: Equity Growth Fund II, Accelerator Mid-Cap Fund II, Pure Stock Fund, Pure Stock Fund II, Asset Allocation Fund II, BlueChip Equity Fund, Bond Fund, and Liquid Fund
Unlimited Fund Switching Facility
Those who opt for Investor Selectable Portfolio Strategy can switch between the seven funds without having to pay any additional charges or incurring tax liabilities.
Switching of Portfolio Strategy
You are also allowed to change your portfolio strategy at any policy anniversary.
Flexibility
One of the most beneficial things of Bajaj Allianz Goal Assure ULIP is that the policy is flexible. This means you can decrease your sum assured amount and alter your Bajaj Allianz Life Goal Assure premium payment terms as per your convenience.
Loyalty Additions
Sixth policy term onward, you will be allotted loyalty additions by the insurer.
Life Insurance Cover
Besides the investment component, the policy provides a life insurance cover. So, in case of your sudden death, your family members will receive the death benefit along with the returns earned from your investment portfolio.
Benefits of Bajaj Allianz Goal Assure ULIP
● Death Benefit
If the policyholder happens to die the date of maturity the death benefit is paid to his/her nominee. The death benefit includes Regular Premium Sum Assured or regular premium fund value plus, whichever is higher. This also includes, top-up sum assured or top-up premium fund value, if any, whichever is higher.
● Maturity Benefit
Maturity benefit is the survival advantage you enjoy at the end of the policy term. On survival, if all the premiums are paid till maturity, you receive the Fund value including Loyalty Additions, Fund Boosters, Sum of all Mortality charges deducted throughout the policy term.
● Tax Benefits
With this plan, you can reduce your taxable income by investing up to ₹ 1.5 Lakhs under Section 80C, according to the Income Tax Act, 1961. The premiums paid by you, maturity benefit, death benefit and surrender benefit are eligible for tax benefits as per Income Tax Act, 1961. Goal Assure ULIP also offers a tax-free maturity amount under Section 10(10D) of the Income Tax Act 1961.
Eligibility Criteria for Bajaj Allianz Goal Assure ULIP
The following table gives an overview of the eligibility criteria for Bajaj Allianz Goal Assure ULIP.
Eligibility Criteria for Bajaj Allianz Goal Assure ULIP |
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Entry Age |
● Minimum Entry Age: 0 years ● Maximum Entry Age: 60 years old |
Maturity Age |
75 years old |
Policy Term |
5 years, 7 years, 15 years, and 20 years |
Premium Payment Term (PPT) |
● For 5-year policy term: 5 years ● For 10-year policy term: 5,7, or 10 years ● For 15-year policy term: 10 or 15 years ● For 20-year policy term: 15 or 20 years |
Minimum Premium (Modal Premium & Top-Up) |
● Annually: ₹ 36,000 ● Half-Yearly: ₹ 18,000 ● Quarterly: ₹ 9000 ● Monthly: ₹ 3000 ● Top-Up: ₹ 5000 Note: The Quarterly & Monthly Premium payment facility will be available under auto-debit options as approved by RBI. |
Premium Payment Facility |
Annually, Half-yearly, quarterly, and monthly |
Sum Assured in Bajaj Allianz Goal Assure ULIP
Below we have discussed the minimum and maximum sum assured you or your beneficiaries will receive.
Minimum Sum Assured
Minimum Sum Assured |
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If you are under 45 years of age |
Amount greater of – 0.5 X Policy Term X Annualised premium
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If you are of age 45 years or older |
Amount greater of– 0.25 x Policy Term x Annualised Premium |
Maximum Sum Assured
The maximum sum assured is calculated as follows:
Maximum sum assured = A x Annualised Premium
Wherein A is the age at entry and policy term as mentioned in the table below.
In case the Annualised Premium is between ₹ 36,000 and ₹ 4.99 Lakh |
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Policy Term |
Age at Entry |
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If you are under 45 years of age |
If you are of age 45 years or older |
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Between 5 years and 10 years |
10 |
10 |
Between 15 years and 20 years |
15 |
10 |
In case the Annualised Premium is ₹ 5 Lakh and above |
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Policy Term |
Age at Entry |
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If you are under 45 years of age |
If you are of age 45 years or older |
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Between 5 years and 10 years |
10 |
10 |
Between 15 years and 20 years |
20 |
10 |
- Download
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Goal Assure ULIP Plan Brochure
How Does Bajaj Allianz Goal Assure ULIP Work?
In Bajaj Allianz Life Goal Assure, the premium paid by you is invested across the various funds applicable as per your chosen portfolio strategy. The units are allocated at the prevailing Unit Price of the fund.
Let’s understand with an example how the Goal Assure ULIP helps you save for your future goals
Alok is a 35-year-old man and has taken a Bajaj Allianz Life Goal Assure policy for a goal to buy his dream house. For this, he is investing ₹ 10,000 per month for a payment term of 10 years with a sum assured of ₹ 12 Lakh. This brings his total investment to ₹ 18,00,000. On maturity, Alok would get returns of ₹ 37,83,930, which he would then utilize for making the down payment of his dream house.
Riders Offered Under Bajaj Allianz Goal Assure ULIP
As stated earlier, the insurer allows you to enhance the scope of the policy with rider benefits. Below we have enlisted the riders available under Bajaj Allianz Goal Assure ULIP.
- Accidental Death Benefit Rider: With this rider, you can avail an additional sum assured in the event of your unfortunate death due to an accident.
- Accidental Permanent Total/Partial Disability Benefit Rider: It provides an additional sum assured if you face disablement (permanent or partial) due to an accident.
- Critical Illness Benefit Rider: Here, you get an additional sum assured when first diagnosed with any of the listed 11 critical illnesses.
- Family Income Benefit Rider: t provides an additional sum assured if you face permanent or partial disability due to an accident.
- Waiver of Premium Benefit Rider: This rider offers a waiver of all the future premiums in the event of your death, permanent disablement, or contraction of any life-threatening disease.
Exclusions of Bajaj Allianz Goal Assure ULIP
Much like any insurance plan, Bajaj Allianz Goal Assure ULIP has a few limitations. They are as follows –
- If the cause of your (the policyholder’s) death is due to suicide and it happens in the first years from policy commencement or revival, then your nominees will only receive the regular premium fund value + top-up premium fund value (if any).
- Any amount deducted after your death is repaid to your beneficiaries along with the death benefit amount.
Investment Strategies for Goal Assure ULIP Plan
- Investor Selectable Portfolio Strategy
- Wheel of Life Portfolio Strategy
- Trigger Based Portfolio Strategy
- Auto Transfer Portfolio Strategy
To reap ULIP benefits, as a policyholder you can allocate the premiums based on your personal choice among the 8 given funds, as per your risk appetite and investment needs. For more details please refer to the policy brochure.
Financial needs and goals change as life progresses. Therefore, having an investment strategy that can be realigned to such changes is essential. The wheel of life investment strategy allows you (the policyholder) to allocate premiums among 5 funds in a pre-defined ratio. This ratio changes as the policy ages towards maturity.
As a policyholder, you can opt for this strategy only at the commencement of the ULIP plan. This strategy is not only helpful in securing the gains but also helps in the maintenance of asset allocation. At a ratio of 75:25, your premiums get allocated in Equity Growth Fund II and Bond Fund and this ratio gets re-balanced/re-allocated based on a pre-defined trigger event. The trigger event is defined as 15% upward movement in NAV (unit price) of Equity Growth Fund II since the previous rebalancing or from the NAV (unit price) at the inception of the policy, whichever is later. For more details please refer to the policy brochure.
As a policyholder, this strategy allows you to invest your money in a systematic way over the years, by transferring the money automatically from a low risk fund(s) to a fund of your choice. The switching proportion depends upon the number of outstanding months, till the next premium due date of your Bajaj Allianz ULIP. However, this strategy won’t be available to you if you’ve opted for a monthly premium payment mode. For more details please refer to the policy brochure.
List of documents required
The documents required to purchase the Bajaj Allianz Life Goal Assure Plan are:
Recent Photograph
Proof of Identity
Proof of Age
Proof of Address
How to buy this plan online?
You can but the Bajaj Allianz Life Goal Assure Plan online by following these simple steps:
Visit the insurance provider’s official website, like Finserv MARKETS.
Navigate to the ULIP section.
Get your premiums details based on your personal information and investment preferences.
Pay your insurance premium and get the insurance proposal form.
Why Bajaj Allianz Goal Assure from Finserv MARKETS?
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Manage all your Goal Assure related queries here
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✔️What is Return Enhancer benefit under Settlement option in Goal Assure Plan?
In the case of ULIPs, you get the option to take maturity in instalments with Return Enhancer. The amount paid out to you in each instalment will be the outstanding Fund Value as at that instalment date divided by the number of outstanding instalments is hiked up by 0.5%. Therefore, each instalment is equal to [Fund Value / No. of Outstanding Instalment] * 1.005, where the hike-up is called Return Enhancer.
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✔️Can one switch the investment fund after investing in a ULIP policy?
Yes. Goal Assure by Bajaj Allianz Life comes with a “SWITCH” option that allows you to shift the investments in a policy from one fund to another, provided the feature is available in the product. A fee is charged for switches made beyond a specified number depending on the insurer, while the specified number of switches are generally free of cost.
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✔️What is settlement option under ULIP Policy?
In Bajaj Allianz Goal Assure Policy, instead of taking a lump sum amount at maturity, some plans provide you with an option to receive the maturity benefits as a structured payout (periodic instalments) over a period of 5 years after maturity. This is known as the Settlement Option. -
✔️What is the amount that I receive at the end of policy term?
The benefit you will receive at the end of policy term is called Maturity Benefit which will be equal to the Fund Value at the time of maturity. -
What is a Fund Value and how it is calculated?
Fund Value is the total value of your premiums that are invested in various funds of your choice. It can be calculated by using the following formula, Fund Value = Total Number of units under a policy x Net Asset Value
