• Investment
  • Term Life
  • Car
  • Bike
  • Taxi
  • Health
  • Travel

Bajaj Life POS Goal Suraksha

India’s one of the leading life insurance company, Bajaj Allianz has been working constantly for providing life insurance policies and covers for people across all the spectrums. Working towards the same, it has launched Bajaj Allianz Life POS Goal Suraksha for those who desire to achieve their goals at low premiums. Having a secured future is one of the major concerns for any family and is one of the most desired dream for everyone. To ensure this security and back it up with guarantee, the Bajaj Allianz Life POS Goal Suraksha transforms dreams into reality and helps people in achieving their goals with lowest possible premiums.

Securing the family of the insured against all odds, this cover provides a guaranteed sum at maturity. This is a very simple to understand insurance cover which comes with quick processing and issuance without any medical requirements. It provides guaranteed benefits and life cover to the customers through which they can meet their life goals.

Key Features of Bajaj Life POS Goal Suraksha Plan

  • Easy to understand Bajaj Allianz Life POS Goal Suraksha is a Point of Sale product and thus, it has been designed to be more accessible to customers. Since it is a Point of Sale product, the policy is easy to understand for the customers.

  • Quick and easy issuance

The cover comes with quick processing which allows easy issuance without any need to produce medical reports or documents for the customers. The insured does not needs to undergo any medical tests for availing the benefits of Bajaj Allianz Life POS Goal Suraksha.

  • Helps in meeting life goals Bajaj Allianz Life POS Goal Suraksha is designed in a way that it helps the people in meeting their life goals. By providing guaranteed benefits along with the life insurance, the policy helps in achieving the long term goals of the insured.

  • Guaranteed Sum assured on maturity Another important feature of Bajaj Allianz Life POS Goal Suraksha is the guarantee sum assured payable on maturity. It also comes with guaranteed additions benefits upon maturity, if all the premiums have been paid on time throughout the term of the policy.

  • Loan option The customers also have the option of availing a loan under the policy, provided the policy has acquired a surrender benefit. The maximum loan value granted to the insured would be 75% of the surrender benefit under the policy as on the date of loan request. The interest on the loan is revised by the company from time to time. The current interest rate applicable on the loan is 9% per annum compounded half yearly.

  • Option of alteration in Premium Paying Frequency The policy also comes with the flexibility for alterations in the payment frequency of the premium. The frequency of premium payment can be changed at any policy anniversary. This is subjected to the minimum modal premiums applicable under the policy at the time of alteration request and availability of the frequency.

The frequencies available are monthly, quarterly, half yearly and yearly. The monthly and quarterly mode of payment of premium is only allowed through auto debit process as per the RBI approved facilities.

Benefits of Bajaj Allianz Life POS Goal Suraksha

Bajaj Allianz Life POS Goal Suraksha comes with a lot of benefits that enable maximum advantage for the customers. The policy is non-linked, limited premium payment, non-participating, and does not requires medical and is a POS endowment plan.

  • Maturity Benefits

If all the premiums are paid on the date of maturity, the guaranteed sum assured under the policy will be paid to the customer along with Guaranteed Additions and the policy shall be terminated upon the payment of the maturity benefit.

  • Death Benefits

In case of death of the insured due to any cause, after the waiting period or in case of the death of the insured during the waiting period, due to an accident, the death benefit will be paid to the nominee or the beneficiary. The death benefit is thus called Sum assured on death and is paid when the policy is in force and all the premiums have been paid. The sum assured on death will be higher of

  • 10 times of the Annualized premium
  • 105% of the total premiums paid till the date of the death
  • Sum assured under the policy
  • Minimum guaranteed sum assured on maturity
  • Any absolute amount assured to be paid on death

In case the death of the insured is caused by anything other than accident during the waiting period, the death benefit is paid to the nominee or the beneficiary which is 100% of the total premiums paid till date, excluding any Good & service tax or any extra premium and upon the payment of the death benefit, the policy will be terminated.

  • Guaranteed Additions

If all the premiums have been paid on maturity date, Guaranteed additions will be paid along with maturity benefits, as a multiple of one annualized premium. The guaranteed additions are not paid in case of paid up policy or in case of a lapsed policy.

  • Surrender of the policy

The policy is made flexible when it comes to surrendering Bajaj Allianz Life POS Goal Suraksha

  • One can surrender the policy anytime
  • Surrender benefit under the policy will be given if: i. Premiums for at least two full years have been paid with PPT less than 10 years, under the policy ii. Premium for at least three years have been paid with PPT less than 10 years, under the policy
  • Surrender amount will be higher of Special Surrender value or Guaranteed Surrender value under the policy
  • GSV factors will be applied on the total amount of the premium received on the surrender date excluding any extra premium
  • SSV factors will be applied on the total amount of the premium on the surrender date excluding any extra premium. Subjected to the approval of IRDAI, the SSV factors will be reviewed by the company from time to time and is not guaranteed.
    • The risk cover is also be terminated on the date of the surrender of the policy and on the date when the surrender benefit is paid off, the policy will be terminated.
    • Tax benefits

Subjected to the provisions of the Income Tax Act, the maturity benefit, surrender benefit, premium paid and death benefit may be eligible for tax exemption. The tax benefit should only be claimed after consultation with the tax consultant for eligibility.

Eligibility criteria

FactorDetails
Minimum entry Age18 years
Maximum entry Age55 years
Maximum entry Age28 years
Maximum Maturity Age65 years
Maximum PremiumPremium Payment Frequency
Minimum Sum AssuredRs 30,000
Maximum sum assuredRs 10,00,000
Premium Payment FrequencyYearly, Half-yearly, Quarterly and Monthly

Premium Details

Minimum Premium

ModePremium
YearlyRs 3000
Half yearlyRs 2100
QuarterlyRs 1250
MonthlyRs 450

Other details

Revival policy

If the policy lapses or is in paid-up status because of premium non-payment, subjected to the following conditions, the policy can be revived.

  • Revival application should be made within two years from the due date of the premium first unpaid.
  • Submission of satisfactory proof of good health at own expenses.
  • The premium arrears are paid along with interest, the company decides from time to time along with taxes applicable.
  • The revival policy may differ from those applicable before the policy lapsed or before the policy became paid-up. This is based on the approved guidelines of the prevailing board of the company.
  • The revival process shall begin on specific communication about the revival of the policy by the insured to the company.
  • Revival of the policy depends on the approved guidelines of the prevailing board of the company who has the right to refuse revival as per the current guidelines. The amount deposited for the purpose of the revival will be refunded.
  • The sum assured, guaranteed sum assured upon maturity and guaranteed additions, sum assured on death which prevailed before the policy lapsed will be reinstated.

Termination

On the occurrence of the following, the policy will be terminated automatically-

  • The surrender benefit has been paid
  • If the policy has lapsed and has not been revived, the risk cover will be immediately terminated after policy has lapsed at the expiry of the revival period.
  • In case of death of the insured
  • In case of maturity
  • The policy will be terminated on foreclosure date, if the surrender value is exceeded by the outstanding loan with interest under paid-up policy.
  • Cancelling policy during the Free Look period.

Foreclosure

If the policy is paid-up and the insured has taken loan and the surrender benefit is exceeded by the outstanding loan with interest, the outstanding loan will be adjusted against the surrender value and after notifying the insured, the policy will be foreclosed with no further benefits payable under the policy.

Grace Period

For yearly, half yearly and quarterly payments, the grace period is 30 days and for monthly payment of premium, 15 days of grace period is given under the policy from the due date of payment of regular premium.

Free look Period

The customer may cancel the policy with a written notice along with reasons for cancellation and return the policy documents to the company within 15 days of the receiving the policy, and within 30 days if the policy has been received electronically and through other distance modes. The company will refund all the premiums paid, excluding the taxes applicable minus the proportionate amount of risk premium during the period when the insurance was not cancelled and the company incurred any expenses in respect of stamp duties and medical examination. Also, there should be no claim made on policy.

Documents Required

  • Properly filled Proposal form
  • Age Proof
  • Identity Proof
  • Address Proof

Exclusion of Bajaj Life POS Goal Suraksha

Suicide Exclusions If the insured, whether insane or sensible, commits suicide within 12 months from the date the policy was taken or from the date when the policy was revived, the liability of the company is limited to the below mentioned amounts.

  • 80% of the premiums paid regularly from the date of policy inception to the date of death of the insured. OR
  • Amount higher than 80% of the premiums paid regularly and the surrender benefit from the date of the latest revival of the policy to the date of death of the insured by suicide.
  • Outstanding loan and interest on the loan will be deducted from the benefit payable.

Reviews of Bajaj Life POS Goal Suraksha

  • The Bajaj Life POS Goal Suraksha life insurance policy, launched by Bajaj Life Insurance Company is a point of sale product which helps in achieving life goals of its customers with low premium amounts. The policy allows the monthly payment of premium as low as Rs. 450.
  • This is a very simple to understand life insurance policy and is non-linked, limited premium, non-participating, endowment plan which does not requires the customer to produce any medical for the issuing the policy. Providing life cover with guaranteed benefits, the Bajaj Life POS Goal Suraksha helps customers to meet life goals easily without falling heavily on their pockets. This easy to comprehend and purchase policy gives guaranteed returns and this is one of the most important feature of this policy.
  • This policy also has provisions for availing loan benefits. The maximum amount of loan that can be taken is 75% of the surrender value. Allowing the insured to alter the mode of payment of premium, the policy is ideal for those who want life insurance at low premiums and full of value on maturity.

FAQa on Bajajlife POS Goal Suraksha

What is life insurance and what does it covers?

It is a contract between a company which acts as an insurer and a policyholder who purchases the policy of the company and pays premium. The insurer then promises to pay a certain designated sum of money to the insured or to the beneficiaries, whatever the case may be, upon maturity or in case of death of the insured. A life insurance generally covers loss of income, financial requirements of the family, funeral costs, retirement planning, cost of living, business continuation, and many other aspects depending upon the policy and the requirement of the policyholder.

What should one look for in a policy before buying it?

One must always check whether the policy provides a guarantee of return or not, what is the lock in period, premiums to be paid and what will be the implication in case of failure of payment of premium, the terms and conditions of revival, provision for loan, if any, etc. There are many things that one much check, before deciding on purchasing an insurance policy.

What medical records are required for life insurance?

Depending on the policy, the requirement of documents may vary. Medical reports are needed for ascertaining any kind of risk. For example, for health insurance, different medical reports are called for different age and physical abilities.

When should one purchase life insurance?

It is always advised to buy life insurance as early as possible considering the health risks prevailing and uncertainty in life.

How many types of life insurance are there?

Several types of life insurance policies exist in the market. One should always research about an insurance policy after accessing the need, the various plans offered by different companies, benefits provided by the insurance policy, etc. Generally, the following types of life insurance policies are available-

  • term insurance
  • money back endowment
  • Endowments
  • Whole life coverage

Is purchasing life insurance costly?

Each life insurance has a different pricing. The price depends on the age, sum assured and the term of the life insurance policy.

What is settlement option?

The facility of receiving the maturity proceedings over a defined period of time through a proper channel and in a defined and organised manner is known as settlement option.

What should be the amount of life insurance one should purchase?

The amount of insurance policy depends entirely on the policyholder. Those who don’t have family responsibilities, an insurance policy covering the cost of retirement, and other needs is enough. For policy holders with responsibilities, all the expenses should be considered and calculated to ascertain the amount of insurance policy.

Can one buy insurance policy for more than one person?

Yes, group policies or joint policies are available for customers who want to include dependents in their policy or want to include more than one person. It is always advised to work with an insurance agent to establish the needs and ascertain the insurance policy amount.

Leave a rating!
5.0 (1 votes)