Bajaj Allianz Life insurance launches child education plan with guaranteed income – Check key features

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Published: June 18, 2020 7:20 PM

This new-age guaranteed income life insurance plan comes with unique features like the flexibility to receive or accumulate Survival Benefits including Cash Bonus.

 guaranteed life insurance plan, Bajaj Allianz Life, guaranteed income life insurance plan, Guaranteed Monthly IncomeGuaranteed Child Plan: This is a limited premium payment, non-linked, participating guaranteed income life insurance plan.

Guaranteed Return Child Plan: Bajaj Allianz Life, one of India’s leading private life insurers, today launched a Flexible Income Plan which truly is as flexible as your needs. Bajaj Allianz Life Flexi Income Goal is a feature-rich participating endowment plan, designed to meet your child’s education and all other life goals, by providing Life Cover along with guaranteed benefits and bonus.

This new-age guaranteed income life insurance plan comes with unique features like flexibility to receive or accumulate Survival Benefits including Cash Bonus, Guaranteed Monthly Income and Guaranteed Benefit. Policyholders are given high flexibility to choose to receive Cash Bonus from 1st month onwards of the policy or accumulate the benefits for earning additional returns. Thus, making it one of the preferred guaranteed income plan to have when you are investing towards getting your family’s collective Life Goals.

This is a limited premium payment, non-linked, participating guaranteed income life insurance plan. The plan comes in 2 variants – Income Benefit & Enhanced Benefit.

Key features of Bajaj Allianz Life Flexi Income Goal

1. Receive Cash Bonus from 1st month onwards of policy – Under the Income Benefit, at the end of each policy year, policyholders shall receive a Cash Bonus. Policyholder can opt to take the Cash Bonus in monthly or in annual instalments. For the first time, Bajaj Allianz Life is providing policyholders the choice to receive the Cash Bonus from the 1st month onwards of the policy.

2. Receive or Accumulate Cash Bonus – This is one of the unique features of Bajaj Allianz Life Flexi Income Goal – Income Benefit. Bajaj Allianz Life is providing policyholders an option to accumulate the Cash Bonus declared in the policy instead of receiving the pay-outs monthly / annually, thus empowering customers to receive a higher corpus through investment return on the accumulated amount.

3. Receive or Accumulate Guaranteed Lumpsum – Under Enhanced Benefit, policyholder gets 50% of the Sum Assured as a lumpsum amount at the end of the premium payment term with an option of accumulating the same.

4. Receive or Accumulate Guaranteed Monthly Income (GMI) – Under both Income and Enhanced Benefit, from the end of the Premium Payment Term (PPT), GMI shall be payable every month till the end of the Policy Term. The first instalment of GMI will be due at the end of PPT. Policyholder can opt to take GMI as annual instalments or to accumulate GMI in the policy, instead of receiving the pay-outs.

5. Receive Cash Value – Under both Income & Enhanced Benefit, if the policyholder chooses to accumulate the Cash Bonus and/or GMI/Guaranteed Benefit, instead of receiving it, policyholder will be entitled for Cash Value which will be total of Accumulated Cash Bonus and/or Accumulated GMI/Accumulated Guaranteed Lumpsum including investment return thereon, based on the declared investment return. Further, policyholder will have the option to withdraw the Cash Value (partially or fully) anytime during the Policy Term.

6. Provides Joint Life Cover – Under both Income & Enhanced Benefit, the life assured has the choice to cover his/her spouse in the same plan.

7. Provides living benefits – Under Income Benefit, on maturity date, Maturity Booster (50% of Sum Assured) plus Cash Value (if not fully withdrawn) plus Terminal Bonus will be paid. Under Enhanced Benefit, Guaranteed Benefit of 100% of Sum Assured plus Cash Value (if not fully withdrawn) plus Compound Reversionary Bonus plus Terminal Bonus will be paid Any time before the maturity date, policyholders will have an option to take Maturity Benefit in installments over a period of 5, 10, 15, or 20 years. Bonus is not guaranteed in insurance plans.

8. Life cover till 80 years of age – Keeping in mind longer life expectancies, this plan also provides cover for a longer period till the age of 80, to serve the financial needs of the policyholder and his/her family in the later years.

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