Bajaj Allianz Guaranteed Income Goal Plan

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Bajaj Allianz Guaranteed Income Goal is a non-linked, non-participating endowment plan that helps you grow your savings along with providing a life cover. The plan is available in 2 variants namely Income Benefit and Lump Sum Benefit. Under the income benefit option, the plan provides guaranteed increasing income. Moreover, the plan also allows you to extend the available life cover beyond the policy term to help you keep your loved ones financially secure in your absence. 

The plan comes with additional benefits like high sum assured rebate, policy loan, and 5 optional riders. This life insurance plan provides enough flexibility by offering a wide array of policy term and premium payment term options. The plan also allows you to change the prevailing premium payment frequency at any policy anniversary as per your convenience.

Best Features of Bajaj Allianz Guaranteed Income Goal

Following are the key features of the Bajaj Allianz Guaranteed Income Goal:

  1. Benefit Payout Options- The plan is available in 2 variants basis the benefit payout option - Lump Sum Benefit and Income Benefit. Thus, you can choose to receive the plan benefits as either a lump sum or by way of regular income instalments.
  2. Extended Life Cover (ELC)- You can choose to extend the life cover beyond the plan’s maturity date for an ELC period equivalent to the duration of your premium payment term.
  3. High Sum Assured Rebate- The plan provides a high sum assured rebate on policies with a minimum sum assured of INR 1 Lakh or more.
  4. Policy Loan- If the plan has acquired the surrender value, you can avail a policy loan of up to 70% of the surrender value of your policy at an interest rate of 9% p.a. Compounding half-yearly. The policy loan option is not available during the ELC period.
  5. Rider Options- There are 5 optional riders available with the plan namely Accidental Death Benefit Rider, Accidental Permanent Total/Partial Disability Benefit Rider, Critical Illness Benefit Rider, Family Income Benefit Rider, and Waiver of Premium Benefit Rider.
  6. Policy Revival - A lapsed or paid-up policy can be revived within 5 years starting from the date of the first unpaid premium.

Benefits of Bajaj Allianz Guaranteed Income Goal

Following benefits are available to the policyholders of Bajaj Allianz Guaranteed Income Goal:

1. Guaranteed Maturity Benefit

The payout of the maturity benefit depends on the plan variant chosen at the time of policy inception:

  • Lump Sum Benefit

In case of the lump sum benefit variant, the life assured receives an enhanced percentage of their sum assured on the plan’s maturity as the Guaranteed Maturity Benefit.

If the option of Extended Life Cover (ELC) is chosen, the policy will terminate at the end of the ELC period otherwise on the maturity date.

  • Income Benefit

In the case of income benefit variant, the Guaranteed Maturity Benefit is payable by way of Guaranteed Maturity Instalments (GMIs) for a period equivalent to the premium paying term chosen from the maturity date. You can choose to receive the benefit in yearly, half-yearly, quarterly, or monthly instalments. Also, the amount of each subsequent instalment paid after the first instalment will get increased by 5%.

If the ELC option is chosen, the policy will terminate at the end of ELC period on the payment of the last GMI, otherwise the life cover will terminate on the plan’s maturity date and the policy will get terminated on the payment of the last GMI.

2. Death Benefit

In case of the demise of the life assured, the death benefit is payable in accordance with the plan variant chosen -

  • Lump Sum Benefit

If the life assured dies before the completion of the policy term or extended life cover period, the highest of the following will be paid to the nominee as the death benefit -

  • 10 times of annualised premium
  • 105% of total premiums paid till the date of death
  • Sum assured

The policy ceases to exist after the payment of the death benefit.

  • Income Benefit

Under this variant, the payout of the death benefit depends on the time of death of the life assured - 

  • If the death of the life assured occurs during the policy term, the the highest of the following is paid to the nominee as the death benefit after which the policy gets terminated -
  • 10 times of annualised premium
  • 105% of total premiums paid till the date of death
  • Sum assured
  • If the death of the life assured occurs after the policy term of the policy and the policy assured had chosen the ELC option, the highest of the following is paid as the death benefit to to the nominee -
  • 10 times of annualised premium
  • 105% of total premiums paid till the date of death
  • Sum assured

The life cover ends on the payment of the death benefit and the policy gets terminated on the payment of the last GMI.

If the ELC option is not chosen, then the remaining GMI is paid as the death benefit to the nominee and the policy gets terminated on the payment of the last GMI.

  • Extended Life Cover (ELC)

The Extended Life Cover option can be selected at the commencement of the policy. This feature allows you to extend your life cover even after the maturity date of the policy. The ELC period is equivalent to the duration of premium paying term starting from the maturity date. 

If ELC is chosen, then the highest of the following is paid to the nominee in case of an untimely death of the life assured during the ELC period - 

  • 10 times of annualised premium
  • 105% of total premiums paid till the date of death
  • Sum assured

4. Surrender Benefit

In case you decide to terminate the policy in between the policy term but after the payment 2 full years’ premiums, the the higher of the following is payable to you as the surrender benefit -

  • Guaranteed Surrender Value
  • Special Surrender Value

Bajaj Allianz Guaranteed Income Goal Eligibility 

Bajaj Allianz Guaranteed Income Goal comes with the following eligibility criteria:

Eligibility CriteriaLump- sum BenefitIncome Benefit
Minimum Age at Entry6 years
Maximum Age at Entry60 years
Minimum Age at Maturity18 years
Maximum Age at Maturity72 years
Maximum Age for termination of life cover (if ELC is opted)84 years
Policy Term (PT) & Premium Payment Term (PPT) 

PT 

PPT 

10 years

5,7,10 years

12 years

5,7,8,12  years

15 years

5,7,8,10,12 years 

20 years

5,7,8,10,12 years

PT

PPT 

5 years

5 years

7 years

7 years

10 years

5,7,10  years

12 years

5,7,12 years

Minimum Premium 

Premium Payment Mode

Minimum Premium

Yearly 

INR 22,855

Half- yearly

INR 11,656 

Quarterly 

INR 5,942

Monthly 

INR 2,057

Premium Payment Mode

Minimum Premium

Yearly 

INR 28,822

Half- yearly

INR 14,699 

Quarterly 

INR 7,494

Monthly 

INR 2,594

Maximum PremiumAs per maximum sum assured
Minimum Sum AssuredINR 1 Lakh
Maximum Sum AssuredNo limit, subject to underwriting

Bajaj Allianz Guaranteed Income Goal Review

Bajaj Allianz Guaranteed Income Goal is an endowment plan which offers you 2 benefit payout options namely lump sum benefit and income benefit to match varying investment goals. The guaranteed increasing income feature under income benefit variant ensures the maximisation of your savings up to its full potential. One of the noteworthy features of the plan which makes it stand out among other saving plans is its extended life cover option where the life cover can be extended beyond the maturity date of the policy. 

The plan is quite flexible as it offers multiple premium payment terms and policy terms along with 5 different rider options to enhance the standard coverage as per your requirements.  Moreover, Bajaj Allianz Guaranteed Income Goal provides 2 additional benefits namely high sum assured rebate and policy loan which makes this plan a favourable choice for the individuals who require a savings plan with substantial financial support.

Bajaj Allianz Guaranteed Income Goal FAQs

  • 1. Does the policy provide a free-look period?

    Yes, the policy offers a free-look period of 15 days (30 days if policy is purchased online) from the date of its receipt in case you are dissatisfied with its terms and conditions.

  • 2. Can I change the premium paying frequency in between the policy term?

    Yes, Bajaj Allianz Guaranteed Income Goal provides the option to alter the premium payment frequency anytime in between the policy term.

  • 3. Does the policy continue even after the payment of death benefit?

    After the payment of death benefit, the policy terminates if the ELC option is not chosen. In case ELC is opted, the policy will terminate after the payment of last guaranteed maturity instalments.

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