Bajaj Allianz Life Flexi Income Goal
Bajaj Allianz Life Flexi Income Goal is a non-linked, non-participating, individual life insurance savings plan designed to provide you with a regular income along with life cover. This innovative plan offers you the flexibility to choose your income pattern to meet your financial goals at different life stages.
The plan helps individuals save systematically and build a corpus for the future while ensuring financial security for their loved ones in case of an unfortunate event. With multiple income options, tax benefits, and attractive maturity benefits, this plan serves as a comprehensive financial solution for those looking for both protection and savings.
Key Highlights
- Life Insurance Coverage with Savings Component
- Flexible Income Options to Suit Your Needs
- Guaranteed Maturity Benefits
- Tax Benefits under Section 80C and 10(10D)
- Add-on Riders for Enhanced Protection
Plan Features
- Choice of Premium Payment Term: You can opt for a premium payment term of 10, 12, or 15 years based on your financial convenience.
- Policy Term: The plan offers policy terms of 20, 25, or 30 years, allowing you to align it with your long-term financial goals.
- Flexible Income Payout Options: The plan provides you with the flexibility to choose from various income payout options to suit your financial needs.
- Death Benefit: In the event of the policyholder's demise during the policy term, the nominee receives the death benefit, which is the higher of Sum Assured on Death or 105% of Total Premiums Paid.
- Maturity Benefit: If the policyholder survives the policy term, they receive the maturity benefit as per the chosen option.
- Rider Options: You can enhance your coverage with additional riders such as Accident Death Benefit, Critical Illness Benefit, and Family Income Benefit.
- Tax Benefits: Premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, and the death/maturity benefits are tax-free under Section 10(10D).
Plan Details
| Feature | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 50 years |
| Premium Payment Terms | 10, 12, or 15 years |
| Policy Terms | 20, 25, or 30 years |
| Minimum Sum Assured | Rs. 2,00,000 |
| Premium Payment Frequency | Annual, Semi-annual, Quarterly, Monthly |
| Maturity Age | Up to 75 years |
Income Payout Options
- Option 1: Level Income: Receive a fixed income amount annually from the end of the premium payment term until maturity.
- Option 2: Increasing Income: Get an income that increases by 10% every year from the end of the premium payment term until maturity.
- Option 3: Short-term Income: Receive income for a fixed period (5, 7, or 10 years) from the end of the premium payment term.
- Option 4: Deferred Income: Postpone the start of your income by 5 or 10 years from the end of the premium payment term.
- Option 5: Lump Sum Maturity Benefit: Receive the entire maturity benefit as a lump sum at the end of the policy term.
Why Choose Bajaj Allianz Life Flexi Income Goal?
This plan serves as an excellent financial tool for individuals who want to create a steady stream of income to meet regular expenses or fulfill future financial goals, ensure financial security for their loved ones in case of an unfortunate event, save systematically and build a substantial corpus over time, enjoy flexibility in choosing how and when they receive their income, and benefit from tax savings and efficient wealth creation.
Suitable For
Bajaj Allianz Life Flexi Income Goal is ideal for individuals who are planning for retirement and want a steady income post-retirement, wish to create an education fund for their children, want to ensure regular income for their family in their absence, are looking for a balanced combination of protection and savings, and desire flexibility in structuring their income flow to match their financial needs at different life stages.
Frequently Asked Questions
Q: What is Bajaj Allianz Life Flexi Income Goal plan?
A: Bajaj Allianz Life Flexi Income Goal is a non-linked, non-participating, individual life insurance savings plan that offers life insurance coverage along with flexible income options to meet your financial goals.
Q: What are the premium payment options available under this plan?
A: You can choose to pay premiums annually, semi-annually, quarterly, or monthly, based on your financial convenience.
Q: Can I change the income payout option during the policy term?
A: No, the income payout option once chosen at the inception of the policy cannot be changed during the policy term.
Q: Are there any tax benefits associated with this plan?
A: Yes, premiums paid under this plan are eligible for tax benefits under Section 80C of the Income Tax Act, and the death/maturity benefits are tax-free under Section 10(10D), subject to tax laws prevailing at the time.
Q: What happens if I miss paying a premium?
A: If you fail to pay a premium within the due date, a grace period of 30 days (for yearly, half-yearly, and quarterly modes) or 15 days (for monthly mode) is provided. If the premium is not paid even after the grace period, the policy will lapse. However, the lapsed policy can be revived within a specified period by paying all due premiums with interest.
Q: Can I surrender the policy before maturity?
A: Yes, the policy can be surrendered after it has acquired a surrender value, which typically happens after paying premiums for at least 2 consecutive years. The surrender value will be paid as a lump sum.
Q: Is there any loan facility available under this plan?
A: Yes, you can avail of a loan against your policy after it has acquired a surrender value. The loan amount is generally up to 80-90% of the surrender value.
Bajaj Allianz Life Insurance Surrender Form and Reference File Download Link
Bajaj Allianz Life Group Credit Protection Plus and Reference File Download Link