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  • Bajaj Allianz Life launches its new insurance plan 'Bajaj Allianz Life Flexi Income Goal'
  • July 01,2020  10:10

  • “It is a feature-rich participating endowment plan, designed to meet child's education and all other life goals, by providing life cover along with guaranteed benefits and bonus,” Bajaj Allianz Life said in a statement.

    This guaranteed income life insurance plan comes with 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 first month onwards of the policy or accumulate the benefits for earning additional returns, Bajaj Allianz Life said.

    The plan comes in 2 variants - Income benefit and Enhanced benefit.

    Here are the features of 'Bajaj Allianz Life Flexi Income Goal':

    Receive Cash Bonus from first month onwards of policy

    Under the Income Benefit, at the end of each policy year, policyholders get cash bonus. Policyholders can opt to take the cash bonus in monthly or in annual installments.

    Receive or accumulate cash bonus

    Policyholders are given an option to accumulate the cash bonus declared in the policy instead of receiving the pay-outs monthly/annually.

    Receive or accumulate guaranteed lumpsum

    Under Enhanced Benefit, policyholders get 50 percent of sum assured as a lumpsum amount at the end of the premium payment term with an option of accumulating the same.

    Receive or accumulate Guaranteed Monthly Income (GMI)

    Under both Income and Enhanced Benefit, from the end of the Premium Payment Term (PPT), GMI is payable every month till the end of the policy term. Policyholder can opt to take GMI as annual installments or to accumulate GMI in the policy, instead of receiving the pay-outs.

    Receive cash value

    Under both Income and Enhanced Benefit, if the policyholder chooses to accumulate the Cash Bonus and/or GMI/Guaranteed Benefit, instead of receiving it, policyholders are entitled for cash value which is total of accumulated cash bonus and/or accumulated GMI/accumulated guaranteed lumpsum including investment return thereon, based on the declared investment return.

    Provides joint life cover

    Under both Income & Enhanced Benefit, the life assured have the choice to cover spouse in the same plan.

    Provides living benefits

    Under income benefit, on maturity date, maturity booster (50 percent of sum assured) plus cash value (if not fully withdrawn) plus terminal bonus is paid. Under Enhanced Benefit, guaranteed benefit of 100 percent of sum assured plus plus cash value plus terminal bonus are paid.

    Life cover till 80 years of age

    This plan also provides cover for a longer period till the age of 80, to serve the financial needs of the policyholders and their family in the later years.

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