NEW DELHI:
Bajaj Allianz Life, one of the leading Indian private life insurers, today launched a true value-for-money term plan, which is packed with benefits making it a truly comprehensive term plan.
Bajaj Allianz Life Smart Protect Goal, a pure term plan, is positioned to respond to India’s primary requirement of any product offering: getting much more from it than what the price can buy! Feature rich, this term plan is priced in a manner to make it affordable and most compelling for customers.
In its reorientation journey of the last two years, the company’s focus has been to offer customers value-packed products across life insurance categories to help get Life Goals done. Following the launch of its revolutionary new age ULIPs, PoS product and one of the most comprehensive critical illness plan, Bajaj Allianz Life now launches a value-for-money term plan, which offers customers a host of benefits at Rs. 13 per day.
Speaking at the launch, Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “Our philosophy of being life goal enablers continues to guide us in our business strategy. We understand that our customers are looking for power-packed products (that are efficient and cost effective) that will help them achieve their financial goals and give them peace of mind. This new product, I believe, will help in delivering on both these counts. Furthermore, giving more than what our customers are expecting, truly makes Bajaj Allianz Life Smart Protect Goal, a true value-for-money term plan. It will surely be the back-up plan for our customers’ life goals.”
The latest offering from Bajaj Allianz Life is individual, non-participating, non-linked pure risk term plan. It comes with several value-packed features that customers can enjoy by paying only Rs. 13/- per day. These include:
1. At Rs. 13 per day, get Rs. 1 Cr. Life Cover: For a 25 year old male who is a non-smoker, buys the policy online with a Policy term & Premium payment term of 30 years
2. Financial support to manage critical illnesses: Offering a cover against 55 major and minor critical illnesses, Bajaj Allianz Life Smart Protect Goal becomes one of the most comprehensive term plans in the industry. In case the life assured is diagnosed with any of the listed critical illnesses, the applicable sum assured will be payable to the policyholder
3. Provides living benefits: The latest product from Bajaj Allianz Life comes with the Return of Premium feature. This means that at the end of policy term the company returns all the premium paid towards the policy, in case no claim has been made in the policy.
4. Helps meet Child Education Life Goal: For the first time in India, here is a term plan designed to provide a child education extra cover (CEEC) to take care of the education expenses of the child, if something were to happen to the parent (Life Assured) before the child turns 25 year of age. Child Education Extra Cover will be paid in this case to the child nominee which will ensure that the education goals of the child is fulfilled even in the absence of the parent (Life Assured). This can be taken for any number of children, as long as age of child is less than 18 years.
5. Joint Life Cover: With this term plan, the life assured has the choice to cover his/her spouse in the same plan as theirs. Here, on the demise of the first life, the life cover for the spouse will continue and all future premiums for the spouse’s cover will be paid by the company.
6. Life cover till 85 years of age or for whole life: Keeping in mind the longer life expectancies, this plan provides life cover for a longer period till the age of 85, to meet the needs of the policyholder and his/her family even during retirement years. There is also an option to opt for a whole life cover till the age of 99 years to ensure continuity of life goals for a longer period.
7. Pay for short term, get covered for longer term: Under this feature, a policyholder can pay premiums for a limited term, as less as 5 years, and get a life cover till the age of 85, or 99 years (if opted for whole life). This allows policyholder to enjoy the benefits of paying for short term, but getting a life cover for a longer period of time.
8. Meet increasing responsibilities: This plan offers policyholders the option of automatic increase in sum assured every year by a specified percentage (that is chosen at the time of inception). This enables customers to meet the growing needs with every life stage that he/she crosses.
9. Rebate for higher sum assured: Under this feature, a policyholder can get a rebate on his/her premium basis the sum assured chosen. This rebate will be applied on the premium for every additional 10 lacs increase in Sum Assured over and above Rs. 50 Lacs and will be based on variant chosen, sum assured slab for each age, policy term and smoking habits.
Bajaj Allianz Life Smart Protect Goal provides policyholders the flexibility to choose the premium payment mode as per their requirements and life goals. Policyholders can opt for single, regular or limited premium option, depending on their convenience. It is also available in four variants: Bajaj Allianz Life Smart Protect Goal is available in four variants namely: Life Cover variant, Life Cover with Child Education Extra Cover (CEEC), Life Cover with Joint Life and Increasing Life Cover.
Customers can buy the true value-for-money and comprehensive term plan online, through the large network of Bajaj Allianz Life’s insurance consultants (agents) and select bank partners.
