Bajaj Allianz Life Smart Wealth Goal Ulip for multiple needs: Know key features2 min read . Updated: 14 Oct 2020, 10:22 PM IST
- Bajaj Allianz Life Smart Wealth Goal is available in three variants - Wealth, Child Wealth and Joint Life Wealth
- This new plan 'aims to create wealth for customers, while fulfilling long-term financial goals,' said the insurer
Bajaj Allianz Life Insurance has recently introduced an unit-linked insurance plan Life Smart Wealth Goal. This new policy "aims to create wealth for customers, while fulfilling long-term financial goals that may be related to child, oneself, and or parents, among other long-term goals," the insurer said.
Along with offering insurance and investment, Bajaj Allianz Life Smart Wealth Goal will plans to address the "critical issue related to charges in Ulip." With a unique Return of Premium Allocation Charge (ROAC) feature – the plan promises to return the entire amount of ROAC at the end of 10th policy year or on maturity. The plan also Returns all the Risk cover charges at maturity.
Bajaj Allianz Life Smart Wealth Goal is available in three variants - Wealth, Child Wealth and Joint Life Wealth.
1) Customers will get five investment portfolio strategies under Wealth variant. "It offers periodic fund boosters to the customers wherein inclusions to fund are provided during the policy term," the company said. Moreover, the buyer will have the flexibility to reduce the regular premium from the sixth policy year.
2) Under the Child Wealth variant. there is an in-built waiver of premium and income benefit on death or accidental total permanent disability (ATPD) to secure child goals in this plan. The variant also has a feature to receive periodic income to meet child’s education goal from 4 child milestone payouts, the insurer mentioned.
3) The Joint Life Wealth is a single pay variant offering an option to add spouse/ child/parent/grandparent/co-borrower etc as joint life. The customer can also make partial withdrawals after fifth policy year, whenever there is need for funds.
The smart policy holder can choose any of the following investment portfolio strategies for wealth creation: a) Investor Selectable Portfolio strategy, b) Wheel of Life Portfolio strategy II, c) Trigger Based Portfolio strategy II, d) Auto Transfer Portfolio strategy, e) Capital Preservation-Oriented Strategy.
The plan also offers smart features such as – fund booster, a periodic inclusion to fund during the policy term; flexible option to reduce premium; return of 100% mortality and all other risk charges; liquidity to meet child’s education goal, among others.
Commenting on Life Smart Wealth Goal, Tarun Chugh, MD & CEO, Bajaj Allianz Life, said “Bajaj Allianz Life Smart Wealth Goal has been designed to offer customers a value-packed option, which is backed by our prudent investment strategies, and will offer a strong start to several customers towards getting their Life Goals Done with us."