IPPB Bajaj Allianz Life Smart Protect Goal (A Non Linked, Non Participating, Pure Life Term Insurance Plan) key features:
Download Key Features of IPPB SPG (Smart Protect Goal) plan in PDF
Key Features of IPPB SPG (Smart Protect Goal) plan:
Type of the IPPB SPG (Smart Protect Goal) Plan:
Planning your Life Goals is just the start, securing them against eventualities is the next step with Bajaj Allianz Life Smart Protect Goal, an affordable term plan with numerous options
Aim of the policy IPPB SPG (Smart Protect Goal) Plan:
Bajaj Allianz Life Smart Protect Goal is a life, individual, non-participating, non-Linked, single, limited, regular premium payment
Pure Risk plan with numerous options, to secure your Life Goals and help you live worry free. It offers you the choice of 4 variants You have chosen- Life Cover with Joint Life Cover
Benefits under the policy:
Life Cover with Joint Life- Individual Life Cover# amount is payable on death of the Life Assured and Spouse
The Life Assured and Spouse will have separate Sum Assured(s)
If you have chosen the below Add-on cover, the benefit payable will be as mentioned below – Waiver of Premium Benefit (WOPB I & WOPB II) Benefit –
On occurrence of fourth (4th) Minor CI or on the date of occurrence of the first (1st) Major CI (incl. ATPD) of the Life Assured, or on the date of death of the Life Assured whichever is earlier, all future premiums due under the policy will be waived .
Note:
Single Premium - SP, Limited Premium - LP and Regular Premium – RP
Waiver of Premium Benefit- WOPB, WOPB – II {CI (Incl ATPD)/Death} is applicable on Life Assured and not on the Spouse.
Premium Payment Term of IPPB SPG (Smart Protect Goal) Plan:
The premium payment term chosen by you is the basis on which Benefit Illustration has been drawn and shall also be mentioned in the Policy Schedule
Non- payment of premium IPPB SPG (Smart Protect Goal) Plan:
For Regular Premium or Limited Premium payment option: If any premium is not paid before the end of the grace period, then no benefit under the policy will be payable
Surrender Value of IPPB SPG (Smart Protect Goal) Plan:
Surrender Value for Variant and Add-on Covers is available –
I. For Limited premium only after the premium payment term
ii. For single premium anytime
Note –The surrender value payable shall be higher of the GSV or SSV..
Under Regular Premium payment, no surrender value shall be available.
Bajaj Allianz Life Insurance Co. Ltd.,
Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006. Reg No.: 116.
Revival of IPPB SPG (Smart Protect Goal) Plan:
You may revive your lapsed policy during the revival period of five (5) years from the due date of first unpaid premium, subject to the revival conditions under the policy
Suicide Claim Provisions of IPPB SPG (Smart Protect Goal) Plan:
If the life assured commits suicide, within 12 months from the date of commencement of risk or the date of latest revival of the policy, whichever is later, the higher of 80% of the total premiums paid or the surrender value as on the date of death will be paid as death benefit, provided the policy is in force.
The risk cover under the Variant or Add-on Cover shall, immediately and automatically, terminate on the occurrence of any of the
following events:
I) Once WOPB is triggered
ii) On the first death out of the Life Assured or the Spouse in a Policy the risk cover for the respective Life will terminate
iii) On the Maturity date of the Policy and /or Add-on cover
This Policy shall, immediately and automatically, terminate on the earliest occurrence of any of the following events:
Termination of IPPB SPG (Smart Protect Goal) Plan:
I) On the expiry of the revival period of five (5) years from the date of first unpaid Regular Premium.
ii) On the payment of Death Benefit on second death in the Policy
iii) On the payment of refund in case of cancellation under Free look
iv) On payment of surrender value
v) On refund of eligible Premiums / Surrender value under Suicide clause on suicide of Life Assured
Free Look Cancelation of IPPB SPG (Smart Protect Goal) Plan:
Within fifteen (15) days of the receipt of this Policy and thirty (30) days in case of electronic Policy & Policy obtained through distance mode, you may, if dissatisfied with any of the terms and conditions for any reason, provided no claim has already been made on the Policy, give the Company a written notice of cancellation along with reasons for the same, and return the Policy
Document to the Company, subject to which the Company shall send you a refund comprising all Premiums (excluding applicable taxes) paid, less the proportionate amount of risk premium (including add-on cover premium/s) for the period you/your spouse were on cover and the expenses incurred by the Company on medical examination and stamp duty
*Policies obtained through distance mode will be sold through online sales and tele-calling
Regd. Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006., IRDAI Reg No.: 116, Visit us:
www.bajajallianzlife.com,
Contact us:
BALIC CIN : U66010PN2001PLC015959, Mail us : customercare@bajajallianz.co.in, Call on : Toll free no. 1800 209 7272, Fax No: 02066026789,
Do's
Do fill the proposal form very carefully and personally in CAPITAL letters in blue ink only
Do provide true and complete information
Do provide correct contact number, address and email ID, and update in case of any change, so that you can receive necessary communication
Do sign on all the documents provided by you (Self Attestation)
Do provide your recent passport photograph
Do draw cheque/ DD, in favour of “Bajaj Allianz Life Insurance Co. Ltd.”
Do read the policy bond carefully upon receipt of the same.
Do contact us if you do not receive the policy bond or any other communication from the Company within 30 days.
Do read the enclosed Benefit Illustration carefully before signing
Do register for Auto Debit Instructions/ ECS to ensure timely payments of your premium on due dates.
Don'ts
Do not sign any blank proposal form
Do not leave any column blank in the proposal form
Do not conceal any facts as this could lead to dispute at the time of a claim
Do not miss or delay your premium payment
Do not rely on any commitments of any additional benefits made by anyone apart from what has been highlighted herein above.
Disclaimer - This document contains the highlights of the product Bajaj Allianz Life Smart Protect Goal UIN: 116N163V03 and is subject to the terms and conditions as contained in the policy document. The terms and conditions as contained in the policy document shall govern the contractual relationship and shall be binding. For details on any of the matters highlighted herein above, please refer to policy document upon receipt of the same by you. The standard terms and conditions of the product is also available on the Company website (at
www.bajajallianzlife.com)
Bajaj Allianz Life Insurance Co. Ltd.,
Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006. Reg No.: 116.
Notes & Disclaimers:
1. The above information should be read in conjunction with the Sales Literature.
2. Further clarification can be sought by contacting company's sales representative or by sending an e-mail on customercare@bajajallianz.co.in
3. The company declares that it may charge extra premium subject to underwriting of proposal before issuance of the policy.
4. There are the following four plan variants:
A. Variant 1 – Life Cover *
B. Variant 2 – Life Cover with Child Education Extra Cover
C. Variant 3 – Joint Life Cover
D. Variant 4 – Increasing Life Cover
* With Variant 1 the cover will be available with or without ROP. If ROP feature is chosen, then, ROP will be applicable to the premium paid
w.r.t. the variant and any add-on cover opted for.
5. Add-On Covers :
a) Accidental Death Benefit (ADB): Death of life assured due to Accident during the ADB cover period.
b) Accidental Total Permanent Disability Benefit (ATPDB): On the occurrence of Total Permanent Disability (TPD) to life assured due to Accident during the ATPDB cover period.
c) Critical Illness Benefit (CIB): On the occurrence of CI to life assured during the CIB cover period.
d) Waiver of Premium Benefit – I (WOPB-I) CI (incl. ATPD): On the occurrence of CI(incl. ATPD) to life assured during the WOPB cover
period#
e) Waiver of Premium Benefit - II (WOPB-II) due to CI (incl. ATPD) or Death: On the occurrence of CI (incl. ATPD) or Death to life assured
during the WOPB cover period#
# As available with variant chosen
6.Sum Assured on Death For Regular Premium and Limited Premium: Sum Assured on Death is defined as the higher of (a) 10 mes Annualised Premium*, (b) 105% of total premiums paid* till date of death, (c) Sum Assured (or prevailing sum assured, if applicable),
For Single Premium: Sum Assured on Death is defined as the higher of (a) 1.25 times Annualised Premium*, (b) Sum Assured (or prevailing sum assured, if applicable
* Annualised Premium - Total Premium/s payable in a Policy Year, excluding any Extra Premium, and GST, if any.
## Amount payable in case of the Death of the Spouse during the policy term (Applicable only if selected "Life Cover with Joint Life").
7. Goods & Service Tax would be payable as per applicable tax laws.
8. All the benefits under this plan are guaranteed.
[DISCLAIMER]
This illustration should be read along with the product brochure for detailed terms and conditions.
Bajaj Allianz Life Insurance Co. Ltd.,
Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006. Reg No.: 116.
Tel:(020) 66026777. Fax:(020) 66026789.
Email: customercare@bajajallianz.co.in
www.bajajallianzlife.com
