Bajaj Allianz Life Insurance recently launched an inclusive scheme that enables policyholders to access assured early income. The latest offering, Bajaj Allianz Life Assured Wealth Goal Platinum, provides guaranteed payouts from the commencement of the second policy year. This plan empowers individuals to customise their financial strategies, facilitating the accomplishment of various life goals ahead of time, such as funding a child’s education or enjoying a vacation.
Benefits of the plan
Aside from furnishing essential life coverage, this life insurance scheme presents many features, rendering it an ideal selection for individuals in search of assurance and adaptability. As a non-linked, non-participating individual life insurance and savings plan, it offers a unique opportunity for customers to receive early guaranteed income payouts for immediate needs or to accumulate the income and receive a lumpsum at policy maturity, or even to offset renewal premiums. Furthermore, the product ensures sustained income and an augmented Return of Premium, safeguarding financial stability for the nominee in the unfortunate event of the policyholder’s demise during the income period.
Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “At Bajaj Allianz Life, our goal is to provide insurance and investment solutions for an expansive and diverse customer segment. There’s a significant segment that seeks stability amidst volatility, coupled with flexibility, and Bajaj Allianz Life Assured Wealth Goal Platinum is a suitable fit for them. This policy offers peace of mind for individuals and families navigating today’s economic challenges. They enjoy the best of both worlds – guarantee and flexibility – empowering them to fulfil not only their long-term but also short-term life goals. We will continue to revisit our product portfolio, innovating to stay ahead of the ever-evolving economic environment and customer needs.”
Key features of the plan
Highlighted features of Bajaj Allianz Life Assured Wealth Goal Platinum – Smart Income include:
- Guaranteed early income, commencing from the second year
- Flexibility to determine your income start year and income period
- The choice to utilise early income for renewal premiums or accumulate for a lumpsum
- Life cover for family protection against uncertainties
- Selection from five riders: Bajaj Allianz Accidental Death Benefit Rider, Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider, Bajaj Allianz Critical Illness Benefit Rider, Bajaj Allianz Family Income Benefit Rider, Bajaj Allianz Waiver of Premium Benefit Rider for comprehensive protection
- Eligibility for tax benefits as per prevailing tax laws
The plan process unfolds in two straightforward stages: Initially, you determine the premium amount and the payment duration, offering flexibility according to your financial capabilities. Subsequently, you select the income start year and the duration for which you prefer to receive the income, enabling you to synchronise the payouts with your particular financial milestones or requirements.
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Published: 09 Feb 2024, 07:38 PM IST