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Bajaj Allianz Life’s Flexi Income Goal to Meet Your Life Goals

In Business
June 19, 2020

Bajaj Allianz Life, one of India’s leading private life insurers, today launched a Flexible Income Plan which truly is as flexible as your needs. Bajaj Allianz Life Flexi Income Goal is a feature-rich participating endowment plan, designed to meet your child’s education and all other life goals, by providing Life Cover along with guaranteed benefits and bonus.

Child’s Education is the top-most Life Goals of most Indians. This was revealed in Bajaj Allianz Life India’s Life Goals Preparedness Survey conducted last year. The survey also revealed nearly 50% of Indians find it difficult to achieve child’s education goals due to lack of financial support.

While there are several financial instruments that help build an education corpus for your child, they may have some shortcomings. Some of these instruments lack in flexibility or liquidity options, restricting the withdrawal of funds, in case you may need for any emergency. Further, the taxation
clauses associated with some instruments can impact the corpus you build or what you withdraw during the investment period.

Hence while creating a financial corpus for your child, it is prudent to have some guaranteed income cashflows so that you’re sure of your child receiving a certain amount during his/her growing years. Bajaj Allianz Life India’s Life Goals Preparedness Survey also revealed that more than 50% Indians viewed Life Insurance as a preferred investment option to achieve child’s education life goal.

Keeping these insights in mind, Bajaj Allianz Life Insurance launched Bajaj Allianz Life Flexi Income Goal, to enable you to create a financial back-up for your family’s goals. This new-age guaranteed income life insurance plan comes with unique 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 1 st month onwards of the policy or accumulate the benefits for earning additional returns. Thus, making it one of the preferred guaranteed income plan to have when you are investing towards getting your family’s collective Life Goals, done.

Commenting on the launch, Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “We are continuously evaluating the needs of our customers and designing suitable products that meet their requirements. In these uncertain times, customers are looking for guaranteed products that bring in a certainty in terms of returns and a regular income. Bajaj Allianz Life Flexi Income Goal is a new-age guaranteed income life insurance plan that provides customers the flexibility to receive their benefits as per their requirements. I am confident that this product will enable customers meet their investment and family’s protection goals simultaneously.”

 This is a limited premium payment, non-linked, participating guaranteed income life insurance plan.

 The plan comes in 2 variants – Income Benefit & Enhanced Benefit.
The plan offers several value-packed features which include the following:
1. Receive Cash Bonus from 1 st month onwards of policy – Under the Income Benefit, at the end of each policy year, policyholders shall receive a Cash Bonus. Policyholder can opt to take the Cash Bonus in monthly or in annual instalments. For the first time, Bajaj Allianz Life is providing policyholders the choice to receive the Cash Bonus from the 1st month onwards of the policy.

2. Receive or Accumulate Cash Bonus – This is one of the unique features of Bajaj Allianz Life Flexi Income Goal – Income Benefit. Bajaj Allianz Life is providing policyholders an option to accumulate the Cash Bonus declared in the policy instead of receiving the pay-outs monthly / annually, thus empowering customers to receive a higher corpus through investment return on the accumulated amount.

3. Receive or Accumulate Guaranteed Lumpsum – Under Enhanced Benefit, policyholder gets 50% of the Sum Assured as a lumpsum amount at the end of the premium payment term with an option of accumulating the same.

4. Receive or Accumulate Guaranteed Monthly Income (GMI) – Under both Income and Enhanced Benefit, from the end of the Premium Payment Term (PPT), GMI shall be payable every month till the end of the Policy Term. The first instalment of GMI will be due at the end of PPT. Policyholder can opt to take GMI as annual instalments or to accumulate GMI in the policy, instead of receiving the pay-outs.

5. Receive Cash Value – Under both Income & Enhanced Benefit, if the policyholder chooses to accumulate the Cash Bonus and/or GMI/Guaranteed Benefit, instead of receiving it, policyholder will be entitled for Cash Value which will be total of Accumulated Cash Bonus and/or Accumulated GMI/Accumulated Guaranteed Lumpsum including investment return thereon, based on the declared investment return. Further, policyholder will have the option to withdraw the Cash Value (partially or fully) anytime during the Policy Term.

6. Provides Joint Life Cover – Under both Income & Enhanced Benefit, the life assured has the choice to cover his/her spouse in the same plan.

7. Provides living benefits – Under Income Benefit, on maturity date, Maturity Booster (50% of Sum Assured) plus Cash Value (if not fully withdrawn) plus Terminal Bonus* will be paid. Under Enhanced Benefit, Guaranteed Benefit of 100% of Sum Assured plus Cash Value (if not fully withdrawn) plus Compound Reversionary Bonus* plus Terminal Bonus will be paid Any time before the maturity date, policyholders will have an option to take Maturity Benefit in installments over a period of 5, 10, 15, or 20 years.

8. Life cover till 80 years of age – Keeping in mind longer life expectancies, this plan also provides cover for a longer period till the age of 80, to serve the financial needs of the policyholder and his/her family in the later years.