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Comprehensive term plan up to the age of 99 years: Here’s all you need to know

This term plan comes with additional child education cover. The Bajaj Allianz Life Smart Protect Goal policy is also available in 4 variants

Bajaj Allianz Life launched a pure term plan, Smart Protect Goal, to help policyholders meet all their term plan goals. This individual term plan will be a non-participating, non-linked pure risk term plan.

It will provide cover for 55 critical illnesses. Hence, policyholders holding this policy in case it gets diagnosed with any of the listed critical illnesses, the applicable sum assured will be payable to the policyholder.

The policyholder also gets the option to increase their life cover up to the age of 99 years to ensure continuity of life goals for a longer period. It also comes with the option of Return of Premium, wherein the policyholder at the end of policy term gets all the premium paid towards the policy, from the insurance company in case no claim has been made in the policy.

This policy also comes with the option to include the policyholder’s spouse under the cover. With this 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 waived off and paid by the company. Policyholders are offered the flexibility to choose the premium payment mode as per their requirements and life goals. One can opt for a single, regular or limited premium option, depending on their convenience.

Tarun Chugh, MD, and CEO, Bajaj Allianz Life, speaking at the launch, said, “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. This new product will help in delivering on both these counts.” For a 25-year-old male, non-smoker, policy and premium payment term of 30 years, this policy comes with a premium of as low as Rs. 13 per day, for Rs. 1 Cr. Life Cover, given he buys the policy online.

This term plan comes with additional child education cover. The Bajaj Allianz Life Smart Protect Goal policy is also available in 4 variants:
1.Life Cover variant
2.Life Cover with Joint Life
3.Increasing Life Cove
4.Life Cover with Child Education Extra Cover (CEEC)

With the Life Cover with Child Education Extra Cover (CEEC), in case something happens to the parent (Life Assured) before the child turns 25 years of age, the child education extra cover (CEEC) to take care of the education expenses of the child. This can be taken for any number of children, as long as the age of the child is less than 18 years.

Representation of online premium rates of across age & tenure

AgePTPPTGenderModeSum Assured Premium (before tax)
253030MaleAnnual1 crore4764
253030FemaleAnnual1 crore4356
303030MaleAnnual 1 crore5960
303030FemaleAnnual 1 crore5149
304040MaleAnnual 1 crore6788
304040FemaleAnnual 1 crore5789

Source: Bajaj Allianz Life

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Source: Financial Express