Smart Protect Goal Plan
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Smart Protect Goal Plan

Bajaj Allianz Life Smart Protect Goal Plan is a comprehensive term plan, offered at a competitive premium to save you from the financial uncertainties in life. It offers you an all-encompassing life cover with multiple variants and benefits. This plan is specially designed for the different needs of its consumers.

To understand it more explicitly, let us delve deeper.

How many types of variants are there under this plan?

There are four variants that we get under Smart Protect Goal Plan. They are as follows.

  • Life Cover
  • Child Education Extra Cover Variant
  • Life Cover with Joint Life Variant
  • Increasing Life Cover Variant

Plan Details:

Look at the below table to have an overview of the plan, along with its variants.

VariantsDeath BenefitsATPDBCIBADBWOPB - IWOPB - IIWhole LifeMaturity Benefit Option (ROP)
Life CoverYesYesYesYesYesNoYesYes
Life Cover with Child Education Extra Cover VariantYesYesYesYesYesNoNoNo
Life Cover with Joint Life VariantYesNoNoNoYesYesNoNo
Increasing Life Cover Variant YesNoNoNoYesNoNoNo

Eligibility:

Check out the eligibility criteria to avail of this plan before buying.

DeterminantsLife CoverChild Education Extra Cover VariantLife Cover with Joint Life VariantIncreasing Life Cover Variant
Minimum entry age18 years18 years18 years18 years
Maximum entry age65 years65 years65 years65 years
Maximum maturity ageWith ROP - 75 years
Without ROP - 85 years
Whole Life - 99 years
85 years85 years85 years
Minimum sum insured50,00,00050,00,00050,00,00050,00,000
Maximum sum insuredAs per board approved underwriting guidelinesAs per board approved underwriting guidelinesAs per board approved underwriting guidelinesAs per board approved underwriting guidelines
Minimum sum assured for ADB/ATPDB5,00,0005,00,000--
Maximum sum assured for ADB/ATPDB2,00,00,0002,00,00,000--
Minimum sum assured for CIB5,00,0005,00,000--
Maximum sum assured for CIB1,00,00,0001,00,00,000--

Coverage:

The following table will provide you an overall idea of the coverage of this plan. However, this will vary as per the chosen plan variant.

ParametersCoverage
Multiple add-onsAvailable
Return of premium optionAvailable
Critical illness coverageYes
Additional cover for spouseAvailable
Child's educational coverageYes
Waiver premium benefitAvailable
Free lock periodYes
Grace Period30/15 days
Survival period14 days
Tax benefitsYes

What Are The Benefits Of The Smart Protect Goal Plan?

The plan offers several benefits to its consumers, specially designed for them. Let's check them out.

Benefits of Life Cover:

  • Whole Life Cover: The policyholder can avail of cover till the age of 99 years by paying for a limited term only. Though the Return of Premium option is not available if you opt for a whole life plan.
  • Return of Premium: If no claim is made, the insured will get the total premiums paid towards the policy at the time of maturity.
  • Multiple Add-Ons: You can choose more than one add-on like Accidental Death Benefit, Accidental Total Permanent Disability Benefit, and many more (according to your convenience).

Benefits of Child Education Extra Cover Variant:

  • Cover For Child's Education: This plan offers additional protection of 10-100% of the base cover, for the child's educational expense in case of death of the life assured.
  • Multiple Add-Ons: You can choose more than one add-on like Accidental Death Benefit, Accidental Total Permanent Disability Benefit, and many more (according to your convenience).

Benefits of Life Cover with Joint Life Variant:

  • Additional Cover For The Spouse: This plan allows the life assured to add his/her spouse in the same policy.
  • Waiver of Premium Benefit: On the occurrence of a pre-specified event, all future premiums will be waived off and benefits will continue.

Benefits of Increasing Life Cover Variant:

  • Automatic Increase of Life Cover: The life cover will increase at every policy anniversary. The maximum sum assured can increase up to 200% of the base cover.
  • Competitive Premium: To meet your requirements, the plan offers all the necessary features at a competitive premium.

General features of Bajaj Allianz Life Smart Protect Goal Plan available in all four variants:

  • Policy Loan: The plan doesn't give the convenience to avail of a loan against it.
  • Free-Look Condition : If dissatisfied with the policy, you can cancel the policy within 15 days of the receipt of this policy and 30 days in case of electronic policy & policy obtained through distance mode. The company will send you a refund comprising all premiums paid, depending on certain grounds.
  • Grace Period For Regular & Limited Premium Payment: If a premium is not paid on time, the policy grants 15 days for monthly premium payment frequency and 30 days for other frequencies. Post that, the policy will stop functioning.
  • Cooling Period : Up to 4 minor critical illness conditions can be claimed over the term of the policy, subject to a cooling-off period of 180 days.
  • Tax Benefits : The premiums paid by you are exempted from tax under Section 80C of the Income Tax Act, 1961.
  • Flexibility : Get the flexibility to customize the term plan as per one's requirements, with multiple add-on covers available.
  • High Sum Assured Rebate: It's based on your premium with respect to the chosen sum assured. It is applicable on the premium for every Rs.1 lakh increase in the sum assured (over 50 lakhs and less than 3 crores). This also varies based on smoker categorization, variant, the sum assured slab for each policy term, and age.

Why Should You Buy The Smart Protect Goal Plan?

The relevance of this plan can be best served with the help of the below examples:

Illustration 1: Ms. Shukla has a home loan to repay

Ms. Shukla recently took a home loan to buy her dream house. If anything happens to Ms. Shukla (unfortunate demise), this term insurance plan will take care of the financial liability and free her family from the financial burden.

Illustration 2: Mr. Agarwal suffers from a life-threatening disease

Mr. Agarwal bought this plan along with a critical illness cover. After 1 year, he was diagnosed with cancer. Luckily, the plan will provide enhanced protection by paying for the treatment expenses (up to the policy's TnCs).

What Are The Exclusions Of The Smart Protect Goal Plan?

The major exclusions of the Bajaj Allianz Life Smart Protect Goal Plan are as follows.

  • If the insured dies within 30 days of the diagnosis of the covered Critical Illness.
  • Self-inflicted injury, suicide.
  • Any medical expenses incurred by consuming intoxicating substances.
  • Any medical expenses aroused due to taking part in hazardous activity or adventurous sport.
  • Participation in a criminal or unlawful act with criminal intent.
  • Medical expenses due to war or due to a nuclear, chemical, or biological weapon and radiation of any kind.
  • Experimental, investigative, and unproven treatment devices and pharmacological regimens.
  • Failure to follow medical advice.

How To Buy Bajaj Allianz Life Smart Protect Goal Term Plan?

One of the safest ways to buy this plan is from the company's website. Let's take a look at its process.

  • On the official website of Bajaj Allianz Life Insurance, click on 'Term Insurance Plans' under the 'Plans' tab. Tap on 'Calculate Now' under 'Smart Goal Plan'.
  • Under 'Smart Protect Goal Calculator', enter the details and click on 'Proceed'.
  • Carry out further steps and check the premium details.
  • Once done, pay the premium online and the policy document will be shared on your email address.

To understand more about this plan, you can connect (1800-4200-269) with the experts of PolicyX.com.

Mandatory documents to issue the policy:

You need to submit the following documents to buy this policy.

  • Valid ID Proof.
  • Valid Age Proof.
  • Valid Address Proof.
  • Recent Photograph.
  • Income Proof.

Note: You may be asked to provide additional documents (if necessary).

How To File A Claim For Smart Protect Goal Term Plan?

Follow the below-mentioned steps to file a claim for this plan.

  • Go to the official website of Bajaj Allianz Life Insurance.
  • On top of the homepage, you will find the 'Customer Service' option. There, click on 'Claim Assistance'.
  • Upon clicking, go to the 'Claim Reporting' option. A page will appear before you.
  • Fill the form with the necessary details and click on 'Proceed to Download Form'.
  • Provide the necessary details and submit it to the nearest branch (with the required details).
  • Your claim will be assessed, and the final claim decision will be taken by the company.

Note: At each step of the claim procedure, you will be notified via SMS. If any additional documentation is required, you will get intimation via a call.

Required documents for filing a claim:

The below-mentioned are the required documents to file a claim for this plan

For Life Claims

  • Original policy documents.
  • Death claim application form/Claimant's Statement (This is also a form of Consent Letter).
  • Original/attested copy of DC issued by the local municipal authority.
  • Employer Certificate (if employed).
  • NEFT mandate form attested by bank authorities, along with a canceled cheque or bank account passbook.
  • If medical/natural death: Attendant Physician Statement or Doctor's certificate form.
  • Nominee's photo identity proof such as a copy of Passport, Voter identity card, PAN card, Aadhar (UID) card, etc.
  • Others requested by the company.

In case of Accidental/Unnatural Death:

  • FIR or Panchnama/Police complaint.
  • PMR.
  • Inquest report (if any).
  • Final Police Investigation Report (if any).
  • Others requested by the company.

For Disability and Dismemberment Claims

  • Attested copies of medical records/indoor papers of the hospital.
  • Disability/Dismemberment Claim Form.
  • Discharge summary of hospitalizations.
  • Attendant Physician Statement Form.
  • Nominee's photo identity proof such as a copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.
  • NEFT mandate form attested by bank authorities, along with a canceled cheque or bank account passbook.
  • Others requested by the company.

FAQs

1. Does Smart Protect Goal cover COVID-19 claim?

All policies of Bajaj Allianz Life cover death claims due to COVID-19.

2. What is a Female Life Rebate?

The premium rate applicable to female life is based on the premium rate of 3 years younger male.

3. My policy has lapsed and even the grace period is over. Can I revive my policy?

Yes, you can. For that, you have to submit a written application to the company within 5 years of the first unpaid premium and the decision of the company will be according to the policy terms.

4. Which add-ons are available under Life Cover and Child Education Extra Cover?

You can choose from the following add-ons:

  • Accidental Death Benefit (ADB)
  • Accidental Total Permanent Disability Benefit (ATPDB)
  • Critical Illness Benefit (CIB)
  • Waiver of Premium Benefit (WOPB)

**Last Updated on 31-12-2020