Bajaj Life POS Goal Suraksha Plan: Premiums & Benefits | PolicyX
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Bajaj Life POS Goal Suraksha Plan

The Bajaj POS Goal Suraksha Plan combines a life insurance plan and a ...Read More

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About Bajaj Life POS Goal Suraksha Plan

A quick read on what this Bajaj Life Insurance term plan covers and why it might be a fit for you.

The Bajaj POS Goal Suraksha Plan combines a life insurance plan and a savings plan. It offers death benefits to your loved ones in case of your unfortunate demise, while also helping you save money for future financial goals if you outlive the policy term.

This plan is an ideal choice if you seek life coverage benefits along with a lump sum amount to fulfill future financial obligations.

Key benefits of this plan include:

  • Maturity benefits
  • Death benefits
  • Guaranteed additions that increase the maturity amount
  • Limited premium payment terms
  • Option to alter premium payment mode
  • Policy loan facility

Eligibility Criteria for Bajaj Life POS Goal Suraksha Plan

Entry age
Entry age
Minimum Entry Age: 0 years, Maximum Entry Age: 55 years
Maturity age
Maturity age
Maximum Maturity Age - 65 years
Policy tenure
Policy tenure
10,12,15, 20 years
Premium payment term
Premium payment term
5,6,7,8,10,12 years
Premium payment frequency
Premium payment frequency
Monthly, Quarterly, Half-yearly, and Yearly
Sum assured
Sum assured
Minimum- Rs 30,000 Maximum- Rs 25 lakhs

Pros & cons

A quick honest summary — the strengths and the trade-offs.

Pros

  • Guaranteed maturity benefit
  • Limited premium payment term
  • Option to take policy loan

Cons

  • No coverage for pre-existing conditions
  • No surrender benefit
  • No guaranteed benefit

Who can buy this plan

Eligibility criteria pulled straight from the policy wording.

Minimum Entry Age: 18 years
Maximum Entry Age: 65 years
Minimum Sum Assured: ₹30
Maximum Sum Assured: ₹25 Lakhs
Maximum Policy Term: 67 years.

How Does Bajaj POS Goal Suraksha Plan Work?

Let’s understand how the Bajaj POS Goal Plan works with a simple illustration.

Problem

Mr. Verma is looking for a savings plan that provides guaranteed returns along with a return on his invested amount.

Solution

His financial advisor advised him to buy the Bajaj Life POS Goal Suraksha Plan to get the dual benefits of a life insurance plan and a savings plan. He visited PolicyX.com.

Let's understand how the Bajaj Life POS Goal Suraksha Plan works for him with a premium illustration table.

Age of policyholder Annual premiums Policy tenure Premium payment term Total premiums paid Basic sum assured Guaranteed additions Maturity benefits
40 years Rs. 5,000 15 years 10 years Rs 50,000 Rs 50,000 Rs 39,400 Rs 89,400

Key Takeaway: In case of Mr. Verma's demise during the policy tenure, Rs 1 crore will be paid to his nominee.

Benefits of Bajaj Life POS Goal Suraksha Plan

The Bajaj POS Goal Suraksha Plan offers several benefits:

  • Maturity Benefits: If you outlive the policy tenure, the plan offers maturity benefits to help you achieve your financial goals.
  • Death Benefits: In case of the policyholder’s unfortunate demise, death benefits are paid to their loved ones, ensuring their financial security.
  • Guaranteed Additions: The Bajaj POS Goal Suraksha Plan provides guaranteed additions along with the maturity amount, applicable only for active policies.
  • Limited Payment Term: You make premium payments for a limited period while enjoying coverage for a longer term.
  • Alter Premium Payment Modes: You can change your premium payment modes (monthly, quarterly, half-yearly, or yearly) during the policy tenure.

Features of Bajaj Life POS Goal Suraksha Plan

Key features that make Bajaj Life POS Goal Suraksha Plan stand out.

Why Choose Bajaj Life Insurance?

Wide Range of Plans

Bajaj Life Insurance offers a variety of life insurance plans that suit the different requirements of customers.

Affordable Premiums

Compared to other insurance companies in the industry, Bajaj Life Insurance plans are among the most economical with high sum assured value. (https://www.policyx.com/life-insurance/bajaj-life-insurance/)

Flexibility With Plans

Bajaj Life Insurance Plans provide policyholders with personalized options in various aspects such as policy term, cover amount, premium term, etc.

Easy Buying Option

Bajaj Life insurance plans are available both offline and online. Customers can choose any option at their convenience.

Tax Advantage

You can avail of tax benefits under Section 80C and Section 10 (10D) with your Bajaj Life Insurance Plans. (https://www.policyx.com/term-insurance/articles/term-insurance-tax-benefits-under-section-80c-and-80d/)

Documents Required for Bajaj Life POS Goal Suraksha Plan

Keep these documents handy when applying for Bajaj Life POS Goal Suraksha Plan.

Photo ID Proof

Passport, Aadhaar card, PAN card, or Driving license.

Age Proof

Passport, Aadhaar card, PAN card, or Driving license.

Address Proof

Utility bill, passport, voter ID, or ration card.

Medical Records

Medical records of the policyholder, if requested.

Income Proof

Bank statement or last three months' salary slips (if salaried).

Exclusions of Bajaj Life POS Goal Suraksha Plan

  • If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. In such a case, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.

Other Features of Bajaj Life POS Goal Suraksha Plan

Here are the key features of the Bajaj Life POS Goal Suraksha Plan.

Plan At a Glance

What’s Good Here What’s Missing
Guaranteed additions Premium Offset
Limited payment term High sum assured rebate
Choice to alter the premium payment mode Auto cover continuance
Option to take a policy loan Top-up premium

In a Nutshell

If you are looking for an insurance plan that protects your family financially and provides maturity benefits if you outlive the policy tenure, consider the Bajaj POS Goal Suraksha Plan. This plan offers guaranteed additions along with maturity benefits. If you need further clarification, contact us at PolicyX.com.

For more information, visit PolicyX.com or call us at 1800-420-0269. Our insurance experts will understand your unique needs and suggest the best possible solution.

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Bajaj Life POS Goal Suraksha Plan: FAQs

The 15 most-asked questions about Bajaj Life POS Goal Suraksha Plan, answered.

Yes, ULIP plans are a great insurance solution as these plans protect you as well as build your financial portfolio. It gives the policyholder the dual benefit of enjoying a life cover as well as investing in select market-linked funds.
There are several benefits of retirement planning ranging from monetary to personal advantage. Many individuals now working private jobs do not have the luxury of earning a pension post-retirement which is why it is wise to plan your retirement. It provides tax benefits, care-free life post-retirement as well as good financial discipline.
Yes, Bajaj Child plans are a good decision to safeguard your child’s future. It is an insurance investment plan that helps you save money and create wealth to pay for the important milestones in your child’s life. With Bajaj Life Insurance Company you can choose between various ULIP and savings plans for your child.
Yes, Bajaj is one of the best and most trustworthy life insurance companies in India. Bajaj Life Insurance has a wide portfolio of insurance plans like savings, retirement, child, ULIP, and many more.
In such a case, you have to provide proof of the title/succession certificate issued by a court. If the company has accepted the claim and is waiting for the proof, it will hold the money as directed by the IRDAI.
Yes, an NRI can invest in a term insurance policy in India by abiding by the applicable underwriting guidelines of the company and other applicable laws.
You are allowed to add or remove riders only on policy anniversaries, or at the time of renewing the policy.
Yes, life insurance policies are also liable for tax deductions under Section 10(10D) of the Income Tax Act, 1961.
You have to visit Bajaj’s portal to download the Bajaj Life Insurance Premium Receipt. You can also visit the insurer’s mobile app.
Policy surrender form A self-attested copy of your ID proof Policy bond Any canceled cheque/bank-attested bank statement/bank-attested passbook copy
Claims can be rejected for a few reasons such as: Withholding information Fraud If the claim is linked with any exclusion Losses that are not liable to get the cover under the plan Lapsed policies
The policy document has all the details related to your Bajaj Life Insurance. You can check the document for any information you may need.
The riders available under the Bajaj Life Insurance Policy are: Bajaj Traditional/ULIP Waiver of Premium Benefit Rider Bajaj Traditional/ULIP Family Income Benefit Rider Bajaj Traditional/ULIP Accidental Death Benefit Rider Bajaj Traditional/ULIP Critical Illness Benefit Rider Bajaj Traditional/ ULIP Accidental Permanent Total/Partial Disability Benefit Rider
To pay your Bajaj Life Insurance Premium, you need to follow the below steps: Visit the official website, and click on the "Pay Premium" button available on the top menu. Once done, you can choose to pay your premium online through a Debit Card (Maestro/ Visa/ Master/ RuPay), Credit Card (Visa/ Master/ Maestro/ Diners/ Amex), Netbanking, Unified Payment Interface (UPI), e-wallets, and EMIs from selected cards. After selecting the mode of payment, fill in your details such as the policy number, policyholder’s Date of Birth, mobile number, and email ID Click the ’Pay Premium’ option and your policy details will be emailed to you.
Yes, Bajaj Life offers a Life Insurance Calculator for every Life Goal. Along with the investments calculator, the other calculators available are: Child Education Planning Tool Term Calculator ULIP Calculator Power of Compounding Retirement Calculator Investment Calculator Child Plan Calculator Tax Calculator Savings to Life Goals Converter BMI Calculator Covid 19 Optimism Score Tool Immunity Score Calculator Immunity Score Calculator Investment Age Calculator

Written and reviewed by

PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.

Written by DIVYA SINGH — Term and Life Insurance Reviewed by Raj Kumar — Health Insurance
Last updated: 25 Oct 2024 · Originally published: 25 Oct 2024

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