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Bajaj Life Smart Wealth Goal V
A Unit-linked Non-Participating Individual Life Savings Insurance Plan.
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Return of Premium Allocation charge#
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Multiple investment portfolio strategies#
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Return of Mortality charge#
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Option to reduce the premium#
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Return of Premium Allocation charge#
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Multiple investment portfolio strategies#
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Return of Mortality charge#
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Option to reduce the premium#
Get high life cover with market linked returns
Life is about making smart choices, so are savings. Especially when these choices are about your Life Goals. Presenting Bajaj Life Smart Wealth Goal V, an insurance plan loaded with smart features like Life cover, Return of Life Cover charge, Return of Allocation charge and multiple investment strategies to make the most of your savings.
Options/Variants
Bajaj Life Smart Wealth Goal V is a non-participating, life, individual, Unit-Linked single1 & limited/regular premium payment plan. You can opt for any one of the three variants mentioned below. The chosen variant cannot be changed during the term of the policy.
- • Wealth
- • Child Wealth
- • Joint Life Wealth
For details of “Wealth”, “Child Wealth” variant and “Joint Life Wealth” variant, please refer to the respective Sales Literatures 1available only for Wealth (Single premium) and Joint Life Wealth variant
FEATURES
Loyalty Benefits with option of Periodical Money Backs
Fund Boosters
Return of Allocation Charge (ROAC)
Return of Mortality Charge (ROMC)
Option to receive Maturity Benefit or Death Benefit in installments with Return Enhancer
Choice of five (5) investment portfolio strategies
PLAN OPTIONS/VARIANTS
- Life cover2 payable in case of earlier occurrence of Death or Accidental Total Permanent Disability (ATPD)
- All future prevailing premiums will be waived in case of earlier occurrence of Death or Accidental Total Permanent Disability
- Income Benefit paid each year till end of policy term in case of earlier occurrence of Death or Accidental Total Permanent Disability
- Systematic Partial Withdrawal#
- Loyalty Benefits3
- - Return of Premium Allocation Charge (ROAC)
- - Fund Boosters
- Return of Mortality Charges4 at maturity (ROMC)
- Return of Income Benefit Charge (ROIBC)
- Return of Morbidity Charge (ROMBC)
- Return of Waiver of Premium Charge (ROWC)
- Option to receive Maturity Benefit in instalments with Return Enhancer
- Choice of five (5) investment portfolio strategies
- Multiple funds to choose from
- Option to reduce the Premium
- Option to change Premium paying term
- Tax benefit^ may be as per prevalent tax laws
- 2We expect that most of the policyholders will be purchasing the policy for their children. However, the policyholder can also purchase the policy for the benefit of others, subject to insurability interest being satisfied.
Child Wealth Variant
- Joint Life Cover
- Single Premium Payment
- Loyalty Benefits3
- Return of Allocation Charge (ROAC)
- Fund Boosters - Return of Mortality Charge4 (ROMC)
- Option to receive Maturity Benefit or Death Benefit in instalments with Return Enhancer
- Choice of five (5) investment portfolio strategies
- Multiple funds to choose from
- Tax benefit^ may be as per prevalent tax laws
Joint Life Wealth Variant
PLAN OPTIONS/VARIANTS
- Loyalty Benefits3
- Return of Allocation Charge (ROAC)
- Fund Boosters - Return of Mortality Charge4 (ROMC)
- Option to receive Maturity Benefit or Death Benefit in installments with Return Enhancer
- Choice of five (5) investment portfolio strategies
- Multiple funds to choose from
- Option to reduce the Premium
- Option to change Premium paying term
- Tax benefit^ may be as per prevalent tax laws
Wealth Variants
Downloads
ELIGIBILITY
Documentation
Eligibility
- Click on Know More for Eligibility
Disclaimer
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS - IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint
3Loyalty benefits are subject to policy terms and conditions
4Return of Mortality charges will be payable provided all due Regular Premiums/Single Premium under the Policy have been paid up to date
#Available after 5-year lock in period
The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.Read More
Bajaj Life Insurance Ltd. (Formerly known as Bajaj Allianz Life Insurance Company Limited)
Registered Office Address: Bajaj Insurance House, Airport Road, Yerawada, Pune – 411006 IRDAI Reg.No.: 116 CIN : U66010PN2001PLC015959 Mail us : customercare@bajajlife.com Call us on Customer Care Number: 020-6712 1212. The Logo of Bajaj Life Insurance Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajlifeinsurance.com) carefully before concluding a sale. All charges/ taxes, as applicable, will be borne by the Policyholder.
ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Life Insurance Limited is only the name of the Life Insurance Company and Bajaj Life Smart Wealth Goal V is A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN- 116L201V04) is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
IDFC FIRST Bank Ltd is a Corporate Agent for Bajaj Life Insurance Limited and is registered with Insurance Regulatory and Development Authority of India bearing registration number CA0106. This Plan is offered and underwritten by Bajaj Life Insurance Limited. The purchase of an insurance plan by the customer is purely on voluntary basis.Read Less
FREQUENTLY ASKED QUESTIONS
How does the Return of Mortality Charge (ROMC) work?
On the date of the ULIP policy's maturity, the total amount of Mortality charges deducted throughout the Policy term will be added back as ROMC to the ULIP Fund value. ROMC would be added to the fund(s) in the same proportion of the Fund value as on the maturity date. However, the benefit of ROMC will be available only if all due Premiums under the policy have been paid up to date. ROMC will be excluding any extra mortality charge and/or Goods & Services Tax /any other applicable tax levied on the Mortality charge deducted, subject to change in tax laws.
How will I receive the allocation charge and fund booster?
At the end of the 10th policy year or on the date of policy maturity, whichever is earlier, the total of all the premium allocation charges deducted under the policy will be added into the Fund as Loyalty Benefit.
Policyholders opting for longer policy terms will be rewarded with extra units through Fund Boosters.at the end of 15th, 20th, 25th and 30th year, fund booster as a percentage of the average of the daily Single/Regular Premium Fund value during the previous three years (including the current year) will be added into the fund as loyalty benefit., depending on the variant opted by the policyholder.
Are the morbidity, Waiver of Premium (WOP) and Income Benefit charges also returned?
Yes, under the Child Wealth variant, the charges deducted towards the benefits like Income Benefit, Waiver of Premium and Accidental Total Permanent Disability (ATPD), will be returned at maturity provided premiums due under the policy are paid to date, and no death/ATPD benefits are already paid under the policy. These charges would be added to the fund(s) in the same proportion of the Fund value as on the maturity date. The return of these charges will be excluding any extra charges and/or GST/any other applicable tax levied, subject to change in tax laws.
Can one change the investment strategy, fund option in the middle of the policy?
At any policy anniversary, one can switch out from any of the five portfolio strategies -- Investor Selectable Portfolio Strategy, Wheel of Life Portfolio Strategy II, Trigger Based Portfolio Strategy II, Auto Transfer Portfolio Strategy or Capital Preservation-Oriented Strategy and switch into any one of the following three strategies:
1. Investor Selectable Portfolio Strategy
2. Wheel of Life Portfolio Strategy II
3. Auto Transfer Portfolio Strategy
Trigger Based Portfolio Strategy II and Capital Preservation-Oriented Strategy can be opted for only at inception.
Once you have opted out of Trigger Based Portfolio Strategy II and Capital Preservation-Oriented Strategy, you cannot switch back again during the policy term.
You can switch between ULIP funds only under the Investor Selectable Portfolio Strategy.
How many switches between funds or investment strategies are allowed in the plan?
You can make unlimited free fund switches. Switching of investment strategies would invite a Miscellaneous charge, as mentioned in the Table of charges in sales literature.
Can I partially withdraw from the fund value? If yes, what are the rules regarding such withdrawals?
Both systematic and non-systematic partial withdrawals are allowed under the ULIP policy. One can opt for non-systematic partial withdrawal any time after the 5th policy year, subject to policy terms & conditions. You can take out a minimum of Rs 5,000 and maximum of 10% of the total premiums paid at any one time. Not more than 50% of the total premiums paid will be allowed to be withdrawn during the policy term.
Systematic Partial withdrawals are available with Wealth and Child Wealth variants. In Wealth variant, at the inception of the policy, you can opt to take out the Loyalty Benefits as Periodical Money Backs by way of systematic partial withdrawal, You can opt out of this before the 10th Policy year when the first Loyalty Benefit becomes due. You will also have the option to take these Periodical Money Backs in one-lump sum or over a period of 12 continuous months.
In Child Wealth variant, Child milestone payouts, an annual systematic partial withdrawal for Child’s Key Milestones will be available in the last four Policy Anniversaries prior to the maturity date. However, you may opt to receive the Child Milestone Payouts, at any Policy Anniversary from the eleventh (11th) Policy Anniversary onwards, as four consecutive annual systematic partial withdrawals.
