Life is full of uncertainties, and the best way to prepare for them is by securing your family’s financial future. Term insurance is one of the simplest and most effective ways to do this. Among the many options available in the market, the Bajaj Allianz Life Smart Protect Goal Term Plan has emerged as a popular choice for individuals seeking comprehensive protection at an affordable cost.
This plan is designed not just to provide life cover but also to address modern needs such as return of premium, critical illness protection, and flexible payout options. Let’s explore this plan in detail, along with some commonly asked questions.
What is Bajaj Allianz Smart Protect Goal?
The Smart Protect Goal is a term insurance plan that gives you high life cover at affordable premiums while also offering additional benefits. Unlike traditional term insurance, which only pays out if the policyholder passes away during the term, this plan provides options like return of premium (where you get back all the premiums paid if you survive the policy).
It also includes features such as critical illness protection, accidental death cover, and the flexibility to increase cover at important life stages like marriage or childbirth. This makes it not just a term plan but a customized financial shield for you and your loved ones.
Key Features of Smart Protect Goal
High life cover at low premiums – Ensure your family’s financial stability without heavy costs.
Return of Premium (ROP) – Get back all premiums paid if you survive the policy term.
Critical Illness Protection – Covers major illnesses to reduce medical financial burden.
Accidental Death Benefit – Additional protection in case of accidental death.
Life Stage Benefit – Increase cover during milestones like marriage, home purchase, or childbirth.
Discounts – Lower premiums for women and non-smokers.
Flexible terms – Coverage up to the age of 85.
Multiple payout options – Choose lump sum, regular income, or a mix of both for your family.
Eligibility Criteria
Minimum Entry Age: 18 years
Maximum Entry Age: 65 years
Maximum Maturity Age: 85 years
Policy Term: 5 to 67 years
Sum Assured: Minimum ₹10 lakhs, no upper limit (depends on underwriting)
Premium Payment: Single, limited, or regular
Benefits of Choosing This Plan
- Financial Security – Your family’s needs are met even if you are not around.
- Flexibility – Choose benefits and riders based on your lifestyle and goals.
- Peace of Mind – With return of premium, you won’t feel like your money is “lost.”
- Tax Savings – Premiums qualify for deductions under Section 80C, and payouts are tax-free under Section 10(10D).
- Value for Money – Affordable premiums, especially for young buyers, women, and non-smokers.
20 Frequently Asked Questions (FAQs)
Q1. What makes Smart Protect Goal different from a regular term plan?
It offers options like return of premium, critical illness cover, and flexible payout choices, unlike plain term plans that only pay on death.
Q2. Can I get all my premiums back?
Yes, if you choose the Return of Premium variant, all premiums paid are returned on survival till the end of the policy term.
Q3. What is the entry and maturity age?
You can enter at 18 years and the maximum entry age is 65 years. Coverage is available up to 85 years.
Q4. Is it suitable for women and non-smokers?
Yes, special premium rebates are available for both, making it more affordable.
Q5. Can I add riders to enhance coverage?
Yes, riders like Accidental Death Benefit, Waiver of Premium, and Critical Illness can be added.
Q6. What payout options can my family choose?
They can receive the benefit as a lump sum, as monthly income, or a combination of both.
Q7. What happens if I miss a premium payment?
You get a grace period (15 days for monthly, 30 days for other modes). If not paid within this period, the policy may lapse.
Q8. Is medical examination required?
For higher sum assured or older applicants, medical tests may be required.
Q9. Can NRIs buy this plan?
Yes, NRIs can purchase the plan subject to the company’s underwriting rules.
Q10. Does this plan offer surrender value?
Yes, if you opt for limited or single premium with return of premium, you may receive a surrender value.
Q11. What is the claim settlement ratio of Bajaj Allianz Life?
Bajaj Allianz Life has a claim settlement ratio of over 99%, reflecting strong reliability.
Q12. Can I increase coverage later?
Yes, with the Life Stage option, you can increase cover during major milestones.
Q13. Is critical illness cover included by default?
No, it is optional. You can choose it while buying the plan.
Q14. What if I survive till policy maturity?
If you opted for ROP, you get back all premiums paid. Without ROP, no maturity benefit is given.
Q15. Are the benefits tax-free?
Yes, both premiums and payouts enjoy tax benefits under the Income Tax Act.
Q16. What happens if I cancel the policy early?
You can use the free-look period (15 days for offline, 30 days for online) to cancel and get a refund.
Q17. Is it affordable for young professionals?
Yes, starting early means significantly lower premiums, making it ideal for young earners.
Q18. What if death occurs due to an accident?
The nominee will receive the sum assured plus additional accidental benefit, if chosen.
Q19. Can I pay premiums monthly?
Yes, you can choose monthly, quarterly, half-yearly, or yearly premium payment modes.
Q20. Why should I choose this plan over others?
Because it balances affordability with flexibility, offering features like return of premium, riders, and multiple payout options, making it one of the most complete term plans available.
Conclusion
The Bajaj Allianz Life Smart Protect Goal Term Plan is more than just a term insurance policy. It’s a financial safety net that adapts to your life’s changing needs. Whether you want pure life cover, protection against critical illnesses, or the assurance of getting your money back, this plan provides it all at an affordable cost.
With a high claim settlement ratio, flexible benefits, and customer-friendly features, Smart Protect Goal is truly a plan that lives up to its name – securing your goals while protecting your loved ones.
