Private life insurer Bajaj Allianz Life Insurance introduced the Bajaj Allianz Life Assured Wealth Goal Platinum plan, a guaranteed early income plan that offers early guaranteed payouts starting as early as the beginning of the second policy year.
This feature helps policyholders to cover various investment goals, such as a child's education expenses or going on a vacation. This non-linked, non-participating individual life insurance and savings plan provides a life cover, and an option to utilise early guaranteed income payouts for immediate goals or accumulate the income and take a lump sum at the maturity of the policy. This early income option also helps to pay the renewal premiums, the insurer says.
Further, the plan provides continued income and an enhanced Return of Premium to the nominee in the event of the policyholder's demise during the income period.
On maturity, the Regular Guaranteed Payouts expressed as a percentage of the Annualized Premium will be paid over the chosen Income Period. Additionally, the policyholder can get Enhanced ROP i.e. 110 per cent of Total premiums at the end of the Income Period.
At any time, the policyholder will have the option to take these Regular Guaranteed Payouts and the Enhanced ROP as a lump sum at a discounted rate.
Tarun Chugh, MD & CEO, Bajaj Allianz Life, said, “There's a significant customer segment that seeks stability amidst volatility, coupled with flexibility, and Bajaj Allianz Life Assured Wealth Goal Platinum is the suitable fit for them. ”
Under the Smart Income variant of this plan, a 30-year-old individual investing Rs. 1 lakh annually for 10 years in a Bajaj Allianz Life Assured Wealth Goal Platinum will receive Rs. 30,000 per year from the 2nd to the 10th year. The policyholder will receive an increased income of Rs. 47,750 per year from the 11th to the 40th year.
At the end of the income period, the policyholder receives an Enhanced Return of Premium (ROP) of Rs. 11 lakh. Total premiums paid thus amount to Rs. 10,00,000, and total benefits received stand at Rs. 28,02,500.