10 Jan, 2022 | Term Life Insurance

Term Insurance Plan From Bajaj Allianz - A Review

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By Team Beshak
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Introduction

Let’s say you are the only earning member of your family, and with the help of your income their financial needs are met. From taking care of your parents' health to providing your children with the best education, all these expenses are covered with your earnings. Now imagine you suddenly pass away before building enough wealth for your family. What happens next?  How will your family meet their basic needs - paying rents, school fees, monthly expenses etc.? How will their long-term dreams and goals like getting a quality higher education, or having a big fat wedding be met? 

The answer to all these questions is - Term Insurance. 

Term insurance is a type of life insurance policy that allows you to protect your family’s financial future at a really low cost. It provides your family with a sum of money in case you pass away during the period of your term policy. All you really need to do is pay your premiums regularly, to keep the policy active. However, if you outlive your policy duration your family will not receive any money. 

There are several good term insurance plans in the market that you could explore for your family. And one of the best plans, according to our in-house research is the Bajaj Allianz Smart Protect Goal - and in this article, we’ll learn about the benefits and drawbacks of this highly ranked plan. 

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Bajaj Allianz Smart Protect Goal

Bajaj Allianz Smart Protect Goal is a term insurance plan offered by Bajaj Allianz Life Insurance Company, founded in 2001. The company offers Term Life Insurance Plans, Traditional Savings Plans, and Unit Linked Insurance Plans. 

Based on our research, the insurer holds an excellent track record with respect to policy purchase and claims service. This means you and your family are very likely to have a smooth and effortless experience from purchase to claim. Furthermore, this term plan includes various other features and benefits which makes it one of the best term insurance plans in the market today. 

Here is a quick review of the Bajaj Allianz Smart Protect Goal Plan

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Benefits of Bajaj Allianz Smart Protect Goal

Affordable Pricing

Compared to other term insurance plans in the market, the Bajaj Allianz Smart Protect Goal is slightly less expensive. So if you are looking for a term plan which helps you cover your family’s financial needs at an affordable cost, then Bajaj Allianz Smart Protect Goal is your best choice. 

Increasing Cover Option 

This term plan offers you to automatically grow the sum assured with the help of the increasing cover option. Using this feature, you can increase your cover from the second year of purchasing the policy. There are various options available to increase your cover - such as 5%, 8%, or 10% per year until a maximum limit of two times your base cover. 

Limited Pay Option 

If you are someone who wants to pay off your premiums early and get the burden off your shoulders, then the limited pay option is the ideal feature for you. There are several Limited Pay options for 5, 10, 15, 20, 25, 30 years periods, available with this term plan. You can choose the option that best fits your needs. 

Whole life cover (99 years plan)

With the Bajaj Allianz Smart Protect Goal, you can choose a cover for a tenure of up to 99 years. As it is less likely that you will survive such a long-term, this cover duration (often called a Whole life cover) - ensures your family gets a guaranteed payback.  

Riders

Most of the term insurance plans offer you an optional additional benefit called Riders. With Riders, you and your family can get additional benefits in certain specific circumstances. The Bajaj Allianz Smart Protect Goal plan includes - Comprehensive Critical Illness Rider, Accidental Death Benefit Rider, Accidental Total Permanent Disability Rider, and Waiver of Premium Rider

Return of Premium on maturity (TROP) 

This plan also provides a Return of Premium on maturity option. If you opt for this, you’ll get a maturity benefit - in the form of all your premiums returned to you, if you survive the term. Meaning, if you pass away during the policy duration, your family will receive the claim, and in case you survive, you’ll get all your premiums (minus the taxes) back. However, the maximum maturity age for which this TROP option is available is 75 years.

Good Customer Service

Based on our research, we discovered that Bajaj Allianz holds an excellent record with regard to its customer services. The company offers customer service through platforms like Twitter, where it was observed that they provide faster replies, in comparison to other similar life insurance companies. They offer their consumers toll-free services as well. 

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Drawbacks of Bajaj Allianz Smart Protect Goal

While the Bajaj Allianz Smart Protect Goal plan might seem the perfect term insurance plan for you and your family, there is one limitation that you must be aware of.  Unlike other term insurance plans, the Bajaj Allianz Smart Goal does not provide you the benefit of customizing the claim payout option. It only offers a one-time lump-sum payout option.

This means in case you pass away during your policy duration, your family will receive the claim settlement amount in a single payout. This is absolutely fine and you have nothing to worry about - if your family has prior experience and knowledge of managing large amounts of money. 

However, if your family does not have experience in managing large amounts of money, then this could be a risky option. In that case, you can check out other term insurance plans that provide you the option of customizing the claim payout option - and ensure your family receives the claim amount as monthly income for 10-15 years. 

Alternatively, if you want to go with the Bajaj Allianz Smart Protect Goal plan itself, but are unsure if your family would be comfortable managing a single, large payout -  you could hire a good financial advisor, who can help your family manage the money better. 

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What’s the final word?

We’ve analyzed over 100+ parameters and have provided Bajaj Allianz Smart Protect Goal an overall Beshak⭐Rating of 4.4 /5 - putting it at the very top of our charts and making it an excellent product to consider for your family’s financial security. 

If you have any further questions, you can post them on the Beshak Insurance Forum and get answers from insurance experts.


Planning to buy term insurance?

Connect with a credible financial advisor vetted by us and get the right handholding for your term insurance purchase.

Key takeaways
  1. Bajaj Allianz Smart Protect Goal is the top-rated term product on Beshak⭐Ratings. 
  2. Compared to other term insurance plans in the market, the Bajaj Allianz Smart Protect Goal is slightly less expensive.
  3. It offers features such as limited pay, increasing cover, comprehensive critical illness, accidental disability and waiver of premium riders.
  4. It also allows you to choose the return of premium option.
  5. There is just one limitation of the Smart Protect Goal term plan - it does not provide you the benefit of customizing your claim payout option. It only offers one time lump-sum payout option.
Team Beshak
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Team Beshak, We breathe insurance :)

We are a group of young members of the Beshak community. We come together to brainstorm, write relevant and useful content for people (just like us) who want to figure insurance on their own. If you too want to share inputs/write for us - send us a "hey" to info@beshak.org

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