Bajaj Allianz Life Smart Protection Goal

Bajaj Allianz Smart Protect Goal is a term insurance plan offered by Bajaj Allianz Life Insurance Company. 

With Bajaj Allianz Smart Protect Goal, your family will be paid a fixed lump sum amount as a death benefit, in case your death happens during the term of the policy. This plan comes at an affordable price and offers several customization options, such as increasing cover and a comprehensive critical illness rider. 

Further, the insurer has been found to provide a very good experience during the policy purchase phase but a poor experience during the claim settlement phase. So, while you will experience a smooth and seamless process while purchasing the policy but your family may not experience the same during claim settlement when you’re not around anymore. Additionally, this product doesn't provide many options to speed up your premium payments or customize how your family receives the claim amount.

Here’s an in-depth Bajaj Allianz Smart Protect Goal review.

Key product features of the Bajaj Allianz Smart Protect Goal Plan

The benefits and features of the Bajaj Allianz Smart Protect Goal term plan are as follows -

• Life Cover Benefit: With this term plan, your family will receive an assured sum of money if you pass away during the policy duration. With this term insurance policy, you can claim tax benefits under Section 80C of the Income Tax Act. However, there is no maturity benefit in this policy - meaning, you won’t get anything back in case you survive the policy term. 
• Entry Age for the Policy: This term insurance policy allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old. 
• Cover Duration: The Bajaj Allianz Smart Protect Goal offers you a term cover, up to the age of 85 years. This means you can enjoy the plan benefits even after your retirement age. 
• Increasing Cover: Once you choose an appropriate sum assured that fits your family’s current financial needs, you can opt for the increasing cover feature to ensure that the cover is inflation-proof and sufficient for your family, always. This policy gives you an option to automatically increase your sum assured by 5%, 8%, 10% annually from the second year onwards, until your base policy cover doubles.
• Limited Pay Option: Using this option, you can finish paying off all your premiums in larger and quicker installments within 5, 10, 15, 20, 25 and 30 till the age of 60 years. This feature is suitable if you want to get the burden of premiums off your chest while you still have a dependable income. 
• Claim Payout Options: The Bajaj Allianz Smart Protect Goal Plan only allows a one-time claim payout. Meaning, your nominee will receive the entire claim in one go as a lump-sum amount. This might get risky if your nominee is someone who might not be able to manage a large sum of money.

Which riders are available with Bajaj Allianz eTouch Plan? 

The Bajaj Allianz Smart Plan Goal comes with additional optional benefits that you can choose as riders. These include - 

• Comprehensive critical illness rider: This add-on pays an additional amount as a lump sum, in case you get a serious disease listed in the Bajaj Allianz Smart Protect Goal Critical Illness List. This money can be used to replace the loss of income and to pay for any additional health-related expenses your family might incur. 
• Accidental death benefit rider: This rider will provide your family with an additional amount of money in case your death happens as a result of an accident. You can also use this rider to improve your overall cover in case your eligible cover amount is lower than the cover amount required for your family.  
• Waiver of premium riders: These are great riders that everyone must choose. With this add-on, you will not have to pay any further premiums if you get a serious disease or a disability. However, you can retain your cover until the end of the term.  

Why should you consider buying a policy from Bajaj Allianz Life Insurance?

Here are a few reasons why you can consider purchasing from Bajaj Allianz Life Insurance - 

• Claims Complaint: According to our research, we found that Bajaj Allianz Life Insurance has a very less number of complaints in comparison to other insurers. This indicates a smooth claim settlement process and that your family is likely to have a seamless experience. 
• Online Tracking of Claims: Bajaj Allianz Life Insurance provides your nominee the option to track their claim online as well, instead of reaching out to the company, again and again, to learn about the claim status. 
• Claim Settlement Ratio: The claim settlement ratio of Bajaj Allianz Life Insurance is 98.48% and their claim amount settlement ratio is 91.97%.

What are the limitations of buying from Bajaj Allianz Life Insurance? 

Here are some of the disadvantages and limitations of buying from Bajaj Allianz Life Insurance Company -

• Speed of claims: Bajaj Allianz Life Insurance has settled 85.11% of its claims in less than 30 days. This indicates that your family or nominee might have to wait a little longer to receive the claim payout after submitting the claims documents. 
• Length of the Claim Form: Bajaj Allianz, has a moderately lengthier claim form compared to other insurers. This indicates your family or nominee is likely to face some hassle while filling out the claim form. 
• Home Pick-up for Claims: The insurer does not provide the option to pick up the documents from home. Your family/ nominee will have to visit the branch to submit the documents personally.

How is the customer service provided by Bajaj Allianz Life Insurance?

• Response on Toll-Free Service: When it comes to customer service, our research found the insurer’s response over the toll-free to be quick compared to other insurers. 
• Response on Twitter: Your nominee would also have the option to connect over Twitter for any doubts or queries with regard to the status of their claims. Our research suggests that Bajaj Allianz Life Insurance Company’s response rate over social media is quick too.

About the Insurer - Bajaj Allianz Life Insurance

Bajaj Allianz also known as Bajaj Allianz Life Insurance Company Limited is a Life Insurance Company in India. It offers Term Life Insurance Plans, Traditional Savings Plans, and Unit Linked Insurance Plans. Founded in the Year 2001, it is a joint venture between Bajaj Finserv Limited and Allianz SE. The company is headquartered in Pune and has 759 branches across various cities in India. The CEO / CMD of the company is Mr. Tarun Chugh.

Final review of Bajaj Allianz Smart Protect Goal 

Considering all the product benefits, customer service, and claims experience, and on the basis of 100+ parameters analyzed by our in-house research team, the Bajaj Allianz Smart Protect Goal Plan gets a Beshak⭐Rating of 3/5.