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. Compared to other term insurance plans, it is slightly less expensive. The term plan also gives you many benefits and customisation options, making it one of the top term insurance plans in the market.
Further, the insurer has been found to provide very good experience during both the policy purchase as well as the claims process, based on our robust research methodology. So, not only will you experience a smooth and seamless process while purchasing the policy but you can also rest assured that your family’s claims will be settled smoothly when you’re not around anymore.
Here is a quick review of the Bajaj Allianz Smart Protect Goal Plan.
Key product features of Bajaj Allianz Smart Protect Goal plan
- Life cover Benefit: This term insurance plan pays an assured sum of money to your family if your death happens during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the term of the policy. You can claim tax benefits under Sec. 80C of the Income Tax Act with this term insurance policy.
- Entry age for the policy: The Bajaj Smart Protect Goal plan allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old.
- Increase your sum assured automatically: 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.
- Cover duration: 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.
- 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. The maximum maturity age for which this TROP option is available is 75 years.
- Limited Pay options: This product also allows you to finish paying off all your premiums quickly and get the burden off your chest. There are several Limited Pay options such as 5, 10, 15, 20, 25, 30 years available with this term plan. You can choose the option that best fits your needs.
- Claim Payout options: When it comes to the claim payout, there’s a limitation you should be aware of. This plan only allows a one-time claim payout. Meaning, your family will receive the entire claim 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. They might lose it in bad investments before it can reach its goal. So, you should pick this plan only if you’re absolutely sure that your nominee will be able to manage the claim amount properly or at least has someone to help them invest wisely.
What are the Riders available with Bajaj Allianz Smart Plan Goal?
The Bajaj Allianz Life 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 from a list of illnesses provided in the policy document. This money can be used to replace the loss of income and to pay for any additional health-related expenses your family might incur that won’t be covered by your health insurance plan.
- 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.
Not every family requires every rider. Make sure you select the right riders that fit your needs well.
Why should you choose Bajaj Allianz Life Insurance Company?
Here is a quick overview of the claims experience you’ll get with this insurance company.
- Speed of claim settlement: The insurer Bajaj Allianz Life ranks high in terms of the quality of their claims experience - with 96.42% of their claims being settled in less than 30 days. This indicates that your family will not have to wait too long for their claim amount, after all documents are submitted.
- Online tracking of claims: Further, your family will have the option to track their claims online and can also use the toll free services provided by the company.
- Claim complaints: According to our research, we found that Bajaj Allianz Life Insurance has a lower 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.
- Claim settlement ratio: The claim settlement ratio for Bajaj Allianz Insurance Company is 98.02%, and the claim amount settlement ratio is 93.55%.
Are there any drawbacks of Bajaj Allianz Life Insurance Company?
- Length of the claim form: On the flipside, the claim form was found to be moderately lengthy. This means that your nominee might have a little hassle while making the claim.
How is the customer service quality of Bajaj Allianz Life Insurance Company?
- Toll-free: When it comes to customer service, our research found their response over the toll-free to be average.
- Twitter response: Bajaj Allianz provides quick response and resolution to queries and complaints on the social media platform. So, as an alternative to calling their toll-free, you should inform your nominee to connect with them via twitter if they face any difficulties during the claim process.
About the Insurer - Bajaj Allianz Smart Protect Goal
Bajaj Allianz also known as Bajaj Allianz Life Insurance Company Limited is a Life Insurance Company in India. Bajaj Allianz Life Insurance was founded in 2001. 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.
What’s the final view of the Bajaj Allianz Smart Protect Goal?
Based on the 100+ parameters analysed by our in-house research team, the Bajaj Allianz Life Smart Protect Goal gets 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.