For someone who is 25 going on 26, life has just started. I am growing in my career, travelling, saving and investing. Mortality charges are possibly the last thing on my mind. I have many years to live and do I really need to be worried about death? This is one of the biggest problems that I have with Unit-Linked Insurance Plans (ULIPs). Don’t get me wrong; ULIPs have several key features; they are versatile, they have several tax benefits and are excellent in the long run. However, the mortality charges are a pain point for many youngsters. It is a catch 22-situation, right? You want your family to be covered in case something unforeseen happens, yet you dislike having to shell out a good amount of money towards it. I am glad to share that Bajaj Allianz Life Insurance has been listening to us customers and it has come up with a new age ULIP, Bajaj Allianz Life Goal Assure. Let’s dive straight in and get to know its features.
So, what does it do?
Described as a value-packed goal-based ULIP, Bajaj Allianz Life Goal Assure has investment benefits as well as life cover.
What makes it different from all the other ULIPs in the market?
The Unique Selling Proposition of Bajaj Allianz Life Goal Assure is:
i) ROMC feature i.e. Return on Mortality Charges where you will be refunded the total amount of mortality charges that are deducted throughout the policy term. This money will be then added either to your regular fund or top up fund as applicable. This ensures that you have the safety net of life insurance which makes you secure and at the same time you have some additional money to look forward to when your policy matures. Sounds like a win-win, right?
ii) Return Enhancer which means if you choose to receive the return in installments spread over five years, you will get an additional 0.5% in each installment. Further, your funds will continue to be invested through this time.
Is there more?
Yes, this is not where the features of Bajaj Allianz Life Goal Assure end.
This ULIP also has:
i) Fund Booster: You will receive an additional benefit on maturity of your policy
ii) Loyalty Additions: Bajaj Allianz loves their loyal customers, which is why you will get additional benefits for investing regularly when your annual premium is more than 5 lakhs and your policy terms is for 10 years or more.
iii) Unlimited Free Switches: I dislike additional charges that certain investment products levy when I move my funds – either withdraw them or invest them. It is not so here. You have free unlimited switching options with Bajaj Allianz Life Goal Assure.
iv) Tax benefits: Everybody loves tax benefit and under this ULIP, you will be exempted from taxes under sections 80C up to Rs. 1,50,000 at the time of investment as well as maturity.
Bajaj Allianz Life Goal Assure provides its customers with four portfolio strategies, which are designed keeping in mind the different types of risk appetites customers may have:
i) Investor Selectable Portfolio Strategy
ii) Wheel of Life Portfolio Strategy
iii) Trigger Based Portfolio Strategy
iv) Auto Transfer Portfolio Strategy
If you would like to know more about Bajaj Allianz Life Goal Assure, I would encourage you to visit www.bajajallianzlife.com to read up on the literature available. You’ll also have the option of a step-by-step guide towards investing for your Life Goals, while using tools like Returns Calculator and Risk Xplorer. The website helps to simplify your calculations and weigh the pros and cons of different plans.
As I always say, one must read the fine print carefully and think deeply before you invest with anybody. Please feel to write to me in case of any queries 🙂
I am a 25 year old blogger who believes in the power of story telling and using personal experiences to blog about things close to my heart. I started Munni of all Trades 4 years back to share my ideas, thoughts and views on things that I am passionate about. I blog about things that make me happy and by extension my readers, too..
Such an informative post ?
Thanks a lot for this one! ??
As a former insurance specialist, I agree that they can be complex and confusing. Though its always wise to start them as young as you can. Prime example is my husband he got really sick when he was your age (not to freak you out…) before we even thought about life insurance. Now, he is completely uninsurable, or insurable if we paid an amount that is insane or with exemptions that would be pointless. I’m 35, I know better, I worked in the field, and I have better insurance on my dog compared to myself!
These are all such important things to understand! I’m 23 going on 24, and I’ve been trying to maximize my wealth and boost my career as much as possible. Thanks so much for these tips. 🙂
I didn;t actually know anything about ULIPs, I guess I’m a bit of an adult-child because I’ve not thought this far ahead yet!
This is so informative, thank you for sharing!
Very informative. I like your way of thinking, strategy and development of the same. Thumbs up for the post
I really have to look into this! I think about it more than the average person because my sister lost her boyfriend almost two years ago and he was only in his 40s. She’s tried to figure out how to raise their infant daughter on her own and it would have been so much better if he had a good plan.
Interesting plans. Ulips are definitely important to be in the portfolio. Definitely will check out more details on the web.
I am so unaware about life insurances and anything related to that! i know i should coz that’s quite important! i did not know about ulip. So interesting!
I am not aware of this insurance. Sounds interesting.
Whew! I haven’t thought of life insurance yet! Definitely an interesting & informative post, thanks!!
New age ULIP sounds like something really nice. What an informative post for anyone looking for information or for planning to invest or buy a life insurance. Some great features!
The post is very well written and put together. I can’t really relate to the topic but I can see you put a lot of effort into it
Thanks for sharing this really insightful article. I will share it. I was so unaware about life insurances and anything related to that! Now I have the knowledge.
I wish I’d got life insurance when I was younger. Now, in my 40s, I’m facing surgery for a rapidly growing tumour and since I’m self employed I don’t get sick pay. I think things are going to become difficult, fast! Sort insurance out when you’re young!
Its a really smart move to get your life insurance sorted at a younger age so kudos to you. This post will surely help a lot of people out as you give some awesome advice on the hows and whys. Great job.
Now that I have not one, but two mortgages, Life Insurance is definitely something I need to be thinking about, so thanks for the facts and figures in this post. I will get in touch with an independent broker here in the UK to see what they recommend x