Bajaj Allianz Life LongLife Goal

Maturity Benefit:

Under Bajaj Allianz Life LongLife Goal, the Maturity Benefit will be the Fund Value as on the Maturity Date, provided the Policy is in-force.

Death Benefit:

If all due Premiums are paid, then, in case of unfortunate death of the Life Assured during the Policy Term, the Death Benefit payable will be higher of:

• Prevailing Sum Assured^##
• Fund Value^
• Guaranteed Death Benefit

The Death Benefit is subject to the Guaranteed Death Benefit^% of 105% of the Total Premiums¹ paid, till the date of death. If settlement option has been opted for at maturity, then, during the settlement period, the death benefit shall be the Higher of (Guaranteed Death Benefit of 105% of the Total premiums¹ paid or Regular Premium Fund Value²)

All the above is paid as on date of receipt of intimation of death of the Life Assured, at the Insurance Company’s office.

The Policy and all benefits will terminate on the date of receipt of intimation of death of the Life Assured.

Note:

^##Prevailing Sum Assured is Sum Assured in any year after reduction of premium, if any

^%Sum Assured/Guaranteed Death Benefit – The benefit shall be reduced to the extent of the partial withdrawals (including Retired Life Income) made during the two year period immediately preceding the death of the Life Assured.

^Fund Value:
Fund Value is the Regular Premium Fund Value², as defined below
²Regular Premium Fund Value is equal to the total Units in respect of limited premiums paid under this policy multiplied by the respective unit price on the relevant valuation date and
¹Total premiums paid shall be sum of all regular/limited premiums paid till date.

Under LongLife Goal with Waiver of Premium, if Waiver of Premium has already been triggered under the Policy, then, the present value of future Waiver of Premium installments, discounted at 4% p.a. (from the date of death), shall be paid.

How to exercise Retired Life Income (RLI)

You can choose for Retired Life Income, at inception or anytime during the Policy Term. You may decide to receive the RLI:

• At any Policy Anniversary on either attaining Age 55 years or after 10th Policy Year, whichever is later
• As percentage of your Fund Value ranging from 0 to 12% per annum, as chosen by you, payable yearly, half yearly, quarterly or monthly

Note:

• RLI payout is through Systematic Partial Withdrawal (SPW)
• The RLI percentage can be changed anytime during the Policy Term, even after start of RLI
• The RLI will be paid over the remaining Policy Term or till You terminate the option, subject to availability of fund
• The Fund Value after payment of instalment of RLI should not drop below 105%*Total Premiums paid till date. In case the amount available (Fund Value less 105%*Total Premiums paid till date) for RLI is not sufficient to meet the percentage chosen by You, an amount lower than the percentage chosen will be paid as RLI. During these instances when the floor FV is equal to or lower than 105% * Total Premiums** paid till date no SPW will be paid.
• The RLI installment will be paid by redeeming Units from the funds in the same proportion as the Fund Value in each Fund and will be redeemed at the Unit Price applicable on the date of each RLI instalment
• Each RLI installment will be hiked-up by 0.5% over and above the percentage chosen by You. The hike-up is given as an additional benefit to You. The hike-up is called the Return Enhancer
• All charges including Mortality charges (as applicable in the Policy) shall be deducted during the period
• Partial withdrawals will be allowed anytime even during the RLI period
• You will have the option to exit out of the RLI option at any time, even if it is after the start of the RLI. Once exited You can opt for RLI option again anytime during the Policy Term
• Also, You will have the option to withdraw the Fund Value completely as Surrender Benefit, anytime even during RLI period.
• In case of your Policy is converted to a Paid-up Policy, you will still be entitled for RLI benefit, subject to above terms & conditions

Partial withdrawal

You have the option to make partial withdrawals, any time after the fifth Policy Year, subject to the following conditions:

• The Fund Value should not fall below 105% of the prevailing Annualized Premium* Premium Payment Term (PPT), after a partial withdrawal
• The minimum amount of partial withdrawal at any time is INR 5,000
• A partial withdrawal shall not be allowed if it will result in termination of the Policy
• In case of minor Life Assured, partial withdrawal is allowed after attaining Age 18 years
• Under Investor Selectable Portfolio Strategy, You will have the option to choose the fund You want to do partial withdrawals from. In the Wheel of Life Portfolio Strategy, Trigger Based Portfolio Strategy or Auto Transfer Portfolio Strategy withdrawal of units from each fund will be done in the same proportion as the value of the Units held in that Fund as on date of withdrawal You will not have any choice to opt the fund from which the partial withdrawal of units is to be done
• The Insurance Company reserves the right at any time and from time to time to vary the minimum/maximum value of units to be withdrawn, maximum number of withdrawals allowed during a Policy Year, maximum amount of total withdrawal allowed during the Policy Term, minimum time gap to maintain between two withdrawals and/or the minimum balance of value of units to be maintained after such partial withdrawals, by giving a written notice of three months in advance, subject to prior approval from IRDAI.

Periodical Return of Mortality Charge (PROMC)

The total amount of life cover charges, i.e., Mortality (life cover) charges deducted in the Policy, will be added back as Periodical Return of Mortality Charge or PROMC, to the Fund Value at regular intervals, as mentioned below.

• First addition will be at the end of the Policy Year in which You attain Age 60 years or end of the 15th Policy Year, whichever is later
• After that, at end of each subsequent 10th Policy Year
• The last addition will be done on the Maturity Date

PROMC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy and will be payable provided all due Regular Premiums under the Policy have been paid up to date.

Note:

• The amount of PROMC that will be added into the Fund at each interval of PROMC will be sum total of all the Mortality charges deducted from, inception of the Policy or date of latest PROMC, whichever is later
• Amount of Mortality charge will be allocated to the Fund(s) in the same proportion of Fund Value as on the date of addition
• In case the Premium(s) are un-paid and the Policy is revived during the Revival Period by paying all due Premiums, the PROMC due-but-not-allotted will be added to the Fund as on the date of revival
• PROMC will be excluding any extra mortality charge & or Goods & Service Tax/any other applicable tax levied on the mortality charge deducted, subject to changes in tax laws

Waiver of Premium if LongLife Goal with Waiver of Premium, is opted

The Waiver of Premium Benefit is as mentioned below:

• If the Life Assured & Policyholder are the same, in case of Accidental Permanent Total Disability of the Life Assured during the Premium Payment Term, Premiums for the rest of the Policy Term will be waived and the Policy will continue with all the benefits
• If the Life Assured & Policyholder are not the same, on earlier occurrence of Death or Accidental Permanent Total Disability of the Policyholder during the Premium Payment Term, Premiums for the rest of the Policy Term will be waived and the Policy will continue with all the Benefits

Waiver of Premium is not applicable under LongLife Goal without Waiver of Premium variant.

Periodical Return of Waiver of Premium Charge (if LongLife Goal with Waiver of Premium, is opted)

The total amount of Waiver of Premium charges deducted in the Policy, will be added back as Periodical Return of Waiver of Premium Charge or PROWC, to the Fund Value at regular intervals as mentioned below.

• First addition will be at the end of the Policy Year in which Your (Life Assured’s) Age is 60 years or end of the 15th Policy Year, whichever is later
• After that, at end of each subsequent 10th Policy Year

The PROWC will be payable even after the WOP has been triggered in the Policy, to the extent of any unpaid PROWC. PROWC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy and will be payable provided all due Regular Premiums under the Policy have been paid up to date.

Note:

• The amount of PROMC that will be added into the Fund at each interval of PROMC will be sum total of all the Mortality charges deducted from, inception of the Policy or date of latest PROMC, whichever is later
• Amount of Mortality charge will be allocated to the Fund(s) in the same proportion of Fund Value as on the date of addition
• In case the Premium(s) are un-paid and the Policy is revived during the Revival Period by paying all due Premiums, the PROMC due-but-not-allotted will be added to the Fund as on the date of revival
• PROMC will be excluding any extra mortality charge & or Goods & Service Tax/any other applicable tax levied on the mortality charge deducted, subject to changes in tax laws.

Periodical Return of Waiver of Premium Charge (if LongLife Goal with Waiver of Premium, is opted)

The total amount of Waiver of Premium charges deducted in the Policy, will be added back as Periodical Return of Waiver of Premium Charge or PROWC, to the Fund Value at regular intervals as mentioned below.

• First addition will be at the end of the Policy Year in which Your (Life Assured’s) Age is 60 years or end of the 15th Policy Year, whichever is later
• After that, at end of each subsequent 10th Policy Year

The PROWC will be payable even after the WOP has been triggered in the Policy, to the extent of any unpaid PROWC. PROWC is not applicable in case of a Surrendered, Discontinued or Paid-up Policy and will be payable provided all due Regular Premiums under the Policy have been paid up to date.

Note:

• The amount of PROWC that will be added into the fund at each interval of PROWC will be sum total of all the Waiver of Premium charges deducted from, inception of the Policy or date of latest PROWC, whichever is later
• Amount of WOP charge will be allocated to the fund(s) in the same proportion of the Fund Value as on the date of addition
• In case the Premium(s) are un-paid and the Policy is revived during the revival period by paying all due Premiums, the PROWC due-but-not-allotted will be added to the fund as on the date of revival
• PROWC will be excluding any extra mortality charge & or Goods & Service Tax/any other applicable tax levied on the mortality charge deducted, subject to changes in tax laws

Loyalty Additions (LA)

The Insurance Company shall allocate Loyalty Additions to the Fund Value as percentage of one Annualized Premium at the end of each Policy Year commencing from the end of 5th Policy Year, provided all due Regular Premiums have been paid up to date.

Note:

• The amount of LA added into each Fund will be in the same proportion of the value of those Funds as at the date of addition
• LA will not be paid for a Surrendered, Discontinued or Policy converted to Paid-up Policy
• In case the Premium(s) are un-paid and the Policy is revived during the revival period by paying all due Premiums, the Loyalty Additions due-but-not-allotted during the period the Policy was in discontinuance will be added to the fund as on the date of revival

Surrender Benefit

You have the option to surrender your Policy at any time.

• On surrender during the lock-in period of first five years of your Policy, the Fund Value, less the applicable Discontinuance/Surrender charge, as on the Date of Surrender, will be transferred to the Discontinued Life Policy Fund (maintained by the Insurance Company), and risk cover under the Policy shall cease immediately
• On surrender during the lock-in period, the option to revive the Policy will not be available to such a Discontinued Life Policy. The Discontinuance Value as at the end of the lock-in period will be available as Surrender Benefit
• On surrender after the lock-in period of first five years of your Policy, the surrender value available will be Fund Value, as on the date of surrender, and will be payable immediately.
• Under LongLife Goal with Waiver of Premium, if Waiver of Premium has already been triggered under the Policy, then, the present value of future Waiver of Premium installments, discounted at 4% p.a. (from the date of surrender), shall be paid
• The Policy shall thereafter terminate upon payment of the full Surrender Benefit by the Insurance Company