Bajaj Allianz Life Guaranteed Income Goal: Secure Your Non-Negotiable Life Goals
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Introduction to Bajaj Allianz Life Guaranteed Income Goal
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We all have life goals that shape our long-term vision. Certain achievements and milestones hold significant importance as we navigate through life. Some of these goals are non-negotiable, such as retirement and children's education. To ensure that we achieve these crucial goals, we need a plan that offers guaranteed benefits. Enter the Bajaj Allianz Life Guaranteed Income Goal—a comprehensive plan designed to prepare us for life’s non-negotiable goals with guaranteed benefits.
Key Benefits of the Plan
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The Bajaj Allianz Life Guaranteed Income Goal offers several key benefits that make it an attractive option for securing your future. These benefits include guaranteed increasing income, an option to extend life cover beyond the policy term, and tax benefits. Let’s delve deeper into these benefits to understand how they can help you achieve your life goals.
Guaranteed Increasing Income
One of the standout features of this plan is the guaranteed increasing income. This ensures that your income grows over time, providing a financial cushion that keeps pace with your evolving needs and inflation. Whether you choose the lump sum or income benefit variant, the guaranteed increasing income offers financial stability and peace of mind.
Option to Extend Life Cover
The plan also offers an option to extend your life cover beyond the policy term. This feature ensures that your loved ones remain protected even after the policy term ends. In the unfortunate event of your demise, the benefits will be provided as per the chosen variant, ensuring that your family’s financial needs are taken care of.
Tax Benefits
Another significant advantage of the Bajaj Allianz Life Guaranteed Income Goal is the tax benefits it offers. Under Section 80C of the Income Tax Act, you can avail tax deductions on the premiums paid, making this plan a financially savvy choice.
Plan Variants: Lump Sum Benefit and Income Benefit
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The Bajaj Allianz Life Guaranteed Income Goal comes in two variants: Lump Sum Benefit and Income Benefit. Each variant is designed to cater to different financial needs and goals. Let’s explore these variants in detail.
Lump Sum Benefit
In the Lump Sum Benefit variant, the maturity amount is paid as a lump sum at the end of the policy term. This option is ideal for individuals who need a significant amount of money at a specific point in time. For example, this variant can be used to fund your child’s education or any other substantial financial commitment.
Income Benefit
In the Income Benefit variant, the maturity amount is paid in installments—yearly, half-yearly, quarterly, or monthly—based on your preference. This option is suitable for individuals who require a steady stream of income to manage their regular expenses. The income received increases over time, providing a growing financial cushion.
How the Plan Works: A Case Study
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To understand how the Bajaj Allianz Life Guaranteed Income Goal works, let’s look at two case studies: Amit and Abhinav. These examples illustrate how the plan can be tailored to meet different life goals.
Amit’s Early Retirement and Business Venture
Amit is 30 years old and aims to retire early at 43 to start his own business. He chooses the Income Benefit variant and starts paying a premium of ₹1 lakh per year for 12 years. From the 13th year onwards, Amit begins receiving his Guaranteed Monthly Income (GMI). He receives ₹1,26,606 in the 13th year, which increases each year for the next 12 years. By the 24th year, he receives ₹2,53,212 annually. This regular GMI helps Amit manage his expenses while he focuses on his new business venture.
Abhinav’s Child Education Fund
Abhinav, also 30 years old, has a 5-year-old child and wants to create a guaranteed corpus for his child’s education when the child turns 18. He opts for the Lump Sum Benefit variant with a policy duration of 12 years. Abhinav pays a premium of ₹1 lakh per year for 7 years and waits for 5 years for the policy to mature. In the 13th year, he receives a guaranteed corpus, providing a comfortable financial cushion to secure his child’s future education.
Flexibility in Your Policy
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The Bajaj Allianz Life Guaranteed Income Goal offers several customization options to suit your unique requirements. You can choose between the two variants, select your required sum assured, decide whether to opt for the Extended Life Cover (ELC) option, choose your policy term, and determine your premium payment term. This flexibility ensures that the plan is tailored to meet your specific financial goals and needs.
Choosing Your Variant
Depending on your financial objectives, you can choose either the Lump Sum Benefit or the Income Benefit variant. Each variant offers unique advantages, so it’s essential to select the one that aligns with your life goals.
Selecting Your Sum Assured
You can choose the sum assured based on your financial requirements and future goals. This amount will determine the benefits you receive under the plan, so it’s crucial to select an appropriate sum assured.
Extended Life Cover (ELC) Option
The Extended Life Cover option allows you to extend your life cover beyond the policy term. This feature ensures that your loved ones remain financially protected even after the policy term ends.
Policy and Premium Payment Terms
You can choose the policy term and premium payment term based on your financial situation and goals. This flexibility allows you to customize the plan to suit your specific needs.
Why Choose Bajaj Allianz Life Guaranteed Income Goal?
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The Bajaj Allianz Life Guaranteed Income Goal stands out for several reasons. It offers guaranteed benefits, flexibility, and a range of customization options. Whether you’re planning for your child’s education, retirement, or any other non-negotiable life goal, this plan provides a reliable financial solution.
Guaranteed Benefits
The plan offers guaranteed benefits, ensuring that you achieve your life goals without financial worries. Whether you choose the lump sum or income benefit variant, the guaranteed returns provide financial security.
Flexibility and Customization
The Bajaj Allianz Life Guaranteed Income Goal offers flexibility in policy terms, premium payment terms, and sum assured. This customization ensures that the plan aligns with your unique financial goals and needs.
Tax Benefits
Under Section 80C of the Income Tax Act, you can avail tax deductions on the premiums paid. This makes the Bajaj Allianz Life Guaranteed Income Goal a tax-efficient investment option.
Steps to Get Started
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Getting started with the Bajaj Allianz Life Guaranteed Income Goal is simple. Follow these steps to secure your non-negotiable life goals:
1. Check your eligibility conditions.
2. Choose between the Lump Sum Benefit or Income Benefit variant.
3. Select your required sum assured.
4. Decide on the Extended Life Cover (ELC) option.
5. Choose your policy term and premium payment term.
6. Start paying your premiums.
Conclusion
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The Bajaj Allianz Life Guaranteed Income Goal is a comprehensive plan designed to help you achieve your non-negotiable life goals with guaranteed benefits. Whether you’re planning for early retirement, your child’s education, or any other significant milestone, this plan offers financial security and peace of mind. Invest in the Bajaj Allianz Life Guaranteed Income Goal today and take a confident step towards a guaranteed future.
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