Smart Protect Goal - India Post Payments Bank
- Personal Banking
- Digital Life certificate
- Domestic Money Transfer
- IPPB Apps
- Life Insurance
- General Insurance
- Social Security Schemes
FAQS - Smart Protect Goal
Q. What do you mean by Life cover & Life assured ?
A. Life cover is the amount payable on death of the Life assured. Life assured refers to the person whose life is insured under the policy.
Q. How much life cover can one choose?
A. One can choose a life cover starting from Rs 50 lakhs, and in multiple of Rs 50,000 there onwards. The maximum life cover would be subject to the board approved underwriting guidelines of Bajaj Allianz Life Insurance Co. Ltd.
Q. What is the maximum policy$ term available?
A. Depending on the age at entry of the life assured, the maximum policy term available will be 65 years minus Age at entry. For example, for a life assured with age at entry as 35 years, the maximum policy term available will be 30 years.
Q. What is premium payment term & what are the premium payment options available?
A. Premium payment term is the number of years for which premiums need to be paid under the policy. One can choose from Single, regular & limited premium payment options.
Q. Can the premium payment term & policy term be changed later?
A. No. The premium payment term & policy term has to be opted at the policy inception, and cannot be changed afterwards.
Q. Can premiums be paid on a monthly basis?
A. Yes Premiums can be paid monthly, quarterly, half-yearly or yearly. The premium payment frequency can be changed on any policy anniversary during the policy term and is subject to the availability, then, of the premium payment frequency and the minimum premium allowed under the product.
Q. Is there any maturity benefit in Bajaj Allianz Life Smart Protect Goal?
A. Maturity benefit is available if Return of Premiums (ROP1) has been opted at policy inception. The maturity benefit would be equal to the total premiums paid, excluding GST/any extra premium. In case ROP has not been opted, no maturity benefit is payable under the policy.
Q. What is the death benefit payable in case death happens during Waiting period?
A. During the Waiting period, i.e. 60 days from Date of commencement of risk, for deaths happening due to any reason other than accidental death, the death benefit will be 100% of Total Premiums paid till date, excluding GST/any other applicable tax levied, subject to changes in tax laws and any extra premium For deaths happening due to accident, the life cover would be payable.
Q. What is the Minimum & Maximum entry age for purchasing this plan ?
A. The minimum entry age is 18 years and the Maximum entry age is 55 Years (for ROP) & 60 years ( without ROP)
Q. What happens if premiums are not paid as required?
A. If ROP has not been opted at inception, and regular premiums or limited premiums are not paid before the end of grace period, then the policy will lapse at the end of the grace period and no benefits would be payable. If ROP has been opted at inception, and at least 2 full years’ premiums are not paid, then the policy will lapse at the end of the grace period, and no benefits would be payable. If at least two (2) full years’ premiums are paid, and subsequent premiums are not paid, then, the policy will be converted to a paid-up policy at the expiry of the grace period.
Q. What is Grace Period?
A. An extension after the due date wherein one can still make payment of premium to keep the insurance policy active. Grace period is Thirty (30) days for frequencies other than monthly and fifteen (15) days for monthly frequency.
Q. Can a lapsed policy be revived?
A. Yes. A lapsed/paid-up policy can be revived subject to policy terms & conditions.
1)For more details on product features & benefits, please refer the sales literature & policy document
2)The FAQs are specific to POS channel
3)$Minimum & maximum Policy term will be as per prevailing POS guidelines, as amended from time to time
4)1Return of Premium (ROP) is optional benefit & has to be selected at inception.
5)For policies sourced through POS channel: Only Life Cover variant will be available Add-on covers will not be available In Life Cover variant, Whole life will not be available Policy terms & conditions shall be as per prevailing POS guidelines, as amended from time to time