Review: Bajaj Allianz Life POS Goal Suraksha offers low-premium life insuranceBajaj Allianz Life Insurance Company has launched a Point of Sale or POS life insurance product, Bajaj Allianz Life POS Goal Suraksha. This product is for customers looking to achieve their life goals through low premium insurance products. The product comes for premium as low as Rs 450 per month. In insurance parlance, this is a non-linked, non-participating, limited premium POS endowment assurance product. Read on to find out about more details.
Product features – Since this is Point of Sale (POS) product, Goal Suraksha is a simple to understand. Due to its POS nature, the product has been made more accessible to customers: the product is designed for quick issuance where no medicals are required for customers. The customers can meet their life goals through the product with the guaranteed benefits of this product, along with a life cover.
Do bear in mind the insurance regulator IRDAI has already outlined guidelines to enable products to be issued in a quick and easy manner. For POS customers, an insurance product needs to be easy to understand and easy to purchase. Bajaj Life Insurance has backed it with guaranteed returns.
Special features – One of the key advantages of Bajaj Allianz Life POS Goal Suraksha includes a Guaranteed Sum Assured on maturity plus Guaranteed Additions on maturity if all premiums are paid.
The product is available for a tenure of 10 years and an even shorter premium payment term of 7 years.
Also, it comes with the benefit of availing a loan. The maximum amount of loan will be equal to 75% of the amount of surrender benefit available as on the date of the loan. The loan rate of interest applicable on the loan amount will be decided by the company from time to time. The current loan rate of interest is estimated to be around 9% p.a. compounding half-yearly; the rate can be revised by the company.
There is also the flexibility to alter the premium payment mode. So, the premium payment frequency may be changed at any policy anniversary during the Premium Paying Term, subject to prevailing minimum regular premium allowed with respect to each premium payment frequency under the plan then.
Surrender benefit – The Policy will acquire surrender benefit provided at least two (2) full years’ regular premiums are paid under a policy with premium payment term less than ten (10) years OR at least three (3) full year’s regular premiums are paid under a policy with premium payment term ten (10) years & above. The surrender benefit payable is the higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).
For example – Subhash, a 40-year old, buys Bajaj Allianz Life POS Goal Suraksha for a premium of Rs 5,000 per year. His policy term is for 10 years and he opts to pay the premium (premium paying term) for 7 years. He pays a total premium of Rs 5000 x 7 = Rs 35,000 for this product and has a sum assured of Rs 50,000.
With the feature of Guaranteed Additions on Maturity of the product, Subhash’s total maturity benefit at the end of 10 years will be Rs 50,750.
RupeeIQ take: The product may be ideal for those who want to purchase value-packed life insurance at a low premium. These kind of policies are not for investment; rather they are for those who want a life cover at a low premium.
Disclaimer: Do consult your financial advisor about the scope of this product and the life cover it provides in your overall financial plan.
Staff Writer

This article is written by RupeeIQ editorial staff.