Bajaj Life Invest Protect Goal

Cheatsheet Content

### Policy Overview This is a Unit-Linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01). It is designed for capital appreciation through investments in various funds. #### Key Features: - **Unit-Linked:** Investment risk is borne by the Policyholder. - **Non-Participating:** Does not share in company profits. - **Individual Life Savings Insurance Plan:** Focuses on individual savings and life coverage. ### Key Benefits #### 1. Death Benefit (Section 5a) - **If Policy is In-Force:** Higher of (Prevailing Sum Assured or Regular Premium Fund Value) + Higher of (Top Up Sum Assured or Top Up Premium Fund Value). Subject to a minimum of Guaranteed Benefit. - **If Policy is Paid-up:** Higher of (Paid-up Sum Assured or Regular Premium Fund Value) + Higher of (Top Up Sum Assured or Top Up Premium Fund Value). Subject to a minimum of Guaranteed Benefit. - **If Policy is Discontinued:** Discontinuance Value as on the date of intimation of death. - **During Grace Period:** Full Death Benefit as if In-Force. - **Partial Withdrawals:** Prevailing Sum Assured and Paid Up Sum Assured are reduced by partial withdrawals from the Regular Premium Fund during the two years preceding death. Top Up Sum Assured is not adjusted. #### 2. Maturity Benefit (Section 5b) - If the Life Assured is alive on the Maturity Date, the Company will pay the **Fund Value**. Not payable if the policy has been terminated. #### 3. Loyalty Advantage (Section 5c) - Added to the Fund if all due premiums are paid and the policy is in-force. - **Return Of Premium Allocation Charge (ROAC):** Total Premium Allocation Charges deducted (w.r.t. Regular Premium) are added back at the end of the 15th Policy Year. - **Return Of Mortality Charge (ROMC):** Mortality Charges deducted are added back as per a defined schedule (e.g., 25% at 7th year, 50% at 15th year, 100% at 20th year onwards). - **Loyalty Additions (LAs):** A proportion of the average daily Regular Premium Fund Value from the previous three policy years is added at the end of the 10th Policy Year and every 10 years thereafter. | End of Policy Year | 10 | 20 | 30 | 40 | |--------------------|----|----|----|----| | LA% (Avg. RPFV) | 1.25% | 2.00% | 3.00% | 5.00% | #### 4. Fund Maintenance Booster (FMB) (Section 5d) - If Fund Value is below one Annualized Premium, FMB is added to Regular Premium Fund Value from the 4th Policy Year onwards. - Calculated as (One Annualized Premium - Fund Value at time of addition). #### 5. Additional Rider Benefits (Section 5f) - Available as per the Rider Document. ### Flexibility Options (Section 11) Policyholders can exercise various options: #### a) Change Portfolio Strategy (Section 11a) - Change between **Investor Selectable Portfolio Strategy** and **Automatic Transfer Strategy** at any Policy Anniversary with 30 days' notice. - Switching into Investor Selectable allows allocation to chosen funds. - Switching into Automatic Transfer allocates to funds as per Section 13b. #### b) Switching between Funds (Section 11b) - Only under Investor Selectable Portfolio Strategy. - Switch Units from one Fund to another (except Discontinued Life Policy Fund). - Minimum switching amount is ₹5,000 or the value of Units to be switched, whichever is lower. - Unlimited free switches. #### c) Partial Withdrawal (Section 11c) - Allowed any time after the Lock-in Period. - Top Up Units are encashed first (FIFO basis). - Regular Premium Fund Value must not fall below three times the Annualized Premium. - Minimum partial withdrawal amount is ₹5,000. - No charges for partial withdrawal. #### d) Premium Apportionment (Section 11d) - Only if Investor Selectable Strategy is chosen. - Apportion Regular and Top Up Premiums into various funds. - Change proportion of allocation at any time. - Minimum 5% allocation to any fund. #### e) Increase or Decrease Sum Assured (Section 11e) - Option to change Sum Assured at any Policy Anniversary within product limits. - Requires all due Regular Premiums to be paid and policy not discontinued. - Does not change Regular Premium payable. #### f) Alteration of Premium Payment Frequency (Section 11f) - Change frequency at any Policy Anniversary with 30 days' notice. #### g) Option to Pay Top Up Premium (Section 11g) - Option to pay Top Up Premium anytime (except last five Policy Years) if all Regular Premiums are paid. - Minimum Top Up Premium is ₹5,000. - Company may request health information for granting Top Up Sum Assured. ### Charges (Section 17) All charges are subject to applicable GST & cess. #### a) Mortality Charge (Section 17a) - Deducted monthly from Fund Value based on age and gender. - Guaranteed throughout the Policy Term. - Additional mortality charges may apply based on underwriting. - Refer to Annexure I for Standard Mortality Charges. #### b) Fund Management Charge (FMC) (Section 24b) - Charged annually as a percentage of the fund value. - Varies by fund (e.g., Accelerator Mid Cap Fund II: 1.35%, Bond Fund: 0.95%, Discontinued Life Policy Fund: 0.50%). - Adjusted in Unit Price/NAV. #### c) Policy Administration Charge (Section 24c) - For first five Policy Years: 1.08% p.a. of Annualized Premium. - After first five Policy Years: 4.50% p.a. of Annualized Premium. - Capped at ₹500 per month. #### d) Premium Allocation Charge (Section 24d) - Percentage of premium deducted before allocation to funds. (Refer to Schedule for details) #### e) Miscellaneous Charge (Section 24e) - ₹100 per applicable incidence. - Excludes switching between funds, partial withdrawals, and Top Ups. #### f) Discontinuance/Surrender Charge (Section 24f) - Applicable to Regular Premium Fund Value only. - Varies by Policy Year and Annualized Premium. - No charge on Top Up Premium. - (Refer to table in Section 24f for specific details). ### Fund Options (Section 13) Policyholders can choose from various funds under the Investor Selectable Portfolio Strategy: - Accelerator Mid-Cap Fund II - Asset Allocation Fund II - Bluechip Equity Fund - Bond Fund - Equity Growth Fund II - Liquid Fund - Pure Stock Fund - Pure Stock Fund II - Flexi Cap Fund - Sustainable Equity Fund - Dynamic Asset Allocation Fund - Small Cap Fund - Individual Short Term Debt Fund - Midcap Index Fund - SmallCap Quality Index Fund - Nifty Alpha 50 Index Fund - Nifty 200 Alpha 30 Index Fund - Nifty 200 Momentum 30 Index Fund - Nifty 500 Multicap Momentum Quality 50 Index Fund - Focused 25 Fund - Nifty 500 Multifactor 50 Index Fund - BSE 500 Enhanced Value 50 Index Fund - BSE 500 Dividend Leaders 50 Index Fund - India Consumption Fund - Pure Stock Innovation Fund **Note:** "Liquid Fund" is the default fund in case of fund closure or modification. ### Important Clauses #### Free Look Period (Section 6) - 30 days from policy document receipt to review terms. - Option to return policy for cancellation. - Refund of premiums paid, minus proportionate risk premium, medical examination expenses, and stamp duty charges. - Company may repurchase units at the price on cancellation date. - Refund processed within 7 days of request. #### Non-payment of Regular Premium and Forfeiture (Section 7) - **During Lock-in Period:** Policy converts to Discontinued Life Policy (without risk cover, benefits). Fund Value credited to Discontinued Life Policy Fund. - **After Lock-in Period:** Policy converts to reduced paid-up policy (with risk cover based on Paid-up Sum Assured, no Loyalty Advantage/FMB/rider cover). - **Revival Period:** Policyholder has options to revive the policy or completely withdraw/surrender. #### Surrender Value (Section 9) - Policyholder can surrender at any time. - **During Lock-in Period:** Regular Premium Fund Value minus charges, plus Top Up Premium Fund Value, transferred to Discontinued Life Policy Fund. Discontinuance Value payable at end of Lock-in Period. - **After Lock-in Period:** Surrender Value payable immediately (Regular Premium Fund Value + Top Up Premium Fund Value or proceeds of Discontinued Life Policy Fund). #### Discontinuance Value (Section 10) - Applicable during Lock-in Period if premiums are discontinued or policy is surrendered. - Higher of: - (Regular Premium Fund Value - charges + Top Up Premium Fund Value) accumulated at earned rate of return on Discontinued Life Policy Fund. - (Regular Premium Fund Value - charges + Top Up Premium Fund Value) accumulated at minimum guaranteed rate of return (4% p.a.). #### Revival (Section 8) - Discontinued or paid-up policies can be revived within the Revival Period. - Requires request to the Company, submission of information/documentation, and payment of all due unpaid Regular Premiums. - On revival, risk cover and Guaranteed Benefit are restored; past Discontinuance Value is restored. #### Force Majeure Condition (Section 14) - Company may defer Unit Price/NAV declaration or modify investment strategy in extreme circumstances (e.g., stock exchange closures, natural calamities). - Servicing requests may be abeyed during such events. #### Suicide Exclusion (Section 23) - If death due to suicide within 12 months, Claimant receives Fund Value only. - Charges recovered after death are added back to Fund Value. #### Fraud and Misrepresentation (Section 28) - Dealt with as per Section 45 of the Insurance Act, 1938. #### Grievance Redressal (Section 37, 38) - Contact Grievance Officer at Bajaj Life Insurance Limited. - If unresolved, approach IRDAI Grievance Call Centre or Insurance Ombudsman.