Bajaj Allianz Life Goal Assure IV Review 2025: Is This ULIP Worth the Commitment?

Bajaj Allianz Life Goal Assure IV is one of the newer ULIPs, whose brochure highlights features such as loyalty additions, return of mortality charges (ROMC), and over 20 fund options. But does it deliver on what it promises?

At Ditto, we review hundreds of insurance policies each year, cross-checking them against IRDAI filings and our own experience. For this review, we dissected Goal Assure IV’s policy brochure and fund performance data, and compared them with popular ULIPs in the market. 

So, let’s dive right in.

Bajaj Allianz Life Goal Assure IV: A Quick Overview

Bajaj Allianz Life Goal Assure IV is a unit-linked insurance plan that combines investment and protection. You pay premiums annually, semi-annually, quarterly, or monthly, which are invested in market-linked funds of your choice. In return, you get life cover throughout the policy term.

Now, let’s break down some of the headline features of Bajaj Allianz Life Goal Assure IV.

What Are The Key Features of Bajaj Allianz Life Goal Assure IV

Unlike generic ULIPs, Goal Assure IV comes with a few extra perks that can boost your returns and flexibility if you stay invested for the long term.

Feature	What It Means For You
Fund Booster at Maturity	2% of the average fund value over the last 3 years of the term, added at maturity for terms of 10 years or more. This works like a performance boost if you stay till maturity.
Loyalty Additions	Extra units are added at the end of the year as rewards for staying committed to the plan. 10th year (1%) 15th year (1.5%) 20th year (2%)
Return of Mortality Charges (ROMC)	They refund the life insurance charges when the policy matures.
Family Benefit	If you or anyone in your family is an existing Bajaj Allianz policyholder, you will get an extra 0.5% (term < 20 yrs) or 1% (term ≥ 20 yrs) of the average fund value at maturity.
Wide Fund Range	Access 20+ funds from safe bond funds to aggressive small-cap and index options.
Riders for Extra Protection	Accidental Death Benefit Rider Accidental Permanent Total Disability Rider Critical Illness Rider (Covering 60 Illnesses) Care Plus Rider

Ditto’s Verdict: 

1) Fund Booster: 

It rewards staying invested, but the boost is modest versus market swings. It’s also not unique, as several ULIPs like the HDFC Click 2 Wealth use similar “maturity boosters”. 

2) Loyalty Additions: 

They do add up over long horizons, starting after 10 years, but consider them a delayed rebate that helps offset early-year ULIP charges, rather than “free money.” Moreover, even this isn’t a unique differentiator because SBI Smart Privilege Plus and LIC Index Plus offer them as well from as early as year 6. 

3) ROMC: 

This is a valuable feature as getting risk charges back at maturity increases the net returns. But, it’s not rare anymore as popular ULIPs like HDFC Click2Wealth and LIC Index Plus also return mortality charges.

4) Family Benefit (existing BALIC customer): 

Genuinely a friendly sweetener if you/your family already hold a Bajaj Allianz Life policy. This is less common across the market. Caveat: it’s a maturity-only addition, so you must stay invested.

5) Wide Fund Range: 

The breadth and switch freedom are strong for active allocators; the trade-off is that you shoulder fund selection risk (performance dispersion can be wide), and ULIP fund expenses still sit above many passive mutual funds.

6) Riders for Extra Protection: 

The Linked Accident Protection Rider offers additional financial security in the event of accidental death.

The Care Plus Rider offers coverage for critical illnesses, providing a lump sum payout when unexpected health issues arise. It also provides benefits for your health, including doctor consultations, support for your fitness through access to nutritionists, and a complimentary gym service, along with preventive health check-ups.

The Linked New Critical Illness Benefit Rider further broadens that protection, giving policyholders the option to cover more serious medical contingencies.

That said, the plan still misses one of the most valuable add-ons: a Waiver of Premium (WOP) rider. Competitors like HDFC, ICICI, and Tata AIA offer this, ensuring the policy continues even if you are unable to pay future premiums due to disability or illness.

What is the Benefit Payout in Bajaj Goal Assure IV?

Upon maturity, you receive your Fund Value, plus any Fund Booster, Loyalty Additions, and ROMC.

On death: If the life assured passes away during the policy term, the nominee gets:

• The higher of Sum Assured or Regular Fund Value, 
  
  and
  
• The higher of Top-up Sum Assured or Top-up Fund Value (if any top-ups were made),

The structure ensures that those who remain invested for the full term are rewarded with add-ons that can meaningfully enhance the final corpus.

What Are The Charges Involved In Bajaj Allianz Life Goal Assure IV?

In a ULIP, charges start eating away at your invested premium immediately, and these are deducted from the fund value over time:

1. Policy Administration Charge: 1.8% (Year 1), 3% (Years 2-10), nil thereafter (max ₹500/month). 
2. Fund Management Charge: 0.7%-1.35% annually, built into the Net Asset Value (NAV). These charges are typically higher for pure equity-based funds, lower for balanced funds, and lowest for debt funds. 
3. Mortality Charge: Age-based cost for life cover. This continues to increase as the person ages and is returned upon maturity of the plan. 
4. Miscellaneous Charges: ₹100 per transaction for specific changes (e.g., altering the premium payment frequency)

Ditto’s Verdict: 

Bajaj Allianz Life Goal Assure IV holds up reasonably well against market standards but not without caveats. The Policy Administration Charge (PAC) is on the higher side during the first 10 years, whereas many top ULIPs, such as HDFC Click2Invest, have eliminated this charge entirely.

On the upside, the Fund Management Charges (0.7%-1.35%) fall within industry norms and are in line with IRDAI caps. Other charges, such as miscellaneous fees, are the norm. Overall, while Goal Assure IV doesn't lead in cost efficiency, its ROMC feature gives it a slight edge over traditional ULIPs, but it still trails behind the ultra-low-cost new-age plans in the market.

Did you know? 1. If you review the policy brochure, you’ll find that you can enter the plan between 0 days and 60 years. Although most life insurance plans typically start at an entry age of between 30 days and 90 days, this means that you can also purchase this plan for a newborn. 2. This product offers life cover that exceeds the minimum requirements set by IRDAI. While the IRDAI mandates a minimum life cover of 5 or 7 times the annual premium, Goal Assure IV provides significantly higher options. Policyholders can choose a life cover of 10, 15, or even up to 20 times their annual premium, based on factors such as age, policy term, and premium amount.

What Are The Investment Fund Options in Bajaj Allianz Life Goal Assure IV

You can choose from four portfolio strategies or stick with direct fund selection.

1. Investor-Selectable Portfolio Strategy: Provides you with complete control to select and allocate funds. Offers flexibility, but requires active monitoring and financial know-how.
2. Wheel of Life Portfolio Strategy: Automatically shifts from equity to debt as your policy matures, reducing risk over time. It's hands-off but lacks flexibility since the insurer manages the rebalancing.
3. Trigger-Based Portfolio Strategy: Starts with 75% equity, 25% debt. If equity gains 15%, profits are moved to debt. Helps lock in gains but isn’t customizable, which could limit returns in long bull markets.
4. Auto Transfer Portfolio Strategy: Invests in low-risk funds initially, gradually shifting to equity monthly. However, it may dampen returns if quicker equity exposure is preferred.

To see the entire list of the fund options, you can check out pages 5-9 of the policy brochure we’ve linked above.

While Bajaj Allianz Life Goal Assure IV gives you a menu of decent portfolio strategies, the real question is, how does Bajaj Allianz Life Goal Assure fare when it comes to other ULIPs?

How Does Bajaj Allianz Life Goal Assure IV Compare to Other ULIPs? Ditto’s Take

When it comes to maturity boosters, Goal Assure IV offers a one-time 2% Fund Booster at the end, while peers like ICICI Pru and Max Life distribute smaller “wealth boosters” more frequently. On loyalty additions, Bajaj starts late (year 10), whereas HDFC, ICICI, and Max Life start rewarding persistence from as early as year 6-8, which can feel more rewarding for mid-term investors. 

However, giving credit where it’s due, Bajaj Allianz Life Goal Assure IV offers both fund boosters and loyalty additions together, which is pretty unique as compared to other ULIPs in the market. 

Other than that, the return of mortality charges (ROMC) is helpful but not unique, as HDFC, SBI, and ICICI already offer similar refunds, with ICICI going a step further by also refunding admin charges. What Bajaj does bring to the table is the family benefit, a rare sweetener that gives existing customers or their family members a 0.5-1% bonus at maturity.

On the fund range, Bajaj stands out with 20+ options and unlimited switches, offering more breadth than most competitors. The rider lineup is also stronger than average, especially with the Critical Illness Rider (which covers up to 60 illnesses under the comprehensive option) and the Care Plus Rider. However, it lacks the Waiver of Premium feature that some rivals include.

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Conclusion

Bajaj Allianz Life Goal Assure IV isn’t perfect, but it does manage to stand out in a crowded ULIP market. The family benefit is unique, the fund menu is broader than most peers, and the Critical Illness rider (up to 60 illnesses) adds more protection than standard ULIP riders. The maturity and loyalty boosters also help reduce the effective cost over time.

That said, the plan still starts loyalty additions later than rivals like HDFC or ICICI, the Fund Booster at maturity is modest, and the much-advertised ROMC is no longer rare. As with all ULIPs, you’re still trading off higher charges and lower cover compared to the term+mutual fund route.

Bottom line: this is one of the better ULIPs out there in terms of sum assured and cost efficiency. If a term plan isn’t available to you because of income, occupation, or medical reasons, this is one of the more cost-efficient ULIPs worth considering. But if you have the choice, pairing a term plan with mutual funds remains the smarter long-term play.

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