Bajaj Allianz Life
Smart Protect Goal
Smart Protect Goal is a decent term plan that does most things right. It extends most of the popular add-ons, boasts a solid set of claim settlement figures and Bajaj Life has been selling sizeable number of policies of late. The only issue perhaps is that you won’t get the Zero Cost Plan option in this variant (you can avail it with Bajaj Life eTouch) and Bajaj Life may not be the most popular brand name out there.
If you are a woman and a non-smoker, looking for an affordable term plan, then you may notice that Bajaj Life offers one of the most competitive rates in the market.
Good Claim Settlement Ratio
Bajaj Allianz Life settles 98.85% of claims of the total number of claims it receives as compared to the industry average of 97%. A pretty good number overall.
Good Complaints Ratio
Bajaj Allianz Life receives 5 complaints (per 10,000 claims registered) as opposed to the industry median of 17 complaints. Pretty good figure overall.
Good Amount Settlement Ratio
Some insurers pay out the smaller claims while declining to pay out the few higher-value claims in a bid to improve the claim settlement ratio. So you will need to look at the total amount settled as a percentage of the total amount claimed. Bajaj Allianz Life meanwhile has an amount settlement ratio of 93% as opposed to the industry average of 87%. Pretty good figure overall.
The aforementioned ratios have been averaged over three years for every insurer and the industry as a whole.
What's good here?
Good Critical Illness Benefit
If you’re ever diagnosed with a debilitating illness, you would want your insurance policy to pay a fixed sum so that you can deal with any monetary obligations you may have. Smart Protect Goal extends top notch critical illness protection and pays up to ₹50 Lakhs so long as you are diagnosed with 55 illnesses listed in the policy brochure.
Payouts for critical illnesses may not be made immediately. Instead, insurers expect you to survive for a certain duration before they make the payment. And Smart Protect Goal will pay out the benefit 14 days after the diagnosis is confirmed.
Payout on top only:
Some policies will pay out the critical illness (CI) benefit from the total term cover available, i.e. Accelerated payout, while also offering you the option to avail it on top of the total term cover available. Smart Protect Goal however doesn’t offer the accelerated option and pays out the benefit on top.
Long waiting period:
Most policies impose a waiting period before they make the Critical Illness Benefit available. And Smart Protect Goal imposes a 180 days waiting period before they can process any claim related to critical illnesses. This is longer than the industry average.
Accidental Death Benefit Available
Some policies offer you the option of adding extra protection for accidental deaths. And while we recommend customers choose a comprehensive cover without worrying about the specifics of death precisely, Smart Protect Goal offers accidental death benefit nonetheless.
Payouts in the event of total permanent disability
Some policies offer you a monthly income or a large lumpsum in the event you are disabled totally for life. And Smart Protect Goal extends this option.
Option to increase your cover with inflation
Some policies automatically increase your cover by a certain amount (usually inflation) to always provide you with the necessary protection. And Smart Protect Goal extends this option.
What's okay here?
You can recover your premiums after policy matures
Some policies return your premium after the policy matures if you don’t make a claim. However, we don’t recommend this option actively considering the option can be expensive. In any case, Smart Protect Goal extends this option to those considering it.
What's lacking here?
No Zero Cost Option
Some insurers will return all your premiums if you forego your policy before maturity, during a period specified by the insurer. So in essence, you get all your premiums back, while also being protected under the term plan during this time. Unfortunately, Smart Protect Goal doesn’t extend this option.
No Waiver of Premium
Some policies waive all future premium payments if you are ever disabled (due to accident) or diagnosed with a critical illness. Unfortunately, Smart Protect Goal does not extend the waiver-of-premium option.
No Top-Up Option
Some policies extend the option of increasing your total term cover even after you buy the policy. And Smart Protect Goal doesn’t extend this option.
No Terminal Illness Benefit
Certain policies will disburse the entire cover amount the moment you are diagnosed with a terminal illness. So even in the absence of death, you can still get the money and use it any way you wish. Unfortunately Smart Protect Goal does not extend the terminal illness benefit.
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