Bajaj Life Assured Wealth Goal is a non-linked, non-participating life-savings plan that offers six different variants — from lifelong income to lump-sum wealth creation — and several delivery options (income instalments, return-of-premium, maturity benefit). The variant you pick determines what you (or your family) receive on survival, maturity or death. Read on for plain-English explanations, sample scenarios included in the brochure, rules to watch for, and a simple decision checklist.
Who this article is for
This post is written for:
- People who want a guaranteed savings outcome (steady income or lump sum) rather than market-linked returns.
- Parents or professionals planning a future milestone (education, retirement top-up, house down-payment) who value predictability.
- Anyone comparing income-style payouts (instalments) vs a lump-sum maturity and who needs the fine print explained in simple terms.
Why this matters: the Bajaj Life Assured Wealth Goal has multiple variants and options; choosing the wrong variant can produce outcomes that don’t match your goal. The brochure & CIS include several sample illustrations; this article explains how to read them without guessing.
How the plan works — the basics
At its core, the Bajaj Life Assured Wealth Goal is a savings plan with life cover. You pick:
- A premium type: single pay or regular (limited) pay.
- A variant (1–6) — each variant decides whether you get income instalments, a guaranteed maturity benefit, or a lump sum (wealth creation).
- Optional Return of Premium (ROP), where available: This returns the total premiums paid at the end of the policy term under certain variants.
Key terms (quick):
- Income Instalment — regular payouts in the Income Period under several variants.
- Deferment Period — gap between the premium payment term and when income starts (for applicable variants).
- Guaranteed Death Benefit — at least 105% of total premiums paid (policy wording).
Six variants of Bajaj Life Assured Wealth Goal
(These are the plan’s exact variant descriptions — read them to match your goal.)
Variant 1 — Lifelong Income
You pay premiums, and during the Income Period you receive income instalments (a percentage of the annualised premium). At the end of the policy term, if chosen, the Return of Premium (ROP) may be payable. On death, the death benefit is paid in instalments (5 years).
Variant 2 — Second Income
Similar to Variant 1: income instalments during the Income Period. If the ROP option is chosen, total premiums may be returned at policy term end. Death benefit paid as instalments.
Variant 3 — Step-up Income
Paid instalments during Income Period that increase by a simple step-up (e.g., 10% every five years; check the schedule for exact step amounts). ROP may apply at maturity.
Variant 4 — Extra Income
Income instalments during the Income Period; no ROP in this variant. Death benefit instalments apply as in others.
Variant 5 — Wealth Creation (Guaranteed Maturity Benefit)
This is the lump-sum route: on maturity, you receive a Guaranteed Maturity Benefit (GMB) — a fixed percentage of total premiums paid. In single/regular pay options, the maturity benefit is a percentage of total premiums; in joint life single pay, there are special death rules (first/second death handling).
Variant 6 — Assured Income
Income instalments are paid over the Income Period after the policy term; additionally, the total premiums paid (ROP) are returned at the end of the Income Period. This variant structures maturity income differently — check the schedule when you compare exact payout timing.
Death benefit
If the life assured dies while the policy is in-force and premiums are up to date:
- The policy typically pays the Sum Assured on Death as instalments over 5 years (for variants that use instalments).
- The Guaranteed Death Benefit is defined as 105% of total premiums paid (so the family gets at least that much, subject to the policy wording).
Variant-specific notes: Variant 5 (Wealth Creation) pays the death benefit as a lump sum for single life. Joint life in single pay under Variant 5 has the 1st-death / 2nd-death rules shown in the brochure — read the schedule if you plan joint cover.
RoP, GMB & other options in Bajaj Life Assured Wealth Goal
- ROP is available under certain variants (1,2,3 & 6 as applicable). When chosen, the total premiums paid may be returned at the end of the policy term or at the end of the Income Period for variant 6.
- Variant 5’s Guaranteed Maturity Benefit (GMB) is a fixed percentage of total premiums paid; this is the lump-sum wealth creation option.
- Both lump-sum options and instalment options may include a choice to take instalments or convert to a lump sum (subject to discounting rules and stated interest rates in the product documents). If you take a lump sum in place of instalments at maturity or on death, the brochure mentions an interest/discount rate framework used to calculate the capitalised amount — check the Bajaj Life Assured Wealth Goal policy schedule for exact current rates.
Surrender value, paid-up and revival — what to watch out for
Important rules from the official policy wording of Bajaj Life Assured Wealth Goal:
- A regular/limited-pay policy acquires Guaranteed Surrender Value (GSV) after two full years’ premiums have been paid. Special surrender value (SSV) can be available earlier (after one year in some cases). Single-pay policies may acquire surrender value immediately after the single premium.
- If you stop paying regular premiums and the policy has a surrender value, it will convert to paid-up rather than lapse outright. Paid-up benefits are reduced versions of the original benefits (paid-up sum assured, paid-up income instalments, paid-up GMB, etc.)
- Revival: You can revive a lapsed/paid-up policy within the revival period (generally five years from the first unpaid premium) by paying arrears + interest and evidencing insurability. The brochure notes a revival interest rate benchmark approach (current applicable rate shown in the policy).
Bottom line: surrender/paid-up rules change the economics a lot — don’t assume you can stop premiums early without consequence.
Claims and documentation
If a claim arises, the company asks for documentation (typical items listed in the policy): death certificate, original policy document, claimant’s proof, bank details, claim intimation letter and any other documents as per circumstances. The Bajaj Life Assured Wealth Goal policy allows the company to consider delayed claims on merits if reasonable cause is shown. Contact and grievance details are in the CIS.
Pros and Cons of Bajaj Life Assured Wealth Goal
Pros
- Several variants let you choose income vs lump sum vs step-up income — flexible to match different goals.
- Guaranteed elements (ROP / GMB / income instalments) are useful for people who prefer predictability.
- The death benefit floor (105% of premiums) gives a basic safety net.
Cons
- Complexity: the variant you choose matters a lot. If you pick wrong, payouts may not match your objective.
- Liquidity: surrender/paid-up rules mean early exit can be costly.
- Interest/discount assumptions for lump sum conversions and revival interest rates are subject to review and IRDAI approval (not fully guaranteed). Check the Bajaj Life Assured Wealth Goal policy schedule for the current rates.
How to decide — a simple checklist
- What do you want at maturity? Lump sum (wealth creation) → consider Variant 5.
- Want a steady income (for retirement or monthly funding)? Consider Variant 1/2/3/4/6 depending on whether you want step-ups or ROP.
- Do you need the total premiums back (ROP)? If yes, choose variants/options that offer ROP (1,2,3 or 6 as applicable).
- Are you likely to stop premiums early? Read surrender/paid-up rules carefully; don’t assume easy liquidity.
Examples cited in the brochure
The official brochure of Bajaj Life Assured Wealth Goal policy contains multiple sample illustrations for different ages, premium terms, deferment and income periods — each shows total premiums paid, income instalments and maturity/ROP outcomes for that exact packaged combination. Use the brochure illustration that most closely matches your age, premium level and time horizon to estimate cash flows. Always verify the final numbers in your policy schedule.
FAQs
What is the Guaranteed Death Benefit?
The Guaranteed Death Benefit is 105% of total premiums paid (as on date of death), and the death benefit payable will be the higher of Sum Assured on Death, 105% of total premiums paid, or the prevailing surrender value.
Can I take a lump sum instead of instalments at maturity?
Yes — variants that provide instalments often give an option to take a lump sum using the policy’s discount/interest rate framework; the brochure/policy lists the applicable rates and conversion rules.
When does the policy acquire surrender value?
For regular/limited pay, the policy acquires Guaranteed Surrender Value after two full years’ premiums. Special surrender value rules may allow surrender earlier in some cases. Single-pay policies may have immediate surrender value.
What happens if I stop paying premiums?
If at least one full year’s regular premium is not paid, the Bajaj Life Assured Wealth Goal policy will lapse at the end of the grace period. If the policy has acquired surrender value, it will become paid-up rather than lapse; paid-up benefits are proportionately reduced. Revival is possible within the revival period, subject to interest and underwriting.
Who should consider Bajaj Life Assured Wealth Goal?
People who prioritise guaranteed, predictable payouts (whether income instalments or guaranteed maturity) and who are comfortable with the product’s liquidity and premium commitment rules. Choose a variant that matches whether you need income or a lump sum.
Final word
Bajaj Life Assured Wealth Goal is a flexible, multi-variant savings plan that fits people who prefer guaranteed outcomes and want choices between income-style payouts and lump sums. The main decision points are (a) which variant matches your goal, (b) whether you need ROP, and (c) your comfort with the premium commitment and surrender/paid-up rules. Use the brochure’s sample illustrations that match your age and premium pattern, and always confirm the final numbers in your policy schedule before you commit.
Got more questions? Don’t hesitate to reach out! We’re here to help you get personalised guidance.
This blog post references content from the official Bajaj Life Assured Wealth Goal brochure and policy contract to ensure factual accuracy.
References
Bajaj Life Assured Wealth Goal Brochure
Bajaj Life Assured Wealth Goal Policy Document
Bajaj Life Assured Wealth Goal CIS
About the Author:
Mandar P is the founder of Secure My Wish and brings over two decades of experience in the personal finance space. He’s certified as a POSP under IRDAI and also holds AMFI certification for mutual fund distribution.
Disclaimer:
This article provides general information only and does not constitute financial advice. Financial regulations, product terms, and industry guidelines are revised from time to time. While we have made efforts to ensure the accuracy of the information presented, we do not guarantee its completeness or accuracy. We disclaim any liability for loss or damage arising from actions taken based on the information provided in this article. To make informed financial decisions, please do your own research and consult with a qualified financial professional.