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Life is about making smart choices, especially when it comes to your Investments.
These investments help in achieving your Life’s Financial Goals.
There is a plethora of Investment Options available in the market.
Let us analyze one such Investment Option.
Bajaj Allianz Life has a Unit Linked Endowment Plan called Bajaj Allianz Life Smart Wealth Goal. It has three variants Viz.
- Wealth
- Child Wealth
- Joint Life Wealth
You can choose any one of the variants at the time of inception & it can’t be changed during the policy term. This article only focuses on the Wealth Variant. You can refer to the detailed analysis of the Child Wealth Variant here.
Table of Contents:
1.)What is Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan?
2.)Features of the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
3.)Eligibility Criteria for the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
4.)Investment Strategies of the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
5.)Benefits under the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
- Maturity Benefits
- Death Benefit
- Loyalty Benefit
6.)Various Charges under the Bajaj Allianz Smart Wealth Goal – Wealth Variant Plan
7.)A Grace Period, Revival & Discontinuance of the Bajaj Allianz Smart Wealth Goal – Wealth Variant
8.)Free Look-Up Period of the Bajaj Allianz Smart Wealth Goal – Wealth Variant Plan
9.)Surrendering the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
10.)Advantages of the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
11.) Disadvantages of the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
12.) Research Methodology
13.) IRR Analysis of the Bajaj Smart Wealth Goal – Wealth Variant Plan
14.)Bajaj Allianz Smart Wealth Goal – Wealth Variant Plan Vs. Other Investment Choices
15.)Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan Vs. Pure Term Insurance + PPF / ELSS
16.) Final Verdict on the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
What is Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan is a Unit-Linked, Non-Participating, Life Insurance Plan.
The plan has smart features like Life cover, Return of Life Cover charge, Return of Allocation charge, and multiple investment strategies to make the most of your investment.
Premiums paid by you, are invested, as per your chosen portfolio strategy across the various applicable Funds.
Features of the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
- It provides you with five unique portfolio strategies & ten fund options to invest.
- You have the option to make partial withdrawals (non-systematic), any time after the fifth Policy year
- Option to take out the Loyalty Benefits as Periodical Money Backs by way of systematic partial withdrawal
- You will have the option to receive the Maturity Benefit/Death Benefit in instalments spread over a maximum period of five years.
Eligibility Criteria for the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
Let us look at the eligibility criteria needed to enter this plan at a glance below;
| Parameter | Details |
| Minimum Entry Age | 0 years |
| Maximum Entry Age | 60 years |
| Minimum Age at Maturity | 18 years |
| Maximum Age at Maturity | 99 years |
| Policy Term | 10 years and Max 60 years |
| Premium Paying Term | For maturity age less than or equal to 85 years: 5 years to PT chosen
For maturity age greater than 85 years: 10 years to PT chosen |
| Minimum Premium | Yearly – 12,000
Half-yearly – 6,000 Quarterly – 3,000 Monthly – 1,000 |
| Maximum Premium | No Limit |
| Premium Payment Frequency | Yearly, Half-yearly, Quarterly, and Monthly |
| Minimum & Maximum Sum Assured | Min – 10 times Annualized Premium
Max – As per board approval |
| Minimum Top-up Sum Assured | 1.25 times Top-up Premium |
| Maximum Top-up Sum Assured | 10 times Top-up Premium |
Investment Strategies of the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
Bajaj Allianz Life Smart Wealth Goal – Wealth Variant provides you with five unique portfolio strategies, out of which anyone can be chosen at the inception of your policy.
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- Investor selectable Portfolio Strategy:
If you want to allocate your Premiums based on your personal choice and decision, you can opt for this Investment Strategy and choose from among the ten Funds below to suit your Investment needs.
| Fund Name | Risk Profile | Portfolio Allocation | ||
| Equity | Bank Deposit | Money Market | ||
| Equity Growth Fund II | Very High | Not less than 60% | 0-40% | 0-40% |
| Accelerator Mid-Cap Fund II | Very High | Not less than 60% (50% in Mid-Cap) | 0-40% | 0-40% |
| Pure Stock Fund | Very High | Not less than 60% | 0-40% | 0-40% |
| Pure Stock Fund ll | Very High | Not less than 75% | _ | 0-25% |
| Asset Allocation Fund II | High | 40-90% | 0-50% | 0-40% |
| Blue-chip Equity Fund | High | Not less than 60% | 0-40% | 0-40% |
| Bond Fund | Moderate | _ | 0-100% | 0-60% |
| Liquid Fund | Low | _ | 100% | 100% |
| Flexi Cap Fund | Very High | 65-100% | 0-35% | 0-35% |
| Sustainable Equity Fund | Very High | 65-100% | 0-35% | 0-35% |
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- Wheel of Life Portfolio Strategy – II:
In this Portfolio Strategy at the commencement of the Policy, the Regular/Limited Premium, and the Top up Premium, if any, would be allocated in the Funds mentioned (namely Equity Growth Fund II, Accelerator Mid-Cap Fund II, Bond Fund & Liquid Fund) in the proportion as mentioned in the table below, depending on the outstanding years to maturity.
| Proportion in Following Funds | |||||
| Years to Maturity | Equity Growth Fund II | Accelerator Mid-Cap Fund II | Bond Fund | Liquid Fund | Total |
| 10 & above | 40% | 45% | 15% | 0% | 100% |
| 9 | 35% | 50% | 15% | 0% | 100% |
| 8 | 30% | 55% | 15% | 0% | 100% |
| 7 | 25% | 60% | 15% | 0% | 100% |
| 6 | 25% | 60% | 15% | 0% | 100% |
| 5 | 20% | 65% | 15% | 0% | 100% |
| 4 | 20% | 55% | 15% | 10% | 100% |
| 3 | 20% | 50% | 15% | 15% | 100% |
| 2 | 10% | 30% | 30% | 30% | 100% |
| 1 | 0% | 0% | 35% | 65% | 100% |
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- Trigger-Based Portfolio Strategy II:
Under this Portfolio Strategy, Regular/Limited Premiums and Top up Premiums if any, will be allocated between two Funds, Equity Growth Fund II (an equity-oriented Fund), and Bond Fund (a debt-oriented Fund), in a 75%: 25% proportion. The Fund value proportions may subsequently get altered due to market movements.
Any appreciation over three times the value of units is considered a gain and is switched to the Liquid Fund. Later it will be switched to the Equity Growth Fund II and the Bond Fund such that, after the transfer, the ratio of the value of units in the Equity Growth Fund II to that in the Bond Fund is restored to 75%:25%.
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- Auto Transfer Portfolio Strategy:
This strategy helps you to invest your money systematically by automatically transferring your money every month, from a low-risk Fund to the Fund(s) of your choice. In this Portfolio Strategy, your Premium will be allocated to Bond Fund and/or Liquid Fund, as specified by you.
At the start of each monthly anniversary of the Policy, a proportion (as mentioned below) of Fund value in the Bond Fund and/or Liquid Fund as on that date will be switched to the other Fund/s (available in the plan) as specified by you.
The proportion of Fund value = 1/ Outstanding no. of months till the next premium due date
- Capital Preservation-Oriented Strategy:
The objective of the strategy is to optimize risk and return, by investing across five pre-determined Funds, which are a mix of very high to low-risk Funds, in such a way that the monies invested over the years along with the accumulated returns are subjected to lesser market volatility, in the years closer to maturity. Under this strategy, at the commencement of the policy, the Regular Premium and the Top Up premium, if any, would be allocated to the Funds mentioned (namely Equity Growth Fund II, Accelerator Mid-Cap Fund II, Pure Stock Fund II, Bond Fund & Liquid Fund) in the proportion as mentioned in the table below.
| Proportion in Following Funds | ||||||
| Years to Maturity | Equity Growth Fund II | Accelerator Mid-Cap Fund II | Pure Stock fund II | Bond Fund | Liquid Fund | Total |
| 10 & above | 40% | 15% | 15% | 30% | 0% | 100% |
| 9 | 35% | 15% | 15% | 35% | 0% | 100% |
| 8 | 30% | 15% | 15% | 40% | 0% | 100% |
| 7 | 30% | 15% | 15% | 40% | 0% | 100% |
| 6 | 30% | 10% | 15% | 45% | 0% | 100% |
| 5 | 25% | 10% | 15% | 40% | 10% | 100% |
| 4 | 20% | 5% | 10% | 40% | 25% | 100% |
| 3 | 15% | 0% | 5% | 40% | 40% | 100% |
| 2 | 0% | 0% | 0% | 40% | 60% | 100% |
| 1 | 0% | 0% | 0% | 0% | 100% | 100% |
Benefits under the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
Maturity Benefit
Provided the Policy is in force and the Life Assured is alive, the Maturity Benefit will be the Fund value as of the date of maturity of your policy.
Death Benefit
If all due Premiums are paid, then, in case of unfortunate death of the Life Assured during the Policy term, the Death Benefit payable will be
- Higher of, Prevailing Sum Assured or Regular Premium Fund value plus
- Higher of, Prevailing Top up Sum Assured, or Top up Premium Fund value, if any.
- The Death Benefit payable is subject to the Guaranteed Benefit of 105% of the Total Premiums paid, till the date of death.
Loyalty Benefit
Loyalty Benefits shall be added to the Regular Premium Fund value, provided all due Regular Premiums have been paid up to date for each Loyalty Benefit.
At Policy inception or any time before the 10th policy year, you may choose the option to take the Loyalty Benefits as Periodical Money Backs (through systematic partial withdrawals).
At the end of the 10th Policy year or the date of maturity (whichever is earlier), the total of all the Premium Allocation charges, deducted under the Policy will be added to the Fund as Loyalty Benefit.
| End of Policy Year | Fund Booster (%) |
| 15th year | 1.00% |
| 20th Year | 1.25% |
| 25th Year | 1.50% |
| 30th Year | 1.75% |
| 35th Year | 2.00% |
| 40th Year | 2.25% |
| 45th Year | 2.50% |
| 50th Year | 2.75% |
| 55th Year | 3.00% |
| 60th Year | 3.25% |
Various Charges under the Bajaj Allianz Smart Wealth Goal – Wealth Variant Plan
Premium Allocation Charge:
| Policy Year | 1 | 2 | 3 – 5 Years | 6 – PPT years |
| Yearly Mode | 12% | 8% | 4% | NIL |
| Other Mode | 10% | 7% | 4% | NIL |
Policy Administration Charge:
| Year 1 – 5 | NIL |
| Year 6 onwards | 2.1% p.a. of the prevailing annualized Premium capped to the extent of Rs 500 per month |
Fund Management Charge:
| Fund Name | Fund Management Charge per annum |
| Equity Growth Fund II | 1.35% |
| Accelerator Mid-Cap Fund II | 1.35% |
| Pure Stock Fund | 1.35% |
| Pure Stock Fund II | 1.30% |
| Asset Allocation Fund II | 1.25% |
| Blue-chip Equity Fund | 1.25% |
| Bond Fund | 0.95% |
| Liquid Fund | 0.95% |
| Flexi Cap Fund | 1.35% |
| Sustainable Equity Fund | 1.35% |
| Discontinued policy fund | 0.50% |
Miscellaneous Charge:
A miscellaneous charge of Rs. 100 per transaction will be charged.
Discontinuance /Surrender Charge:
It depends on the Annual premium amount & the year of discontinuance or surrender. It is nil from the 5th policy year.
Mortality Charge:
Mortality Charges will be deducted at each monthly anniversary by the cancellation of units. Female Life Assured will be eligible for an age setback of 3 years.
Inference from the charges:
These charges are common to any ULIP plan. When you look at other investment options, there is a very minimal charge & they are transparent about their costs and operations. Hefty charges & lack of transparency makes the ULIPs unattractive among their competitors.
A Grace Period, Revival & Discontinuance of the Bajaj Allianz Smart Wealth Goal – Wealth Variant
Grace period
A Grace Period of 30 days for yearly, half-yearly & quarterly Premium payment frequency, and 15 days are available for monthly Premium payment frequency from the due date of the Regular Premium payment.
Revival
Bajaj Allianz Smart Wealth Goal – Wealth Variant Policy can be revived within 3 years from the date of the first unpaid premium.
Discontinuance
On Discontinuance of Regular Premiums due during the first 5 Policy years, the Policy will be converted immediately to a Discontinued Policy at the end of the Grace period. The Fund Value less the Discontinuance/Surrender charge, will be transferred to the Discontinued Life Policy fund. The Discontinuance Value shall be payable as the Surrender Benefit at the end of the lock-in period of 5 Policy years.
On Discontinuance of Regular Premiums due after the lock-in period of 5 Policy years, the Policy will be converted to a Paid-up Policy at the end of the grace period. The Paid-up Sum Assured will be the prevailing Sum Assured in the Policy multiplied by the proportion of the number of Premiums paid to the number of Premiums payable in the Policy.
Free Look-Up Period of the Bajaj Allianz Smart Wealth Goal – Wealth Variant Plan
If you are not satisfied with the terms & conditions of the Bajaj Allianz Smart Wealth Goal – Wealth Variant policy, then it can be returned within 15 days of the receipt of this Policy and 30 days in case of an electronic Policy or a Policy obtained through distance mode.
Surrendering the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
On surrender during the lock-in period of the first five years of your Policy, the Fund Value, less the applicable Discontinuance/Surrender charge, as on the Date of Surrender, will be transferred to the Discontinued Life Policy Fund and risk cover under the Policy shall cease immediately.
On surrender after the lock-in period of the first five years of your Policy, the surrender value available will be Fund Value, as on the date of surrender, and will be payable immediately.
Advantages of the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
- You can choose to increase your Premium paying term (chosen at inception) after the end of the 5th Policy year.
- You have the option to pay Top up Premiums at any time, except during the last five Policy years.
- You will have the option to reduce the prevailing Regular/Limited Premium under the Policy after the first five Policy years.
- Under the Investor Selectable Portfolio Strategy, you have the choice to apportion the allocated Premium into the Funds available in the plan.
- You can switch units from one Fund to another at any time.
Disadvantages of the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
- The premium is invested after the deduction of charges. Even though they assure you to return these charges, the time value of money is not considered.
- Trigger-Based Portfolio Strategy II and Capital Preservation-Oriented Strategy can be opted for only at inception. Once selected, these 2 strategies can’t be switched – between these 2 categories.
- The lock-in period is for 5 years.
- No loan facility is available under this plan.
You can refer to the Bajaj Allianz Smart Wealth Goal – Wealth Variant Policy Brochure for more Information.
Research Methodology
Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan has various Investment Strategies to build wealth & at the same time provide Life Insurance Cover to the policyholder.
Evaluating the plan in terms of returns will help you to decide whether you should buy this plan or not. This return evaluation helps in the comparative analysis as well. So that you can select an appropriate investment product for your wealth creation process.
IRR Analysis of the Bajaj Smart Wealth Goal – Wealth Variant Plan
A 35-year-old male has taken the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Policy to meet his Life’s Financial Goals for a Policy Term of 20 years. He is paying an Annual Premium of Rs. 1 lakh for a payment term of 20 years with a Sum Assured of Rs. 10 Lakhs. Let’s see the benefits available under the Policy.
The Assumptions for Comparison
| Male | 35 years |
| Sum Assured | Rs. 10 Lakhs |
| Policy term | 20 years |
| Premium paying term | 20 years |
| Annual premium | Rs. 1 Lakhs |
The illustration is based on the assumed return of 4% & 8% p.a at the worst and best-case scenarios respectively. The returns are illustrative and not guaranteed, subject to Policy terms & conditions, and do not indicate the upper or lower limits of returns under the Policy.
| At 4% p.a. | At 8% p.a. | ||||
| Age | Year | Annualized premium / Maturity benefit | Death benefit | Annualized premium / Maturity benefit | Death benefit |
| 35 | 1 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 36 | 2 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 37 | 3 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 38 | 4 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 39 | 5 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 40 | 6 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 41 | 7 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 42 | 8 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 43 | 9 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 44 | 10 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 45 | 11 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 46 | 12 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 47 | 13 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 48 | 14 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 49 | 15 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 50 | 16 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 51 | 17 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 52 | 18 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 53 | 19 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 54 | 20 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 55 | 25,87,471 | 40,47,048 | |||
| IRR | 2.39% | 6.32% | |||
The plan would be beneficial only if the Internal Rate of Return (IRR) is higher than the inflation rate in the long run. Otherwise, your money will lose purchasing power.
Here, in the illustration, the worst-case scenario of a 4% rate, yields an IRR of 2.39% which is far below the inflation rate.
In the best-case scenario of an 8% rate, it yields an IRR of 6.32% which is somewhat closer to the inflation rate. The plan invests in the equity market but the returns are similar to debt instruments. On the whole, it is not beneficial to invest in the Bajaj Smart Wealth Goal – Wealth variant in the long run.
Bajaj Allianz Smart Wealth Goal – Wealth Variant Plan Vs. Other Investment Choices
Comparing with other investment options will gain you better insights in terms of role-play of this policy in your investment portfolio. An Investment Portfolio should be well-diversified & maximize your rate of return. We can assume a yearly cash flow & all other figures, the same as that of the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan.
The Assumptions for Comparison:
| Pure Term Policy | |
| Sum Assured | Rs. 10 Lakhs |
| Policy term | 20 years |
| Premium paying term | 20 years |
| Annual premium | Rs.5500 |
| The amount left for investment | Rs.94500 |
A Pure Term Insurance Policy for a Sum assured of Rs. 10 Lakh would cost Rs. 5500 per annum for a policy term of 20 years. Out of Rs. 1 lakh, you can utilize the balance amount of Rs. 94500 for the investment of your choice.
By doing this way we can get the benefit of life cover & investment similar to the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan.
Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan Vs. Pure Term Insurance + PPF / ELSS
We have assumed a life cover similar to the illustration. But we recommend taking a Pure Term Life Insurance Policy with adequate life cover.
For Investment Purposes, you should pick an Investment Product with utmost care. High-risk investors having a time horizon of 5 – 7 years to achieve their Financial Goals can choose equity-related instruments. Investors having short-term goals or low-risk appetites should settle for the debt category.
| Term Insurance + PPF | Term insurance + ELSS | ||||
| Age | Year | Term Insurance premium + PPF | Death benefit | Term Insurance premium + ELSS | Death benefit |
| 35 | 1 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 36 | 2 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 37 | 3 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 38 | 4 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 39 | 5 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 40 | 6 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 41 | 7 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 42 | 8 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 43 | 9 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 44 | 10 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 45 | 11 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 46 | 12 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 47 | 13 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 48 | 14 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 49 | 15 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 50 | 16 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 51 | 17 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 52 | 18 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 53 | 19 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 54 | 20 | -1,00,000 | 10,00,000 | -1,00,000 | 10,00,000 |
| 55 | 41,94,722 | 70,62,427 | |||
| IRR | 6.62% | 10.93% | |||
As we discussed earlier, the IRR should be more than the Inflation rate. The Pure Term Insurance + PPF combo gives you 6.62% returns while the Pure Term Insurance + ELSS combo gives you 10.93%.
The final maturity value at this rate will help you to achieve your Financial Goals. So, after evaluating the returns & comparing them with other investments, it clearly shows the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan can’t aid you in accumulating wealth.
Final Verdict on the Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan
This plan has smart features & investment strategies to suit everyone’s needs. But even if the plan invests in equity-related instruments, the potential return is not on par with other market-related instruments that are available in the market.
The charges under the plan pull down your overall yield. Thus, Bajaj Allianz Life Smart Wealth Goal – Wealth Variant Plan can’t play a major role in your Investment Portfolio.
In order to fulfil all your Life’s Financial Goals, a comprehensive Financial Plan is a must.
A Comprehensive Financial Plan must include your Emergency Corpus, Life Insurance, Health Insurance for the family & goal-based Investment Portfolio.
A Proper financial plan can be formulated by a Professional Financial Advisor.
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