Bajaj Allianz Life Savings Plans: Secure Your Future with Guaranteed Returns

Savings plans are crucial financial tools that help individuals achieve diverse goals, such as buying a home, a vehicle, going on trips, or planning for a child's education and marriage. They provide a dual benefit of insurance protection and savings accumulation. In unfortunate events, beneficiaries can claim the sum assured by the insurance company. The claim settlement process depends on the insurer's claim settlement ratio.

INSURANCEBAJAJ ALLIANZ LIFE INSURANCE

Investbegin

6/26/20244 min read

Bajaj Allianz Life Savings Plans
Bajaj Allianz Life Savings Plans

Bajaj Allianz Life Savings Plans: Secure Your Future with Guaranteed Returns

Individuals have different types of financial goals such as:

  • Buying a home

  • Buying a vehicle

  • Going on a trip

  • Planning for a child’s higher education and/or marriage

  • Planning for retirement

Each of these goals requires a financial corpus for fulfillment. Individuals earn and save money to create a corpus for their goals. This is where savings plans come into the picture. In order to receive the payout from the policy in case of an unfortunate event, your beneficiaries will need to raise a claim with the insurance company from whom you have purchased the plan. The insurer will evaluate the claim application and then pay out the sum assured if the claim is genuine and the policy was in force when the event occurred. This process forms the basis of the claim settlement ratio of an insurer.

Create Wealth For Your Future
  • Life Cover

  • Guaranteed Benefits

  • Tax Benefits

Wealth Accumulation With Insurance Coverage

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Get Your Life Goals, Done!

Tailored Life Insurance Solutions for your long-term Life Goals.

Best Plan Options:
  • Term Insurance

  • ULIP Plans

  • Savings Plans

  • Guaranteed Return Plans

  • Retirement Plans

  • Child Plans

What Is A Savings Plan?

Savings plans are life insurance plans which provide the dual benefit of insurance protection and savings. The insurance component of the plan covers the risk of premature demise. If the life assured passes away during the policy tenure, the savings plan pays a death benefit, helping the family meet their financial needs and fulfill the goals that the life assured had planned for. On the other hand, if the policy tenure expires and the life assured survives the term, savings plans pay a maturity benefit, giving the policyholder a financial corpus for their goals.

Types of Savings Plans and Their Taxation

Endowment Plans:

These plans provide insurance coverage during the policy tenure and a maturity benefit if the life assured survives the policy tenure. They can be offered as participating (earning bonuses) or non-participating plans. Endowment plans can offer lump sum benefits on maturity or premature demise or benefits in the form of monthly incomes.

Money Back Plans:

These plans offer survival benefits during the policy tenure at predefined intervals, providing liquidity to the policyholder. In the case of premature demise, the full death benefit is paid irrespective of any money-back benefits already paid.

Other Types of Savings Plans:

  1. Public Provident Fund (PPF)

  2. National Savings Certificate (NSC)

  3. Kisan Vikas Patra (KVP)

  4. Sukanya Samriddhi Yojana (SSY)

  5. Employee Provident Fund (EPF)

  6. Fixed Deposits (FD)

  7. National Pension System (NPS)

Savings Plans by Bajaj Allianz Life

Assured Wealth Goal Platinum

  • Type: Non-linked, Non-Participating, Individual, Life Insurance Savings Plan

  • Features: Security with life cover, liquidity from the start of the 2nd policy year, guaranteed benefits, tax benefits.

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ACE

  • Type: Non-linked, Participating, Individual Life Insurance Savings Plan

  • Features: Choice of income, protection up to 100 years, choice of premium payment term, tax benefits.

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Flexi Income Goal - Income Benefit

  • Type: Non-linked, Participating, Guaranteed Income Life Insurance Plan

  • Features: Flexibility to accumulate or receive survival benefits, option to receive cash bonus from the first month, guaranteed benefit of 150% of Sum Assured, tax benefits.

  • Know More

Assured Wealth Goal

  • Type: Non-linked, Non-Participating, Individual, Life Insurance Savings Plan

  • Features: Guaranteed benefits, flexibility to select the income period and payout date, tax benefits.

  • Know More

Why Do You Need A Savings Plan?

Savings plans are important for several reasons:

  1. Helps Create Savings: The maturity benefit offered under the plan gives you a corpus to fulfill your goals.

  2. Low-Risk Products: Traditional insurance plans that do not invest your premium in market-linked securities, providing a stable corpus without market volatility.

  3. Bonus Adds to the Corpus: Participating savings plans offer bonus additions, enhancing the policy benefits.

  4. Provide Insurance Protection: Offers financial protection against the risk of premature demise.

  5. Facility of Loan: Offers a loan facility against the policy’s surrender value without exiting the policy.

  6. Tax Benefits: Offers tax benefits on premiums paid and benefits received under Section 80C and 10(10D) of the Income Tax Act.

Who Should Buy A Savings Plan?

A savings plan suits individuals looking to create savings for their financial goals and also want insurance coverage. Suitable for:

  • Young adults planning to buy a car or home

  • Married couples planning for joint financial goals

  • Parents saving for children's education and marriage

  • Individuals in their 40s planning for retirement

How Long Should One Invest In A Savings Plan?

The duration depends on your financial goals and needs. Assess your financial goals and choose the policy tenure accordingly.

Importance of Buying the Best Savings Plan

Choosing the best savings plan ensures:

  • Right insurance coverage

  • Low and competitive premiums

  • Variety of riders for customized coverage

  • Best benefits (death or maturity)

  • Simple claim process

Features of Savings Plans
  • Multiple premium payment modes (single, limited, regular)

  • Goal-oriented savings plans available

  • Possible bonuses, guaranteed additions, loyalty additions

  • Flexible tenure

How to Compare Different Savings Plans
  • Coverage vis-à-vis premium charged

  • Policy benefits

  • Bonus or other forms of additions

  • Benefit payout modes

  • Riders offered

How To Choose The Right Savings Plan?
  • Maximum coverage at competitive premium rates

  • Wide variety of competitively priced riders

  • Easy claim settlement process

  • Benefits matching your financial needs

Factors to Consider Before Investing
  • Sum Assured: Should be adequate for your coverage needs.

  • Premium: Should be affordable.

  • Riders: Choose suitable riders for all-inclusive coverage.

  • Premium Payment Terms and Frequency: Choose a term and frequency that is affordable.

Factors Impacting Savings Plan Premium
  • Age, medical history, family history, occupation, lifestyle habits, height and weight, sum assured, policy tenure, premium payment term and frequency, riders selected.

Documents Required
  • Recent coloured photographs

  • Identity proof

  • Age proof

  • Address proof

  • Income proof

  • Medical report

  • Aadhaar Card

  • PAN Card

Why Bajaj Allianz Life Insurance?

Bajaj Allianz Life, one of India's leading private insurers, committed to offering value-packed and innovative products to meet your life goals.

  • Claim Settlement Ratio: 99.23%

  • Claim Approval Time: 1 day

  • CARE Stable Rating: AAA

  • Assets Under Management (AUM): ₹1,09,829 Cr

  • Number of Lives Covered: 4.19 Cr

  • Solvency Ratio: 432%

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