Secure Your Family's Future with Bajaj Allianz Life Term Insurance

Bajaj Allianz Life Term Insurance provides affordable and comprehensive coverage to ensure financial security for your loved ones. With customizable options, it offers protection against financial uncertainties and liabilities. Key benefits include low premiums, flexibility to add riders, and peace of mind knowing your family is protected. Ideal for anyone seeking robust financial protection, from young professionals to retirees, it supports your family's future and offers significant tax benefits.

INSURANCEBAJAJ ALLIANZ LIFE INSURANCE

Investbegin

6/24/20245 min read

Bajaj Allianz Life Term Insurance
Bajaj Allianz Life Term Insurance

Secure Your Family's Future with Bajaj Allianz Life Term Insurance

A term insurance plan can be incredibly useful in various ways, providing financial security and peace of mind. Here's how:

Protect Your Loved Ones Financially

One of the primary reasons to buy term insurance is to secure the future of your loved ones. In the unfortunate event of the life insured passing away, the payout from a term insurance plan can act as a financial cushion during tough times.

Be Easy on the Wallet

Term insurance premiums are typically lower than those of other insurance plans because they do not include a savings or investment component.

Protect Your Family's Assets

A term insurance plan can help your family pay off outstanding debts or liabilities, ensuring they don't have to liquidate important assets in times of need.

Offers Add-ons/Riders

You can enhance your term insurance coverage with add-ons or riders by paying an extra premium. These may include critical illness benefit rider, accidental death benefit rider, waiver of premium rider, and more.

Helps You Stay Prepared for Uncertainties

Life is unpredictable, and a term plan can help you stay prepared for unforeseen events, providing financial security even in the face of unexpected challenges.

How Does a Term Plan Work?

When the life insured passes away during the policy term, the nominee(s) can raise a claim against the policy. Upon claim approval, the insurance company pays out the sum assured to the nominee(s). The policy remains active as long as the premiums are paid.

Who Should Buy a Term Insurance Policy?

A term insurance plan can be beneficial for anyone, particularly:

  • Parents: Securing their child's future.

  • Newly Married Couples: Ensuring financial stability at the start of their new life together.

  • Working Women: Planning for long-term financial security.

  • Young Professionals: Protecting family members who depend on their income.

  • Taxpayers: Availing substantial tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act.

  • Self-Employed Individuals: Providing financial security amidst professional unpredictability.

  • Retirees: Ensuring a continued source of income for dependents.

Term Insurance Plans by Bajaj Allianz Life

Bajaj Allianz Life eTouch

  • Type: Non-Linked, Non-Participating, Individual Life Insurance Term Plan

  • Features: Covers death, terminal illness & disability, 3 premium payment term options, free benefits up to ₹14,000 p.a., premium holiday option, tax benefits up to ₹46,800.

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Bajaj Allianz Life Diabetic Term Plan II Sub 8 HbA1c

  • Type: Non-Linked, Non-Participating, Individual Pure Risk Premium Life Insurance Plan

  • Features: Designed for Type 2 diabetics, comprehensive life cover, health management services, multiple premium payment options, tax benefits up to ₹46,800.

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Bajaj Allianz Life iSecure

  • Type: Non-Linked, Non-Participating Term Life Insurance Plan

  • Features: Level term cover, high sum assured rebate, death benefit in installments, joint life cover, rider benefits.

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Bajaj Allianz Life Smart Protection Goal

  • Type: Non-Linked, Non-Participating, Individual Life Insurance Term Plan

  • Features: Online discount, life cover up to age 99, return of premium option, 55 critical illnesses covered.

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What is a Term Insurance Calculator?

A term insurance calculator is an online tool to estimate the coverage you need based on various factors like annual income, work duration, expected income increase, and personal expenses.

Steps to Buy a Term Plan
  1. Choose Appropriate Plan: Select a plan that meets your needs.

  2. Use Term Insurance Calculator: Calculate your premium.

  3. Submit Documents: Upload required documents.

  4. Pay for Plan: Make the payment securely.

  5. Medical Checkup: Undergo a medical checkup if required.

Types of Term Insurance Plans
  1. Standard Term Plans: Fixed premiums throughout the tenure.

  2. Increasing Term Plans: Sum assured increases annually.

  3. Decreasing Term Plans: Sum assured decreases after a certain period.

  4. Term Insurance with Return of Premium Plans: Refunds premiums paid if the policyholder survives the term.

Features of Term Insurance
  • Pure Life Cover: No savings or investment components.

  • Flexible Premium Options: Choose from various payment frequencies.

  • Convenient Online Purchase: Compare and buy plans online.

  • Different Coverage Types: Choose based on your needs.

  • Easy to Buy: Effortless online purchase and management.

  • Flexible Pay-out Options: Choose lump sum, fixed monthly, or increasing monthly pay-outs.

  • Low Entry Age: Start from 18 years old for early financial security.

  • Financial Protection for Family: Secure your family’s future financially.

  • Long-Term Coverage: Coverage up to 99 or 100 years.

  • Tax Benefits: Deductions under Section 80C and 10(10D) of the Income Tax Act.

  • Protection Against Liabilities: Helps pay off debts and liabilities.

  • Enhanced Benefits with Riders: Additional coverage options.

  • Survival Benefits: Available with Term Insurance Return of Premium plans.

Choosing a Term Insurance Plan

Consider the following when choosing a term insurance plan:

  • Amount of Coverage: Based on your family's needs and liabilities.

  • Cost of Coverage: Affordable premiums for desired coverage.

  • Claim Settlement Ratio: High ratio indicates reliability.

  • Solvency Ratio: Reflects financial strength of the insurer.

  • Add-On Riders: Choose additional benefits as needed.

Preferred Time to Buy a Term Insurance Plan

The best time to buy is as soon as possible, ideally at a young age, to secure affordable premiums and long-term coverage.

How Much Term Insurance Coverage Do You Need?

Assess your financial needs, liabilities, and number of dependents to determine the right coverage amount. Use methods like basic thumb rule, financial need analysis, Human Life Value (HLV), and underwriter’s thumb rule to calculate coverage.

Documents Required to Buy Term Insurance
  • Proof of Age: Driving license, passport, Aadhaar card, etc.

  • Proof of Address: Aadhaar card, passport, etc.

  • Photo Identity Proof: PAN card, passport, etc.

  • Photograph: Recent passport-sized photo.

  • Proof of Income: Salary slips, bank statements, etc.

  • Medical Reports: If required.

  • Other Mandatory Documents: As specified by the insurer.

Pay-out Options in Term Life Insurance
  • One-Time Lump Sum Pay-out: Beneficiaries receive the sum assured in a lump sum.

  • Lump Sum with Fixed Monthly Pay-outs: A fixed amount is paid initially, followed by regular monthly pay-outs.

  • Lump Sum with Increasing Monthly Pay-outs: Initial lump sum followed by monthly pay-outs that increase annually.

Common Term Insurance Terminologies
  • Coverage: Situations and events covered by the term insurance policy.

  • Insurability: Acceptability of an individual for a term life insurance policy.

  • Maturity Date: The date on which the policy coverage ends.

  • Nominee: The person appointed to receive the pay-out.

  • Premium: The amount paid for the insurance coverage.

  • Premium Payment Term (PPT): The period for which premiums are paid.

  • Return of Premium (ROP): Refund of premiums if the policyholder survives the term.

  • Free-Look Period: Timeframe to review and return the policy if not satisfied.

  • Grace Period: Extended timeframe to pay overdue premiums.

  • Surrender Value: Amount received if the policy is surrendered before tenure ends.

  • Claim Settlement Ratio (CSR): Percentage of death claims settled by the insurer.

  • Add-On Benefits or Riders: Additional coverage options.

  • Sum Assured: The amount paid out upon the insured's death.

  • Death Benefit: The pay-out received by nominees upon the insured's death.

  • Insured: The person covered by the term insurance plan.

  • Maturity Claim: Claim raised for survival benefits upon policy maturity.

Term Insurance Claim Settlement Process
  1. Intimation of the Claim: Notify the insurer about the claim.

  2. Submission of Required Documents: Provide necessary documents.

  3. Verification of the Documents: Insurer verifies the documents.

  4. Settlement of the Claim: Claim amount is paid out to the nominee.

Why Bajaj Allianz Life Insurance?

Bajaj Allianz Life, one of India's leading private insurers, is 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 Crores

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