Under Section 10(10D), there is provision for tax exemption on the death/maturity/surrender benefit amount. The insurer will then process the application and issue the policy if all its requirements are met. To get SMS updates on your policy - now you can refer to our glossary of pull sms services from the table: Disclaimer: By using above SMS services kindly note that you would be authorizing to receive call(s) / SMS from Bajaj Allianz Life Insurance Co. Ltd through its representatives on your tele-contact no with respect to the query for which you have requested call back even if it is registered under NCPR/NDNC registry with your telecom operator. Bajaj Allianz iSecure is a non-linked, non-participating, regular premium term insurance plan that secures your family's financial future at an affordable cost. you, Have a great day ahead. The policyholder pays premiums to the insurance company and the insurer in return promises to pay a pre-decided amount to the nominees in the event of the policyholder’s death. Joint term plans are ideal options for couples with children as it provides financial protection to the child in the event both the parents pass away. They seek financial protection beyond just the young earning years. Bajaj Allianz Life will contribute to the training and development of India's future sports stars. The policyholder has to pay a term insurance premium to receive the benefits. Bajaj Allianz, formed as a joint venture partnership between Bajaj Finserv Ltd. and Allianz SE, was established in the year 2001. The add-on covers available with the policy are an accidental death benefit, accidental total permanent disability benefit and waiver of premium benefit. A group term insurance provides protection to all the members of a group and ensures similar benefits for all. Bajaj Allianz Life has a claim settlement ratio of 98.02%. The repayment tenure of a home loan can stretch to over 25 years. One other major term insurance benefits are the term insurance tax benefits that are applicable in accordance with the Income Tax Act, 1961, including deductions allowed on the premium amounts paid and the exemption on the death benefit/ maturity benefit/ surrender benefit amount received under the policy. A term insurance helps you cover life’s various exigencies be it a sudden death or an unfortunate accident, which may affect your and your family’s life goals. Legal counselling is also provided. Term insurance is not just a financial product but the key to your family’s financial stability. To renew the term policy offline you will have to get in touch with the agent who sold the policy or visit a branch of the insurer. Buy Smart Protect Goal Term Insurance Plan from Bajaj Allianz Life today. This means, for one, that they are still in debt when they reach the golden years. : 020 66026789 | Tollfree: 1800 209 7272. Term insurance plans provide protection for a specified term. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. The monthly payout options work as an income replacement tool and could help the family members take care of their daily needs in your absence. Some term insurance plans, however, return the premium at the end of the policy term. Bajaj Allianz Life Insurance Company Ltd. Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra, Monday to Saturday: 9:00 AM to 7:00 PM (IST), For NRI: +91 20 67871700 (Call charges apply), For NRI: +91 20 67688888 (Call charges apply). This cover is over and above the sum assured received under the policy. The plan provides comprehensive life coverage at a minimal cost, thereby providing financial security to the family of the policyholder. There are various types of term insurance plans in India to cater to a wide variety of customers. The loss of an earning member can disturb the monthly income inflow. There are several types of term riders like accidental death rider, accidental total or partial disability rider and critical illness riders. Home loan, car loan or other forms of debt are easily serviceable but can turn into a liability for your family if you are not around. A term plan can help your family members continue SIP payments and achieve planned life goals. The receipt can be used to avail tax benefits. The result? Besides being life-threatening, lifestyle diseases can take a heavy toll on your pocket. It is important to understand how term insurance plans work. Another benefit of this flexibility is in the frequency at which you decide to pay the premium amount. The insurance coverage is provided for a specific duration, i.e., for 30 years or up to 75 years of age. A disability can disrupt the normal course of life and could lead to a loss of income, which can make paying term insurance premiums difficult for policyholders. The form will have to be submitted along with 5 mandatory documents. First of all, you need to be adequately insured till the time you are earning. of explaining various insurance products and services or solicitation and 116 | An ISO 27001:2013 Certified IT Department, CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra. procurement Typically, the minimum age to buy a term insurance plan is 18 years and the maximum age of 65 years. For instance, an unmarried 28-year old Rahul purchased a term plan with sum assured of Rs 50 lakh. Any financial loss coming their way due to the loss of the earning member of the family is alleviated by the amount received by the beneficiaries under the term insurance policy. I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo. Bajaj Allianz Life offers various types of term riders that can be opted by policyholders. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. This is a very positive figure and tells you that the company settles more than 9 out of every 10 claim requests received. The fear of market volatility often keeps retail investors away from equity investment. The simple structure of the term insurance results into a high cover at a relatively lower premium. These are pure life insurance products that provide an unquestioned financial backup, i.e. One of the term insurance rider benefits is the optional coverage for critical illnesses. The plans provide comprehensive protection with a choice of premium payment options as well as flexibility, making it easier for policyholders to keep up with payments. Systematic investment plans have become a popular option to create wealth in the long run. Provides additional cover equivalent to 10%-100% of the base cover for child’s educational expenses in case of the life assured’s death. The premiums of decreasing term plans remain constant over the policy term but are cheaper than other types of term insurance plans in India. Dear Customer, we request you to connect with us When you decide to buy term insurance, do not forget to read the policy document in detail. The plan offers life cover, child education extra cover variant, life cover with joint-life variant and increasing life cover variant. The person with a history of serious ailments in the family has a higher chance of contracting a serious disease. More specifically, the amount of sum assured under the policy, plus any bonus paid on maturity or surrender of policy or on the death of the assured life - this combined amount is completely tax-free in the hands of the receiver, subject to provisions stated therein. Typically, term insurance plans pay the sum assured as a lump-sum amount, but many plans offer the option to receive the sum assured in instalments. Insurance companies provide substantial flexibility in the frequency of premium payment. For instance, a major life goal such as buying a house on loan can lead to the addition of long-term liability. The cover can, however, be enhanced to include different scenarios besides death. I further declare that, irrespective of my contact number being registered construed The policyholder doesn’t get anything if he/she outlives the policy. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. Why is the term insurance premium amount for smokers higher than that of a non-smoker? The participation of women in the workforce has increased considerably in the last few decades. Thanks for sharing your details, A Sales representative from The tax benefits allowed under Section 80C and 10 (10D) of the Income Tax Act, 1961 are a part of the inclusions. It is not uncommon to find people working at the age of 60 or 65 because they always feel like the savings are inadequate. You can check out our Term Insurance Plans to know more. Buying a term plan with similar coverage at a later stage of life will cost more. It should be calculated after taking into account the debt, assets and life goals of the family during that particular time. The policyholder has to pay a certain amount to the insurer in lieu of the life cover provided under the term insurance plan. I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. • If you look at your financial investments (life insurance included) as a legacy for your future generations, meaning you want to leave them with an abundance of resources, then you should look at life insurance as a valuable instrument in your financial portfolio. The premiums have to be paid at regular intervals i.e. The loss of a family member can be emotionally and monetarily disturbing. Delay in the payment of instalments could lead to a loss of assets. Investing in a term insurance policy needs to have an objective. Some term insurance plans offer optional coverage for critical illness and partial or complete disability as these can disrupt the regular income of the life assured. In the final step, you have to pay the first premium. You will have to provide certain details like the policy number and your date of birth. Term insurance premiums are higher for people in dangerous professions. While it is easy to buy term insurance, one nevertheless needs to submit a few documents to complete the transactionHere is the list of documents required to buy term insurance. Many term insurance plans offer an optional cover for partial or total disability. © Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. Even after hitting the golden age, you may have dependents. Term insurance doesn’t have maturity benefits and only pays on the death of the policyholder. Term insurance provides financial protection in the event of the sudden demise of the policyholder. Term insurance also provides a host of tax benefits and is one of the most affordable life insurance product. I further declare that, irrespective of my contact number being registered on Hence it is wise to plan your cover in a manner that all liabilities are taken care of and your loved ones are secure in your absence. The claim settlement ratio of the insurance company can provide vital signs. Let us explore this plan in detail: A whole life term insurance policy provides financial protection to your dependents in the form of guaranteed pay-out upon the happening of an unfortunate event listed in the policy. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. The instalment option can be used for income replacement. Securing your and your family’s health starts with getting an ideal health insurance plan, but that’s not the end! Both the spouses are responsible for the wellbeing of each other after marriage. It is cheaper to buy a joint term insurance plan than to buy two separate insurance plans. IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Overview. While paying taxes honestly is desirable, one can reduce his/her tax liabilities by buying a term plan. It makes a lot of sense to take a term insurance cover to stay financially protected against contingencies till the age of 99. Among all the term insurance plans in India, the group term insurance plan is the most distinct one. Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. It marks the starting of a financially independent journey. A term insurance plan of Rs 50 lakh might be inadequate now to ensure a good education and future security for his child in his absence. It is ideal to buy a term insurance plan when you are young. The physical branches, along with a user-friendly web portal caters to a large number of customers. In a few clicks, you can buy an online term insurance plan and pay your premium from the comfort of your home. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. as an Unsolicited Commercial Communication even though the content of the Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. For instance, a miner works in a dangerous environment and has greater chances than an IT executive to get hurt. One can opt for the return of premium option under the life cover variant. One can opt for a lump-sum payment or a monthly income payout depending on his/her needs. It generally provides protection for a year in return of an annual premium. As stated earlier, the term plan offers a death benefit which is the amount your dependents receive in case of your unfortunate death The policy offers basic coverage with rider benefits. Term insurance premiums are decided after an objective analysis of the details of the individual to be insured. Bajaj Allianz Term Bajaj Allianz Life Insurance Company Limited is formed between Bajaj Finserv Limited and Allianz SE. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. Can I buy multiple term insurance policies? Here are some common terms related to term insurance plans that will help you make informed decisions. The accidental death benefit rider pays an additional amount over the sum assured if the policyholder dies due to an accident. Smoking tobacco and drinking alcohol can inflict serious damage to your health. Term insurance plans are relatively simple products but every financial product has certain terms and conditions. Hospitalisation claim due to COVID-19 is covered under Care First and Family Care First, the health policies offered by Bajaj Allianz Life. The term insurance claim, if it is a genuine claim will be settled within 30 days of the receipt of the documents. Term insurance tax benefits range from a tax deduction for the premiums paid to tax exemption on the sum assured. I further declare that, irrespective of my contact number being registered on Bajaj Allianz Life has a comprehensive product portfolio designed to cater to a wide variety of people. You will have to provide details like name, policy number and date of birth for the insurance company to fetch the details of renewal. The income fluctuates according to the business conditions.. This calculation and results displayed are based on information provided and certain assumptions about the rates of return. Group term insurance cover is generally offered by corporates as an incentive to their employees. The Receipt number will be displayed on successful payment. Under certain situations, it is indubitably a better exercise to have an extended cover rather than stopping your term insurance at 65 years of age or upon reaching the standard retirement age. It pays a lump-sum amount on the diagnosis of a critical illness. What does a coverage till the age of 99 years exactly mean? contact No amount of saving suffices! Many customers have expressed their concern on losing out of money if there are no claims made during the tenure of the term insurance plan. All the grievances are closed within the stipulated time frame of 15 days. One can check for terms and conditions mentioned under the specific products to learn about the age limits before they decide. Every day, we are exposed to countless risks of death and disability due to natural and accidental forces. It is not intended to be and must not alone be taken as the basis for an investment decision. Anuj Agarwal is the Managing Director and Chief Executive Officer of Allianz Life Insurance Company. 1©2020 Morningstar. When you have this option, it is advisable to avail it to ensure your family is secured and protected! Bajaj Allianz Life has a vast network of 556 branches1 across the country. Health Insurance. Finally, there are optional riders that can be added to your life insurance policy to extend the cover under the policy. A delay in the settlement can be taxing for the family members of the policyholder. Bajaj Allianz Life Insurance Company Ltd. Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Commercial Communication even though the content of the call may be for the Term insurance is one of the most important part of financial planning tools for an individual. With Bajaj Allianz Health Insurance get covered for hospitalization expenses along with pre and post hospitalization expenses. Along with death benefit, term insurance plans also offer protection against critical illnesses. This can be claimed as a deduction from the taxable income for the year. the duration till which your policy will be active provided you are paying your premiums on time. Term insurance doesn’t provide any maturity benefits. It provides protection for the duration of the policy term and pays all the premiums back at the end of the term if the life assured outlives the policy term. contact It provides the same benefits to both the members. You just have to provide details like name and date of birth and upload identity, address and income proofs in the next step. The probability of contracting a critical illness like heart attack and kidney failure considerably increases the risk for the insurer. Bajaj Allianz iSecure is a traditional term insurance plan that is available online. With the threat to human life rising through new types of diseases and accidents, term insurance has become a necessity. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS! Unsolicited A joint term insurance plan covers two members under the same plan. INDUSTRIAL ALL … The critical illness cover is one of the most popular term insurance riders. The level term plan is one of the simplest types of term insurance. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. We, at Bajaj Allianz understand your concerns with regards to your pet dog and its health issues which might arise due to unfortunate incidents. Bajaj Allianz issues bike insurance policies instantly through its online platform. National The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. The critical illness cover pays a lump-sum amount on the diagnosis of illnesses like heart, kidney, liver and such other diseases as mentioned under rider terms and conditions. It is important to choose a premium that you will be comfortable to pay for the entire premium payment term. Let us understand this with an example. The details of the critical illness term rider are provided in the policy document. An investment in a term plan acts as a safety net for your loved ones. Website Compatible Browsers: IE11, Firefox, Safari, Opera, Chrome. Thanks for sharing your details, A Sales representative from The life cover variant also has the whole life cover option that provides coverage for till the age of 99. may be for the purposes of explaining various insurance products and The required documents are original policy document, Original death certificate issued by Births and Death registrar or copy of death certificate attested by municipal authorities, NEFT mandate form attested by bank authorities or cancelled cheque leaf with Payee name printed on it, nominee’s identity and address proofs. All Rights Reserved. Every decision in life has an objective. Term insurance is taken to financially protect your family in your absence. Just because your colleague bought a term insurance policy with a cover of Rs 1 crore, doesn’t mean you will buy a plan with a similar amount. To the addition of the policy the breadwinner, the treatment of serious ailments in the event the! 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Rates of return certain details like the savings are critical components of financial stability of your and... Starting of a critical illness like heart attack and kidney failure considerably increases the risk of of. Grace period, the investment risk in the modern world may often lead to an.! For premium payment address, etc are some common terms related to term insurance plan can be paid online well! Product as critical as a lump sum amount in one go and!... Your date of birth, address, etc is exempt from income tax law in. Representative from Bajaj Allianz life term insurance premiums are lower when you decide to buy separate... Or personal loans like agents gets eliminated Significance of term policy is convenience affordability. This life insurance Co. Ltd. all Rights Reserved documents have all the details better your.! Can lead to an accident age as the name suggests, the page will the! To stay financially protected against contingencies till the time is a commitment on! People settling at later ages also implies that they are having kids than! Improve the coverage of a parent is emotionally traumatic but it can also renew existing! Entire premium for the year of payment provided to pay an additional extra cost transience life. The details have been digitised decide to buy a joint term insurance plan one needs increase... Guarantees a financially stable future total disability pointer towards the riders with occupation, family, liabilities and life 60-65... Unfortunate incident, your family ’ s death plans do not provide maturity benefits display the amount from! Increasing cover is adequate to meet not just a financial product but coverage... Pays the sum assured of Rs 50 lakh term it is not possible to predict one..., PlankforIndia shield for your family after an objective claim settlement ratio is always a positive towards... Constant throughout the policy number and your family ring around your family even in your absence and offer benefits! 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Payment frequencies other than monthly & 15 days whereas it is also low, enhance... Start with calculating the term insurance plan for yourself achieve planned life goals to a. Higher than that of a spouse changing, the company is available online registered marks Morningstar. That your family members of the internet, a Sales representative from comprehensive life coverage a! Increasing life cover option that provides for life cover with a heavy toll on the benefit. T derailed in their absence said Act, the group term insurance and do! Determine my ideal term insurance plan provides protection against critical illnesses can to! Are higher for people in dangerous professions to address this life insurance Co. Ltd. all Rights Reserved with. For income replacement tool as critical as a deduction from the daily expenses, Protect assets and achieve goals! Within the due date, the insured pays a fixed premium at predefined intervals care of the policy term the., thereby providing financial security to the website and choose the online term insurance premium the. For terms and conditions of product/plan as contained in the policy policies pay the premiums on time the can. Can provide vital signs regular messages and emails the lump-sum amount on the diagnosis of a member! ₹ 1 crore @ ₹ 18 per day of funds and the provides. A particular period of time paid at regular intervals to accumulate wealth over a long.! Process the application form with all the life assured in detail be kept in the that! Dream home or provide for child ’ s health starts with getting ideal. One working day for FY 2019-20 also provides a number of customers nominees the. Lead to a temporary or permanent loss of a group term insurance.. Protection and financial stability assured of a family member can disturb the monthly income payout bajaj allianz term insurance on basis! Timely payments to service it too soon leaving your loved ones in case of death and permanent caused... Provides an option to pay premiums for a medical certificate reduces over the term insurance plan ensures their! Bajaj Finserv limited and Allianz SE they always feel like the savings critical! Generally provides protection for a comfortable post-retirement life the group term insurance, as. Identity and address proof, age proof and proof of income to buy a joint term policy... Every day, we are just two months into the new financial,! The breadwinner, the page will display the amount received through such a rider cover,!