Bajaj Allianz offers a range of life insurance policies from term plans to retirement plans to Child Plans and other investment based life insurance plans

Bajaj Allianz Life Insurance

Why Life Insurance?

When you opt for life insurance, you transfer your family's financial risks in case of your untimely demise to the life insurer. This allows you and your loved ones to live life fearlessly. Life Insurance protects your family's financial wellbeing from the consequences of living without an income.

When you purchase a life insurance policy, you purchase a sense of security. A safety net that cushions your family members from the financial impact of your sudden absence and ensures that any outstanding debts that were incurred during your lifetime don't fall upon your loved ones.

A life insurance plan also helps protect your future financial goals such as the needs of your children, their education and even their marriage.

At some point of time, each one of us will realize the importance of a life insurance plan. To ensure that it is not too late, get insured today! It will help you smile in the face of tomorrow's uncertainties and let you Jiyo Befikar!

ULIPs:

If you are looking for a financial product that provides dual benefits of life insurance cover & investment returns under one umbrella, then look no further than a Unit Linked Insurance Plan (ULIP). These plans go a long way in safeguarding you and your loved ones from any unfortunate events in life whilst also aiding you in long term wealth creation through market linked returns.

Term Life Insurance:

This is the most basic form of life insurance. It provides a high coverage amount with relatively low premium cost for a long term. Online Term Life Insurance Plans are the most affordable way to safeguard the financial security of your family against the #IfsOfLife. Term Plans today are available in multiple variants and can be tailored to suit your needs. Certain Term Plans are also available with a return of premium option or with Spouse Cover option.

Child Life Insurance:

We want what's best for our kids, nothing less than that! A child plan ensures that your kids get exactly that. They help in planning and fulfilling the financial future of your children, right from their upbringing to their education and even their marriage! In simple terms, a Child Life Insurance Plan gives wings to your child's dreams.

Retirement Life Insurance:

Retirement Plans help you live a proud and comfortable life post your retirement. It ensures that you no longer need to worry about making ends meet. Investing in a Retirement Plan with Life Insurance cover today ensures complete peace of mind for tomorrow.

Group Life Insurance:

Group life insurance policies provide cover to groups of people such as employers-employees, co-workers, professionals, cooperative societies, etc. These plans are ideal in providing gratuity, annuity, insurance and savings to a group of people under one plan.

Why choose Bajaj Allianz
Life Insurance
  • Claim Settlement ratio 93.87%*
  • Over Rs. 50,000 crore Assets under Management (AUM) as on May 2017
  • Claim deposits via electronic transfer to make process faster
  • Solvency ratio of 582% **
  • It is unlikely that our claim settlement gets delayed beyond 30 days after receiving all necessary documents, else we pay an interest of 8.75% for every day's delay
  • Our priority is to serve you in the fastest & most convenient manner whenever you need us
  • * Individual claim settlement ratio for FY 2016–17 is as per audited annual report
  • ** As on 31st March 2017
Frequently Asked Questions

Let's take an example to understand this:
Gaurav aged 30 years has taken a Bajaj Allianz Future Gain policy for a Policy Term (PT) of 30 years. Gaurav has decided to pay Rs.2500 as monthly premium for a premium payment term of 30 years. The Sum Assured chosen by him is Rs.4, 50,000. Gaurav may receive Rs.2, 709,720 lakhs (at assumed investment rate of 8%) or Rs.1, 350,016 lakhs (at assumed investment rate of 4%) on maturity.

In case of Gaurav's unfortunate death, in the 14th policy year, his nominee may receive Rs.4,92,807 lakhs (at assumed investment rate of 4%) or Rs.6,61,701 lakhs (at assumed investment rate of 8%) as death benefit***

Disclaimer:
The returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy. The sum assured amount and/or other benefit amount indicated, if any, is a non-guaranteed illustrative figure and is subject to policy terms and conditions and claim scrutiny.

***Death benefit would be higher of the sum assured or regular premium fund value PLUS higher of top-up premium sum assured or top-up premium fund value, if any, subject to policy terms and conditions. The death benefit is subject to the guaranteed death benefit, which is 105% of the total premiums paid including top-up premiums paid, if any, till the date of death. GST is charged based of type of the Policy, communication address of the Policy Holder. This may change subject to change in rate / state in address of the policy holder as on date of adjustment. This illustration is considering investment in the bond fund "{ULIF02610/07/06BONDFUNDLI116}"

The Life Cover or Sum Assured is one of the most critical aspects of a life insurance policy. This is because, in case of any unfortunate event, it's the coverage amount that will safeguard the financial interest of your family. It's important to note that the coverage amount needed will differ from one person to another depending on a few factors, some of which are stated below.

The number of dependents:

The coverage amount is designed to take care of your loved ones in case you're no longer around to do so yourself. Therefore, the higher the number of dependents, the higher the coverage amount needed.

The lifestyle expenses of your family:

When fixing on your sum assured, make sure you take into account the present lifestyle expenses of your family. This will ensure that they enjoy a comfortable life, come what may.

Take into consideration the cost of inflation:

Fixing on a coverage amount based on costs today would be a dire mistake, because this amount will not support your family's expenses 10 or 15 years down the line till the next family member comes of earning age. Also, costs of education escalate faster than normal inflation rates. Hence, one must fix on a coverage amount that includes the cost of inflation.

Also consider the liabilities you have.

The last thing you want is for your family members to bear the burden of your liabilities. So, if you have any loans or debts, make sure the sum assured covers these costs.

The premium you pay is decided by a number of factors. Some of these are your age, the younger you are, the less premium you pay. Your gender, women pay a marginally lower premium than men. Premium will also depend whether or not you are a tobacco user, if you smoke or chew tobacco, you'll end up with a higher premium amount. The tenure will also play a big role, the longer the tenure, the more the premium you pay.

Useful Tips to Buy Life Insurance.

Getting the best life insurance policy ultimately boils down to these four pointers.

  1. Start young: When you start young, you get the same coverage at a lower premium. Thus allowing you a long-term, low-cost cover at minimal premiums.

  2. Calculate your needs: Getting the best life insurance policy means getting a plan that covers all your needs. Thus to get a good plan, understanding your needs first, becomes of utmost importance.

  3. Ready for inflation: An ideal life insurance policy is one that is inflation-proof, ensuring a comfortable life to your loved ones, even 10 years down the line!

  4. Go online: Nowadays, the best life insurance plans are available online. This is because they offer the same coverage as their offline counterparts, but at discounts as high as 40% over an offline plan.

A life insurance policy can prove advantageous in a number of ways besides just the risk cover. When you opt for a life insurance plan, you could stand to receive the following benefits.
Tax Benefits
Every life insurance policy offers you tax saving benefits under section 80C of the Income Tax Act, 1961. Under this act, the premiums paid towards a life insurance policy are allowed as tax deductions from your taxable income up to the tune of INR 1.5 lacs every year. The payout of a life insurance policy, if any, is also exempt from taxation.
Loan Related Benefits
With a life insurance policy you stand to receive two loan-related benefits. The first is that if you met with an untimely demise, your life insurance plan will safeguard your loved ones from any mortgages you may have, such as home loans, personal loans, etc.
In case of a financial crunch, instead of surrendering your policy mid-way towards your goal realization, you can easily avail loans by putting your life insurance policy up as a collateral. You can take a loan against the surrender value of your life insurance policy. This is applicable for certain types of Life Insurance products.
Investments
Some life insurance plans also provide as a useful investment and compulsory savings instrument. They allow for long term capital accumulation and appreciation whilst also protecting your family members from the ups and downs in life with tax benefits.
Financial Planning
A life insurance policy can also serve as an effective tool that aids in your financial planning at every stage of your life. For example, with a child life insurance plan, you can plan for your children's upbringing, their education and even their marriage, right from the day they're born.

benefits of a
life insurance policy