Life Insurance Plans

A term insurance plan is a simple form of life insurance. Term plans do not have an investment component and hence provide no maturity benefits. 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.

Since term plans do not provide maturity benefits, the plan simply terminates at the end of the policy term. 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. To address this Life Insurance companies also offer Term insurance plans with ‘Return of Premium' option. It means that if the policy holder survives the policy term, then the life insurance company returns the premiums paid towards the policy, subject to certain deductions, depending upon the terms and conditions of the policy.

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Term insurance coverage may vary according to age. It should be calculated after taking into account the debt, assets and life goals of the family during that particular time. You can use the term insurance calculator as an indicator to get a better idea of your term insurance coverage requirements. However, it is always best to analyse your needs and current lifestyle before deciding the coverage amount required to secure your family’s life goals.

It is good idea to buy a term insurance plan when you are young. The premiums of term insurance are low when the individual is young as young people have a lower chance of contracting life-threatening diseases or death, thus lowering the risk for the insurer. A decision taken early can help you save a sizeable premium over the years simply because you acted on time as the premium in an insurance plan is fixed for the entire duration. The sooner, the better.

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You will need a recent photo, identity and address proof, age proof, proof of income and medical reports to buy a term insurance plan.

The requirements may vary and additional documents may be sought depending on underwriting assessment.

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ULIP stands for Unit Linked Insurance Plan. It provides insurance cover along with returns from market linked funds. There are a variety of funds that an investor can choose from. These plans are flexible, allowing investors to make partial withdrawals or switch funds subject to policy terms & conditions.

ULIP caters to a wide variety of investors. Based on your risk-appetite, you can invest in the fund that  suits your future financial requirements. Risk-averse investors can invest in a debt fund while people with higher risk tolerance can invest in equity funds.

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ULIPs offer dual benefits of insurance and investment. Policyholders can invest in equity and debt funds or a mix of both through ULIPs. The accumulated fund value is paid to the policyholder if he/she outlives the policy. It is known as the maturity benefit. The sum assured is the amount that the nominee will get in the event of the life assured’s death during the term of the policy.

ULIP policies being an insurance plan have a guaranteed^% sum assured as death benefit subject to policy terms and conditions. Some ULIP plans also allow policyholders to increase or decrease the sum assured. Depending on the policy, in some cases, higher of the sum assured or fund value is payable as death benefit and in some cases both can be paid.

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A key advantage of choosing a ULIP is that you can customize it as per your unique financial goals. A number of factors can help you zero in on the preferred ULIP like choosing plan basis past fund performance**, opting for more fund allocation options, choosing premium payment options of your choice, etc.

One may prefer a plan basis the past fund performance**- The primary reason for investment is to get the market linked return so that you can achieve your life goals and meet your financial commitments. So, before choosing a ULIP plan you may consider  its past fund performance**. The past fund performance will give you an indication of the kind of returns you may expect from your investment, even though past performance is not indicative of future performance

Opt for more fund options for better asset allocation- Opt for a ULIP plan, which offers a wide range of funds for asset allocation. A diverse portfolio of funds helps you in better allocation of your assets and may bring down your risk.

Less Charges = More Gain - The new-age ULIPs with minimal charges will invest the maximum part of your premium amount, thus helping in enhancing returns and attain your financial goals.

More premium payment options for convenience -A ULIP plan usually comes as a single premium plan, limited premium plan or a regular premium plan. You can opt for one that suits your requirement and financial situation.

Opt for a plan with maximum free switches - One of the significant benefits of a ULIP plan is the option of moving between debt or equity funds. Fund switching feature enables you to take advantage of market volatility by switching from one type of fund to another as per your needs and risk appetite. Go for a plan, which allows a maximum number of free switches.

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Yes, you can include your spouse in the annuity plan. Insurance companies offer options like full or half annuity to the spouse depending upon the annuity option chosen.

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Preferably, you should purchase a child plan immediately after the birth of your child. The sooner you buy a child plan, the higher the investment period, so you get more time to benefit from power of compounding.

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The primary earning parent should purchase the child plan. This means that the parent whose untimely death is likely to cause more financial distress and derail the child’s future plans should buy a child plan. However, it is wiser if both parents invest in child plan.

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The policy term or premium paying terms depends on the age of the child and in the time frame in which he/she would require the funds to realize his/her dreams. For example, if your child is 2 years old and you choose a policy term of 15 years, you’re likely to reap benefits when the child becomes 17 years old, which is usually the age when they would need funds for higher education. Hence, deciding the term as per your requirement can help you plan well.

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Yes, some savings plans offer regular income options, such as Bajaj Allianz Life Assured Wealth Goal (A Non linked, Non Participating, Individual, Life Insurance Savings Plan) or Bajaj Allianz Life Flexi Income Goal (A Non-Linked, Participating, Guaranteed Income Life Insurance Plan), which provide regular monthly income to help achieve your life goals. Typically, the life assured starts receiving a regular monthly income for a specific period after the limited premium paying term comes to an end.

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A range of riders, such as Bajaj Allianz Accidental Death Benefit rider, Bajaj Allianz Critical Illness Benefit rider, Bajaj Allianz Accidental Permanent

Total/Partial Disability Benefit Rider,  Bajaj Allianz Waiver of Premium Benefit rider and Bajaj Allianz Family Income Benefit rider, are available in savings plan. You can enquire about specific riders available in the plan that you opt for.

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Yes, most of the Bajaj Allianz Life savings plans offer loan, subject to policy terms and conditions.

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Human life is uncertain. Even though the risks to human life have reduced with the advancement of technology, hundreds still meet a premature death on a daily basis. Life insurance is a contract between an individual and a life insurance company under which the insurance company is legally bound to pay out an amount to the person nominated by the policyholder in the event of his/her death. 

The insurance company will have to honour the contract and pay the amount only if the policyholder pays all the premiums on time. The premiums can be paid as a lump sum i.e. single premium or in equal instalments i.e. regular premium, depending on the policy terms and conditions and the chosen premium payment frequency. A typical life insurance plan pays the nominee of the policyholder only after his/her death, but some policies also pay if the insured outlives the policy. There are hosts of life insurance plans available in India. Some just provide death benefits, while some offer maturity benefit along with the life insurance cover.

Buying a Life Insurance plan is not just about money, it’s also about securing the Life Goals of your family in case of any unfortunate incident. The preferred time to buy a life insurance policy is when you're young and are less susceptible to life threatening diseases or events.

What's more beneficial is that the premium amount will also be lesser than someone who is older. Also, if the life insurance policy you choose is one that may generate returns, then if you start early you don't have to worry about attaining your financial goals when you're older as your money is already invested over a period of time and would be generating appropriate returns to meet your life goals.

Life insurance premium is the amount that a policyholder pays the insurance company to enjoy life insurance coverage and other benefits under the insurance policy. Only if the policyholder pays all the premiums on time will the insurance company honour the contract and pay the policy benefits when they are due.

Depending on the terms and conditions of the policy, premiums can be paid as a lump sum i.e. single premium amount or in equal instalments i.e. regular premium. Life insurance plans also give policyholders the option to pay the premiums on a monthly, quarterly, semi-annual, or annual basis. Again, this varies from one plan to another.

It depends on a number of factors – like your age, the younger you are, lesser is the premium – gender, women pay a marginally lower premium than men. Premium also depends on certain lifestyle choices – like smoking, tobacco usage, which will increase the premium amount. The tenure will also play a big role, the longer the tenure, the more the premium you pay.

Here are some useful tips:

1. 1. Start young: When you start young, you get the same coverage at a lower premium
2. 2. Calculate your needs: Get a plan that covers your future goals and needs
3. 3. Ready for inflation: Consider Opting for plan that works well even 10 years down the line. It is important to factor in inflation also
4. 4. Go online: Explore online plans. You can compare & get a plan that suits your Life Goals

The Life Cover or Sum Assured in a life insurance policy ensures the financial security of your loved ones in case of any unfortunate incident. The amount of coverage you need depends on a number of factors.

You may consider the factors to see how much coverage you might need:

1. 1. Number of dependents: The higher the number of dependents, the higher the coverage amount needed.
2. 2. Lifestyle expenses of your family: The sum assured should be able to cover the lifestyle expenses of family. This will ensure that they enjoy a comfortable life, come what may.
3. 3. Cost of inflation: Coverage should be chosen considering inflation and rise in cost of education.
4. 4. Also consider the liabilities you have: If you have any loans or debts, make sure the sum assured covers these same.

Yes — it is safe to purchase an online term plan. When you are opting for a term insurance policy online, you have the option to log onto the insurance company’s website directly, browse through the variety of plans they offer, and choose the one that suits your requirements. Such websites also ensure that the transactions are protected and your personal details are secure.

Advantages of buying plans online:

1. 1. Compare policies clearly without bias
2. 2. No intermediary/commission fees 
3. 3. Securely track your premiums & more
4. 4. All details available at your fingertips

Buying a life insurance policy is not just about ensuring security for your loved ones, it also assures certain tax benefits, such as:

1. 1. Deduction under Section 80C of Income Tax Act 1961: Premiums paid for your policy can be deducted under section 80C of Income Tax Act 1961, subject to provisions stated therein
2. 2. Exemption under section 10(10D) of Income Tax Act 1961 on Maturity amount received: Any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax 1961 under Section 10(10D) subject to satisfaction of conditions mentioned therein. Death benefit received under policy will be tax exempt in the hands of recipient
3. 3. Note that ULIP policies issued on or after 1 February, 2021 with premium more than Rs. 2.50 lakhs, will be treated as capital assets and gain from such policy will taxed as Capital Gain in the hands of recipient.
   In case of multiple policies, where aggregate premium is exceeding Rs. 2.50 lakhs, customer has an option to choose policies to be treated as exempt having an aggregate premium of less than Rs. 2.50 lakhs.

Types of plans available in India:

1. 1. Term plan
2. 2. Unit-linked Insurance Plans (ULIPs)
3. 3. Traditional Endowment Plans
4. 4. Whole Life Traditional Endowment Insurance Plan
5. 5. Child Insurance Plans
6. 6. Pension plans

Term plan: It provides life cover to the life assured for a specific term and pays the death benefit or sum assured to the nominee in case of the life assured’s death as per policy terms & conditions.

ULIPs: Here apart from life insurance protection, your money is invested in a variety of market-linked funds to help you reap market-linked returns.

Traditional Endowment plan: Traditional Endowment plans are type of life insurance products that provide life insurance cover and savings opportunity to policyholders.

Whole Life Traditional Endowment Insurance Plan: It provides life insurance protection for entire lifetime, up to a maximum of 100 years along with a savings element

Child Insurance Plans: These are savings plans that help build a corpus for your child’s education.

Pension plans: These provide life insurance protection and help the policyholder to save wealth for a comfortable retirement.

Annuity plans – These give life long income to meet post retirement expenses

Yes, e-KYC & CKYC is possible. Bajaj Allianz Life has a 100% paperless and digital process of Know Your Customer (KYC) to enable instant customer verification at the time of issuing a life insurance policy. Customers can digitally authenticate their identity from anywhere by providing Aadhaar details at the time of policy purchase.

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At Bajaj Allianz Life, we follow three quick and simple steps for claims:

• Fill in the claim form, attach all necessary documents and submit it at our branch. Do reach out to our Insurance Consultant for any assistance
• We will assess your claim, be in touch with you via SMS and e-mail , in case any further documents are required
• Once all required documents are received and verified, we will settle the claim in accordance with terms and conditions of the policy purchased

Please visit our website, branch or ask our Insurance Consultant for the Claim form and a checklist of documents to be submitted along with it.

Yes, it is possible to complete the entire process online. 

Yes, you may buy multiple policies based on your need, which shall be subject to underwriting decision of the insurer. It is always advisable to have sufficient life cover depending upon your income, life stage and goals. You can avail multiple policies under different segment (Terms, Savings, Health, Retirement, etc.)

However, it is important to make complete disclosure of existing insurance detail while applying for the new policy to ensure that claims under the policy are not rejected at a later stage.

Bajaj Allianz Life offers a wide range of payment options which could be categorised into ONLINE & OFFLINE Payment Options 

Online Payment Options

1)Net-banking
2)Credit card
3)Debit card
4)Wallet
5)UPI
6)EMI
7)Payment with QR Code

Offline Payment Options

• Walk In to Bajaj Allianz Life branches
• Walk into tied-up Banks and outlets

We are committed to help you keep track of your Life Goals and manage them from anywhere, anytime with our instant and easy service options. We have a variety of digital service options available for you.

Life Assist Customer Portal/ App: Our one stop, self-servicing tool that enables you to do any policy related transactions on your own.

WhatsApp Servicing: Connect with us on WhatsApp to manage your policy in an easy manner.

BOING ChatBOT: BOING is your personal assistant BOT to help you manage your queries.

Live Chat Connect: Connect with our customer care executives for any policy related questions.

Instant Premium Payment: Pay your premium through preferred mode-credit/debit card, net banking, e-wallet, UPI or register your policy on auto-debit facility.

I-SERV Video Connect: Instant connect over a video call and enjoy a virtual branch experience from anywhere.

You may scan the QR code to access our Digital Offerings.

Yes, you may modify/ change your personal details such as address, contact details, email address, bank details, PAN and password. You can do the same using following options:

1) Life Assist – Customer Portal/ App: Log on to the portal/ app. Go to My profile section. Choose the information to be updated. Fill in the details and upload necessary documents. Press confirm and an OTP will be sent to your registered mobile number.

2) WhatsApp Servicing: Say Hi to us on WhatsApp Number – 8806727272. Choose More Services. Click Update Personal Info and then select the information to be updated. Fill in the details and upload necessary documents. Press confirm and an OTP will be sent to your registered mobile number.

3) BOING CHATBOT: Connect with BOING CHATBOT on our website. Choose More Services. Click Update Personal Info and then select the information to be updated. Fill in the details and upload necessary documents. Press confirm and an OTP will be sent to your registered mobile number.

You may also reach out at our Toll free number - 1800 209 7272, Customer Care Email Helpdesk at customercare@bajajallianz.co.in or Bajaj Allianz Life Branches to get details updated.

You may switch funds via Life Assist customer portal or mobile application using the following path:

Life Assist > My Services > Fund Switch

Auto Payment is a service to deduct a specific amount (renewal premium amount) on a recurring basis from the Policy Holder’s Bank account/ digital wallet on the due date/ preferred date, automatically. It ensures a continuous life cover and other policy benefits for the policyholder. Various other benefits include:  

• One-time registration process
• Trackable payments
• Drives payment discipline
• No need to remember policy due dates

Online premium autopay mandate can be registered using any of the below options:

1)Customer Portal-Life Assist: https://bajajallianzlifeonline.co.in/CustomerPortal/logon/index.jsp#!/login

2)Bajaj Allianz Life website: https://www.bajajallianzlife.com/

3)Open Link: https://bajajallianzlifeonline.co.in/CustomerPortal/OpenLink/index.html#/

4)WhatsApp: BALIC WhatsApp Number: 88067 27272)

5)BOING CHATBOT

6)INSTAB