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Endowment Plans

In a world marked by unforeseen challenges of life and economic uncertainties, securing a stable financial future has now become more significant than ever. Embarking on a secured financial journey requires strategic financial planning, and an endowment plan plays a key role in achieving your long-term financial goals alongside providing life insurance cover. Read more

Endowment plans combine life insurance with the elements of savings and investment, providing dual benefits of financial protection and wealth creation1.Read less

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Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.

What is an Endowment Plan?

An endowment plan is a type of life insurance policy which offers life cover by paying the death benefit to the nominees of the policy in the event of death of the insured and also provides savings or investment components which can be utilized during the term of the policy or upon maturity. Endowment plans offer guaranteed returns which may be in the form of death benefit on the death of the insured during the term of the plan or in the form of maturity benefit if the life insured survives the term of the plan2.

How Does an Endowment Plan in India Work?

Endowment plans are both an insurance plan and a savings instrument. A portion of the premiums of the endowment plans goes towards life insurance cover and the remaining portion goes towards savings or is invested to generate returns over the tenure of the policy. Endowment plans provide either of the two benefits:

  1. Death benefit: which is the sum assured paid to the nominee on the insured’s death during the policy term, or
  2. Maturity benefit: is a lump sum amount paid on maturity along with accrued bonuses, if any, upon the insured’s survival till the end of policy tenure2.

The death benefit ensures financial security of the family in times of crisis and the maturity benefit enables the policyholder to fulfil their long-term financial goals. The sum assured in the plan depends on the premium amount, policy tenure and the premium paying term of the plan.

Why You Should Buy an Endowment Plan?

Endowment plans are a savings tool which helps you to meet important milestones and achieve your life goals without any financial strain. Here are some of the reasons why you might consider buying an endowment plan1:

  1. Endowment plans offer a disciplined approach to saving money for your future.
  2. These plans can help you meet your short or long-term finances such as debt repayment, child education, home renovation, etc. through the survival benefit you receive under the plan, if you survive the policy tenure..
  3. Endowment plans enable you to meet and achieve your long-term life goals such as your child’s higher education, your child’s marriage, buying a house, retirement planning, etc. with the help of the lump sum benefit along with accrued bonuses, if any, received on maturity. You can easily finance such significant milestones of your life with the lump sum payout received from the endowment plans.
  4. With endowment plans, you can create a huge corpus and build wealth systematically over a period of time by investing in the market-linked funds of your choice.

What Are the Various Types of Endowment Plans Available in India?

Endowment life insurance plans encompass a variety of options each tailored to meet the unique insurance requirements and diverse financial objectives of individuals. Endowment plans can be unit-linked or non-unit-linked insurance plans. Here are the different types of endowment life insurance plans available in the market3:

Regular Endowment Plans

Regular Endowment Plans

Regular endowment plans are the simplest form of savings plans which provide insurance protection and the ability to create a financial corpus. Such plans pay a maturity benefit if the insured survives the policy tenure. However, if the insured passes away during the policy tenure, a death benefit is paid.

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Whole Life Endowment Plans

Whole Life Endowment Plans

Whole-life endowment plans provide coverage for the entire lifetime of the policyholder i.e. till 99 or 100 years of age.

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Child Oriented Endowment Plans

Child-Oriented Endowment Plans

As its name suggests, these endowment plans are designed to safeguard your child’s financial future by providing a mix of life cover and savings. The policy benefit can be used for your child’s education, marriage, or other financial needs. These plans generally have an in-built premium waiver benefit, in which in the event of the death of the parent during the term, the plan does not stop. The premiums are waived off for the remaining premium payment tenure and the policy continues unaffected.

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Money Back Plans

Money Back Plans

Money-back endowment plans ensure periodic payouts as survival benefits during the term of the policy offering liquidity to meet specific financial goals and paying the balance amount on maturity if the insured survives the entire term.

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Participating Endowment Plans

Participating Endowment Plans

Participating endowment plans entitles the policyholders to bonuses by allowing them to participate in the profits of the insurance companies. These accumulated bonuses enhance the death or maturity benefit payable.

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Non-Participating Endowment Plans

Unlike participating endowment plans, these plans do not entitle the policyholder to participate in the profits of the insurance company and do not earn bonuses.

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What are the Benefits of Opting for an Endowment Plan?

Endowment plans are beneficial for individuals who are looking for a savings instrument along with life protection. It helps you cultivate a habit of savings. Some of the key benefits of an endowment plan are stated as follows:

  1. Peace of mind

  2. Endowment plans act as a safety net for your family and provide you peace of mind that your family is financially secure even when you are not around.

  3. Corpus creation

  4. With endowment plans, you can create a stable corpus for your financial goals. You can choose a tenure that aligns with your goals and get insurance coverage plus savings creation so that your goals can be fulfilled.

  5. Bonus enhances the corpus

  6. If you choose participating endowment plans, you might earn bonus additions during the policy tenure. These bonus additions enhance the corpus of the policy and help you earn a higher policy payout.

  7. Financial planning

  8. Endowment plans to aid in effective financial planning. These plans are structured to provide long-term savings, enabling you to achieve specific goals such as buying a house or car, child education or marriage, etc.

  9. Tax benefits

  10. The premiums paid for endowment plans are eligible for tax deductions up to Rs. 1.5 lacs under the 80C of the Income Tax Act, 1961 (the Act) subject to specific conditions. The premium of up to 10% of the capital sum assured qualifies for tax deduction for policies issued on or after 1st April 2012. For policies issued before this date, premiums up to 20% of the capital sum assured are allowed as a deduction. If you are suffering from a disease or disability specified under Section 80U or 80DDB, premiums paid up to 15% of the capital sum assured will be allowed as a deduction for policies issued on or after 1st April 2013.This deduction is available only under old regime of Tax.

    The death benefit paid is completely tax-free. The maturity benefit paid is also exempted from tax under Section 10 (10D) of the Act if all conditions under section 10(10D) are satisfied.. For policies issued on or after 1st April 2023, if the annual aggregate premium paid is more than Rs.5 lakhs during the term of such policy/policies, the gain from such policy would be taxable in the hands of recipient

Salient Features of an Endowment Policy:

Here are some of the salient features of an endowment policy:

  1. Endowment plans have flexible premium payment terms and modes. Premiums can be paid monthly, quarterly, half-yearly or annually.
  2. Certain plans can have in-built coverage such as accidental death benefits, income benefits, and premium waiver benefits without any added premium costs.
  3. These plans can be customized to suit individual requirements through add-on riders for enhanced protection5.
  4. Some endowment plans offer joint life cover providing coverage to both policyholders in a single policy.
  5. Some endowment plans offer an option to receive the death benefit or maturity benefit in a lump sum, as monthly instalments or partly in lump sum and party as instalments.
  6. These plans have a grace period of 15 days or 30 days from the due date, based on the premium payment mode within which the premiums are to be paid to keep it in force failing which it will lapse and the benefits will cease.
  7. You can avail of a loan on your endowment plan based on the specific terms and conditions stated in the policy document4.

Riders in Endowment Plans

Riders are a supplementary feature which enables you to customize the coverage of your insurance plans to suit your individual insurance needs and enhance the overall coverage of your base plan. Riders come at a nominal premium and can be bought at the time of buying or renewing the policy. Some common add-on riders in endowment plans include the following:

Accidental Death Benefit Rider

Accidental Death Benefit Rider

Accidental Death Benefit Rider provides a lump sum pay-out on accidental death of life insured during the term of the policy. The benefit under the rider is paid in addition to the sum assured in the base endowment policy.

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Accidental Permanent Total and/or Partial Disability Benefit Rider

Accidental Permanent Total and/or Partial Disability Benefit Rider

Accidental Permanent Total and/or Partial Disability Benefit Rider offers financial aid by providing a lump sum amount to the insured in the event of permanent disability due to an accident depending upon the rider's terms and conditions.

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Critical Illness Benefit Rider

Family Income Benefit Rider

Family Income Benefit Rider pays a regular income to the family of the life insured for a certain period on the first occurrence of death, first diagnosis of covered critical illness or accidental permanent total disability during the term of the policy.

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Waiver of Premium Benefit Rider

Critical Illness Benefit Rider

Critical Illness Benefit Rider provides coverage from the specified critical illnesses and pays a lumpsum amount upon diagnosis of covered critical illnesses such as heart attack, cancer, paralysis, kidney failure, etc. during the term of the policy6.

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Waiver of Premium Benefit Rider

Waiver of Premium Benefit Rider

Waiver of Premium Benefit Rider provides the benefit of waiver of all the future premiums of the base insurance policy and applicable riders, subject to the prescribed maximum limit, on the earlier occurrence of untimely demise, diagnosis of critical illness or accidental total and permanent disability suffered by the insured7.

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Eligibility Criteria for Buying an Endowment Plan

The Eligibility criteria to buy an endowment plan vary for different endowment policies. Some of the common eligibility requirements are as follows:

Criteria Description
Entry Age Endowment plans have a minimum and maximum entry age criterion. Individuals falling within the minimum and maximum age bracket can buy the endowment policy.
Maturity Age The maturity age is the maximum age up to which coverage is allowed. Some endowment plans offer coverage for the entire life of the insured. For example, under Whole Life Endowment Plans, the maximum maturity age is usually 99 years or 100 years.
Sum Assured The eligibility criteria might also specify the minimum and maximum sum assured limits. You can choose a suitable coverage within this limit.
Premium Term and Premium Payment Term Endowment plans have predetermined policy terms and premium payment terms. The policy term is the duration over which the coverage is provided. The premium payment term is the duration over which premiums are payable. The premium paying term can be regular (premiums payable throughout the chosen tenure), limited (premiums payable for a limited number of years) or single (premiums payable at once).

Who Can Buy an Endowment Policy?

Endowment plans are ideal for the individual looking for insurance solutions and long-term savings for their financial goals. Endowment plans are well-suited for the following3:

  1. Young individuals who want to secure their future and fulfil their long-term financial goals by creating a substantial corpus over time
  2. Individuals who are seeking peace of mind that their family is financially covered at all times.
  3. Individuals who are looking for insurance coverage plus savings
  4. Parents planning for their child’s higher education, marriage, etc.
  5. Individuals with a low to moderate risk appetite as these plans ensure guaranteed* returns.10
  6. Endowment plans to aid in retirement planning. It is suitable for individuals who are in their middle age bracket and are planning for retirement.

Endowment Plan Claim Process

The claim process of endowment plans involves several steps and the beneficiaries and policyholders need to follow them to ensure a smooth claim settlement. These steps may vary from insurer to insurer. The general steps for claim process are as follows:

 

1.Claim Reporting

 

The first step in the claim process is reporting the claim to the insurance company. follow these simple steps to report your claim:

  • Fill and print the form
  • Go to the official website of the insurance company and fill out the form with policy details such as policy number, your name, PIN code, email ID, phone number, etc. or visit the nearest branch for completing the formalities.

  • Attach the documents
  • Attach relevant documents depending on the type of claim such as death claim, critical illness claim, and disability or hospitalization claim.

  • Submit at the nearest branch
  • Submit the form and relevant documents at the nearest branch of the insurance provider. You can locate the nearest branch on the official website of the insurance provider.

 

2. Claim Processing

 

After you submit the form and relevant documents, your claim will be processed. The insurance company will assess the documents submitted for processing of the claim and will reach out to you, if any additional documents are required.

 

3. Claim Settlement

 

Once all the documentation is completed, the insurance company endeavours to settle or reject the claim within 30 days from the date of receipt of the last necessary document. As mandated by the Insurance Regulation and Development Authority of India (IRDAI), if a claim requires investigation, it shall complete the investigation for the claim within 90 days of the receipt of claim intimation and the claim shall be settled within 30 days thereafter. In case of rejection of the claim, the insurance company will communicate the reason for such rejection to the beneficiaries/policyholder.

Documents Required for Making a Claim of Endowment Plan

Documents required for the death claim include the following8:

Claim Form Claim Form

Claim Form

Policy Documents

Death Certificate

NEFT Mandate

Identity Proof

Medical Reports

Post Mortem Report

Additional Documents

Duly filled and signed death claim intimation form, critical illness claim form, disability benefit claim form, as applicable

Original Policy Documents

Attested copy of death certificate issued by local municipal authority

Bank account passbook or NEFT mandate form attested by bank authorities or a copy of the cancelled cheque

Photographs, identity proof & address proof such as Aadhar card, Passport, Voter identity card, etc. of the nominee of the policy

Copy of the medical reports, physicians’ statements, test reports, etc. stating the cause of the death of the insured.

For unnatural or accidental death, a post-mortem report, FIR complaint or panchnama would also be required.

Additional documents such as medical records, hospital discharge summaries, and hospital bills are also required for critical illness claims and disability benefit claims.

Documents Required for Buying an Endowment Plan

Before buying endowment plans, you need to submit specific documents to the insurance provider. These include the following4:

Identity proof Identity proof

ID Proof

Address Proof

Age Proof

Pass-port-size photographs

Duly filled Application form

Additional documents

A valid ID proof such as an Aadhaar Card, passport, voter ID, or driver's license, etc., duly self-attested.

A valid address proof such as utility bills, Aadhaar Card, rental agreement, etc., duly self-attested

A valid age proof such as a passport or birth certificate is also required.

The passport-sized photograph needs to be recent and colored.

A duly filled and signed application form is a basic requirement for buying an endowment plan

Additional documents may be needed based on the insurer’s requirements.

Things to Consider Before Buying an Endowment Policy

It is necessary to understand the details and terms of an endowment policy before buying one. Though it is a life insurance policy, it is used as a long-term savings tool for your future financial objectives. One can consider several factors before buying an endowment policy. Let us discuss some:

Start Early

Start Early5

Initiate financial planning as early as possible. The earlier you buy an endowment plan, the better. Endowment plans are designed to accumulate wealth and maximise benefits over time through the compounding effect.

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Define Financial Goals

Define Financial Goals10

Before investing in an endowment plan, you may want to outline your financial objectives and goals such as whether it's saving for education, creating an emergency fund, buying a home, planning retirement, etc. Buy a plan which can aid in covering such significant expenses later in life.

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Add riders

Add riders5

You can consider adding riders to enhance the coverage of your base plan. If you have a history of specified family illness, you can get additional coverage of such illness with a rider such as critical illness rider, accidental death and disablement rider, etc. However, these riders come at an additional cost.

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Check flexibility

Check flexibility

One of the prominent features of an insurance policy is the flexibility it offers. It is important to check the level of flexibility such as premium payment terms and modes, policy terms, etc. before investing.

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Endowment Plans Offered by Bajaj Allianz Life

Why Bajaj Allianz Life Insurance ?

Bajaj Allianz Life, one of India's leading Private Insurer, committed to offer value packed and innovative products to meet you Life Goals

99.23%

Claim Settlement Ratio~

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Assets Under Management (AUM)
4.19 Cr

Number of Lives Covered#

Number of Lives Covered
432%

Solvency Ratio^

Solvency Ratio
Claim Settlement Ratio 2023-24

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2023-2024, %96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices, $For details refer to press release published by CARE**All figures as on 31 March 2024, ^Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150%, #Individual Group.

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Reference

  1. https://economictimes.indiatimes.com/wealth/insure/life-insurance/whats-making-endowment-plans-the-preferred-savings-tool/articleshow/89902081.cms?from=mdr
  2. https://www.forbes.com/advisor/life-insurance/endowment-life-insurance/
  3. https://www.bajajallianzlife.com/life-insurance-guide/investments/endowment-policy.html
  4. https://navi.com/blog/endowment-policy/
  5. https://www.coverfox.com/life-insurance/endowment-plan/
  6. https://www.bajajallianzlife.com/life-insurance-guide/investments/riders-suitable-with-an-endowment-policy.html
  7. https://www.insurancedekho.com/life-insurance/news/what-riders-are-suitable-with-an-endowment-policy-3453
  8. https://www.bajajallianzlife.com/life-insurance-claim-assistance.html
  9. https://www.bajajallianzlife.com/tax-saving-investment-plans.html
  10. https://www.5paisa.com/stock-market-guide/insurance/what-is-endowment-plan#Stock7
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Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy

*The Guaranteed benefits are dependent on the policy terms, sum assured, premium and age along with other variable factors . For more details please refer to sales brochure.

Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz Life Assured Wealth Goal Platinum, Bajaj Allianz Life ACE, Bajaj Allianz Life Assured Wealth Goal, Bajaj Allianz Life Flexi Income Goal-Income Benefit, Bajaj Allianz Life Guaranteed Savings Goal, Bajaj Allianz Life Guaranteed Income Goal, Bajaj Allianz Life POS Goal Suraksha, Bajaj Allianz Life Super Life Assure are the names of the company and the product respectively and do not in any way indicate the quality of the product and its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Bajaj Allianz Life Assured Wealth Goal Platinum- A Non linked, Non Participating, Individual, Life Insurance Savings Plan, Bajaj Allianz Life ACE- A Non linked, Participating, Individual Life Insurance Savings Plan, Bajaj Allianz Life Assured Wealth Goal- A Non linked, Non Participating, Individual, Life Insurance Savings Plan, Bajaj Allianz Life Flexi Income Goal-Income Benefit- A Non-Linked, Participating, Guaranteed Income Life Insurance Plan, Bajaj Allianz Life Guaranteed Savings Goal -A Non-Linked, Non-Participating, Life Insurance, Endowment Plan, Bajaj Allianz Life Guaranteed Income Goal -A Non-Linked Non-Participating Endowment Life Insurance Plan, Bajaj Allianz Life POS Goal Suraksha- A Non-Participating Non-Linked Life Insurance Plan, Bajaj Allianz Life Super Life Assure- A Traditional Endowment Plan. Regd. Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006. IRDAI Reg. No.: 116. CIN : U66010PN2001PLC015959 | Mail us : customercare@bajajallianz.co.in | Call on : Toll free no. 1800 209 7272 | Bajaj Allianz Life Assured Wealth Goal Platinum (UIN: 116N188V02), Bajaj Allianz Life Assured Wealth Goal (UIN No. 116N170V11), Bajaj Allianz Life ACE (UIN No. 116N186V01), Bajaj Allianz Life Flexi Income Goal-Income Benefit (UIN No. 116N162V02), Bajaj Allianz Life Guaranteed Savings Goal (UIN No. 116N158V02), Bajaj Allianz Life Guaranteed Income Goal (UIN No. 116N157V09), Bajaj Allianz Life POS Goal Suraksha (UIN No. 116N155V10), Bajaj Allianz Life Super Life Assure (UIN No. 116N134V03).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. All charges/ taxes, as applicable, will be borne by the Policyholder.

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Bajaj Allianz Life Assured Wealth Goal Platinum-A Non linked, Non Participating, Individual, Life Insurance Savings Plan (UIN No:116N188V03)

%Conditions Apply – The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details please refer to sales brochure.

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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₹2 Cr Term Plan
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upto ₹ 14,000 p.a.^

Disclaimer:

2 Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04) considering Male aged 22 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 2,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 8,469. 2nd Year onwards premium is Rs. 9,041. Total Premium Paid is Rs. 2,70,658 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is inclusive of Online Discount only and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

**5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency, applicable only on first year’s premium 1% Discount will be available for all policies where premium payment is under auto-debit process (as allowed by RBI from time-to-time) through-out the premium paying term.

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

^Get Free Benefits up to ₹ 14,000 per year

S No. Value Added Service Frequency Cost (₹)
1 Doctor Teleconsultations Consultation per month
= 24 consultations per year
Average cost per session = ₹500
Total cost per year = ₹500 * 2 * 12 = ₹1200
2 Network Discounts
Medicines (M) - 10%, Lab Booking (L) - 10%,
In-Patient Hospitalization (P)- 5%,
Out-Patient Consultation (O) - 10%
Throughout the year
Assumption - Total
Expenses of these
throughout the Year
Total Discounts that
can be availed
throughout the year
M - ₹5,000 ₹500
L - ₹5,000 ₹500
O - ₹5,000 ₹500
P - ₹10,000 ₹500
Total per year as per assumptions ₹ 14,000

Note: The above mentioned costs are based on estimated average market price for respective services.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

BJAZ-OT-EC-08343/24

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Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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