What are some of the common types of life insurance?

Term insurance, whole life insurance, money-back insurance, Unit Linked Insurance Plan (ULIP), endowment plan, retirement plan, and child insurance plan are some of the common types of life insurance plans.

Can I buy life insurance riders without buying a base policy?

Riders are the additional benefits that you may be able to add to your base life insurance plan by paying an additional nominal premium. Thus, you may need to purchase a basic life insurance policy in the first place to add a rider. After you purchase a life insurance policy, you may get to choose the riders you wish to purchase. They may be considered add-on benefits to your base plan.

Will I get a return when my life insurance policy matures?

The benefits received on maturity of a life insurance policy if the life assured survives the policy term, are considered as maturity benefits. The feature of maturity benefit may depend on the type of policy you have purchased. For example, a pure term insurance plan may not have maturity benefits, while ULIP may have them.

How long does my life insurance plan last?

A life insurance plan lasts for the tenure you select while buying the plan. The policy will stay in force, as long as you pay all due premiums on time.

How many riders can I add to my life insurance policy?

You may add one or all the riders from those offered by your life insurance provider under the particular product. However, note that for each rider that you add to your plan, you may have to pay an additional nominal premium.

Life Insurance Features, Meaning, Importance & How to Choose

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For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. 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. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. 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. 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.

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