1.Is it safe to buy a term plan online?
Yes, you may buy a term plan online without any worries. The payment portals on our website are safe and secure. Furthermore, you can go through the different payment modes and select from them as per your preferences. All the information you enter, including the data on the term insurance calculator, is also stored safely.
2.How is a term insurance plan different from other life insurance plans?
Term plans can be considered pure-risk plans. They may be considered to be designed in a way to solely protect the insured person against life risks. As compared to other plans, such as endowment plans or market-linked insurance plans, they may not offer any maturity benefits or market-linked returns respectively. This makes term plans an affordable option for those looking for life insurance coverage only.
3.Why should I buy a term plan?
An unfortunate event may strike at any time. If you are responsible for taking care of your family, such an event could bring havoc in their lives and future as well. While life may be unpredictable, one may try to make sure their family’s financial future is taken care of by buying a term plan. Moreover, term plans are usually affordable, and you can estimate the premium using the term insurance calculator easily. This may help you stay within budget, too.
4.Do I need to buy term insurance even if I'm covered under my company's group policy?
Yes, you may consider buying a term insurance plan for yourself regardless of whether you are covered under a group policy. There may be several advantages of buying a term plan such as:
· Additional coverage, customisable as per life goals
·Customisable policy tenure to meet your financial obligations
·Option to choose add-on riders
5.How do I buy a term plan online?
To buy a term plan online, you may visit the Bajaj Allianz Life Insurance Company’s website. On the home page, you may click on ‘Plans’ and then proceed to the term insurance category. You can view brochures of different term products and then select one to go ahead with buying it.
You can use the term insurance calculator to generate a premium estimate. You may then fill out the proposal form, submit the documents, make the payment, and complete other formalities as required.
Once these processes have been completed, you may receive your term insurance policy, subject to verification of the documents submitted by you and meeting the underwriting guidelines of the company.
6.Are there any age limits for buying a term plan?
The age limit to buy a term plan may differ from insurer to insurer and even from plan to plan. Usually, insurers permit age of entry between 18 to 60 years, whereas some insurers may also allow entry age of up to 65 years[3]. While a term plan may be beneficial at every age, buying it during one’s senior years may mean having to pay relatively high premiums. The term insurance calculator may give you a clearer idea of how the premium may increase with a rise in age.
7.How to select the suitable term plan for myself?
Keeping the following factors in mind may help you select the suitable plan for yourself:
· Balance of coverage and premium - While comprehensive coverage is important, it should not come at the cost of compromising on other aspects of life. You can ensure that you use the term insurance calculator wisely and select a plan fitting your needs while being within your budget.
·Insurer’s reliability - You may want to carry out a background check on the insurer, in terms of their claim settlement process, claim settlement ratio, customer service, market reputation, and so on. Bajaj Allianz Life is a trusted brand in the insurance market with a claim settlement ratio of 99.04%~ and over 511 branches# across the country. When in need, you can take help from our claim assistance service.
· Additional riders - Add-ons, such as the critical illness rider, accidental death benefit rider, etc. may increase the protection provided under the policy, on payment of additional nominal premium. Hence, you may want to check the availability and pricing of such riders before finalising the plan.
8.What are the benefits of buying a term insurance policy online?
You may get to enjoy the following benefits if you buy your term insurance policy online:
·Easy access to tools and resources, such as the term insurance calculator
·Informed decision making, since you may easily access any policy you want
·Convenience, as the buying process may not take more than a few minutes
9.What kind of deaths are covered in this term insurance plan?
Natural death, accidental death, and death due to illnesses, medical reasons, natural disasters, etc. are usually covered under the plan. Death due to suicide within 12 months of buying the policy may mean payment of 80% of the total premiums paid or the surrender benefit at the time of the death, whichever is higher depending on the terms and conditions of the policy[4]. For more details on the inclusions and exclusions, please reach out to an agent or a company representative
10.How much term insurance coverage do I need?
Your term insurance coverage should be sufficient enough to ensure your family lives a life free from financial worries even in your absence. It should be enough to take care of their daily expenses, outstanding debts and liabilities, and any future goals they might have. A term insurance calculator may help you select a life cover amount within your budget. If the premium is on the higher side, you may want to opt for monthly premium payment options.
11.What policy term should I select?
The policy term should be as long as your family may depend on you for financial support. Hence, many people consider their retirement age as the upper limit for their term insurance tenure. However, financial responsibilities may go on even after retirement. Hence, you may want to select a term plan tenure according to your financial needs. Bajaj Allianz Life also offers the Whole of Life option, where the tenure is valid up to 99 years of age.
A term insurance calculator may also be useful in helping you understand the relationship between tenure and premium. The higher the tenure, the more the premium may be.
12.What are the optional benefits offered under Bajaj Allianz Life term insurance plans?
With a term insurance plan from Bajaj Allianz Life, you may enjoy the following optional benefits subject to policy terms and conditions:
·Return of premium option- With this option, you may receive the sum of all the premiums paid if you outlive the policy term, minus any applicable deductions.
·Whole of life cover - If you opt for this feature, your insurance coverage may stay valid for up to 99 years of age.
.Critical illness protection - You may receive financial support for a wide variety of critical illnesses with this optional benefit[6].
13.Why should I buy the term insurance plan from Bajaj Allianz Life Insurance?
Bajaj Allianz Life Insurance is one of the trusted and valuable Indian brands. With a remarkable death claim settlement ratio of 99.04%~ and a solvency ratio of 516%**, it can ensure that they not only meet but even exceed customer expectations[7].
14.Is a critical illness benefit included in the basic benefit or an add-on?
A critical illness benefit has to be availed as an add-on rider along with your chosen plan, by paying an additional nominal premium.
15.What are the various benefits of using a term insurance calculator?
When you use a term insurance premium calculator, you get your estimated premium within minutes, saving you time and effort. It is also free of cost and can keep all the details you provide secure.
16.How is term insurance premium calculated?
When you use a term insurance premium calculator online, your premium may be calculated based on the details you provide in it like your age, gender, coverage needs, income, etc.
17.How much term insurance coverage do you need?
There is no one fixed amount of coverage for all individuals. Your coverage needs can vary depending on your income, family needs, and any liabilities you may have.
18.Does the term insurance premium amount change if additional riders are selected?
Yes, if you are opting for additional riders along with your base term plan, you may have to pay an additional nominal premium, over and above the base premium, for the additional coverage you are opting for.
19.How can I buy a term plan at affordable cost?
Buying a term insurance plan at a young age ensures your premium is low. For example, a term plan in your 40s can turn out to be expensive than buying the same plan in your 20s.
20.Is it safe to use a term insurance premium calculator?[8]
Using a term insurance calculator is completely safe since the information you provide is secure and not provided to any third-party recipients.
21.How do I pay my term insurance premium?[8]
You can pay your term insurance premium through various online or offline payment channels based on your convenience. Offline channels may often include cash, cheque, ECS payments, etc. Online modes often include net banking, credit cards, debit cards, and several other payment gateway applications. You can also set up an auto-pay to ensure you never miss any payments.
