Claim Settlement Ratio of 99.23%~

Investment Plans
Sometimes we have to handle a few hurdles in our road to realizing our life goals. Usually, these hurdles arrive when we least expect them.

Investment plans also act as tax-planning tools, as many avenues help reduce tax liability. There are different types of investment plans, and by choosing the right one, you can invest according to your needs and grow your savings.Read Less

Get in Touch to Know More
I agree and consent to the

Terms & Conditions, Privacy Policy

Get Your Life Goals, Done!

Tailored Life Insurance Solutions for your long-term Life Goals.

Written ByPalak Bagadia
AboutPalak Bagadia
LinkedIn Icon
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
LinkedIn Icon
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.
Written on: 7th July 2024
Modified on: 7th July 2024
Reading Time: 15 Mins
Share

Critical Illness, such as heart ailment, diabetes or cancer, is one such possible problem. Since critical illnesses have the potential to derail our finances, it makes sense to be better prepared for such an eventuality. With the growing prevalence of critical illnesses, it is better to prepare for such an eventuality financially.

While indemnity health insurance policies take care of hospitalization related expenses, they may be found wanting in case of critical illnesses, where the non-hospitalisation costs can be much high.

A critical illness cover, which pays a lump sum amount when you are diagnosed with a disease of serious nature, can be an excellent complement to your primary health insurance plan.

Benefit Of Going For A Critical Illness Rider
  • Critical illness covers are available as separate policies as well as a rider with a life insurance policy. Should you go for a different plan or would you instead buy it as a rider with another plan?
  • Critical illness riders are convenient because they come with life insurance policy, and so you don't need to pay the premium separately. You can avail the cover by paying an additional premium with the basic policy.
  • The sum assured of the critical illness rider is often the same as the base policy cover with a cap sometimes on the maximum sum assured. In most cases, you don't need to take a medical test to buy a critical illness rider.
Advantages Of A Separate Critical Illness Cover Policy
  • Though buying a rider seems more convenient, it has its limitations as it is attached to base policy and hence for someone looking for a comprehensive cover, a critical illness rider offers a limited relief.
  • For a more comprehensive critical illness cover, a separate plan is a better option. A critical illness rider typically covers 10-12 diseases at most. On the other hand, a separate critical illness plan covers 20-30 critical illnesses. For example, Bajaj Allianz Life Health Care Goal, a critical illness plan, covers as many as 36 serious diseases.
  • Having a separate plan has its advantages. You can purchase a cover of your choice based on your needs and do not necessarily have to mirror a life plan which has an entirely different purpose.
  • Advantage of having a separate critical illness cover plan is that you have much more option to customize your plan as per your needs. For example, you can add your family members to the plan; you can enhance the cover by adding additional riders to make it perfect for your particular requirement.

Bajaj Allianz Life Health Care Goal comes in different variants. Critical Long-Term Healthcare is for an individual, while Critical Long-Term Family Healthcare is for the family. It also has variants that come with the return of premium feature.

So, while a rider option is packaged as a cheaper way of covering critical illnesses, a separate plan is more cost-effective as it has a more comprehensive cover and more flexibility. Be aware of your needs before you decide to go for a critical illness cover so that you can get maximum advantage of a critical illness cover.

Disclaimers:
Plus Symbol
Minus Symbol

33% Discount is available for regular premium and limited premium payment frequency under all variants of Bajaj Allianz Life Smart Protect Goal - A Non Linked, Non-Participating, Pure Life Term Insurance Plan

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

X
Disclaimer

*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.

~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

X
Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

X
Disclaimer

%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is 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. This is inclusive of all the discounts mentioned above.

##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%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

close
Ask for an Agent
Sign up for personal visit and tailored advice from our expert agents