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How Can Endowment Plans Help Women Achieve Their Goals?

With expanding opportunities for women across sectors, their participation in the workforce has steadily risen over the last few decades. The modern Indian working woman is independent, empowered and driven. She has her life goals clearly chartered and works relentlessly to achieve 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

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

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.
Written on: 7th July 2024
Modified on: 7th July 2024
Reading Time: 15 Mins
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However, these life goals cannot be achieved without savings. While a conventional savings bank account is the usual go-to-option, there are better ways to save for the future and insure their lives. Endowment policies are one of the most suitable insurance-cum-investment plans that can help this growing section of working women achieve their goals and procure a safety net to deal with the challenges and contingencies that may arise.

 

What Goals Can a Woman Fulfil with an Endowment Insurance Plan?

 

As a working woman, you know the importance of planning ahead. An endowment plan can help you systematically plan for both the short and long-term future. Here’s a list of goals you can achieve with an endowment plan:

Buying your Dream Home

Purchasing your dream home may be one of your most cherished life goals. However, with the growing property prices, it can be difficult to achieve this goal without some extra help. The maturity payout that you receive from an endowment plan can help you get a step closer to achieving this life goal. Since this payout includes the sum assured and additional bonuses (if any), the lump sum amount that you receive may be sizable. You can consider using this amount to make a down payment for a home loan.

Financing your Child’s Higher Education Aspirations

As a mother, you would always want to do whatever you can to help your children fulfil their dreams and aspirations. For instance, you wouldn’t want a dearth of funds to compromise your child’s dream of studying at a good university. This is where endowment plans come in handy. Such plans help create a corpus that can be used to fund your children’s higher education as well as cover other milestones like their wedding expenses.

Building a Retirement Fund

To continue living an independent life after retirement, you must start acting in the present. By reserving a part of your monthly income as a premium contribution for your endowment plan, you can systematically save for your retirement years. The small piecemeal payments that you make during the premium payment tenure and guaranteed returns (excluding ULIPs) on these payments will help build a corpus by the time you retire. Thus, with endowment policies, you can plan for a comfortable and independent retirement well ahead of time.

Creating a Safety Net for your Loved Ones

Whether you are a daughter taking care of your ageing parents or a single mother looking after the well-being of her kids, you would always want the life of your dependents to be safe and secure, even in your absence. This is where endowment insurance comes in handy. Like other life insurance policies, such plans come with a life cover that extends death benefits to your named nominees if anything untoward were to happen to you during the policy term. This amount can be used to ensure that your dependents remain financially stable even in your absence.

 

Reimbursing Debts

 

Repaying loans on time is important to protect your credit score and avoid additional penalties. If you already have outstanding loans, the lump sum maturity payout from an endowment policy can help cover these payments. Similarly, the burden of these debt repayments wouldn’t fall on your family members in the event of your untimely demise.

 

Summing It Up

 

While as a working woman, you may think simply saving for the future is enough, endowment plans prove that you can reap the benefits of savings with a little extra. While an endowment policy can be a suitable tool to help you fulfil both your long and short-term goals, it is also a preferred way to ensure the financial security of those you love. Whether it be providing for your family, buying a dream home or car, or simply traveling the world, the guaranteed returns from an endowment plan (excluding ULIPs) can help you achieve it all.

Endowment plans are one of the cost-effective ways to invest in insurance. There are quite a few types of endowment policies available in the market, you have the complete freedom to pick one that best suits your life goals and budgetary parameters. Irrespective of which plan you select, once you opt for an endowment policy, you essentially take the first step towards checking off goals from your existing bucket list. Take the aid of an investment calculator for further assistance!

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This advertisement is designed for combination of Benefits of two individual products named (1) Bajaj Allianz Life Goal Assure II - A Unit- Linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L180V02). (2) Bajaj Allianz Life POS Goal Suraksha - A Non Linked, Non Participating, Individual, Life Insurance Savings Plan (UIN: 116N155V11). These products are also available for sale individually without the combination offered/ suggested. The customer is advised to refer to the detailed sales brochure of respective individual products mentioned herein before concluding the sale.


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Savings and Investment Guide

Long term investment plans - What Are Their Benefits?

A suitable financial plan may be defined by its components. Amongst other things, one aspect, it may be incomplete without, is a steady amount of investment.

Read More
Long term investment plans - What Are Their Benefits?

A suitable financial plan may be defined by its components. Amongst other things, one aspect, it may be incomplete without, is a steady amount of investment.

Read More
Long term investment plans - What Are Their Benefits?

A suitable financial plan may be defined by its components. Amongst other things, one aspect, it may be incomplete without, is a steady amount of investment.

Read More
Long term investment plans - What Are Their Benefits?

A suitable financial plan may be defined by its components. Amongst other things, one aspect, it may be incomplete without, is a steady amount of investment.

Read More
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#Survey conducted by brand equity – Nielsen in March 2020

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

**Past performance is not indicative of future performance.

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.

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. 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.

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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.

~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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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

 

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%%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

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The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Goal Assure II - A Unit- Linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L180V02) is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.

*Conditions apply- The Guaranteed benefits are dependant on the policy terms, premium payment terms availed along with other variable factors. For more details please refer respective product sales.(Also available on www.bajajallianzlife.com). This benefit is available with Bajaj Allianz Life Pos Goal Suraksha. brochure.

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

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Disclaimer

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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^Not available if policy issued after 30th May 2025 | *As on 28th March 2025 Past 5 Year CAGR returns in Benchmark Nifty 200 Alpha 30 Index. Please note that the fund aims to replicate the performance of benchmark index fund, subject to tracking error. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Smart Pension- A Unit -Linked, Non-Participating Individual Pension Plan (UIN- 116L209V01) is only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and 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.

Nifty 200 Alpha 30 Index Pension Fund is available only with Bajaj Allianz Life Smart Pension- A Unit -Linked, Non-Participating Individual Pension Plan (UIN: 116L209V01).

In addition to other funds, Nifty 200 Alpha 30 Index Pension Fund is now available with Bajaj Allianz Life Smart Pension. Customer has an option to choose from other available funds apart from Nifty 200 Alpha 30 Index Pension Fund.

Death Benefit shall be the Fund Value, subject to a minimum of the 105% of Total Premiums Paid, as on the date of death.

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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, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, 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

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