• Get Life Cover worth Rs.1 Crore at Rs.17 per day2 – Bajaj Allianz Life Smart Protection Goal

  • Apne life goals ki guaranteed1 hona Ye Bhi Sahi Hai

  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

  • Here's a Comprehensive Tool To Plan Your Child's Future

  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

  • Get your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR

  • Paying your Renewal Premium is Quick and Easy!

  • Know the right amount of Insurance you need in just a few steps!

  • Avail Term Insurance Tax Benefits under Section 80D

  • Know how to invest money during the covid-19 pandemic!


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Get ₹ 1 Crore Life Cover @ ₹ 17 Per Day2

Bajaj Allianz Life Smart Protect Goal

Pay Lower Premiums On Purchasing Term Plan Online3

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3Online Discount is available for regular premium payment and limited premium payment frequency (UIN: 116N174V01).

2Above illustration is considering Male aged 25 years | Non-Smoker | Policy term (PT)– 30 years |Premium Payment Term (PPT) – 30 years | Sum Assured opted is ₹ 1,00,00,000 | Standard Life | Online Channel | medical rates | Standard Life | Annual Premium Payment Mode | 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.

Top 4 Advantages and Need for Having Life Insurance

By : Bajaj Allianz Life


What is life insurance?


It's critical to protect your family's financial future, especially if you're the household's sole or principal breadwinner. Life insurance ensures that your family is financially protected even if you are not present. Life insurance is a financial safety net for you and your loved ones. It assures that you and your loved ones are always supported financially.


How does life insurance work?


  • A life insurance policy is a contract between the policyholder and the insurance company that promises the insurer will pay the nominee a predetermined amount if the policyholder pays all of the policy premiums on time. The predetermined amount could be the maturity amount paid at the end of the policy term or the death benefit paid if anything tragic occurs during the policy term. All of the advantages of a life insurance policy are dependent on the payment of premiums, which is why a premium that suits your requirements should be chosen.
  • The insurance company pays the sum assured to the nominee in the event of the insured's untimely death. The claim procedure is straightforward; the insurance company must be notified as soon as possible following the insured's death. The claimant must complete a claims form and submit it along with the necessary documentation, such as a death certificate. The claim is verified by the insurance company, and the benefit is released.
  • The insurance company may decide to investigate the claim in particular instances. You will need to supply more documentation, and the claim settlement process will take a little longer in such cases. Insurance claims are sometimes denied by insurers. Rejections can occur for a variety of reasons, including but not limited to concealing information while purchasing the policy, providing fraudulent information, and policy lapse.


Advantages of Life insurance


There are numerous advantages to getting a life insurance policy.


• Financial Security/Peace of Mind


Having life insurance gives you the greatest sense of security. This is because if someone passes away, they may rest assured that their family and loved ones will be financially secure. We all have financial obligations but having enough life insurance ensures that your debts are covered and loved ones are financially protected in the event of your untimely death.


• Creating Wealth


Some types of life insurance policies also give you the chance to build wealth. Apart from providing life insurance, these policies invest your premium in a variety of investment classes to provide market linked returns and help you build your savings.


• Savings on taxes


Life insurance policies have two tax advantages. The premiums paid are eligible for a tax deductible under Section 80C of Income tax Act 1961, subject to provisions stated therein. Currently, you can deduct up to 1.5 lakh in premiums from your gross income each year, cutting your tax bill. The maturity insurance plans, on the other hand, may be completely tax-free. This tax benefit is provided under Section 10(10D) of Income tax Act 1961, subject to provisions stated therein.


• Purchase when you're young and save more


Life insurance products allow you to lock in inexpensive premiums while you're still young. You may have to pay a much greater premium if you buy the same insurance when you are older, than you would, if you bought it when you were younger.


Wrapping Up


Different life insurance policies operate in a variety of ways. A ULIP has multiple factors, whereas a term insurance plan is basic and easy to understand. Different investment funds, as well as a variety of portfolio management methodologies, must be considered while buying a ULIP. Term insurance, on the other hand, provides only protection and does not include any investment component.


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Contact Us

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Fax No: 020-66026789

Branch Visit Timings:

Monday to Friday - 9:00 AM to 3:30 PM

Saturday - 9:00 AM to 1:00 PM

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Monday to Sunday: 9:00 AM to 7:00 PM (IST)

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24/7 (All week days)

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For NRI: +91-20-35125850 (Call charges apply)

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

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

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.