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COVID-19 – Why Best Time To Buy Life Insurance Is Now

Life insurance is essential at all times because it offers protection to the insured and their loved ones. It becomes all the more pertinent at a time such as this; the pandemic has taken a toll on not just the health and lives of people but on livelihoods as well. Having a ring of protection such as life insurance can ensure you cope better.

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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In the wake of COVID-19, the life insurance industry has become all the more significant. More people work from homes, there is uncertainty and fear about contracting the disease and the expenses that follow. However, the life insurance industry has ensured that people can buy life insurance policies online and take assistance with the insurers on phone, making it convenient and seamless. Forms can be filled online and any doubts clarified via video or phone calls.

Documentation has become efficient and easy, making it convenient to get life insurance now. Also, while many insurers make medical tests mandatory, some insurance plans can be availed without medical tests, based on factors like your age, sum assured etc.

There are various types of life insurance policies. You can buy life insurance for various reasons, and depending on the reason, you can pick a plan. There are term insurance plans, unit-linked insurance plans (ULIPs), participating endowment plans or whole life insurance plans -

• A term insurance plan offers life protection to the policyholder for a specific term wherein death benefit/sum assured is paid to the nominee upon the death of the policyholder during the policy term.

• A ULIP provides both life cover and an investment opportunity.

• A whole life insurance plan offers life insurance cover to the policyholder for a lifetime, up to a maximum of 100 years. The sum assured is paid to the nominee if the policyholder passes away. If the policyholder survives, maturity benefits are provided.

• A participating endowment plan offers life insurance protection apart from savings to the policyholder. Such a plan offers a sum assured and a bonus (if any) as death benefit to the nominee if the policyholder expires. If the policyholder survives, the bonuses (if any) are paid at maturity.

 

Here are reasons why you should buy life insurance now –

 

• Meets life goals

An important benefit of buying a life insurance policy is that it helps in meeting life goals. The death benefit that the nominee receives in the unfortunate event of the policyholder’s demise or maturity benefit upon survival can help the family meet their life goals. This helps in the time of a sudden health crisis, for instance, the pandemic, as the surviving family members can continue to meet life goals such as education of a child, marriage or buying a home.

• Gives peace of mind

This is an intangible benefit but an important one. Having a life insurance policy during a pandemic means you can focus on other aspects of life rest assured that your loved ones are taken care of, even in our absence.

• Provides tax benefits

In the case of ULIPs

Life insurance plans are good for tax saving. Premiums paid towards ULIPs are eligible for deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act, 1961, if the premium is less than or equal to 10 per cent of the sum assured and for policies purchased post April 1. 2012. ULIPs also offer tax benefits on maturity as per section 10 (10D) of the IT Act, 1961, provided the annual premium is less than or equal to 10 per cent of the sum assured for the entire term (for plans bought after April 1, 2012). In addition, ULIP plans allow you to invest in equity funds without attracting long-term capital gains tax.

In the case of term plans

Premium paid towards a term plan is deductible from taxable income under Section 80C of the Income Tax Act, 1961. In addition, the death benefit or maturity offered by term insurance is deemed tax-free under Section 10 (10D) of the Income Tax Act, 1961.

The above mentioned tax benefits/e are subject to provisions of Income Tax Act, 1961, as amended from time to time.

• Generates wealth

If you are buying a unit-linked insurance plan (ULIP), there is the opportunity to generate wealth as well. Buy a life insurance policy such as a ULIP and you can contribute towards your investment for your future goals. There are child plans and pension plans that help you in future planning.

• Increase cover or riders to boost coverage

If you buy a term plan, you get the flexibility of boosting coverage based on the life stage you are in or you are stepping into, for instance, marriage or birth of a child. You can also boost protection by way of riders, which are essentially add-ons that cover accidental, permanent disability, critical illness or return of premium and can be purchased at a nominal extra cost.

It is important to buy life insurance under any circumstance but all the more so when there is a pandemic that has underlined the importance of planning for any financial exigencies. It is never too late to buy a life insurance product, be it a term plan or a ULIP, depending on your requirements. There is no better time than now to get yourself a life insurance policy and keep your loved ones safe as the pandemic continues its grip on the country.

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Disclaimers:
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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. 

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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

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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

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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

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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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Disclaimer

*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | 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. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and 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. 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.

##Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) 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%.

**5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

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

^^The Return of Premium means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

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, 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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