• 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!


Thanks for showing your interest. A representative from
Bajaj Allianz Life will contact you shortly.

Dear Customer, we request you to connect with us in our next business working hours, (Monday to Saturday 24*6) Thank you, Have a great day ahead


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

banne-img banne-img

Upto 12% Discount* on first year premium




* T&C apply | BJAZ-WB-EC-04701/23


*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. | 1% Discount on online purchase is available for regular premium payment and limited premium payment frequency. | 1% Discount will be available for all policies where premium payment is under auto-debit process (as allowed by RBI from time-to-time) through-out the premium paying term.

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


*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. | 1% Discount on online purchase is available for regular premium payment and limited premium payment frequency. | 1% Discount will be available for all policies where premium payment is under auto-debit process (as allowed by RBI from time-to-time) through-out the premium paying term.

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

FAQs On Life Insurance

An integral part of financial planning is the availing of adequate life insurance. There are many types of life insurance plans available, which might make your decision of opting for the suitable plan confusing.

Here are some of the life insurance FAQs to help you gain a better understanding:


1. What is life insurance?


It is a contract between the policyholder and the life insurance company. The insurer promises to pay a designated sum of money called the life coverage amount or sum assured to the nominee in exchange for premiums. This is paid upon the death of the insured person to the nominee or maturity of the policy to the policy holder depending on the policy contract.


2. Why is life insurance necessary?


Life insurance is a necessity to ensure that your family finds adequate financial support in the event of your death.

You can add riders such as critical illness benefits, disability benefits etc., to enhance your coverage at nominal extra cost.

Some of the plans also offer maturity benefits which can be mapped to key financial milestones such as children's education, retirement etc.


3. How can I avail life insurance?


You can reach out to the insurer via their website, email, or phone and get one of the insurance advisor to help you with the process. You will have to fill out an application or proposal form, provide personal details, address, ID and Income proof, and undergo medical examination (if required) to avail of a life insurance policy.

Purchasing a life insurance plan can be done online as well by submitting your documents, filling out the proposal form, and making an online payment.


4. What is term life insurance?


It offers only death benefits to the beneficiary. There is no maturity benefit offered under these plans. If the life assured survives the policy term, there is no payout made under the policy. It is one of the most affordable and convenient form of life insurance.

However, a term plan variant offers maturity benefits called Term Plans with the Return of Premium option, but those are more expensive than the pure term plans.


5. How much life insurance do I need?


As a thumb rule, it is recommended that you have 10x of your annual income.1 However, you need to evaluate the requirement on a personalised basis based on the income, expense pattern, household requirement, number of dependents, key financial goals, debt obligations etc.


6. What are the factors that determine the premiums of life insurance policies?


The premium is a function of age, gender, lifestyle, occupation, sum assured, medical history, genealogy, medical condition/fitness etc., The older you are higher the premium. If you have a medical condition or history of lifestyle illnesses running in the family, then the premiums are likely to be high. The premium for an individual with a smoking habit is likely to be higher than that of an individual with a similar profile who is a non-smoker.


7. What options are available for premium payment?


Premium payments can be made annually, quarterly, semi-annually, or monthly as per your convenience. Some life insurance plans also have a one-time premium payment option as well.


8. What happens if I default on my premium payment?


A grace period of 30 days (for annual mode) or 15 days (for monthly mode) is allowed from the premium due date, you can make the premium payment within this grace period, and your policy will continue to provide the stipulated benefits. If the payment is not made within the grace period, the policy will be considered lapsed, and all the benefits under the policy will be lost.

If you intend to re-activate the policy, you will have to pay the revival premium and undergo the entire revival underwriting process, which could entail medical examination as well, depending on the tenure of the lapse, the total sum assured of the plan, etc.


9. What is the tax benefit from life insurance?


A tax benefit is available for the premium paid towards any life insurance plan upto Rs 1.5 lakhs for given financial year, under section 80C of the Income Tax Act 1961, subject to satisfaction of conditions mentioned therein. The death benefit is always tax-free in the hands of the nominee.

In fact, the surrender benefit or maturity benefit of the plan is also completely tax-free in the hands of the policyholder, u/s 10(10D) of the Income Tax Act, 1961, subject to the terms and conditions being fulfilled.


10. What type of riders is available in life insurance policies?


There are a variety of riders available such as Critical illness riders and accidental death benefit rider, among others, available for help to achieve comprehensive coverage. Critical illness benefit provides a sum assured upon diagnosis of critical illness that is covered under the policy. The premium paid towards this rider qualifies for tax benefit under section 80D of the Income Tax Act, 1961. Deduction of the same is available as under:


Family Amount (Rs)

Parents Amount (Rs)

General deduction



Additional deduction, if anyone is Senior citizen



Maximum deduction available



Accident Death Benefit offers coverage against death due to an accident. The additional premium towards this rider qualifies under section 80C of Income tax India, 1961.

Purchasing a life insurance policy becomes much easier when you are clear about the basic queries. Hope this helps to resolve most of your queries so that you can embark on your journey towards opting for optimal coverage for yourself.

Note customer must consult with independent tax advisor before investment and before claiming any benefit in Income Tax Return.



media-icon media-icon media-icon
Popular Blog

Bajaj Allianz Life Videos


Presenting Shubman Gill as The New ACE Of India | Bajaj Allianz Life | Bajaj Allianz Life ACE

Contact Us

Bajaj Allianz Life Insurance Company Ltd.

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

Tel No: 020-66026773

Branch Visit Timings:

Monday to Friday - 9:00 AM to 3:30 PM (IST)

Saturday - 9:00 AM to 1:00 PM (IST)

Customer Care Helpline:


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

NRI Services Helpline

24/7 (All week days)

Sales Enquiry Helpline:


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

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

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

Find Us Online

##Our policy covers COVID 19 claims subject to policy terms and conditions being met

3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

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

In this policy, the investment risk in investment portfolio is borne by the policyholder. Investment in ULIPs is subject to risks associated with the capital markets. The policy holder is solely responsible for his/her decisions while investing in ULIPs.

~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. 

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 carefully before concluding a sale.