Notifications10

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

    CALCULATE NOW
  • Apne life goals ki guaranteed1 hona Ye Bhi Sahi Hai

    WATCH VIDEO
  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

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

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

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

    KNOW MORE
  • Paying your Renewal Premium is Quick and Easy!

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

    START NOW
  • Avail Term Insurance Tax Benefits under Section 80D

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

    READ MORE

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

X

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

calci-img

KNOW MORE

icon-img

* 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

How To Buy Life Insurance On A Budget?

Life insurance may often be bought as a financial security net for loved ones, so that they may be able to cope with any significant loss without having to face financial distress in your absence. To buy a life insurance plan, one needs to pay a premium. Premiums may be paid as a lump sum or may be paid monthly, annually, or quarterly, depending on the choices offered by the insurer and what you choose.

The premium depends on a number of factors like gender, age, policy term, lifestyle, occupation, coverage preference, etc. It is important to choose the sum assured carefully. The life insurance policy you buy may prove to be of little use if the sum assured is lower than required. However, it is also essential to ensure that the premium amount is affordable.

If you are keen on buying a life insurance plan within your budget, you may do so by first understanding the factors that affect premium costs in a policy. Some of these factors are sum assured, policy duration, riders added, type of policy chosen, etc. Furthermore, there may be a few tips you might be able to utilise to help you find the suitable life insurance plan within your budget.

 

Here are few ways through which you can buy Life Insurance under your budget

 

Buying a life insurance plan as per your budget need not be difficult if you go about the process with a methodical approach. Here are a few tips to help you find a budget-friendly life insurance plan:

 

• Understand the need for life insurance

 

While the financial security of the family may be a common goal, remember that various types of life insurance plans offer different features. For example, ULIPs act as investment plans while offering a life cover alongside. This may make them more suitable for buyers who may want to use their life insurance plan as an investment plan as well. However, if you are not too keen on buying investment related plans and want to focus on getting a pure life insurance plan, you may like to opt for a simple option, such as a term insurance plan. Keep your goals in mind when deciding on which type of life insurance to buy.

 

• Determine your Sum Assured

 

When buying life insurance, it is important to consider your sum assured. It is the amount that your nominee may receive if they were to make a claim under the plan during the policy tenure. Once you know your sum assured, you may then adjust the other aspects of the policy to ensure that you have a suitable life insurance plan.

 

• Choose the suitable Policy Term

 

Alongside the sum assured, choosing the suitable policy duration may also be important. You ought to ensure that your life cover lasts for at least as long as your financial responsibilities do. The duration of the policy is also one of the aspects influencing the premium of life insurance plans. You may use an online calculator corresponding to your plan to see how the policy duration may affect the premium amount. Choose a plan that can offer you a cover for as long as you seek, while also being affordable.

 

• Find the suitable Deal for You

 

When buying life insurance suiting your budget, what may suit someone else may not necessarily fit your requirements. Thus, you should look for the plan and specifications that are suitable for you. For example, term insurance may be apt for you if you are looking for a simple plan that offers life insurance alone. However, you may want to go for a whole life cover if you want your coverage duration to be more than what a term life plan may have to offer.

 

• Buy a Policy Early in Life

 

Life insurance premium costs can vary with the age of the person insured. For example, a 20-year-old person buying a life insurance plan may be more likely to find cheaper one, as compared to a 50-year-old person looking for it. This is because older people may be at a higher risk of mortality as compared to younger individuals. Thus, if you want to buy life insurance on a budget, it may help you to buy it when you are younger, as premium costs may go up as you grow older.

When buying a life insurance plan, keeping the above tips in mind may help you find a plan within the limits of your budget. Focus on choosing a plan that is right to serve your purpose, while also ensuring that it does not add to your stress today.

BJAZ-WEB-EC-02358/23

##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.

*Individual Claims Settlement Ratio for FY 2021-2022

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.