Claim Settlement Ratio of 99.02%~

Notifications11

  • World's First Music Video Created Retired Senior Citizens

    WATCH VIDEO
  • 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 Life Cover worth Rs.1 Crore at Rs.20 per day2 – Bajaj Allianz Life Smart Protect Goal

    CALCULATE NOW
  • 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 sharing your details, A Sales 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

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

Get 1 Crore Life Cover@ Rs.20 Per Day2

Covers COVID-19 Claims##

International Literacy Day - Let's Make the World Aware Of Life Insurance | Bajaj Allianz Life

Pay lower premium3 on online term plans

Please enter a Name
Please enter a Mobile No.
Please check the box to proceed
WS_LIGuideHome_Banner_EN 307 38983691 WS_LIGuideHome_Banner_HI 307 38983695
WS_LIGuideHome_Banner_Mob_EN 307 38983693 WS_LIGuideHome_Banner_Mob_HI 307 38983677
Please Select Language

2,3,##T& C Apply | BJAZ-BN-EC-03414/22

2,3,##T& C Apply | BJAZ-BN-EC-03414/22

International Literacy Day 2022 – Learn About Financial Planning


calender-blue

Sep 08, 2022

By : Bajaj Allianz Life

In the standard financial planning, the planning is easy for life certainties like house, parents, marriage, children, their education and finally retirement. All this planning starts right after people become financially independent. Although, there are certain exceptional instances in life in which we have choices rather than adapting. Adaptability ultimately depends upon financial independence and literacy to use it effectively.

According to the statistical report, life insurance penetration in India is also calculated as the GDP premium percentage. In the financial year 2021, the total insurance penetration of India has increased 4.2% according to the recent Economic Survey 2022, it still remains less than the global average ratio of 7.2%. The life insurance penetration of India in FY 21 was marked at a 3.2% ratio almost matching the global ratio of 3.3%, but non-life insurance lagged at a ratio of 1.0% which is way lesser than the global average1.

 

Why is financial literacy very important for kids?

 

The recent pandemic phase of Covid-19 has explained the importance of financial literacy. The insurers work hard to simplify the process, build trust, create awareness, and further improve accessibility for boosting penetration levels in India.

Hence on international literacy day, insurance companies are all set to educate young children about insurance and financial stability. Financial literacy for children does not only relate to spending money wisely but also educating and developing the habit of investing and saving money. Here are some of the aspects listed which mention the importance of financial literacy among kids:

  • Financial literacy teaches efficient money management, financial planning, and expenses.
  • It explains to them to understand the essential and non-essential purchases.
  • It helps them to manage the bills and calculate them according to the expenses.
  • It maintains the understanding of the importance of saving money.
  • It helps to understand the importance of earning money.

 

How can financial literacy help millennials make more informed decisions?

 

Millennials today are a substantial segment of the overall country's population. According to the statistics, around 34% of the India’s total population is millennials, which is in the core income group of the country3.

With growing digitisation and growth in digital currencies, being financially literate makes millennials competent to make informed and confident decisions. Insurance companies are getting their best ideas to educate millennials about insurance policy, investments, and portfolios. Multiple insurance apps have been launched to assist millennials in getting more information to improve financial literacy.

Many applications comprise specific investment and financial planning methods with advanced guiding tools. These applications educate the customers with several finance and investment alternatives, a powerful tool to attain financial literacy. With a digital life insurance calculator, premiums, total amount, coverage, and returns can be calculated easily.

Although the millennials must be aware and educated about security aspects of digital transactions along with its integrity, and usage, which would eventually increase their adaptability. Financial literacy also helps millennials to attain education regarding insurance portfolios, financial planning, and investment plans. Millennials must have the core information about insurance and several plans providing coverage and security for them and their families.

 

Importance of Financial Literacy in the new Indian retail investment landscape:

 

Today the economy of the countries is on its recovery pavement after the dreadful impact of the Covid-19 pandemic. Hence it requires a consistent surge of insurance policy and investments, particularly in the retail investment landscape. But today, with lagging financial literacy, multiple concerns impact the retail sector's investment ratio and eventually impact the country's GDP.

Financial literacy is one of the crucial aspects for bridging the difference in economic growth and capital collecting journey. It improves the knowledge about how accounting works with avoiding possible debts and making the best of the resources available.

 

Why, how much and when to buy a life insurance policy?

 

The life insurance policy concept is developed to provide consistent protection for uncertain risks such as accidents, chronic medical emergencies, or death from an accident or otherwise. Life insurance with some simple terms and conditions offers life coverage and security for you and your dependents. It can be easily calculated with a life insurance calculator.

This protection is for some specific period which is ensured with timely premiums. The accurate time to buy the premiums is at times when you become financially independent. The experts mention that life insurance at a younger age provides better support for a longer time. The life insurance premiums cost varies according to age, and more the age higher will be the premium.

 

How to protect yourself from insurance fraud?

 

With the increase in insurance popularity, there is a consistent increase in insurance fraud. Hence on International literacy day, here are some of the tips to avoid them:

  • Always check the credibility and identity proof of the insurance agent.
  • While doing online transactions, ensure you check the authenticity of the website and its security aspects.
  • Always opt for double authentication to ensure a 2-layer check for any online transaction.
  • Avoid sharing the policy details with any third-party agents.
  • Fill out the policy application / proposal forms personally.

 

Conclusion:

 

The life insurance platform is coming together to formulate a secured path within the consumer's ecosystem. People confuse good financial adaptability and decisions in challenging circumstances with inappropriate financial knowledge. The step towards financial literacy is India progressing with advanced methods and approaches, which is the right path for futuristic development.

Source:

1https://economictimes.indiatimes.com/industry/banking/finance/insure/insurance-penetration-calls-for-improving-financial-literacy-and-customer-trust-say-industry-leaders-ahead-of-national-insurance-awareness-day/articleshow/92490906.cms

3https://www.financialexpress.com/money/how-financial-literacy-can-help-millennials-make- more-informed-decisions/2476674/

BJAZ-WEB-EC-01223/22

Bajaj Allianz Life Videos

Play

Bajaj Allianz Life | Children's Day

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

Customer Care Helpline:

1800-209-7272

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

NRI Services Helpline

24/7 (All week days)

Sales Enquiry Helpline:

1800-209-4040

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 www.bajajallianzlife.com) carefully before concluding a sale.