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Life Insurance for Armed Forces

Armed forces personnel are always at high risk due to the nature of their job. They often work in dangerous places, far from their families. That is why it becomes very important for them to have a good life insurance policy. Life insurance coverage designed for defence personnel can assist their family in remaining safe and supported,  in the event of an unfortunate happening.

Let us now understand the features, benefits, and types of life insurance plans  available for armed forces members.

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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: 30th May 2025
Modified on: 30th May 2025
Reading Time: 15 Mins
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Key features of life insurance policies for the armed forces

 

There are some features of life insurance policies from the armed forces. The features are designed taking into account the risks faced by military personnel:

  • High coverage: Many policies offer high life cover for defence personnel
  • Special add-ons: These include riders like critical illness cover, accidental death cover and waiver of premium etc.
  • Coverage during war or war-like situations: Some plans continue to offer life cover even if death happens during war or conflict
  • Flexible payout options: The family can choose to receive the benefit amount either as a lump sum or monthly payouts

 

Key benefits of life insurance policies for armed forces

 

Here are some important benefits of choosing a life insurance policy for armed forces personnel:

  • Peace of mind: Soldiers can perform their duties knowing their family is financially protected.
  • Support during emergencies: If the insured dies on or off duty, the sum assured obtained helps the family manage expenses.
  • War-risk cover: Unlike regular policies, some insurance plans for military personnel cover deaths during war.
  • Add-on benefits: Riders like critical illness, accidental death benefit, and waiver of premium rider add more value.
  • Flexible plans: You can choose between term plans, endowment plans, ULIPs, as per your needs.

 

Types of life insurance policies for armed forces

 

There are different kinds of life insurance policies available for the armed forces. Each plan offers something special:

  • Term Insurance: A pure protection plan. If the life assured dies during the policy term, the family receives a fixed sum. It is one of the cheapest options.
  • ULIP (Unit Linked Insurance Plan): Offers life cover and helps build wealth over time. Premium is partly used for life cover and partly invested in market-linked funds.
  • Endowment Plan: Offers life cover and returns. Helps save money over the years with a life cover.
  • Annuity Plans: Help soldiers save money for retirement and receive a regular income post-retirement.
  • Child Insurance Plans: Designed to secure a child’s future in case something happens to the insured parent.

Soldiers can choose a plan depending on their goals, age, family needs, and risk level.

Note: The offer is subject to underwriting guidelines and may vary based on the ranking hierarchy of defense and medical reports of the applicant if required.

 

Eligibility criteria to apply for life insurance for armed forces

 

There are a few conditions that need to be met for this insurance:

  • Who can apply: An active member serving in the Indian Armed Forces – Army, Navy, or Air Force.
  • Age: Most insurance plans are available for service members under 60 years.
  • Health declaration: A health check-up or declaration may be required.
  • Employment type: Roles with high-risk duties may have different eligibility requirements.
  • Service tenure: The service tenure may impact eligibility and premiums.

 

Tips to choose suitable life insurance policies for the armed forces

 

  • Understand your needs: Verify if you require simply protection or protection with a savings component.
  • Compare plans: Determine which features and benefits are best suited for you.
  • Look for high-risk coverage: Ensure your policy includes death benefits, on and off duty.
  • Add useful riders: Choose add-ons like accidental death or critical illness benefit riders.
  • Check policy term: Opt for a term that covers your full working life and beyond.

 

Conclusion

 

  • For those in the armed forces, having life insurance is very important.
  • It helps protect their family from financial troubles in case something unfortunate happens.
  • These plans come with features like high-risk cover, flexible payouts, and more.
  • There are different types of life insurance policies to choose from—term, ULIP, endowment, retirement, and child insurance plans.

 

FAQs



1. What are the special benefits of life insurance for military personnel?

 

Life insurance for military personnel in India offers special benefits like war-risk coverage, ensuring payouts even if death occurs in combat or war-like situations. Policies often include accidental death and disability benefits, with flexible payout options—lump sum or monthly payments. Additional perks include loan facilities, policy revival, and tax benefits under Sections 80C (under old tax regime) and 10(10D) of the Income Tax Act subject to certain conditions, making these plans tailored and cost-effective for armed forces personnel.

 

2. What is the difference between life insurance policies for the armed forces and regular policies?

 

The biggest difference is that armed forces policies offer coverage during war, which regular policies often do not. Regular plans may not cover deaths during military duty in high-risk zones, but military-specific policies do. These plans come with special riders like critical illness or accidental death benefit rider. Plus, they offer flexible payout options, so the family can get the benefit as a lump sum or every month. These features make life insurance more useful for defense personnel compared to regular plans.

 

3. Are there specific eligibility requirements for life insurance for the armed forces?

 

Yes, there are a few important things to keep in mind. To apply for life insurance, the person must be a serving member of the Indian Army, Navy, or Air Force. Some policies may ask for a simple health check or a health declaration form. If the person is working in a war zone or high-risk area, that should also be told to the insurance company. These checks help the insurer give the right coverage to the person.

 

4. What documents are required to apply for life insurance for armed forces personnel?

 

When applying for a life insurance policy, some documents are required. You will need a valid ID proof (Aadhaar card/PAN card), address proof (bill/Passport), and an employment proving document/service certificate is needed to show that you are employed in the armed forces. Some plans may also require a salary slip or proof of income, but in most cases, a health declaration form is needed. If you are working in a high-risk zone, the insurance company may require you to fill in an additional form to acknowledge that. This adds to the number of documents and assists the insurance company in approving the policy quickly.

 

Disclaimer:

 

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market and the insured is responsible for his/her decisions. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects, and returns.

The views stated in this article are 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 the sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

Bajaj Allianz Life Insurance Company Ltd., Regd. office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006, Reg. No.: 116, CIN: U66010PN2001PLC015959, Call us on toll free No.: 1800 209 7272, Mail us: customercare@bajajallianz.co.in

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.

Ref Code: BJAZ-WEB-EC-15298/25

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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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%%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

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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, 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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