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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

 

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Upto 12% Discount* on first year premium

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

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*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.

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*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

Tax Insights : TDS Applicable on Life Insurance

Pay-out Under Section 194 of Income Tax Act 1961!

As per the new section introduced in Income tax act 1961, people would get highly affected because of high TDS (Tax deducted at source) on their sum insured benefit.

Section 194 DA under Income tax act 1961 says that the policies that are not exempted under section 10 10 (D) would be affected by the deduction of TDS on the pay-out. This section came effective from October 1st, 2014.

The rate of TDS would be @ 2% on any pay outs that exceeds Rs.1,00,000 per year and @ 20% for those who are not having their PAN Cards.

Section 10 10 (D) of Income tax act 1961, specifies that any ULIP policy bought after April 2012, would be exempted from tax if the premiums paid in any of the year are less than 10% of sum insured. All the policies that are bought from April 2003 to March 31st 2012, the exemptions were granted to those, whose premium does not exceeds 20% of sum insured.

But, the concept of tax deducted at source for those policies pay outs, whose premium in any year exceeds 10% of sum insured, would adversely affect some class of people like:

  • Single premium payer as the amount of single premium would in most of the cases exceeds 10% of sum insured.
  • People who have chosen additional riders as the total premium in most of the cases would exceed 10% of sum insured.
  • Older people whose premium would be really high would mostly exceeds 10% of the sum insured.
  • People living in small towns or villages, who do not have PAN cards with them.

Such deduction of TDS would make your pay-out sum lesser and even lesser for those who do not have PAN cards.

Actionable to avoid TDS:

1. Please ensure you have made your PAN CARD & update the details with your Insurance Company

2. Buy regular premium policies & ensure that the Sum Assured is greater than 10 times of your Annual Premium

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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:

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)

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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.

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.