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Term Insurance for Family: An Overview

Term Insurance for Family is a crucial step to ensure your loved ones remain financially protected even in your absence. Your family is your greatest support system, and safeguarding their future against unexpected financial difficulties brings peace of mind. While your current income may cover daily expenses, unforeseen circumstances can disrupt this stability. Term insurance acts as a safety net, providing your family with the necessary financial resources to maintain their lifestyle and meet essential needs. Investing in a term insurance plan for your family secures their future and helps you plan confidently for the uncertainties ahead.

Investment plans also act as tax-planning tools, as many avenues help reduce tax liability. There are different types of investment plans, and by choosing the right one, you can invest according to your needs and grow your savings.Read Less

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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: 7th July 2024
Modified on: 19th June 2024
Reading Time: 15 Mins
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What is a Term Plan?


A term insurance plan is a financial product that may provide support to your family if you were to pass away in an unfortunate manner. You may already be aware of how the cost of term insurance coverage has to be paid via premiums. These premiums may be paid monthly, quarterly, half-yearly, or yearly.


In the event of your demise during policy term, your family may raise a claim. If the claim is approved, the sum assured may be paid out to them. For your family to receive the sum assuredin an easy manner, they should be designated as the nominee/s under the term insurance plan.


Once they receive the sum assured from the term plan, your family may use the money for any reasons they see fit.


Example:


Mr Tripathi was travelling to his office when he got involved in a grievous car accident. He suffered some serious mishaps which eventually led to his untimely demise. His family was shocked. However, Mrs Tripathi understood the financial troubles that might come soon and raised a claim on Mr Tripathi’s term policy.


The insurance company processed the claim, and it was soon approved. The financial compensation received by Mrs Tripathi helped her and her two children to meet the daily expenses, continue with the education for the children, and plan for their future.



Features of a Term Plan


To get a more comprehensive understanding of family term insurance, let’s understand its features:


Availability in different variants


Your term insurance coverage needs may be different from that of others. Hence, you should have the liberty to choose a type of term insurance suiting your specific needs. Apart from pure term plans, term plans can further be categorised into increasing sum assured and decreasing sum assured term plans.


a. Increasing sum assured plans


Here, the sum assured under the term plan may keep on increasing gradually over the years. If you feel your family’s needs and expenses may increase over time, this type of plan may be suitable for you.


b. Decreasing sum assured plans


As the name suggests, the sum assured in this type of plan may reduce over time. If you have taken loans or debts and wish to secure your family against them in your absence, this type of plan may be suitable for you. Over time, as your debts and liabilities get paid off, the sum assured may also decrease, leading to a better sync between the two.


Availability of an optional maturity benefit component


Besides offering your family support during tough times, a term plan may also have a maturity benefitfeature depending on the terms and conditions of the policy. As per this feature, if you were to outlive the policy term, you may have the total of all premiums paid returned to you, subject to certain deductions. Plans offering such a feature may be referred to as Term Insurance Return of Premium (TROP) plans.


The premium of a TROP plan may be higher than the basic plans, due to the maturity benefit feature. However, note that if you were to breathe your last during the policy tenure, your family may only receive the death benefit amount. No maturity benefit may be applicable therein.


Availability of riders


Tragedy may strike your loved ones in different ways. What if an accident were to cause you to become permanently disabled? Or, if a critical illness were to come knocking at your door, how would you deal with the same? Opting for riders with your term plan may help you in these scenarios.


Some popular riders you may buy at a nominal additional cost with your term insurance plan include the waiver of premium rider, the critical illness rider, the accidental death and total/permanent disability rider, and so on. We shall learn more about these riders in the upcoming sections.



Benefits of a Term Plan for your Family


When you buy a term insurance, your family may benefit from it in various ways, such as:


Additional help coping with the loss of income


Losing a family member can be immensely difficult. However, if they are the main earning member of the family, the emotional consequences may be accompanied by financial challenges as well. In such a situation, the sum assured from a term life insurance planmay act as a source of relief. It may act as an income replacement and allow the family to pass through the financial difficulties with dignity.


Empowerment of your children to continue their education


Come what may, you do not want your children to stop receiving their education. You would want them to pursue their schooling and university at the best options available to them. You may fulfil this wish of yours even in your absence with the support of term insurance.


Accumulation of wealth in the long run


If you survive the policy maturity of a TROP plan, you may receive the maturity benefit, that is the sum of all the premiums you may have paid till then, minus the applicable deductions.


This amount may help you and your loved ones get a financial upper hand. The money received in this scenario may help you pay off a loan, buy a private vehicle, or so on.


Savings on tax


You may be able to claim tax deductions of up to Rs 1.5 lakhs against your term insurance premiums under Section 80C of the Income Tax Act of 1961 in case of old tax regime. Moreover, your family may claim tax exemptions on the death benefit payout under Section 10 (10D) of the Act subject to certain conditions.


Also, note that deduction under Section 80C of the Act can be claimed under the old tax regime and not under the new tax regime. Tax benefits are subject to terms and conditions as per the provision of the Income Tax Act of 1961, amended from time to time.


Types of Term Insurance Plans for a Family

When selecting Term Insurance for Family, understanding the different plan types is crucial to choose the right financial protection for your loved ones. Below are the five common types of term insurance plans designed for families, along with their key features and drawbacks:



Type of Plan


Key Features and Benefits


Drawbacks


Level Term Plans




Fixed premium and fixed sum assured. Suitable for long-term financial stability.




No survival or maturity benefits.




Increasing Term Insurance




Sum assured increases annually. Helpful in beating inflation.




Higher initial premiums. No maturity benefit.




Decreasing Term Insurance




Sum assured reduces over time. Suitable for covering loans or mortgages.




As the sum assured decreases, it’s more suitable for financial responsibilities that reduce over time.




Return of Premium (ROP) Term Plans




Premiums returned if the insured survives. Offers dual benefit: survival and death.




Higher premiums compared to basic plans.



Choose a plan that aligns with your family's financial goals, current liabilities, and long-term security needs.


How to Choose Term Insurance for Family in India 2025?

Choosing the right Term Insurance for Family in India 2025 involves evaluating your needs, comparing options, and selecting a plan that offers maximum value. Here’s a guide to help you make the right choice:


  1. Determine the Right Life Cover:


    Estimate the right life coverbased on your income, expenses, existing debts, future goals, and dependents’ needs. You can use a human life value calculator for assistance.

  2. Choose a Flexible Policy Term:


    Select a policy term that covers your working years or until your financial responsibilities decrease. Some policies offer coverage up to 99 or 100 years.

  3. Check Claim Settlement Ratio (CSR):


    A high CSR indicates that the insurer can efficiently settle claims. Aim for insurers with a CSR above 95%.

  4. Evaluate Riders/Add-ons:


    You can choose Riders like Critical Illness or Accidental Death Benefitby paying a little extra to strengthen your insurance cover.
  5. Understand Premium Structure:


    Understand how your premiums are calculated—whether they're fixed, increasing, or decreasing—and how they fit your budget.

  6. Review Policy Documents Thoroughly:


    Go through the fine print to understand inclusions, exclusions, renewal terms, and tax benefits.

  7. Compare Plans Online:


    Use online tools to compare features, premiums, and benefits of multiple plans. Choose the one that offers the best value and flexibility.

By following these steps, you can ensure the chosen term plan supports your family’s future, no matter what life brings.


What Riders Are Available with A Term Insurance Plan?


As mentioned earlier, riders are optional add-ons you may purchase at additional cost with your term life insurance.


Here are some riders you may want to consider:


Critical illness rider


If the assured person were to be diagnosed with a critical illness, this rider pays a lump-sum pay-out to them. This pay-out may be used to treat the illness, handle the lack of earnings that may happen in such a situation, or for any purposes the assured person sees fit.


Accidental death rider


If the assured person passes away due to an accident, their family may receive an additional lump-sum pay-out on top of the death benefit amount.


Accidental permanent disability rider


If an accident may lead to a permanent total/partial disability of life assured, they may receive the rider sum assured to deal with the financial repercussions of the same.


Waiver of premium rider


This rider may help you keep your term insurance plan active even if an accident or a critical illness diagnosis may take your ability to pay the premiums. This rider may essentially waive off the premiums until maturity if the events covered by the rider occur.


Family income benefit rider


While the above rider may waive off the premiums, this rider may provide a pay-out to the assured person and their family if any of the covered events, like a critical illness diagnosis, occurs.


Why Should the Main Income Earner Get Family Term Insurance?

The main income earner in a family is often responsible for managing essential expenses like rent, EMIs, children's education, and daily needs. If something happens to them, the family could face financial instability. Term insurance acts as a safety net by ensuring that your loved ones continue to receive financial support in your absence.


You can choose how the payout is made:


  • A lump sum after death

  • Monthly or annual income over a set period

  • A mix of both lump sum and regular income


These flexible payout options help the family manage immediate and long-term expenses comfortably. Additionally, you can pay premiums based on your preference—monthly, quarterly, half-yearly, yearly, or as a one-time payment.


In short, term insurance gives peace of mind to the main earner, knowing their family will be financially protected even when they are no longer around.


Conclusion


A term plan may be a wise product to opt for, having long-term benefits enjoyed by both the policyholder and their family members. While the financial benefits may be remarkable, one may not overlook the other benefits it may bring along, such as peace of mind and assurance of future financial security.


FAQs


1. Which is the best life insurance policy for a family?


The right life insurancedepends on your family’s needs, financial goals, age, health, and future plans. You can explore and choose based on what suits your situation best.


2. Can a term insurance plan cover more than one person?


Term insurance is typically designed to cover one individual. However, some insurers may offer joint term plans that cover two people, like spouses, under a single policy. It's best to check specific plan details before choosing.


3. How much coverage is required for a family of four members?


Coverage can be calculated using methods like Human Life Value, income replacement, or expense replacement. A common rule is 10 times the main earner’s annual income, considering loans, expenses, and future goals.


4. What should be the sum assured required for my family?


The sum assureddepends on your age, income, lifestyle, liabilities, number of dependants, and future goals. Evaluate these factors to choose an amount that provides adequate financial security to your family.


5. Can riders be purchased for term insurance for a family?


Yes, you can add riders like accidental death, critical illness, or waiver of premium to enhance your term plan. These come at an extra cost but provide additional protection based on your needs.


6. How can my family use the Term Life Insurance policy ?


If the insured dies during the policy term, the nominee receives the sum assured. This amount can be used for daily expenses, education,medical needs etc.


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*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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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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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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*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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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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%%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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*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

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, 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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~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. 

15% Discount applicable for customer's first individual life insurance policy on the life of the LA, applicable only on first year’s premium. 5% Discount for salaried employees, 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.

4Above illustration is for Bajaj Allianz Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V01) considering Male aged 23 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 2,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 7,159. 2nd Year onwards premium is Rs. 7,760. Total Premium is Rs. 2,32,199 | 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.

5Tax 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%.

2Get Free Health Management Services upto ₹ 31,000 per year

Health Management Services

Frequency

Cost (₹)

Doctor Insta-Consultations

3 consultations per month = 36 consultations per year

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 36 = ₹ 18,000

Health Coach
(Diet & nutrition consultations)

1 consultation per month =

12 consultations per year 

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 12 = ₹ 6,000

Emotional Wellness
(Psychologists consultations)

1 consultation per month =

12 consultations per year 

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 12 = ₹ 6,000

Network discounts:

 

Medicines (M) - 10%

Lab-test booking (L) - 10%

Throughout the year 

Assumption – Total

expense on these

services throughout

the year

Total discounts that can be availed

throughout the year

M - ₹ 5,000

₹ 500

L - ₹ 5,000

₹ 500

Total per year as per assumption

₹ 31,000

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor Insta-Consultations and Health Coach Services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

6Through Parental Care Option available in Bajaj Allianz Life Family Protect Rider (UIN:116B056V01)

*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

Bajaj Allianz Life Insurance Company Limited, Bajaj Allianz Life eTouch II, Bajaj Allianz Life New Critical Illness Benefit Rider and Bajaj Allianz Life Family Protect Rider are the names of the company and the product/rider respectively and do not in any way indicate the quality of the product/rider and its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochure & policy document of base product and rider carefully before concluding a sale or consult your “Insurance Consultant” for more details and eligibility conditions. Bajaj Allianz Life Superwoman Term comprises of Bajaj Allianz Life eTouch II – Life Shield variant (UIN:116N198V03) a Non-linked Non- Participating Individual Life Insurance Term Plan, Bajaj Allianz Life New Critical Illness Benefit Rider – Comprehensive option (UIN: 116B058V01) a Non-Linked, Non-Participating, Individual, Pure Risk Health Rider (this is a mandatory rider) and Bajaj Allianz Life Family Protect Rider – Child Care option (UIN: 116B056V01) - a Non-linked, Non-participating, Individual, Pure Risk Health Rider (this is an optional rider).

Bajaj Allianz Life eTouch II is also available individually for sale without the riders or with the other available riders options under the base policy.

^^*Available with Bajaj Allianz Life Family Protect Rider – Child Care option - A Lumpsum benefit equal to 105% of Total premiums paid4 w.r.t rider will be paid on the earliest occurrence of death or Accidental Total Permanent Disability, plus a monthly income as a percentage (0.1% to 0.5%) of Rider Sum Assured as opted at inception will be paid until child turns Age 25. 4Total Premiums Paid: Total Premiums paid till date w.r.t. the rider option shall be the total of all premiums received under the rider option chosen, exclusive of taxes, extra premium w.r.t. the rider, if any. This is an optional rider.

~~~Available with Bajaj Allianz Life New Critical Illness Benefit Rider - Comprehensive option (UIN: 116B058V01) - A Non-Linked, Non-Participating, Individual, Pure Risk Health Rider. This is a mandatory rider

^^^Health Management Services for Women upto ₹ 36,500 per year

Health Management Services for Women

Frequency

Cost (₹)

Comprehensive Health Check-Up:
- Cancer Screening
- Diabetic, Thyroid, Lipid profile tests
- Calcium Serum test
- Complete Blood Count test

1 per year

₹ 3,500

OPD*^* in-clinic consultations
(Specialist doctors like Gynaecologist, Obstetrician, Dermatologist, Paediatrician, Orthopaedic & General Physician)

*^*OPD – Outpatient Department 

1 per year

 ₹ 1,000

Pregnancy OPD*^* wallet
(OPD*^* benefit worth ₹ 2,000 unlocked in case of pregnancy)

Once during policy term

Not considered in yearly cost since this is available once during policy term

Doctor Insta-Consultations 

3 consultations per month = 36 consultations per year

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 36 = ₹ 18,000

Health Coach
(Diet & nutrition consultations)

1 consultation per month =

12 consultations per year 

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 12 = ₹ 6,000

Emotional Wellness
(Psychologists consultations) 

1 consultation per month =

12 consultations per year 

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 12 = ₹ 6,000

Network discounts:

 

Medicines (M) - 10%

Lab-test booking (L) - 10%

Out-patient consultation (O) - 10%

In-patient consultation (P) - 5%

Throughout the year 

Assumption – Total

expense on these

services throughout

the year

Total discounts that can be availed

throughout the year

M - ₹ 5,000

₹ 500

L - ₹ 5,000

₹ 500

O - ₹ 5,000

₹ 500

P - ₹ 10,000

₹ 500

Total per year as per assumption

₹ 36,500

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor insta consultations and health coach services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

7Above illustration is for Bajaj Allianz Life iSecure - A Non-Linked Non-Participating Term Life Insurance Plan (UIN:116N109V05) considering Male aged 25 years | Non-Smoker | Policy Term (PT) – 10 years | Premium Payment Term (PPT) – 10 years | Sum Assured opted is ₹ 50,00,000 | Online Channel | Standard Life | Total Premium Paid is ₹ 1,17,340 | Medical Rates | Monthly 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.

8If the customer is digitally KYC compliant and meets the eligibility criteria, medical, and underwriting norms.

92% Discount on online purchase is available for regular premium payment and limited premium payment frequency throughout the premium payment term.

27Tax 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.

21HSAR – High Sum Assured Rebate is subject to policy terms and conditions

22Premium rate applicable to female life will be based on the premium rate of 3 years’ younger male

35% 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, applicable only on first year’s premium.

2Above illustration is for Bajaj Allianz Life Smart Protection Goal - A Non Linked, Non Participating, Individual Life Insurance Term Plan (UIN: 116N174V05) considering Male aged 25 years | Non-Smoker | Standard Life | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Total Sum Assured opted is Rs. 1,00,00,000 | Total Premium - Rs. 2,08,143 (1st Year Premium is Rs- 6535/- and 2nd Year onwards Rs -6952/- )| Online Channel | This is exclusive of discount for salaried customers and for customer's first individual life insurance policy | medical rates | Yearly 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.

1Product feature/benefit mentioned above are dependent on optional benefit, if selected.

~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.

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