Life Goals Loading…

    4

    Notifications4

    • Get Life Cover worth Rs.1 Crore at Rs.18 per day2 – Bajaj Allianz Life Smart Protect Goal

      PLAN NOW
    • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

      PLAN NOW
    • Life Insurance Term Plan with Return Of Premium

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

      KNOW MORE

    Looking for a Term Plan?

    Get Exclusive Discount on online purchase^

    Have us call you

    Please enter a Name
    Please enter a Mobile No.

    ^3% Discount is available for regular premium and limited premium payment frequency under all variants of Bajaj Allianz Life Smart Protect Goal A Non Linked, Non-Participating Pure Life Term Insurance Plan.

    Please select a option
    Please select a option

    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

    Have Us Call You

    Get your Life Goals Done

    Have us call you

    Please enter a Name
    Please enter a Mobile No.
    Please select a option

    Is Term Insurance Good?

    Is term insurance good for you

    Is Term Insurance Good?


    calender-blue

    June 10, 2020

    By : Bajaj Allianz Life

    Yes, absolutely. Term insurance plans are good and worth every penny you spend. Whether you are the sole provider in the family or have an earning spouse, having the protection of term life insurance makes complete sense. Imagine your family having to live on half of what you earn or worse without any regular monthly income. Life can take an unexpected turn any moment and your family’s quality of life can suffer without the protection of term life insurance. Decrease in the level of income can negatively impact their lifestyle and completely derail the life goals you have set for them.

    However, you can shield them from every challenge that life throws at them with a robust and adequate term insurance plan. So, is term insurance good? You know now it certainly is good.

     

    What is term insurance?

     

    Term insurance is a pure form of insurance that provides death benefit to the nominee in case the life assured dies. It acts as a financial cushion for your family to fall back on if there was anything to happen to you. Today, few term life insurance plans provide coverage for as long as 99 years of age. Premiums for term life insurance are cost effective which allows you to get a higher coverage (sum assured) by paying a nominal premium. The earlier you start, the lesser will be your premium. Your health conditions play an important role in determining your premium, hence it is better to invest at an early age as you are less prone to diseases when you are younger.

    Generally, term insurance plans don’t provide maturity benefit if the policyholder survives the policy term. However, now you can also buy term insurance plans that provide a return of premium on maturity.

     

    Term Life Insurance – Features & Benefits

     

    1. Cost effective

    When you buy a term plan in your 20’s, you pay a lower premium for a cover worth 50 lakhs. If you decide to take a similar plan in your late 40’s or 50’s, the same term insurance plan would become costlier.

    Hence if you decide to take a term plan at a younger age when you are healthier it turns out to be a cost effective option which further ensures that your mind is at peace and your loved ones are secured.

    So, if someone asks you: Is term insurance good for me? You should answer, definitely yes! Term insurance is good for anyone who loves their family and wishes to secure them.

    2. Flexible benefit pay-out options

    With new-age term insurance plans, your family members are not bound to receive the death benefit pay-out as lump sum. In fact, they can opt for receiving the pay-out both as lump sum and/ or as monthly income. This ensures that your family can receive regular monthly income in your absence apart from a substantial amount to meet their life goals.

    In certain plans, your nominee also gets the freedom to choose for a fixed monthly pay-out or increasing monthly pay-out where the pay-out increases by a certain percentage every year.

    3. Ability to increase coverage at major life stages

    Some plans also offer another feature which is that you get the flexibility to enhance the coverage at certain important and pre-defined life stages. For example – if your life coverage was Rs. 1 crore before marriage, you can increase the sum assured by a certain percentage on marriage.

    4. Tax benefits

    Term life insurance also provides tax benefits to individuals but your aim shouldn’t be to buy term insurance to save taxes.

    Irrespective of that, term life insurance does provide tax benefits to policyholders. Under Section 80C of the Income Tax act, 1961, you can be eligible for deductions up to Rs. 1.5 lakh per annum on premiums paid subject to provisions stated therein. Additionally, under Section 10(10D) of the Income Tax Act, 1961, maturity benefit, surrender or death benefit of term life insurance will be exempt from income tax, subject to fulfilment of product terms and conditions. The aforesaid term insurance tax benefits are subjects to changes in Income Tax Act, 1961, as amended from time to time.

    5. Enhanced protection

    Term plans also allow you to enhance protection for yourself and your family with riders such as accidental death benefit, permanent disability benefit, critical illness cover and waiver of premium benefit rider.

    Conclusion

    Finally, to answer that question again, ‘Is term insurance good?’ Yes. It’s not only good but is indispensable for your family’s financial security and your peace of mind.

    Bajaj Allianz Life Videos

    Video Icon

    Smart Protect Goal | Pay For 5 Years, Get Term Insurance Coverage For Life | Bajaj Allianz Life

    Video Icon

    Happy Independence Day 2020 | #IndiaSolveKarteJaa | Bajaj Allianz Life

    Video Icon

    Flexi Income Goal – Variants, Features, Benefits Explained

    Video Icon

    Why Choose Bajaj Allianz Life To Help Get Your #LifeGoalsDone?

    Video Icon

    #DostiWithDad - Happy Father's Day | Bajaj Allianz Life | Life Goals Done

    Video Icon

    Covid-19 Survivor Story | Bajaj Allianz Life Smart Protect Goal | Bajaj Allianz Life

    Video Icon

    Lage Raho India - Keep getting your #LifeGoalsDone

    Video Icon

    Don’t Let COVID-19 Lockdown Get in The Way of Your #LifeGoals

    Video Icon

    Coronavirus (COVID-19) Advisory Video #DooriHaiZaroori

    Video Icon

    Coronavirus COVID-19 impact on markets - CIO Commentary | #KeepCalmStayInvested

    Video Icon

    Bajaj Allianz Life Leadership Team | #PlankForIndia

    Our MD & CEO, Tarun Chugh launches #PlankForIndia campaign and planks with Sanjiv Bajaj MD & CEO, Bajaj Finserv and Chairman Bajaj Allianz Life & the rest of the group leadership team.

    Video Icon

    #PlankForIndia | Bajaj Allianz Life

    Bajaj Allianz Life will contribute to the training and development of India's future sports stars. Come together to Plank for Good Health, PlankforIndia.

    Video Icon

    #PehlaDinPehlaResolution

    #PehlaDinPehlaResolution | Happy New Year | Smart Protect Goal | Bajaj Allianz Life

    Video Icon

    Bajaj Allianz Life Goal Assure

    Bajaj Allianz Life Goal Assure - A ULIP Investment Plan To Achieve Life Goals

    Video Icon

    Valentine's Day

    Valentine's Day

    Video Icon

    Bajaj Allianz Health Care Goal

    A Comprehensive Health Insurance Plan with Critical Illness Cover | Bajaj Allianz Life Health Care Goal

    Video Icon

    #36SecPlankChallenge video

    Promote Healthy Living for a Better Tomorrow with our #36SecPlankChallenge

    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:

    Weekdays - 9:00 AM to 3:30 PM

    Customer Care Helpline:

    1800-209-7272

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

    For NRI: +91 20 67871700 (Call charges apply)

    Monday to Saturday 9.00 AM to 7.00 PM (IST)

    Sales Enquiry Helpline:

    1800-209-4040

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

    For NRI: +91 20 67688888 (Call charges apply)

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

    Find Us Online