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

Everything You Need To Know About A Term Life Insurance


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July 14, 2022

By : Bajaj Allianz Life

Are you considering purchasing an online term insurance? Do you understand how it operates or what the policy term entails? If the second question leaves you perplexed, and you're not sure what a “policy” word is, you should study it before purchasing life insurance. The policy term refers to the amount of time that a term life insurance policy is valid, and if the insured passes away within that time, their beneficiaries are entitled to receive the stipulated value.

The length of the policy is decided at the time of purchase. It refers to the period of time during which the insurer provides the promised life coverage to the policyholder.

 

What is a Term Life Insurance?

 

Term insurance is a life insurance product, which offers financial coverage to the policyholder for a specific time period. There are a number of advantages of purchasing a term life insurance plan; some of these advantages are listed below to help you understand:

● Long-term coverage:

A person who has a life insurance plan can provide financial security to his nominees. Throughout the policy period, his or her life insurance will give financial safety and peace of mind for the duration of his or her policy's validity, provided all due premiums are paid.

● Death benefit:

If a policyholder dies within the policy term period, his or her nominee will get a death benefit provided all due premiums are paid. Individuals may avail income tax benefits under Section 80C of the Income Tax Act 1961, subject to provisions stated therein, which saves money and reduces tax burden.

● Insurance rider:

A policyholder may choose to benefit from extra advantages and coverage by adding additional insurance riders to his or her policy, thereby enhancing financial security with minimal extra cost.

 

What are the Benefits of a Term Life Insurance?

 

Pay your premiums on a regular basis to keep your life insurance policy active. In the terrible event that you die while the policy is still active, your nominees will receive a lump sum payment known as the death benefit. This amount of money is tax-free as per prevailing Income tax Act 1961, subject to provisions stated therein, and your family may use it to supplement your wages, pay off credit cards or other debts, and meet day-to-day expenses.

In addition, if your tenure comes to an end, you have a few options. One of them is:

  • Purchase a new term life insurance policy or switch to long term life insurance.

 

Wrapping Up

 

Investing in a life insurance policy is one of the preferred way to assure a secured financial future for you and your family. These plans will be there for your family on a rainy day, providing you with a financial safety net. Find a term insurance plan at Bajaj Allianz Life which offers financial security and the assurance that your family’s aspirations will be realized even if you are not present.

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Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Fax No: 020-66026789

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##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.

~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.