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Why Take Life Stage Benefit when Choosing a Term Insurance Plan?


Oct 20, 2021

By : Bajaj Allianz Life


What is the life stage benefit in term insurance?


A term life insurance coverage can protect you from the pitfalls of life. It provides for your family's financial requirements in the event of a tragedy. It ensures that your nominees will get a payment in the event of your death, which they can use to cover their expenditures. Throughout the policy term, the sum assured remains the same. However, if your duties and responsibilities grow, so will your costs. Aside from that, you must account for market inflation as well as rising costs of goods. As a result, a sum guaranteed today may not be adequate ten-fifteen years later.

The life stage benefit operates on the principle that "one size does not fit all," i.e., your term plan's initial coverage cannot cover all of your life stages. The life stage benefit option gives your life insurance policy more flexibility to match your changing needs. This one-of-a-kind term insurance benefits allows your insurance coverage to adjust to your life goals by increasing the sum assured at critical junctures depending upon the features of the policy.


Why does your life insurance need change at every stage in life?


Life insurance policies are designed to cover both long and short-term objectives. Life insurance requirements for larger responsibilities are often higher than those for smaller, short-term objectives. As time goes on, the duties/liabilities grow, and the sum assured that you chose years ago, when the situation was completely different, begins to feel insufficient.

As an example, as a recent graduate, you buy a term insurance policy. For the time being, your coverage will be more or less adequate. You eventually settle down and begin looking for a home to purchase. After a few years, you'll be responsible for your children's upbringing and education. You'll have to pay for their further education later. As a result, the original sum assured would most likely be insufficient to cover all of these costs. As a result, each period of life has its own set of insurance requirements.


Why do you need to opt for the life stage benefit in term insurance?


  • As previously stated, different stages of life necessitate different types of insurance. Individuals may not be able to afford to purchase new insurance as their financial needs grow. Depending on the features available in the product, you can choose the life stage benefit option in term insurance to avoid the trouble of obtaining new policies at each important time. According to your demands, the insurance coverage grows by a set amount during critical phases of your life. As a result, the guaranteed amount will rise. Accordingly, while buying your insurance plan, you should check for the availability of life stage benefit feature.
  • When buying a term insurance, exercise caution and properly research all of the policy's features and advantages. Adding a life stage benefit to your policy will strengthen your coverage and provide financial security for your family. You may enjoy all of the advantages of the life stage benefit option


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Bajaj Allianz Life Insurance Company Ltd.

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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.

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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.