Life Goals Loading…

    11

    Notifications11

    • Convert Your Saving into Investments to Fulfil Future Life Goals.

      CALCULATE NOW
    • 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
    • Checkout Quarterly Market & Macro Overview - Oct'20

      KNOW MORE
    • Is your weight right according to your height?

      Calculate BMI Now
    • Find out your Immunity Score right away!

      Calculate Now
    • How much Insurance do I need

      KNOW MORE
    • Paying your Renewal Premium is Quick and Easy!

      Pay Now
    • CIO commentary on RBI Monetary Policy: October 2020

      READ 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

    8 Questions To Ask Before Buying Term Insurance

    Buy term insurance by asking yourself these 8 questions

    8 Questions To Ask Before Buying Term Insurance


    calender-blue

    Dec 28, 2018

    By : Bajaj Allianz Life

    Term insurance is the purest form of insurance where for a fixed premium, you cover yourself against any unforeseen contingencies. Term plan is also the cheapest form of insurance as it offers only protection and no savings. Further, these premiums are tax deductible under section 80C of the Income Tax Act, 1961, subject to provisions stated therein. While this sounds like an attractive proposition, it is natural to wonder if it is the perfect fit for you.

    Before investing in term insurance, you should ask yourself these questions to make an informed decision.

    Q1. Should I opt for term insurance?

    Term insurance is a suitable option for those who want a high sum assured for relatively low premiums. It is the purest form of insurance where the entire premium goes towards covering your life and ensuring that your loved ones meet their life goals even in your absence. Hence if a term plan is meeting yours and your family's life goals, opt for it.

    Q2. When should I buy term insurance?

    The ideal time to invest in term life insurance is today. The earlier you buy it, the lower your premiums are, as your premium depends upon your age, health factors, term of the policy, etc. A lower age results in a lower premium which is fixed for the entire duration of your insurance. Over the years, that adds up to quite a sizable sum saved simply because you acted in time.

    Q3. What is the sum assured that I should be insured for?

    The sum assured should be based on the amount your dependents would require to live a fulfilling life even in your absence. This amount can be determined based on their needs and goals as well as on your loan, liabilities and other factors. Based on your sum assured, your premium would be calculated taking into consideration risk factors such as your age, health, lifestyle diseases like diabetes or heart disease, lifestyle habits such as smoking etc. You can also check premium quotes online using a premium calculator.

    Q4. What should the ideal tenure of my term insurance plan be?

    Your term insurance plan should cover you for the duration of time you intend to work. So, if you plan to retire at 65, you should plan on staying insured up to that age.

    Q5. Do I need to add a rider?

    Riders can be added to the base policy to additionally guard you against a wide gamut of situations such as a critical illness or accidental permanent disability. These should be carefully chosen based on your needs.

    Q6. Should I buy a term insurance policy even if I have no dependents?

    If you are likely to have dependents in the future, it makes sense to buy a term plan  at a younger age, since the premiums are lower.

    Q7. Should I buy online or offline?

    An increasing number of prospective policyholders are choosing to buy life insurance online. These work out to be much more economically-priced, since the insurance is bought directly from the company. Be sure to thoroughly evaluate your options, since the onus of choosing rests with you. If this seems like a daunting task, going through an insurance agent and buying a policy offline may be worth the additional cost.

    Q8. How do I choose the right insurer?

    As with every service provider, choosing the life insurance company is an important factor. It makes sense to compare insurers to find the ones who are offering you the most value-for-money options to suit your needs. Further, one needs to look at the claim settlement ratios of the insurers. This ratio indicates the percentage of claims they have honoured, so a high claim settlement ratio would make an insurer preferable.

    Term Insurance is an affordable way to get a high enough sum assured for ensuring your family is looked after even if you are not there to provide for them. With this safety measure in place, you can peacefully live your life knowing that your loved ones will continue to achieve their life goals and fulfil their dreams.

    Bajaj Allianz Life Videos

    Video Icon

    #SavingsToLifeGoals - Bajaj Allianz Life

    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 07.00 AM to Sunday 07.00 AM

    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