• Get Life Cover worth Rs.1 Crore at Rs.17 per day2 – Bajaj Allianz Life Smart Protection Goal

  • Apne life goals ki guaranteed1 hona Ye Bhi Sahi Hai

  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

  • Here's a Comprehensive Tool To Plan Your Child's Future

  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

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

  • Paying your Renewal Premium is Quick and Easy!

  • Know the right amount of Insurance you need in just a few steps!

  • Avail Term Insurance Tax Benefits under Section 80D

  • Know how to invest money during the covid-19 pandemic!


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Get ₹ 1 Crore Life Cover @ ₹ 20 Per Day2

Bajaj Allianz Life Smart Protect Goal

Up to 11% Discount, on 1st Year Premium3

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2Above illustration is for Bajaj Allianz Life Smart Protection Goal - A Non Linked, Non Participating, Individual Life Insurance Term Plan (UIN: 116N174V02) 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. 2,21,970 | 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.

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. | 1% Discount on online purchase is available for regular premium payment and limited premium payment frequency.

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

How Much Term Insurance Coverage Do I Need?

By : Bajaj Allianz Life


Term insurance plan is affordable and offers not just tax benefits, but also peace of mind that your loved ones will continue to achieve their life goals even in case of your untimely demise. However, most of us might not have a clear idea of how much we should be insured for and for how long. As a result, we end up being underinsured or paying steeper premiums than we need to if we over-insure ourselves. There is, however, a simple way of figuring out how much insurance you ought to have, and what its term should be.

The Basics

The basic formula to calculate the  term insurance cover  will depend on the age and annual income of person. You can go up to 25 times of your annual income to ensure you have an adequate cover.

Other Parameters to Consider

The above basic formula is an easy way to work out an estimate. However, one can arrive at a more accurate figure by taking into account the number of dependents you have, the living expenses of your dependents, the lifestyle you would wish them to have, the length of time you estimate that they will need the financial support in your absence, and existing investments you may have. If you have any saleable assets which can help your family in their hour of need, you can deduct these from the amount you have arrived at. Further, you should add the cost of the debts you currently have, such as a home loan or car loan. The resulting figure is a more accurate indicator of what amount you should be insured for.

The Tenure

Another factor worth considering is how long you should be insured for. Consistent investments into a specialized pension plan will provide for a good lifestyle once you retire. However, you need to be adequately insured until that age when you would be earning. This way, your family's goals will continue to be met even in your absence.

To summarize, the amount you should be insured for should be enough to cover your family's needs in your absence and for as long as they would need the financial support. With these parameters in place, you can have that peace of mind that your family will be able to go on to achieving their  life goals  even if you're not there to provide for them.

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Contact Us

Bajaj Allianz Life Insurance Company Ltd.

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

Tel No: 020-66026773

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Monday to Friday - 9:00 AM to 3:30 PM (IST)

Saturday - 9:00 AM to 1:00 PM (IST)

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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.