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

    Term Insurance Benefits For Parents

     Term insurance for parents

    Term Insurance Benefits For Parents


    calender-blue

    August 24, 2020

    By : Bajaj Allianz Life

    Purchasing term insurance is a great way to protect your family’s future financially and help them achieve their life goals. Most people tend to focus on getting a term policy for themselves or their spouses alone. When shopping for an insurance plan, parents are often not part of the equation. However, purchasing a term insurance for parents can offer both you and your parents a whole world of benefits. Here is a closer look at the benefits of term insurance for parents and some reasons why you should purchase it.

     

    Why should you buy term insurance for your parents?

     

    Apart from giving you and your parents a strong sense of financial security, there are plenty of other reasons why you should buy term insurance for parents. Some of these are briefly explained below –

    • It helps take care of your parents’ healthcare expenses

    Over the decades, the life expectancy of people has gone up significantly. It also means that the possibility of suffering from ailments and diseases has shot up. This number seems to increase exponentially when we take senior citizens and old people into consideration. As your parents age, their healthcare expenses may also rise.

    With the costs of medical treatment escalating, your parents might be in need of financial help to deal with the rising healthcare costs. This is where term insurance for parents proves to be useful. When paired with suitable riders, a term policy can help your parents handle critical illness and disability related expenses better in your absence.

    • It lets your parents stay independent

    In the unfortunate event of one of your parents’ demise, the financial security of the surviving parent might suffer. Such a distressing event can leave them with no source of income to rely on. This could prove to be very distressing for your surviving parent, especially in the wake of the loss of their spouse.

    Nevertheless, all of these issues can be handled gracefully with a good term insurance plan for your parents. The lump sum death benefit payment that the insurer pays out can give the surviving parent the much-needed financial security and the strength to get back on their feet. Some term insurance policies even offer a monthly payout option along with a lump sum payment option. This enables the surviving parent to stay financially independent and secure.

    • It allows you to take care of your parents’ debts and liabilities

    Over the years, your parents might have availed loans to fund certain major purchases or to meet various life goals. Depending on the tenure, these accumulated debts and liabilities may remain partly unpaid until their demise. In cases like these, the burden of repaying these debts may fall on the surviving members of the family, such as yourself.

    However, a term insurance plan can help you here. The death benefit that you receive can be used to repay these unpaid debts and liabilities, thereby safeguarding you and your own family from having to bear the burden of repayment.

     

    Term insurance benefits for parents

     

    By purchasing term insurance for parents, both you and they stand to benefit greatly. Read on to know more about the benefits that such a term insurance policy offers.

    • Tax benefits

    One of the most important advantages that term insurance for parents offer is the ability to reduce taxes. According to the Income Tax Act, 1961, the purchaser of a term insurance policy is eligible to claim the premiums paid toward the plan as a deduction from their total taxable income. You can claim deduction of up to Rs. 1.5 lakh in a single financial year, which can help reduce the tax outlay. In addition to that, the death benefit sum assured is also tax-free on the hands of the beneficiary. Tax benefits are subject to provisions of Income Tax Act, 1961, as amended from time to time.

    • Flexibility to add riders

    Another major advantage that term insurance plans offer is the flexibility to add riders of your choice. With the rise in diseases and ailments, opting for riders to cover healthcare and medical costs becomes essential. You can choose between plenty of different riders such as disability coverage, critical illness cover, terminal illness cover, and even accident coverage. Term insurance for parents also allows you to add multiple riders to the base plan.

    • Affordability

    Unlike traditional life insurance plans, term insurance is relatively more affordable and economical. Since term insurance essentially offers a pure life cover, the cost of premium is lower and more nominal. By purchasing a term insurance for parents, you can give them the gift of a protective life cover without having to deal with exorbitant insurance premiums.

     

    Conclusion

     

    By opting for term insurance for parents, both you and they stand to gain a great deal. Before choosing a term policy for them, always ensure to explore your options carefully. This way, your parents get to enjoy maximum coverage with the least amount of financial outlay. Also, before choosing a term policy, make sure that you use a term insurance calculator to determine the amount of required life cover, so that you are prepared to make an informed choice.

    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)