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Term Insurance Tax Benefits: Deductions under Section 80C, 80D and 10(10D)

A term insurance policy is a protection-oriented life insurance policy that can help create a secured financial corpus for the family in the case of the life insured’s untimely demise. It also helps prepare the family for unplanned emergencies after the breadwinner passes away.Read More

 

While term insurance plans offer the benefits of financial security and peace of mind, they also help save taxes. When investing in a term insurance plan, you can get multiple tax benefits. Let’s have a look at the term plan tax benefits– Read Less

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Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 16th Oct 2024
Modified on: 16th Oct 2024
Reading Time: 15 Mins
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While term insurance plans offer the benefits of financial security and peace of mind, they also help in saving taxes. When you invest in a term insurance plan, you can get multiple types of tax benefits. Let’s have a look at the term plan tax benefits

 

Available tax benefits under different Sections of the Income Tax Act 1961

 

As mentioned earlier, a term insurance plan offers multiple tax benefits. These benefits under the provisions of Income Tax Act, 1961 (the Act) are as follows –

 

1. Tax benefit under Section 80C

 

Under this section, the premium that you pay for the term plan is allowed as a deduction from your taxable income. The limit of deduction allowed under Section 80C of the Act is up to Rs.1.5 lakhs1. You can use the term insurance calculator to calculate your premium and invest accordingly.

The deduction is allowed as minimum of following:

a. Actual premium paid or

b. 10% of the death sum assured for term policies issued on or after 1st April 20121.

Consider the following illustrations of term insurance premiums and the deduction that you can claim in each case –

Premium amountSum assuredDeduction availableReason
Rs. 114,093Rs.50 lakhsRs. 1,14,093Premium is less than 10% of the sum assured and within the deduction limit of Rs.1.5 lakhs, so deduction is allowed on Rs. 1,14,093.
Rs.2,07,489Rs.1.5 croreRs.1.5 lakhsThough the premium is less than 10% of the sum assured, it exceeds the deduction limit of Rs.1.5 lakhs. Thus, the deduction is allowed up to the maximum limit of Rs. 1.5 lakhs only.

In cases where the premium is within the deduction limit of Rs.1.5 lakhs and is more than 10% of the sum assured, the deduction is allowed only on the amount which is 10% of the sum assured.

Note: The above figures are for illustration purposes only, calculated for different premium payment terms, for a male aged 35 years, non-smoker, earning between 15-20lakhs/year. These figures will vary from person to person. Please use the relevant calculator to calculate the premium for your chosen plan type.

 

2. Tax benefit under Section 10(10D)

 

Section 10(10D) is applicable for policy benefits including maturity or death benefit, if any, received under insurance plan. Death benefit is exempt in the hands of recipient irrespective of satisfaction of Section 10(10D) conditions. However, in case of maturity, gain from policy will be taxable in the hands of recipient if policy is not satisfying Section 10(10D) conditions.

In the earlier example, Section 10(10D) exemption will be allowed in the first two instances because the premium is within 10% of the sum assured. However, if the premium exceeds 10% of the sum assured, the maturity benefit paid under this instance will be taxed in your hands as income at your slab rates.

 

3. Tax Benefit Under Section 80D

 

Term insurance plans offer different riders with the policy. These riders give additional coverage and come at an additional premium. Premium paid for some riders like the Critical Illness Rider can be claimed as a deduction from your taxable income. A critical illness rider pays out a lump sum amount in case you are diagnosed with any of the critical illnesses listed under the plan. The premium paid for the rider is allowed as a deduction under Section 80D. The deduction limit is Rs. 25,000 if you are below 60 years old and Rs. 50,000 if you are a senior citizen1.

 

Eligibility Criteria for Claiming Term Insurance Tax Benefits:

 

To claim term insurance tax benefits under Section 80C and 80D, some eligibility parameters should be met. These are as follows –

  • The deduction is allowed in the financial year when the premium is paid1.
  • You can claim a deduction under Section 80C for premiums paid for yourself, your spouse and dependent children1.
  • For deduction under Section 80D, you can pay premiums for yourself, your spouse and dependent children1 for health rider.
  • NRIs can also claim a deduction under term insurance comes under 80C or 80D for the insurance premiums paid1.
  • After buying the plan, you should hold on to the policy for a minimum of 2 years. Surrendering or terminating the policy before 2 years will reverse the benefit availed under Section 80C of the Income Tax Act, 19611.

To claim benefit under Section 10(10D) on maturity, premium payable should not exceed 10% of death sum assured for policies issued after 31 March 2012.

 

Conclusion:

 

A term insurance plan, thus, is a multifaceted plan which not only provides insurance coverage for the financial security but it also helps in saving tax. The death benefit paid under the plan is tax-free subject to provisions of the Act. Maturity benefit i.e. Return of premiums upon maturity, if opted under the plan, is tax-free under Section 10(10D), subject to satisfaction of conditions mentioned therein. So, understand the tax benefits of term insurance plans and use these benefits to your advantage when filing your returns.

 

FAQs

 

 

1. Can Hindu Undivided Families claim 80C benefit on life insurance premiums?

 

Yes, Hindu Undivided Families can claim 80C benefits on life insurance premiums paid for the members of the HUF1.

 

2. Is TDS applicable on the maturity benefit?

 

If the policy does not satisfy conditions mentioned under Section 10(10D), then TDS will be applicable on gain amount if the policy payout exceeds Rs. 1 Lakh. The rate of TDS is 5%2.

Ref:

1. https://incometaxindia.gov.in/tutorials/20.%20tax%20benefits%20due%20to%20health%20insurance.pdf

2. https://cleartax.in/s/life-insurance-taxability#:~:text=The%20insurance%20company%20is%20liable%20to%20deduct%20tax%20at%205,65%2C000%20amounting%20to%20Rs%203%2C250.

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*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and 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. 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.

##Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

**5% 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. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

$Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

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

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

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Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


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


Term Insurance Plans from Bajaj Allianz Life

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*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


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

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Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | 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. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


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


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*Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and 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. 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.

##Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

**5% 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. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

$Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

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

X
Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any Call made, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

Disclaimers:
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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. 

15% Discount applicable for customer's first individual life insurance policy on the life of the LA, applicable only on first year’s premium. 5% Discount for salaried employees, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

4Above illustration is for Bajaj Allianz Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V01) considering Male aged 23 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 2,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 7,159. 2nd Year onwards premium is Rs. 7,760. Total Premium is Rs. 2,32,199 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage : 40, Income Payout Percentage : 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and 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. 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.

5Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

2Get Free Health Management Services upto ₹ 31,000 per year

Health Management Services

Frequency

Cost (₹)

Doctor Insta-Consultations

3 consultations per month = 36 consultations per year

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 36 = ₹ 18,000

Health Coach
(Diet & nutrition consultations)

1 consultation per month =

12 consultations per year 

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 12 = ₹ 6,000

Emotional Wellness
(Psychologists consultations)

1 consultation per month =

12 consultations per year 

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 12 = ₹ 6,000

Network discounts:

 

Medicines (M) - 10%

Lab-test booking (L) - 10%

Throughout the year 

Assumption – Total

expense on these

services throughout

the year

Total discounts that can be availed

throughout the year

M - ₹ 5,000

₹ 500

L - ₹ 5,000

₹ 500

Total per year as per assumption

₹ 31,000

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor Insta-Consultations and Health Coach Services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

6Through Parental Care Option available in Bajaj Allianz Life Family Protect Rider (UIN:116B056V01)

*Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy

Bajaj Allianz Life Insurance Company Limited, Bajaj Allianz Life eTouch II, Bajaj Allianz Life New Critical Illness Benefit Rider and Bajaj Allianz Life Family Protect Rider are the names of the company and the product/rider respectively and do not in any way indicate the quality of the product/rider and its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochure & policy document of base product and rider carefully before concluding a sale or consult your “Insurance Consultant” for more details and eligibility conditions. Bajaj Allianz Life Superwoman Term comprises of Bajaj Allianz Life eTouch II – Life Shield variant (UIN:116N198V03) a Non-linked Non- Participating Individual Life Insurance Term Plan, Bajaj Allianz Life New Critical Illness Benefit Rider – Comprehensive option (UIN: 116B058V01) a Non-Linked, Non-Participating, Individual, Pure Risk Health Rider (this is a mandatory rider) and Bajaj Allianz Life Family Protect Rider – Child Care option (UIN: 116B056V01) - a Non-linked, Non-participating, Individual, Pure Risk Health Rider (this is an optional rider).

Bajaj Allianz Life eTouch II is also available individually for sale without the riders or with the other available riders options under the base policy.

^^*Available with Bajaj Allianz Life Family Protect Rider – Child Care option - A Lumpsum benefit equal to 105% of Total premiums paid4 w.r.t rider will be paid on the earliest occurrence of death or Accidental Total Permanent Disability, plus a monthly income as a percentage (0.1% to 0.5%) of Rider Sum Assured as opted at inception will be paid until child turns Age 25. 4Total Premiums Paid: Total Premiums paid till date w.r.t. the rider option shall be the total of all premiums received under the rider option chosen, exclusive of taxes, extra premium w.r.t. the rider, if any. This is an optional rider.

~~~Available with Bajaj Allianz Life New Critical Illness Benefit Rider - Comprehensive option (UIN: 116B058V01) - A Non-Linked, Non-Participating, Individual, Pure Risk Health Rider. This is a mandatory rider

^^^Health Management Services for Women upto ₹ 36,500 per year

Health Management Services for Women

Frequency

Cost (₹)

Comprehensive Health Check-Up:
- Cancer Screening
- Diabetic, Thyroid, Lipid profile tests
- Calcium Serum test
- Complete Blood Count test

1 per year

₹ 3,500

OPD*^* in-clinic consultations
(Specialist doctors like Gynaecologist, Obstetrician, Dermatologist, Paediatrician, Orthopaedic & General Physician)

*^*OPD – Outpatient Department 

1 per year

 ₹ 1,000

Pregnancy OPD*^* wallet
(OPD*^* benefit worth ₹ 2,000 unlocked in case of pregnancy)

Once during policy term

Not considered in yearly cost since this is available once during policy term

Doctor Insta-Consultations 

3 consultations per month = 36 consultations per year

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 36 = ₹ 18,000

Health Coach
(Diet & nutrition consultations)

1 consultation per month =

12 consultations per year 

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 12 = ₹ 6,000

Emotional Wellness
(Psychologists consultations) 

1 consultation per month =

12 consultations per year 

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 12 = ₹ 6,000

Network discounts:

 

Medicines (M) - 10%

Lab-test booking (L) - 10%

Out-patient consultation (O) - 10%

In-patient consultation (P) - 5%

Throughout the year 

Assumption – Total

expense on these

services throughout

the year

Total discounts that can be availed

throughout the year

M - ₹ 5,000

₹ 500

L - ₹ 5,000

₹ 500

O - ₹ 5,000

₹ 500

P - ₹ 10,000

₹ 500

Total per year as per assumption

₹ 36,500

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor insta consultations and health coach services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

7Above illustration is for Bajaj Allianz Life iSecure - A Non-Linked Non-Participating Term Life Insurance Plan (UIN:116N109V05) considering Male aged 25 years | Non-Smoker | Policy Term (PT) – 10 years | Premium Payment Term (PPT) – 10 years | Sum Assured opted is ₹ 50,00,000 | Online Channel | Standard Life | Total Premium Paid is ₹ 1,17,340 | Medical Rates | Monthly 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.

8If the customer is digitally KYC compliant and meets the eligibility criteria, medical, and underwriting norms.

92% Discount on online purchase is available for regular premium payment and limited premium payment frequency throughout the premium payment term.

27Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

21HSAR – High Sum Assured Rebate is subject to policy terms and conditions

22Premium rate applicable to female life will be based on the premium rate of 3 years’ younger male

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, 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency, applicable only on first year’s premium.

2Above illustration is for Bajaj Allianz Life Smart Protection Goal - A Non Linked, Non Participating, Individual Life Insurance Term Plan (UIN: 116N174V05) 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. 2,08,143 (1st Year Premium is Rs- 6535/- and 2nd Year onwards Rs -6952/- )| 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.

1Product feature/benefit mentioned above are dependent on optional benefit, if selected.

~Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

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