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

    Do Term Insurance Plans Have Maturity Benefits?

    Term insurance with maturity benefits

    Do Term Insurance Plans Have Maturity Benefits?


    calender-blue

    March 16, 2020

    By : Bajaj Allianz Life

    Term insurance plans provide a financial cover to a family / dependents on the event of a death of the breadwinner of the family. The cover helps the family to continue their life goals journey and not hit upon a financial burden on the death of the breadwinner. Term insurance acts as a back-up to your family’s life goals, enabling them to continue pursuing their goals even in your absence by providing them a life cover But, in case nothing happens to the breadwinner of the family, term insurance plans do not provide any maturity benefit. However, a term insurance plan with return of premium option provides maturity benefit if the life assured survives the tenure of the term insurance policy. These plans allow life assured the option to recover the total premium invested in the term insurance policy if the life assured outlives the policy term. This becomes a great value addition for those customers who are seeking to get at least their premiums back, if they outlive the term insurance policy term

    If you are considering whether it’s a good idea to buy a term insurance plan with return of premium, here are some key points that you should keep in mind while making the decision.

    1. Return of premium term insurance plans offer higher value proposition

    Even though pure term insurance provides one with the necessary coverage to keep their own as well as their family’s life goals on track, the return of premium plans go one step further and ensure that there are no sunk costs (or lost money) if they survive the policy period. By returning the premiums paid during the policy term, these plans help create a corpus for the life assured.

    2. Return of premium term insurance plans incentivize healthy lifestyle

    By offering the option to get one’s total premiums paid returned after the policy term on surviving the policy period, the return of premium plans tend to incentivize healthy living among life assured. To avail this feature, people will most often than not maintain a healthy and active lifestyle.

    3. Return of premium plans carry tax benefits

    Even though these plans work as a long-term investment tool for individuals who survive the policy term, the return of premium term insurance plans has the same Section 80C tax exemption under the Income Tax Act, 1961 as pure term insurance plans. This means that premiums paid, and the amount withdrawn is tax-free under Section 80C and 10(10D) of the Income Tax Act.

    4. Assured returns of premium

    Return of premium term insurance plans are considered better value proposition by individuals seeking the protection offered by term insurance, yet get back the premiums paid by them, if they outlive the policy tenure. This assures them that their money does not become a sunk cost.

    Conclusion

    For those seeking higher value for their money, the return of premium term insurance plan can prove to be a better choice as the premium paid is assuredly returned once the life assured survives the policy term. Additionally, the return of premium term insurance plans come with benefits such as tax exemption as well as incentive to healthy living which make them a more power-packed proposition than pure term insurance plans. This means that the return of the premium term insurance plans not only provide the protection of life insurance but also promises to keep the individual’s life goals on track by assuring them of a cash inflow at the end of the policy term, if they outlive the policy tenure.

    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)

    Find Us Online