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Life Insurance Plans & Policies

What is Life Insurance?

Life insurance is a contract or an agreement between two parties - a life insurance company and a policyholder. The life insurance company, also known as the insurer or the insurance provider, agrees to pay a specified sum of money to the nominee, upon the death of the insured person or after a certain set period.

Why do you Need a Life Insurance Policy?

There are many things in life that you can quantify and plan for in advance. For instance, if you are keen on taking an international trip, you can estimate and determine your budget with a great deal of accuracy. Similarly, if there is a wedding in your family, it is possible to plan for the event in a precise manner, because you know exactly what to expect.

But then, there are some things in life that you cannot plan for, accurately. A sudden illness, an unexpected death, or an unforeseen accident - these instances can place a great deal of stress on your finances, but you have no way of predicting if and when they may occur.

A life insurance policy helps you be financially prepared for such contingencies.

How Does Life Insurance Work?

The basic underlying principle of life insurance is to offer financial coverage to the nominee in case of the insured person’s demise. The asset insured in a life cover is the life of the policyholder. Here is a closer look at how life insurance plans work.

If you are looking for a life cover, you need to purchase a life insurance plan from an insurance provider. The life cover offered by the plan is valid for a specified period, and the cover is predetermined. In return for this benefit, you need to pay premium charges to the insurer.

For instance, say you are 28 years old today, and the life insurance policy you purchase offers a sum assured of Rs. 50 lakhs for a period of 30 years. This means your life cover will be active till you attain the age of 58. For this cover, say you are charged an annual premium of Rs. 10,000. In case of your unfortunate demise during this period, the life insurance company will pay the sum of Rs. 50 lakhs to your nominee, subject to you paying your premiums regularly and as per the terms & conditions of the policy. On payment of the 50 lakhs to the nominee, the policy will be terminated.

But what happens if you survive the policy term of 30 years? Do you receive any financial payouts? Well, the answers to these questions depend on the type of life insurance plan you opt for.

Types of Life Insurance

There are different types of life insurance plans, each of which has its own unique benefits and features. Here is a preview of the five most common types of life insurance

Term plans  only offer life insurance and do not include any savings or investment component. So, if the policyholder passes away during the policy term, their nominee receives the sum assured under the plan. However, if the policyholder survives the policy term, no payouts are made in case of a regular term plan except in case of return of premium term plans. 

Endowment plans are also known as savings plans. These plans not only offer a life cover but also help you generate return on your investment, that are paid at maturity. In case of the life assured’s demise during the policy term, the insurer will pay the sum assured to the nominee. On the other hand, if the life assured survives the policy term, he/she is paid a lump-sum amount at maturity. 

ULIP is a kind of life insurance that combines the benefits of insurance and market-linked investments. ULIPs are preferable for individuals who wish to get the advantage of a life cover as well as market-linked wealth creation under a single policy. 

whole life insurance policy is a kind of life insurance plan that offers coverage till the insured person attains the age of 99 or 100. Unlike regular life insurance plans that offer coverage for a limited period, the protection offered by a whole life policy generally lasts till 100 years of age. If you have a spouse or children who are financially dependent on you even after you have retired, a whole life insurance policy may be preferred for your insurance portfolio.

The policyholder can invest in one go or over a period of time in an annuity plan, which is further invested by the insurance company and the policyholder is paid the annuity amount with the generated returns as per the terms & conditions of the plan. The annuity payouts can start immediately after the policy is purchased and initial investment is made, as is the case with immediate annuity plans. Alternatively, the payouts can begin after a specified period, as is the case with deferred annuity plans.

What is the Right Age to Purchase a Life Insurance Policy

It is always preferred to purchase your life insurance policy when you are young and healthy. This is because your mortality risk is lower when you are younger. As a result, life insurance companies charge a lower premium for young policyholders. That said, here is a closer look at the implications of buying a life insurance policy in different age groups. 

In Your 20s

Your life insurance premiums tend to be the lowest when you are in your 20s. However, at this age, most people do not think of buying a life cover because they may not have many financial responsibilities.

In Your 30s

Your life insurance premium in your 30s may be a bit higher. But people generally turn their attention to buying a life cover in this age group, because this is when they may decide to get married and have children.

In Your 40s

Your life insurance premiums may witness a  rise at this stage, since the mortality risk rises significantly. But if you don’t have a life insurance plan by the time you reach your 40s, it is preferable to consider   getting a life cover, as you may have a family that depends on you and it becomes essential to cover your debts and other potential expenses, as well as plan for retirement.

In Your 50s

Buying life insurance in your 50s may not be the best financial course of action. By this age, you may have developed some health issues, which will drive your life insurance premiums further upward. However, it still makes sense to opt for a life insurance cover at this age, as not many insurers will provide a life insurance beyond 60years of age.

Important Life Insurance Term You Should Know

1

What is Policyholder?

The policyholder is the person who purchases and owns the life insurance policy. Only the policyholder can make changes to the contract of insurance, as per the terms and conditions of the policy.

2

What is Life Assured?

The life assured or the life insured is the person whose life is covered by the life insurance policy. This life assured may or may not be the same as the policyholder.

3

What is Sum Assured?

The sum assured is the minimum amount paid  by a life insurance plan in case the life assured passes away during the policy term.

4

What is Nominee?

The nominee is the person who is designated as the beneficiary in the life insurance policy contract. A policy can have more than one nominee. The policyholder can nominate a person or persons as nominee as per section 39 of The Insurance Act, 1938, to receive the death benefit payouts6.

5

What is Policy Tenure?

The policy tenure or the policy term is the period over which the life insurance coverage offered by a policy is valid. The life insured’s death is covered by the policy only if it occurs during the policy tenure.

6

What is Premium?

The life insurance premium is an amount levied by life insurance companies in return for the life cover provided to the insured person. This premium can be paid as a one-time amount or as periodic payments on a monthly, quarterly, semi-annual or annual basis.

7

What is Death Benefit?

The death benefit is the sum that life insurance companies pay the nominee in case of the life assured’s demise during the policy term as per terms & conditions of the policy. 

8

What is Maturity Benefit

The maturity benefit is the amount that the life insurance provider pays the policyholder at the time of policy maturity.

9

What is Free look period

The free look period is a window of time during which the policyholders are free to return the life insurance plan for cancellation if they are not satisfied with the terms and conditions of the policy. The free look period is applicable for 15 days after receiving the policy document in case of physical policies and 30 days in case of electronic policies or policies obtained through distance mode8. In case you opt out, the premium paid will be refunded after deductions for expenses like those for a medical examination, cost of proportionate risk cover, stamp duty, etc.

If it is a unit linked insurance policy (ULIP), in addition, the insurer can repurchase the units at the price on the cancellation date.

10

What is Life insurance rider?

A life insurance rider is an additional cover that offers financial coverage for specific incidents or expenses. You can purchase life insurance riders for an additional rider premium or charge at the time of purchasing your base life insurance plan   Some common riders include a critical illness rider, accidental death benefit rider, waiver of premium rider, etc.

,

How to Choose the suitable Life Insurance Policy?

There are many different types of life insurance, as you have seen above. To determine the suitable life insurance plan for your needs, you need to take various factors into consideration. Here is a preview of some of the aspects that help you choose the suitable life insurance policy.

Your age

Goal

Your financial goals play a key role in determining the kind of life insurance plan you need to choose. Different types of life covers come with various benefits that make it easier to attain specific goals. Here is a quick guide to help you understand which type of life insurance may be suitable for different life goals.

  • Term insurance: Helps you put a financial safety net in place for your loved ones at pocket-friendly premiums
  • Savings plans: Helps you meet medium-term and long-term financial goals with savings
  • Unit Linked Insurance Plans: Helps you create wealth over the long term with market-linked investment options
  • Annuity plans: Helps you set up a source of alternative income for your retired life
  • Child insurance plans: Helps you meet the costs of your child’s future expenses such as education, wedding, etc.

As you can see, each type of life insurance plan offers its own specific benefits. You can choose the kind of life cover plan that will help you achieve your own goals and your family’s financial goals.

Your age

Age

Most life insurance plans offer lower premiums for younger policyholders. So, it is always a good idea to buy your preferred life insurance policy when you are young and healthy. That said, there are some kinds of life insurance - like retirement plans or annuity plans - that are better suited for older people.

Life insurance policies also come with specific entry age limits. So, consider these age limits before you choose the suitable life cover for your needs.

Your age

Risk Appetite

If you are a more conservative investor who needs to know exactly what amount will be paid out to you on maturity, you can opt for guaranteed^ savings plans. On the other hand, if you have a higher risk appetite and wish to take on more risk in order to increase the possibility of creating market-linked wealth, you can opt for ULIPs.

Your age

Policy inclusions & Exclusions

Every life insurance policy and the riders you choose come with some specific inclusions and exclusions. Before you select the type of life insurance policy for your portfolio, you need to check out what is included and excluded in your policy. That way, you can choose a plan that covers a wide variety of contingencies.

Your age

Coverage

The sum assured is another major factor you need to consider. It is essentially the amount of coverage that you get with your policy. If you do not have any life insurance plan yet, you may consider purchasing a life cover that offers significant coverage at affordable premiums like a term plan.

Your age

Claim settlement ratio

The claim settlement ratio represents the percentage of claims settled by an insurer during a given period. It is typically calculated on an annual basis, and it is computed as the ratio of the total claims settled during the year to the total claims received during the year.

The higher the claim settlement ratio, the better, because it indicates that the life insurance company is more trustworthy and will settle your nominee’s claims promptly. So, choosing a life insurance policy from an insurance provider with a higher claim settlement ratio can be a preferable financial decision.

Your age

Fund performance

This is a factor that is specific to Unit Linked Insurance Plans (ULIPs). Before selecting a ULIP, check the funds available for investing under the ULIP of your choice. Take a look at the performance of these funds over the past year or the past 5 years or even further. Although past fund performance does not guarantee future performance, this analysis can help you get an idea of the ULIPs whose funds have a favorable track record. You can then make your choice accordingly.

Why choose Bajaj Allianze Life Insurance For Your Life Cover

Bajaj Allianz Life Insurance is one of the foremost life insurance companies in India. If you are curious about how purchasing a life cover from Bajaj Allianz Life Insurance can benefit you, check out the top reasons to choose us.

Claim Settlement Ratio

Claim Settlement Ratio

Bajaj Allianz Life Insurance Company has a death claim settlement ratio of 99.04%1 for financial year 2022-23. This means we honor our promise to protect your loved ones, and your nominees will not have to worry about their genuine claims being rejected unnecessarily.

A High Credit Rating

A High Credit Rating

CARE Ratings has issued a rating of CARE AAA Stable Rating$ to Bajaj Allianz Life Insurance Company. This rating indicates that the company is stable, and your loved ones will be financially protected in your absence.

Quick Claim Approval

Quick Claim Approval

96.31%% of the non-investigative individual claims for FY 2022-23 were approved within just one working day. Our quick claim approval process ensures that your beneficiaries do not undergo any financial distress following the loss of a loved one.

Credible History

Credible History

Bajaj Allianz Life Insurance Company has already insured over 2.82 crore lives2 so far. With such a credible and trustworthy history, we may be the preferred choice for you if you want to secure your loved ones financially today.

A High Solvency Ratio

A High Solvency Ratio

The Insurance Regulatory and Development Authority of India (IRDAI) mandates a solvency ratio of 150%. As on 31st March, 2023, Bajaj Allianz Life Insurance Company recorded a solvency ratio 516%**, indicating financial strength and an ability to settle genuine claims promptly.

A Trusted Brand

A Trusted Brand

Over the years, Bajaj Allianz Life Insurance Company has emerged as one of the most trusted brands in India. The company is a partnership between two powerful and successful entities in their own right - Bajaj Finserv Ltd, one of India’s most diversified non-banking financial institution and Allianz SE, one of the world’s leading asset managers and insurer.

Health Plans

Health plans take care of your financial needs when medical emergency strikes, and ensures you are still on track to achieve your life goals without worrying about erosion of your savings to meet the medical expenses.

What is a Life Insurance Calculator

Not sure of the amount of coverage you need? In that case, a life insurance coverage calculator helps you figure out the minimum sum assured you need to protect your loved ones. All you need to do is enter some important details like your age, your annual income, the period over which you are planning to work, and other such details. This calculator will then give you an estimate of the cover amount that you need.

If you have a good idea about the amount of coverage that you need and the policy that you want to buy, but aren’t very clear about what it will cost, this is the calculator that can help you out. The premium calculator gives you an estimate of how much the cover you wish to buy will cost. You can then use these details to plan your budget accordingly. 

Features of a Life Insurance Policy

A life insurance policy comes with many distinct features that also double up as benefits. Here is a quick look at the some common characteristics of life insurance policies in India.

Death Benefits

Death Benefits

Death benefits are paid out by all life insurance plans as per the terms & conditions of the plan, if the insured person passes away during the policy term. If the death occurs in a manner that is covered by the policy, the nominee receives death benefits under the plan.

Maturity Benefits

Maturity Benefits

Maturity benefits are the financial payouts made when the policy attains maturity. A life insurance plan is said to have attained maturity on the maturity date i.e. every life insurance policy comes for a fixed tenure and when the tenure ends the policy is set to attain maturity. Not all life insurance policies offer maturity benefits. Term plans, which are pure life covers, only offer death benefits.

Optional Riders

Optional Riders

Riders or add-on covers are optional benefits that you can buy at the time of purchasing your life insurance policy. These riders offer financial benefits over and above what the base plan offers on the payment of nominal extra charges.

Multiple Premium Payment Terms

Multiple Premium Payment Terms

The premiums payable for your life insurance plan can be paid as a one-time, lump sum amount if you buy a single premium plan. In case you buy a limited premium plan, you can pay your premiums periodically over a few years. The premium payment term in this case will be shorter than the policy term. And if you buy a regular premium plan, you need to pay your life insurance premiums periodically over the entire policy term.

Benefits of Buying a Life Insurance Policy

There are different types of life insurance plans available in the market today, and each comes with its own set of benefits. 

Your age

Financial Protection for your Loved Ones

The first and foremost benefit of a life insurance plan is that it helps protect your loved ones financially. You may be the sole or the main breadwinner in your family, and your spouse and your children may be financially dependent on you. Alternatively, you may be taking care of various non-financial aspects of your home.

Whatever the situation may be, in case of your unfortunate demise, your loved ones may undergo a financial strain. A life insurance policy ensures that this does not happen. The death benefits paid out by life insurance companies may help your loved ones meet their day-to-day expenses, pay for their life goals, and settle any debts in your name.

Your age

Tax Benefits

Life insurance plans also offer a variety of tax benefits. These benefits include deductions and exemptions, which together help reduce the burden of income tax. Check out the key tax benefits of life insurance policies below, as per the provisions of the Income Tax Act, 1961.

Section 80C:

This section allows you to claim the annual premiums you pay for your life cover as a deduction from your gross total income. You can claim a maximum amount of deduction of Rs.1.5 lakhs per year, subject to provisions stated in Income Tax Act 1961. In turn, this reduces your total taxable income and your tax liability.

Section 10(10D):

As per section 10(10D) of the Income Tax Act, 1961, the payouts received from your life insurance plan including the death benefits received by your nominee, are all exempt from tax, subject to satisfaction of conditions mentioned therein.

In case of Unit Linked Insurance Plans alone, the tax provisions differ slightly. The fund value paid out to the policyholder at maturity leads to long term capital gains, if policy is issued on or after 1 February 2021 with annual aggregate premium more than Rs. 2.50 lakhs per year. These payouts are tax-free for all ULIPs issued before February 1, 2021, subject to satisfaction of conditions mentioned under Section 10(10D) of Income Tax Act.

However, in case of ULIPs issued on or after February 1, 2021, the gains are tax-free provided the annual premium paid for the ULIP/s does not exceed Rs 2.5 lakhs and policy is satisfying conditions as mentioned in Section 10(10D) of Income Tax Act. However, if the premium exceeds this limit, the long term capital gains exceeding Rs 1 lakh are taxable at the rate of 10% if such ULIP is equity oriented ULIP. If there are multiple ULIP policies which are issued on or after 1 Feb 2021 and total annual premium is exceeding Rs. 2.50 lakhs for ULIPS, customer at his discretion can select the policy which should be treated as capital assets and gain from such policy will be taxable as capital gains as mentioned above

Any income from life insurance policy (other than ULIPs) where aggregate annual premiums exceed Rs 5 lakh, will not be eligible for tax exemption, if the policy is issued on or after 1 April 2023. However, death benefits received under the policy will continue to be tax-exempt in the hands of the recipient7.

Your age

Wealth Creation Through Investment

Another key benefit of life insurance plans, or ULIPs in particular, is that they help you create market-linked wealth over the long term through disciplined investments. In ULIPs, you can choose to invest in different kinds of ULIP funds like debt funds, equity funds or a mix of the two. Depending on the market movements, the potential for your ULIP investments to create market-linked wealth over the long term may increase.

Your age

Long-term Savings

Life insurance plans like endowment policies also come with the benefit of long-term savings. The maturity payouts may help meet the costs of various long-term life goals like children’s higher education or wedding or cost of travel.

Your age

High Coverage at Lower Cost

Term life insurance, which is the simplest kind of life cover, offers high coverage at affordable premiums. This benefit can be useful for people who wish to primarily secure the financial future of their loved ones. It can also be beneficial for individuals who already have a life insurance plan, but wish to increase their coverage at affordable premiums.

Your age

Assured Income for Retirement

Some life insurance plans also offer retirement benefits for policyholders. This includes guaranteed^ income plans as well as annuity plans. Guaranteed^ income plans offer periodic payouts for a specified period of time. This period can be aligned with your retirement phase. Similarly, annuity plans are specifically designed to offer a steady stream of income to policyholders in their post-retirement life.

How to buy a Life Insurance Policy

1

Head to www.bajajallianzlife.com

2

Click on the ‘Plans’ option on the header tab.

3

You will see different kinds of life insurance plans. Scroll to the category of life insurance you wish to buy.

4

Select the policy of your choice from the category of life insurance you are interested in and click on ‘View Now.’

5

Submit the personal details required, like your name, email ID, mobile number, date of birth, etc.

6

Then, select your gender, and provide other details like your education, occupation, pin code, annual income etc.

7

Then, submit the other policy-related details like the life cover amount, the policy term, premium payment term, the premium payment frequency etc. The details required depend on the kind of life insurance plan you have selected.

8

You will see the premium amount due for the parameters you have entered.

9

If the premium is too high or if you can afford a higher cost, you can modify any of the policy details provided, and the premium will change accordingly.

10

When you are comfortable with the premium that will be charged, click on ‘Buy Now’ to generate BI, filling proposal form and make the premium payment and complete your purchase.

11

Once you fill and submit the proposal form, your life insurance policy will be issued subject to scrutiny by underwriting team.

1

Visit the nearest branch or contact a life insurance agent.

2

Select the policy of your choice and fill in the proposal form.

3

Pay the first premium via any of the accepted modes of payment like a cheque or a demand draft.

4

The personnel at the branch or the agent will help you complete the rest of the process.

-

Who Can Purchase a Life Insurance Policy?

Insurance companies specify a minimum and a maximum entry age limit to buy a life insurance policy. This limit may depend on the plan selected. Usually, life insurance plans are available from the age of 3 months onwards and the maximum entry age is up to 60 or 65 years.
Individuals who want to avail of financial security for themselves and their families can consider buying life insurance. Some of these include –

Your age

Youngsters looking to create savings for their financial goals

Your age

Individuals looking to secure their family’s financial needs in their absence

Your age

Parents planning for their child’s future needs

Your age

Individuals looking to create a retirement corpus

Why You May Consider Buying a Life Insurance Policy Online?

Life insurance policies are available online wherein you can buy the coverage in a few clicks. Buying the policy online has its share of benefits. Some of these include the following –

Your age

You can compare the different plans online and choose one which offers a comprehensive coverage at affordable rate of premium.

Your age

You can check the features and benefits of the plan in detail from the comfort of your home or office.

Your age

Buying online may be convenient as you don’t have to visit the insurer’s branch office physically or look for an insurance intermediary

Your age

You can buy the policy online in real time and from the comfort of your home or office

Your age

You can pay the premium digitally in a secured and quick manner

Documents Required To Get Life Insurance Plan

To buy a life insurance policy, you have to submit some documents using which the insurance company verifies your details. Some of the common documents required to get a life insurance plan include the following –

circle tick markProposal form, filled and signed        

circle tick markFollowing documents are allowed as Officially Valid Documents (OVD) for Identity Proof & Address Proof-

  • Passport
  • Driving Licence
  • Proof of possession of Aadhaar number
  • Voter's Identity Card issued by Election Commission of India
  • Job card issued by NREGA duly signed by an officer of the State Government
  • Letter issued by the National Population Register containing details of name, address

circle tick markBirth Certificate, Voter’s ID Card, Passport, Aadhaar card, etc.

circle tick markPassport size photographs of the applicant

circle tick markBank Details, Aadhaar card, etc.

circle tick markIncome tax return, employer’s certificate or Form 16

** Please note that PAN or Form 60 has to be collected from every customer, as it is a mandatory document as per Prevention of Money Laundering Act,2002 (PMLA)

How Do You Save Tax With Life Insurance Plan?

Life insurance plans have multiple tax saving benefits. Some of these benefits are as follows –

Your age

The premium paid for the life insurance policy is allowed as a deduction under Section 80C of the Income Tax Act, 1961. The limit of deduction is 10% of the capital sum assured (for policies bought on or after 1st April 2012) subject to a maximum of Rs.1.5 lakhs1, subject to the provisions stated therein

Your age

Premiums paid for pension plans qualify for a deduction under Section 80CCC of the Income Tax Act, 1961. The limit is Rs.1.5 lakhs1.

Your age

The death benefit received from the life insurance policy is tax-free2.

Your age

The maturity benefit is tax-free under Section 10(10D) of the Income Tax Act, 1961 subject to satisfaction of certain terms and conditions2 mentioned there under.

Your age

The you choose insurance riders with the life insurance plan, the premium paid for the rider will qualify for a deduction under Section 80D of the Income Tax Act, 1961. The limit is Rs.25,000 if you are below 60 or Rs.50,000 if you are a senior citizen3.

How can you pay for Life Insurance Policy?

You have to pay a premium for the chosen tenure to keep your life insurance policy in force. 

Your age

There are different modes using which you can pay the premium. These modes are as follows –

● Cheque or demand draft

● NEFT, RTGS or IMPS

● Net banking facility

● Mobile wallets

● UPI

● Credit or debit cards

● Any other digital payment mode

Your age

The premium is payable for a specified tenure which is called the premium payment tenure. Life insurance plans allow three types of premium payment tenures-

● Regular premium payment term where premiums are payable throughout the policy tenure

● Limited premiums payment term where premiums are payable for a limited period

● Single lump sum payment where premium is payable at once when you buy the life insurance policy

Moreover, life insurance plans allow different premium paying frequencies. You can pay the premium annually, half-yearly, quarterly or monthly. 

Will Your Family Receive The Life Insurance Claim Money?

In the case of a death claim, the claim is paid to the nominee if you have appointed one. The nominee can be any family member or individual that you name in the plan. For example, if you nominate your spouse, the claim money would be paid to your spouse.

If no nominee is appointed, the claim may be paid to your legal heirs. On the other hand, if the nominee is a minor, like your child, you also have to appoint an appointee. An appointee can be an adult family member who will receive the claim money on behalf of the nominee when the nominee is a minor.

The maturity claim is paid to the policyholder himself. 

What is the Suitable Life Insurance Cover for You?

Determining the suitable life insurance cover needs assessment of various factors. Some of them include the following –

● Income

● Expenses

● Number of dependents

● Financial goals

● Amount needed for the fulfilment of the identified financial goals

● Existing liabilities

● Existing assets and investments

All these factors are specific to each individual. Thus, there’s no universal number that shows the suitable life insurance coverage needed. You have to determine the right coverage based on your financial needs and goals.

You can also use online life insurance calculators that take your personal details into consideration and calculate the suitable coverage.

Also, assess the different types of life insurance plans available in the market and choose a plan that aligns with your financial goals.

How Much Coverage Do You Need?

There are different ways of calculating the right life insurance coverage amount. For instance, one of the basic ways of calculating the right coverage is multiplying your annual income by 10 or 12. It is a quick reference which states that the minimum life insurance coverage should be at least 10 to 12 times your annual income4.

There are other methods also, like the Human Life Value method, income replacement method, etc. that aim to find the optimum sum assured based on your needs and requirements.

You may use any of these methods and work out the suitable coverage amount. Alternatively, you can use life insurance calculators that simplify the calculations. The calculator calculates a suitable sum assured based on your personal and financial details like age, financial goals, current income and expenses, existing assets and liabilities, etc. 

So, estimate how much coverage you need and then buy a life insurance plan with the optimum sum assured. 

How to File a Life Insurance Claim?

The life insurance claim process depends on the type of claim that you incur. Have a look –

Your age

Death Claim- 

In case of a death claim, the nominee or the legal heirs, as the case may be, of the life insured have to notify the insurance company of the insured’s death. The process is as follows –

● The insurance company is informed of the life insured’s demise.

● The claim form should be filled out and submitted with a list of claim-related documents.

● The insurance company assesses and verifies the claim form and the attached documents.

● Upon successful verification, the death claim is paid.

The documents required to process a death claim usually involve the following –

● Claim form, filled and signed by the claimant

● Original Policy document

● Death certificate

●  NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook

● Nominee's photo identity & address proof such as copy of Passport, Voter identity card, Aadhar (UID) card, etc.

●  Medical or hospital records in the case of sickness or illness-related deaths

● Police FIR, medico-legal certificate, panchnama, inquest report, post-mortem report, etc., in the case of accidental deaths.

● Claimant’s ID proof and bank details

 

Your age

Maturity Benefit -

In the case of the return of premium term plans, if the plan matures and the life insured is alive, the premiums are refunded. The policyholder can claim the maturity benefit. The policyholder has to submit the required documents to the insurer to claim the maturity benefit. 

Factors affecting Life Insurance Premium 5

The premium of a life insurance policy is affected by multiple factors. Some of these primary factors are as follows –

1

Type of policy

Different types of life insurance plans have different premiums. For instance, term insurance plans are the most basic types of life insurance policies covering the risk of premature demise. These plans have very low premiums. On the other hand, savings-oriented life insurance plans have a maturity benefit and insurance coverage. As such, they have higher premiums compared to term plans.

2

Age of the life insured

Age directly impacts the premium payable for life insurance plans. The risk of death increases with increasing age as health conditions set in. As such, premiums are higher for older individuals compared to younger ones.

3

Gender of the life insured

Women are usually considered to have low mortality risks as compared to men9. As such, some plans allow lower premiums for women compared to men.

4

Sum Assured

The sum assured is the maximum coverage that you get under the life insurance policy. It is also directly related to the premium. If the sum assured is high the premiums would be high and vice versa. This is because a higher sum assured means more risk for the insurance company for which more premiums are required.

5

Policy term

The term is the coverage duration. It impacts the annual premium. The higher the term the lower would be the annual premium and vice versa.

6

Premium paying term

The premium paying term is the period over which you pay the premium for the policy. Longer the premium paying term, lower would be the installment premium. That is why single premiums are the highest followed by limited premiums and then regular premiums.

7

Premium paying frequency

Premium paying frequency is the mode of paying the premium, i.e., annually, half-yearly, quarterly or monthly. As the frequency increases, it incurs more administrative cost for the insurance company. As such, premiums might be higher for the monthly modes compared to the annual mode.

8

Riders selected

Life insurance plans offer additional coverage features in the form of riders. If you choose any rider, you have to pay an additional premium for the same because riders come at an additional premium.

9

Lifestyle habits

Premiums are higher for smokers and alcohol addicts since these lifestyle habits affect mortality risk as they can cause health-related complications.

10

Medical history

If you have an adverse medical history or if you suffer from existing complications, the premiums would be increased to factor in the increased mortality risk.

11

Available discounts

Some life insurance plans might offer premium discounts for choosing high sum assured levels, for buying the plan online or for other reasons. If you can claim these discounts the premium would reduce.

,

How Much Coverage Do You Need?

A term insurance policy is a protection-oriented life insurance policy. It aims to provide financial security to the policyholder and the family if the life insured passes away untimely. The term plan covers the risk of premature demise. If the life insured passes away during the policy tenure, the term plan pays a death benefit. This benefit helps in taking care of the financial needs of the family in the absence of the insured.

The working of a term plan is simple. You choose the policy details when buying the policy. These details include the sum assured, policy tenure, premium payment tenure, premium payment frequency, optional riders, etc. Based on your choices, the premium is calculated. You have to pay the premium for the chosen tenure and in the chosen frequency.

The plan runs for the chosen tenure. If the life insured passes away during the chosen tenure, the death benefit is paid.

Under most term plans, there’s no maturity benefit. This means that if the life insured survives the policy tenure, no benefit is paid. However, there are return of premium term plans too. Such plans refund the premium paid if the life insured survives till maturity.

For instance, say Mr. Verma buys a term plan with a sum assured of Rs.50 lakhs for a term of 20 years. He passes away in the 12th policy year. In this case, the death benefit of Rs.50 lakhs would be paid to the nominee and the coverage would be terminated.

Some plans also have a return of premium option. Under these plans, if the life insured survives the policy tenure, the premiums paid over the term are refunded back on maturity. You can choose these plans if you are looking for a maturity benefit. 

 

 

Section on comparison of different Life Insurance

There are different types of life insurance plans available in the market. Here’s a comparative analysis of these types –

Parameters Term insurance Endowment plans Money back plans Unit Linked plans Child plans Pension Plans
Coverage Covers the risk of premature demise. Return of premium plans refund the premium on maturity Covers the risk of premature demise during the policy tenure. Alternatively, if the plan matures, a maturity benefit is paid Covers the risk of premature demise during the policy tenure. Money back benefits are paid at regular intervals over the policy tenure. If the plan matures, a maturity benefit is paid Covers the risk of premature demise during the policy tenure. Alternatively, if the plan matures, a maturity benefit is paid Covers the risk of premature demise during the policy tenure. Alternatively, if the plan matures, a maturity benefit is paid. Many child plans also have a premium waiver benefit. If the parent dies during the tenure, the premiums are waived but the coverage continues. On maturity, the maturity benefit is paid. Deferred pension plans cover the risk of premature demise during the policy tenure. Alternatively, on maturity, a maturity benefit is paid. Immediate pension plans pay annuities throughout the annuitant’s lifetime. If joint life plans are selected, annuities are paid till the last survivor is alive.
Returns No additional returns other than the sum assured Guaranteed^ additions, bonus and other forms of additions might be offered under these plans Guaranteed^ additions, bonus and other forms of additions might be offered under these plans The plan offers market-linked returns which are not guaranteed^ Depends on the type of plan selected. Traditional child plans might offer guaranteed^   additions or bonus. Unit-linked plans offer market-linked returns associated with risk Depends on the type of plan selected. Traditional deferred pension plans might offer guaranteed^   additions or bonus. Unit-linked plans offer market-linked returns associated with risk. Immediate annuity plans offer guaranteed^  pensions
Premium Usually the lowest premiums among all life insurance plans Premiums are higher since the plan offers insurance protection and savings. Premiums are higher since the plan offers insurance protection, liquidity through money back benefits and savings You can choose the premium that you want to pay provided it is within the minimum and maximum limit specified under the plan. The policy benefits depend on the premium selected Premiums are higher for traditional child plans given their coverage. Under unit-linked plans, you determine the premium Premiums are higher for traditional deferred pension plans given their coverage. Under unit-linked plans, you determine the premium. Immediate annuity plans require a single premium payment
Tax benefits Available under Section 80C and 10(10D) of Income Tax Act, 1961 & subject to provisions stated therein Available under Section 80C and 10(10D) of Income Tax Act, 1961 & subject to provisions stated therein Available under Section 80C and 10(10D) of Income Tax Act, 1961 & subject to provisions stated therein Available under Section 80C and 10(10D) of Income Tax Act, 1961 & subject to provisions stated therein Available under Section 80C and 10(10D) of Income Tax Act, 1961 & subject to provisions stated therein Available under Section 80CCC, 10(10D) and  10(10A) of Income Tax Act, 1961 & subject to provisions stated therein

Frequently Asked Questions

  • What are the different types of life insurance policy add-ons, and are they worth spending on?

    Life insurance policy add-ons are riders that you can purchase for an additional premium. Some of the most common types of add-ons include the following -

    • Accidental death benefit rider
    • Critical illness rider
    • Accidental permanent total/partial disability rider
    • Income benefit rider
    • Waiver of premium rider

    These add-ons can be purchased at the time of buying your life insurance policy. They are worth the additional premium because these riders offer extra coverage in case of specific contingencies at a nominal cost.

    For instance, if you have a life insurance plan without any optional riders, and if you are diagnosed with a critical illness during the policy term, you may not have any coverage for this contingency in your base plan. But with an optional add-on rider like the critical illness benefit rider, you will receive financial payouts from your policy that can help you meet the cost of treating the critical illness.

    By paying just a nominal additional premium for the riders of your choice, you can extend the coverage offered by your life insurance plan significantly, thanks to these optional riders.

  • What happens if you fail to pay life insurance premiums?

    If you do not pay your life insurance premiums as and when they are due, the grace period will begin. This period is generally around 30 days for annual, half yearly or quarterly premium modes and around 15 days for monthly premium plans. In case you manage to pay the premium within the grace period, your policy will continue to remain active. However, if you do not pay your life insurance premiums even during the grace period, the policy will lapse, and the benefits under your life insurance plan will no longer be applicable. You can revive your lapsed policy within a specific period post the grace period, by paying some additional charges, as applicable for different plans.

  • What does a life insurance company do with the premiums?

    The premiums paid for traditional investment policies like term insurance and endowment plans are invested by insurance providers in assets like government securities, corporate bonds and even in equity as per the product. Companies have to follow the IRDAI stipulated regulations while investing the premiums. In case of Unit Linked Insurance Plans, the premiums are invested in market-linked ULIP funds chosen by the policyholder.

  • What happens to your insurance policy when you die?

    If you have a life insurance policy, and if you pass away during the policy term, your nominee will have to file a claim with the insurance provider. Once the claim is verified and approved, the insurance company will pay the death benefits that are due under the plan to your nominee, as per the policy terms & conditions and the policy will terminate.

     

  • What factors determine life insurance premiums?

    In most Life insurance plans, premiums are calculated based on a number of different factors such as the age of the applicant, their gender, their lifestyle habits, their occupation and their health history.

  • What are the various charges in a life insurance policy?

    ULIP life insurance plans come with various charges over the course of the policy term. Some of the common costs associated with life insurance include premium allocation charge, policy administration charge, mortality charges and surrender charges, among others.

  • What should I keep in mind while buying a child plan?

    A child plan is a kind of life insurance plan that helps you meet the costs of the major life goals in your children’s lives, such as their education and their wedding. Before you buy a child insurance plan, here are some things to keep in mind -

    • The policy term must align with the investment horizon of your life goals
    • The maturity payout should be sufficient to meet the cost of your life goals
    • The plan may have a premium waiver benefit, so your children are not inconvenienced in case something happens to you
    • You should factor in inflation when you compute the cost of your child’s education or wedding
  • What is the minimum amount of life insurance you need?

    The amount of life insurance you need depends on a number of factors. Here are some things you should consider before deciding on the amount of coverage you need to buy.

    • Your current total annual expenses
    • Inflation
    • The cost of the major life goals on your wish list
    • The cost of the life goals of your dependents
    • Any liabilities and debts you have in your name
  • What's the best type of life insurance?

    There are different types of life insurance plans available in the market today. It is not easy to classify any one of these as the best type of life insurance. Each kind of cover comes with its own advantages. Choose a plan which best suits your life goals and financial requirement. For example, if you are looking for a pure life insurance then Term Plan or Whole Life plan can work you. However, if your aim is to grow your savings, you can opt for plans like ULIPs that not only offer life cover but also market-linked wealth creation through market-linked returns.

  • What makes endowment plans the preferred savings tool for many people?

    An endowment plan, also known as a savings plan, gives you the benefit of insurance along with guaranteed^ savings. In some endowment plans you can also get additional benefits or what is called as bonus*, if declared by the insurance provider If you survive the policy term, your insurance provider will pay the guaranteed^ benefits as per the terms and conditions of the plan along with bonus (if applicable). You can then make use of these payouts to meet any life goals you may have at that stage in life, such as your children’s education, their wedding or your retirement,

  • What is not covered by life insurance?

    Although the exact list of exclusions may differ slightly from one life insurance policy to another, there are some kinds of deaths that are not covered by most life covers. Here are some such common exclusions -

    • Death by suicide during a specified period after policy purchase
    • Exclusions as per riders chosen
  • What is the difference between a limited premium and a regular premium insurance plan?

    The premium for a life insurance plan can either be paid as a one-time lump sum amount (in case of single premium plans), or as periodic payments on a monthly, quarterly, semi-annual or annual basis. In limited premium insurance plans, your premium payment term is shorter than the policy term. But in regular premium plans, you have to pay your premiums throughout the policy term.

  • What is a rule of thumb for how much life insurance you need?

    The exact amount of life cover needed varies from one individual to another. The calculation is based on a number of factors like future milestones and goals, family expenses, retirement needs, debt repayments, your age and health. 

  • What are the things I should look for when selecting an insurance provider?

    If you are planning to buy a life insurance plan, you need to look for some of the following things, among others, to select the suitable life insurance provider.

    • Claim Settlement Ratio: This ratio indicates the percentage of claims settled by the insurer during the year. A higher claim settlement ratio is preferable.
    • Solvency Ratio: The solvency ratio indicates if the company’s cash flow is enough to meet its liabilities. A high solvency ratio is preferable.
    • Customer reviews: You can also get a better idea of how the insurance provider operates and what their pros or cons are from the reviews of existing customers.
  • What happens to my life insurance if I lose my job?

    Losing your job, by itself, will not affect your individual life insurance policy. However, if you are unable to pay the premiums for your cover as per the due dates, and even during the grace period offered, your policy will lapse. However, if you have a group life insurance plan offered by your employer, the cover will be invalid if you lose your job.

  • What is underwriting in life insurance?

    Underwriting is the process by which experts determine the amount of risk associated with an individual who has applied for a life insurance cover. They make use of several factors such as the age of the applicant, their gender, their mortality risk and other aspects to assess the acceptance of the policy and the premium to be charged to the customer

  • What happens if the insured person commits suicide within six months of buying the policy?

    Generally, death due to suicide within one year or so of buying the policy is not covered in all life insurance plans. So, if the insured person commits suicide within six months of buying the policy, his/her family may not be able to get the full sum assured. The insurer may just provide a certain percentage of the premiums paid or the surrender value as on the date of death, provided the policy is in force. However, for exact provisions governing Suicide, please refer the policy terms & conditions.

  • What happens to a life insurance policy if the policyholder outlives the policy term?

    If you have purchased a term insurance plan, no payouts are made if you outlive the policy term except in case of term plan with return of premium option. But if you have an endowment plan or a Unit Linked Insurance Plan, you will receive maturity benefits from your policy if you outlive the policy term. In case of endowment plans, you will receive the guaranteed^ maturity benefits along with any bonus (if applicable). In ULIPs, you will receive your fund value at maturity.

  • What type of life insurance do you need?

    The type of life insurance you need depends on your individual requirements and your family’s needs and goals. Here is a preview of what type of life insurance may be suitable for different kinds of individuals.

    • Term life insurance plans: Ideally suited for people who want a significant life cover at affordable premiums
    • Endowment plans: Ideally suited for individuals who are looking for savings coupled with a life cover
    • Unit Linked Insurance Plans: Ideally suited for policyholders who want the benefit of insurance and market linked returns in one policy
    • Retirement Plans: Ideally suited for retired people who wish to set up a source of alternative income
  • How to pay life insurance premiums?

    You can pay your life insurance premiums online, via different payment channels such as internet banking, debit or credit cards, UPI or even mobile wallets. If you prefer to pay your life insurance premiums offline, at any of the Bajaj Allianz branches, you can do so via a Cheque, Demand Draft, Credit/Debit Card, Bank Transfer (NEFT/RTGS) or QR Code. The modes of payment accepted may vary from one insurance provider to another. So, before you make a payment, check the accepted payment modes and choose an option accordingly. Alternatively, you may register for Auto payment facility and ensure you pay your premiums in a hassle free manner without missing premium due dates.

  • How should I decide the number of years for which to pay life insurance premiums?

    The premium payment tenure is an important parameter to choose before you buy your policy. Here are some scenarios in which different kinds of premium payment types make sense:

    • Single premium plan: If you have a lump sum amount of money or if your source of income is not reliable
    • Limited premium plan: If you have a limited career span, if you are closer to retirement, or if your income fluctuates a lot
    • Regular premium plan: If you have a reliable source of income, if you want extended tax benefits across several years, or if you are disciplined when it comes to premium payments
  • How can my nominee register a claim?

    In case of the policyholder’s demise during the policy term, the nominee can register a claim on the insurance provider’s website or by submitting the claim form and other required documents at the insurance provider’s branch office.

  • When should you buy term insurance?

    You may consider buying your term insurance plan when you are young and healthy. This is because your mortality risk is lower when you are young. So, the life insurance premiums are also lower. In addition to this, buying term insurance when you are young allows you to ensure that your family is protected right from the time you start earning. This way, you can protect the financial future of your family in advance.

  • Why should you consider life stage benefits when choosing a term plan?

    Your financial needs are not fixed across your entire lifespan. As you move from one life stage to the next, you may have different goals and requirements. For instance, your financial needs when you are in your 20s and single may be limited to meeting your everyday expenses and repaying your student loan, if any. But in your 30s, if you are married and have children, your growing needs will include taking care of your kids, paying for their education, repaying your home loan if any, and so on. A term plan that offers life stage benefits makes it possible for your insurance cover to adapt to these changing needs. It ensures that you are not underinsured as you grow older.

  • Why do I need a cancer cover?

    A cancer cover is a kind of critical illness cover that offers financial benefits in case the policyholder is diagnosed with any kind of cancer. One can opt for a standalone cancer cover or a critical illness rider with your base life insurance plan, which can also cover cancer. So, in case of a cancer diagnosis, a cancer cover ensures that the patient can opt for the quality medical care without worrying about the cost of the treatment.

  • Why is the claim settlement ratio important while choosing a life insurance provider?

    The claim settlement ratio is a number that tells you the percentage of claims an insurance provider settled within a given period of time. It is typically calculated on an annual basis. The formula for this ratio is as follows -

    Claim settlement ratio = (Total claims settled during the year ÷ Total claims received during the year) x 100

    This number is important because it gives you more clarity on how credible the insurance provider is, and what proportion of their claims remain unsettled. A higher claim settlement ratio is considered to be good for a policyholder. 

  • Is life insurance needed after the age of 60?

    Life insurance may be needed after the age of 60 in the following scenarios -

    • If you are still an earning member of your family
    • If you have family members who are financially dependent on you
    • If you have some unpaid debts in your name
    • If your demise will lead to any kind of financial stress for your loved ones
  • What is the average life insurance cost per month?

    The cost of each Life Insurance policy varies based on various factors such as its type, sum assured, gender, age, premium, policy term, premium paying term etc. Further, the premiums for life insurance can be paid monthly, quarterly, half-yearly or yearly at the option of the policyholder. Hence, there is no such average life insurance cost per month, it is calculated on a plan-to-plan basis depending on the coverage details and the insured’s risk.

  • Which is better, term life or whole life insurance?

    The basic difference between term life insurance and whole life term insurance is the period of cover. Term life insurance provides coverage for a specific tenure, say 10, 20, or 30 years, and pays a death benefit if the life insured passes away during the policy term whereas whole life term insurance provides coverage for your entire life i.e. 99 or 100 years and has a cash value component which grows over time. So, the choice between term life and whole life insurance depends on individual insurance needs and requirements as both plans have their merits.

  • What is a life insurance rider?

    A life insurance rider is an optional add-on cover which can be added to the life insurance policy to get additional coverage and benefits for a nominal additional cost.

  • What is whole life insurance?

    Whole life insurance is a type of life insurance which provides coverage for your entire lifetime i.e. 99 or 100 years. If the insured passes away before reaching 99 or 100 years of age, the death benefit is paid. On the other hand, if the insured survives the plan tenure, a maturity benefit is paid, subject to policy terms & conditions.

  • Can I get life insurance for my parents?

    Usually, life insurance cannot be bought for parents. You can help your parents buy a policy for themselves but they would have to pay the premium for the coverage.

  • What does a typical life insurance policy offer?

    A typical Life Insurance policy offers financial security to the insured’s family and loved ones in the event of the unfortunate death of the life insured during the policy tenure. In addition to life cover, a typical life insurance policy also provides various other benefits like money back benefits, maturity benefit, rider benefit, etc. depending on the plan that you choose.

  • Do Life Insurance premiums increase with age?

    If you buy a new life insurance plan, the premium might be higher at higher ages as the health risks associated with age, mortality risk might also increase. However, once you have bought the policy, the premium usually remains fixed and does not increase with age.

  • What is the grace period in life insurance?

    A grace period in life insurance is the period after the premium payment due date, during which the policyholder can pay the premium without lapsing the policy. The grace period is an extension to the due date to pay the premium so that the policy does not lapse. The grace period is typically 30 days for annual, half-yearly and quarterly premium payment frequencies and 15 days for the monthly mode.

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

^Conditions Apply – The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details, please refer to sales brochure (also available on the Website of Bajaj Allianz).

1Individual Death Claim Settlement Ratio FY- 2022-2023

%96.31% of non-investigative individual claims approved in one working day for FY 2022-23. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices

2Individual and group

**Solvency Ratio 516% as at 31 March 2023 against IRDAI mandated 150%.

*Bonus depends on company performance and bonus (if any) will be declared by the company yearly

$For details refer to press release published by CARE

Reference

1. https://cleartax.in/s/80c-80-deductions

2. https://economictimes.indiatimes.com/tdmc/your-money/what-you-must-know-about-taxability-of-life-insurance-policy-payouts/articleshow/49657095.cms

3. https://cleartax.in/s/medical-insurance

4. https://economictimes.indiatimes.com/wealth/insure/how-much-life-insurance-do-you-really-need/articleshow/22065416.cms?from=mdr

5. https://www.outlookmoney.com/class-room/factors-affecting-life-insurance-policy-premium-6678 and https://www.fbfs.com/learning-center/8-factors-that-can-affect-life-insurance-premiums

6. https://indiankanoon.org/doc/610691/

7. https://www.moneycontrol.com/news/business/personal-finance/budget-2023-tax-exemption-for-traditional-insurance-policies-9978941.html

8. https://irdai.gov.in/document-detail?documentId=385593 (page no. 20)

9. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6345642/