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NRI is a citizen of India who holds a valid passport issued by Govt. of India and is temporarily residing outside India for the purposes of employment or business or otherwise. Any person holding 'Person of Indian Origin' (PIO) Card/ 'Overseas Citizens of India' (OCI) Card shall be considered at par with NRI.
Income Tax Act has not directly defined NRI. However, Section 6 contains detailed criteria of who is considered as Resident in India and further provides that anyone who doesn’t meet these criteria is Non-Resident.
The status of a person as a resident or non-resident depends on his period of stay in India. The period of stay is counted in number of days for each financial year beginning from 1st April to 31st March (known as previous year under the Income-tax Act 1961)
An individual will be treated as a Resident in India in any previous year if he/she is in India for at least 182 days in that year, OR at least 365 days during 4 years preceding that year AND at least 60 days in that year.
Yes. NRI including PIO and OCI can invest in an insurance policy in India to meet their life goals, subject to applicable Underwriting Guidelines of the Company and other applicable laws.
Tax benefits can be availed by the NRIs under section 80C and 80D of the Income Tax Act 1961 (the Act). Further, on claim proceed, tax benefit* can be availed under section 10(10D) of the Act.
*Tax benefits as per prevailing Income tax laws shall apply. (*Please check with your tax consultant for eligibility.)
No. policyholder does not need to maintain an account with an Indian bank to pay premiums for policies.
Yes, premium payment in foreign currency can be paid via SWIFT.
Premium can be paid through the following modes:
You can also register for the below Auto pay options for seamless premium payments in future.
Premium payment via Indian account(NRE) & foreign account(SWIFT) is eligible for GST waiver upon submission of required documents.
Yes, NRI can purchase Bajaj Allianz Life insurance policy through the online platform by adhering to the below given checklist:
Medical examination must be conducted by a medical practitioner provided the following conditions are met:
The policy document will be sent to the mailing address (including foreign address) mentioned in the proposal form. Along with it, the soft copy of the insurance policy document will also be sent to the registered email ID.
For any information related to the insurance policy, the policyholder can get in touch with us through the following modes:
All communications in respect of the insurance policy or any other communication shall be to the registered email ID and/ or Indian address mentioned in the proposal form. Additionally, alerts through messages are sent at regular intervals on your registered Indian mobile number.
The insurance policy will lapse on non-payment of renewal premiums after the expiry of grace period. In this case, all benefits under the policy are lost. The grace period for monthly premium mode policies is 15 days and for all other modes, the grace period is 30 days.
Yes, the policy can be reinstated by submitting a request with the required documentation (DGH, Medicals, if any) and paying all the due premiums (till the reinstatement date). Please refer to the product specific T&C for exact guidelines on reinstatement.
Claimant can visit any of our Branch Office or Head Office to intimate claim. Claimant can also intimate the claim through email, post or courier or through authorised representative.
Following documents are to be submitted along with claim intimation:
Claim will be settled upon receipt of all mandatory documents. In case, we need any further documents to process the claim, claimant shall be contacted at the communication address / contact no. mentioned on intimation letter.
There’s no limit in number of life insurance policies bought by NRIs subject to applicable Underwriting guidelines.
NRIs need not be physically present in India to buy a life insurance policy as Life Insurance offerings are available through various digital platforms. This allows them to compare and know features of different policies, use chatbots for query resolutions and clarifications.
In case you feel that the policy bought by you does not match your life goals, you can return it during the free-look period which is 15 days from the date of receipt of the policy document for offline policies and period of 30 days in case of electronic policies and policies obtained through distance mode.
You can update information related to your policy through either of the following ways:
Fund switching/redirection can be done in the following two ways:
“Non-resident Indian" (‘NRI’) is defined under section 115C of the Act to mean an Indian citizen or a person of Indian origin who is not a resident of India for tax purposes.
Following provisions of the Act are applicable to certain incomes of Non Resident Indian:
The tax eligibilities depend upon the residential status of the individual basis the Income Tax provisions and not on the basis of account held.
Double taxation occurs when income tax is paid twice, (i.e in the country of residence and in the country where the income is earned) on the same source of earned income. To avoid paying double taxation, NRIs can seek relief under the Double Tax Avoidance Agreement (DTAA) (wherever available) between the two countries, which is an arrangement between the governments of two countries, prescribing the country in which income earned from a foreign country will be taxed.
To avail this benefit, you need to gather all the necessary documents of tax paid in India, as proof. Also if there is any benefit under DTAA, no withholding tax will be deducted if customer submits valid Form 10F and valid Tax Residency Certificate (TRC) issued by Revenue Department of Foreign Country in which customer is residing.
FATCA stands for Foreign Account Tax Compliance Act, and includes reporting the details of accounts (policies) held by individuals being a citizen or resident of United States of America (‘US’) as may be prescribed.
CRS stands for Common Reporting Standard, and includes reporting the details of account (policies) held by an individual belonging to a registered country, other than US citizens or US residents.
Central Board of Direct Taxes (CBDT) has prescribed rules on due diligence, maintenance of information and reporting of the accounts (policies) regarding NRI who are covered under the Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS).
It is applicable to all the policyholders, for whom, any of the following is outside India:
For further information on FATCA/CRS, please visit www.incometaxindia.gov.in and refer to Central Board of Direct taxes (CBDT) notification news on ‘Due Diligence and Reporting Rules 114F to 114H under section 285BA of the Act, 1961’
You can follow the below mentioned steps for submitting FATCA declaration:
As per section 195 of the Act, Tax is deducted at source (TDS) for any policy benefit that is not exempt under Section 10(10D). TDS will be applicable on the payout amount for annuity policies under Section 195 of the Act.
However, no TDS is deducted for NRIs residing in countries that are subject to Double Taxation Avoidance Agreement (DTAA) benefit, and where the policyholder has submitted a duly-filled Form 10F along with valid Tax Residency Certificate (TRC) to the insurer before payment. Note that where payout is recurring payout like annuity, every year customer needs to submit valid Form 10F and TRC.
PAN card is mandatory for getting credit in TDS Certificate. In the absence of PAN, customer can get Transaction based report.
Form 10F submission by an NRI is a requirement of the Act. The form contains details like Name, Address, PAN, Nationality, Tax Identification Number (TIN) or Unique ID recognised by the country of residence. Form 10F needs to be filled and submitted online on Income tax website
Form 10F can be downloaded from https://www.incometax.gov.in/iec/foportal/
TRC is a certificate issued by the Government of a country stating that the said person is a tax resident. Usually TRC is issued by tax/revenue/reserve departments of a country and is valid only for a certain period. Therefore, policyholders must avail policy benefits while the certificate is still valid – to enjoy DTAA benefit.
For ULIP policies issued before 1 Feb 2021, maturity amount will be tax free in the hands of recipient if policy is satisfying conditions mentioned under Section 10(10D) of the Act. For policies issued on or after 1 February 2021, if the aggregate annual premium of all unit-linked plans that you have is equal to or less than Rs.2.5 lakhs, maturity amount will be tax free in the hands of recipient if policy is satisfying conditions mentioned under Section 10(10D) of the Act.If the aggregate annual premium is more than Rs.2.5 lakhs, the maturity proceeds would attract capital gains tax. Double Tax Avoidance Agreement (DTAA) benefit if available can be obtained by the policyholder subject to the necessary documentation.
GST will be applicable as per the rates for respective product type (Term – 18% , Endowment( First year) – 4.5%, renewal premium – 2.25%, Annuity – 1.8%, ULIP – 18% on charges). However, GST waiver benefit can be availed by the NRI customer if the following conditions are satisfied:
TDS refund cannot be allowed once TDS is deducted by the Life Insurance company and payment is made to Policy Holders.
GST refund cannot be subsequently allowed once premium payment is made by customer along with GST. For availing GST waiver, the applications should be logged in with NRI GST waiver option within the buy journey.
NRIs can repatriate claims, maturity proceeds or surrender value of life insurance policy outside India, only in proportion in which the amount of premium has been paid in foreign currency through NRE / Foreign account in relation to the total premium payable.
If premium/s are paid by customers from NRE account, payout from policy can be made in NRE account, otherwise payment will be made to NRO account.
Any amount that is received from the life insurance policy that is not exempt under section 10(10D) of the Act, will be subject to withholding tax at applicable rates (as per the provisions of the Act and the balance amount (net of taxes) will be repatriable as per the FEMA Regulations mentioned above.
~Individual Death Claim Settlement Ratio for FY 2021-2022
**All figures as on 31 March 2022
^Solvency ratio 581% as at 31 March 2022 against IRDAI mandated 150%
#Individual & Group
1Report published by Kantar BrandZ India 2022, for details click here
2Survey conducted by brand equity – Nielsen in March 2020
795.49% of non-investigative individual claims approved in one working day for FY 2021-22. 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
$For details refer to press release published by CARE
"What are your life goals?" is one of the most common questions that comes to one's mind while taking any step further in Life. Most just answer it by laughing it off or saying we will think about it.
A key reason that they feel this way is that they haven't spent enough time thinking about what they want from their life, and haven't set themselves any goals.
Goals keep changing as per different life stages and one has to plan meticulously for their future.
Deciding your Life Goal is all about planning to "Live your life, your way". There could be various Life Goals such as trotting the globe, becoming a food blogger to starting your own business, owning your dream house, or planning your Childs education or marriage.
L"IF"E is full of IF's... and one needs to plan to secure their loved ones and themselves against the Ifs of Life. When you opt for a life insurance plan, you transfer your family's financial risks in case of any unfortunate event to the life insurer. This allows you and your loved ones to live life fearlessly. Life Insurance protects your family's financial wellbeing from the consequences of living without an income.
When you purchase a life insurance policy, one of your major life goal gets fulfilled i.e. you purchase a sense of security. A safety net that cushions your family members from the financial impact of your sudden absence and ensures that any outstanding debts that were incurred during your lifetime don't fall upon your loved ones.
Having life goals is an important aspect in each one's life. One needs to be SMART and plan out well in advance to ensure nothing goes wrong in the future. Life insurance offers a range of products that could come in handy for meeting your financial goals.
To ensure that it is not too late, get your #LifeGoals insured with us today! It will help you smile in the face of tomorrow's uncertainties and let you live a worry free life!
Disclaimer : The final decision on application for Insurance is subject to Underwriting guidelines.
#Survey conducted by brand equity – Nielsen in March 2020
~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.
**Past performance is not indicative of future performance.