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Savings Plan

A savings plan is an  investment oriented  tool designed to help you systematically save money while building a substantial corpus to achieve your financial goals.  These plans offer the dual advantage of disciplined saving and potential returns on your investments, allowing your money to grow over time.

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Get Your Life Goals, Done!

Tailored Life Insurance Solutions for your long-term Life Goals.

Palak Bagadia
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, with a strong understanding of the insurance sector.
Rituraj Singh
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: 11th July 2025
Modified on: 15th July 2025
Reading Time: 20 Mins
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By consistently contributing to a savings plan, you can effectively accumulate funds to meet both your short-term needs and long term needs. It includes vacations, emergencies etc, and long-term aspirations like buying a home, retirement, or your child's higher education etc. The power of compounding returns in a savings plan optimizes  your wealth creation, making it easier to reach your financial milestones.

Staying invested for the long haul is key to maximizing the benefits of a savings plan. With a well-structured plan tailored to your risk appetite and financial objectives, you can enjoy the peace of mind that comes with financial security and a clear roadmap to your future goals. 

What is a Savings Plan?

It is a disciplined and structured way of securing your future financially. In a savings plan, you regularly set aside money to achieve financial goals over time. If unforeseen events occur, the life cover component would provide support to your family. At the end of the contract period, you may receive back the total contributed plus some other benefits. Savings plans can be used for any type of goal, be it purchasing a house, funding an education, or retirement planning. Some savings plans may provide tax benefits, so you can reduce your tax outflows. There are many different types of savings plans, such as government schemes, fixed deposit accounts, or insurance-related savings plans like ULIPs, and each of those will have specific terms and conditions around how long you must save or how much you contribute. The savings plan is one way to save and protect your family.


Tax-saving Plans

Tax-saving plans are saving plans which also help with tax saving. when you invest in such plans, you can get a deduction from taxable income on the invested amount. Plus, some tax saving plans also help you earn tax-free returns and the maturity benefit received from them is also exempted from tax.

A common tax-saving plan is the endowment plan. Under endowment plans, you can claim a deduction under Section 80C (under the old tax regime) on the premium paid under old tax regime. Plus, the death or maturity benefit received from the plan, including any bonus or extra additions can also be claimed as an exempted income under Section 10(10D) subject to satisfaction of conditions mentioned therein.


Types of Savings Plans and their Taxation

There are two main types of life insurance savings plans. They are as follows –


  1. Endowment plans:

    Endowment plans are those which provide insurance coverage during the policy tenure and a maturity benefit if the life assured survives the policy tenure. These plans can be offered as participating or non-participating plans. While participating plans are those that earn bonuses, non-participating plans don’t.

    Endowment plans can offer a lump sum benefit on maturity or premature demise. Alternatively, there are plans which offer the benefits in the form of monthly incomes which create a regular income inflow.


  2. Money back plans:

    Money-back plans are those that offer survival benefits during the policy tenure. The survival benefits are paid at predefined intervals and provide liquidity to the policyholder.

    For instance, say you buy a money-back policy which offers survival benefits after every 5 years. So, in a 20-year plan, you will get a lump sum benefit in the 5th, 10th and 15th policy years. On maturity, the remaining benefit is paid while in the case of premature demise, the full death benefit is paid irrespective of any money-back benefits already paid.

Types of Savings Plans

It is important to save regularly in order to be able to meet your future needs. A savings plan might enable you to save & also grow your savings for the utility of future requirements. There are different types of savings plans available for different objectives, including buying a house, financing your children's education, and saving for retirement or other objectives. Some savings plans could also help in savings on taxes. It's ideal to select a savings plan depending on your desired time to save for and the risk profile you can bear.

Besides life insurance savings plans, there are other types of savings plans that are available in the market. Some of these include the following –


  1. Public Provident Fund (PPF)

    PPF is a government-backed small saving scheme which offers guaranteed returns and long-term investment.

    Tax aspect – The investment made into PPF qualifies for deduction under Section 80C (under the old tax regime). The interest earned and the maturity proceeds are also tax-free4.


  2. National Savings Certificate (NSC)

    The NSC is a fixed-income saving scheme available for investment from the post office

    Tax aspect The investment made and interest earned in the first four years (which are reinvested) is allowed as a deduction under Section 80C. The interest earned in the fifth year is taxed at your income tax slab rates5.


  3. Kisan Vikas Patra (KVP)

    Another small-saving KVP gives guaranteed returns on investments and has a tenure of 9.5 years.

    Tax aspect Investments made are eligible for deduction under Section 80C6. However, the interest earned is taxable in your hands at your income tax slab rates6.


  4. Sukanya Samriddhi Yojana (SSY)

    This is a saving scheme for the benefit of the girl child which was launched by the government.

    Tax aspect The investment is eligible for deduction under Section 80C. The interest earned and the maturity benefit paid are also tax-free7.


  5. Employee Provident Fund (EPF)

    The EPF scheme is available to salaried employees of eligible organisations and it helps them save for retirement.

    Tax aspect Investments are allowed as a deduction under Section 80C (under the old tax regime) up to ₹1.5 lakh subject to specific limits8. The interest earned is also tax-free subject to specific conditions8.


  6. Fixed Deposits (FD)

    Fixed deposits involve saving a lump sum amount for a fixed time and at a fixed interest rate.

    Tax aspect – Investment into 5-year deposits qualify for tax deduction under Section 80C up to Rs.1.5 lakhs9. Interest earned is taxable in your hands if you are below 60. Senior citizens can enjoy tax benefits on the interest earned up to Rs.50,000 under Section 80TTB10.


  7. National Pension System (NPS)

    The NPS scheme is a market-linked scheme aimed at creating a corpus for retirement.

    Tax aspect Investments into the NPS scheme are allowed as a deduction under Section 80CCD (1) up to Rs.1.5 lakhs11. Additional deduction on investment is also allowed under Section 80CCD (1B) 11. On maturity, 60% of the commuted corpus is tax-free while the annuity payouts are taxed at your slab rates11.

    Note that above deduction under Section 80C are available only under old tax regime.

Why Do You Need a Savings Plan?

Here are some reasons which stress the importance of life insurance savings plans –


  1. Helps create savings

    As the name suggests, savings plans help you to create savings for your financial goals. The maturity benefit offered under the plan gives you a corpus to fulfil your goals.


  2. Are low-risk products

    Life insurance savings plans are traditional insurance plans that do not invest your premium in market-linked securities. As such, you can create a safe and stable corpus without worrying about market volatility.


  3. Bonus adds to the corpus

    If you buy participating savings plans, you will be entitled to earn bonus additions during the policy tenure if you have paid the due premiums and the company declares a bonus. These bonus additions add to the plan benefits and help you get a higher corpus on premature demise or maturity.


  4. Provide insurance protection

    As mentioned earlier, the insurance aspect of savings plans provides financial protection against the risk of premature demise. If a family’s breadwinner passes away, the family might incur a financial loss. The death benefit paid by a savings plan (provided the life assured passes away during the policy tenure) takes care of the financial loss giving the family the much-needed peace of mind.


  5. Facility of loan

    Life insurance savings plans offer a loan facility wherein you can take a loan up to a specified part of the policy’s surrender value. This loan gives you the necessary funds for your needs without having to exit the policy.

    Alternatively, you can use your life insurance savings plans as collateral and get a loan against their value.


  6. Tax benefits

    Lastly, the tax benefits offered by life insurance savings plans add icing to the cake. Here are the benefits that you get –

    • The premium paid for the policy qualifies as a deduction under Section 80C of the Income Tax Act of 19611under old tax regime. The maximum deduction allowed is Rs.1.5 lakhs1. To claim the deduction, the maximum allowed premium is defined as follows –
      • 20% of the capital sum assuredfor policies issued on or after 1stApril 20121
      • 10% of the capital sum assured for policies issued on or before 31stMarch 20121
      • 15% of the capital sum assured for policies issued on or after 1stApril 2013 if the life assured suffers from a disease or disability defined under Sections 80U or 80DDB, respectively1.
    • The death benefit received from the savings plans is always tax-free2
    • The maturity benefit received from the savings plans is also tax-free under Section 10(10D) if the premium is up to 10%, 15% or 20% of the capital sum assured depending on when the policy was issued3.
    • However, for policies issued on or after 1stApril 2023, the maturity benefit will be tax-free under Section 10(10D) if the annual aggregate premium paid for all traditional plans is up to Rs.5 lakhs3 and other conditions as mentioned in Section 10(10D) are satisfied.

Benefits of Savings Plans

Savings plans offer many simple yet strong benefits. They not only help you save money but also protect your family in case something happens to you. Let’s look at the top benefits:


Life Coverage

Most savings plans come with life coverage. This means if the life assured passes away during the term, their family gets the sum assured. This payout can help the family pay for daily expenses and important needs. Life coverage offers financial protection, so the family might stay safe even when the main earner is not around. This benefit adds extra security to your savings.


Meeting Financial Goals

Saving plans can help you achieve significant financial goals. You could save money continually for your child's future education, purchasing a home, or for retirement. Saving small amounts of money over time could amount to a very substantial fund. Saving consistently like this allows you to prepare for future needs without stress. It breaks down big goals into manageable steps to help achieve them.


Save Taxes

Saving plans could help fulfill your tax obligations. Section 80C of the Income Tax Act (only under the old tax regime) offers possible claims of deductions of up to ₹1.5 lakhs in a year, under old tax regime. In other words, the money you put in could provide you with less taxable income. Also, the amount you get at maturity or as a death benefit might be tax-free in many cases. This can make saving more rewarding. Additionally, the amount you receive at maturity—or as a death benefit—may be tax-free under Section 10(10D), provided certain conditions are met.


Financial Discipline

Paying a fixed amount regularly in a savings plan might help build financial discipline. It encourages you to save money on time without fail. This habit can teach you to manage your income better and plan your expenses. Over time, this discipline might make handling money easier and more organized. It helps you develop a strong savings routine for the future.


Financial Flexibility

Many savings plans provide financial flexibility: you may be allowed to choose how much money to pay, and at what frequency (e.g., monthly, yearly etc). For example, some savings plans allow you to make partial withdrawals post the lock-in period, in case of emergencies or even loans against the value of your savings, subject to policy terms and conditions. In many cases, you get to choose between various payout options, depending on your needs. This level of flexibility allows you to tailor the savings plan according to your changing financial circumstances.


Guaranteed* Returns

Certain savings plans offer guaranteed* returns: you are promised a definite amount of money upon maturity, regardless of market fluctuations. Such guaranteed* benefits obviously bring peace of mind when saving, since you can continue to plan your financial future without worrying about fluctuations in the market if the return is guaranteed*.


Importance of Buying the Best Savings Plan

It's important to save money regardless of age, income, or lifestyle. Saving regularly with a proper plan gives you flexibility for future needs. This methodical approach to saving can also help you realize your financial goals, which could include your child's education, buying a home, or a comfortable retirement. It allows you to have a better and more secure future.

Saving plans can also provide life cover, so your family could sum assured after you to help provide and protect their security.

Savings plans can also help your money grow over time, giving you the potential of achieving your goals faster. Usually, savings plans do offer flexibility in how much you save and how long you save, so you can easily adjust them as your needs change. This ensures that your savings plan keeps up with your life.

A savings plan helps you develop good money habits, primarily daily habits of regular saving. This discipline will help prepare you to deal with emergencies and is good for your overall financial health. If you make the right choice of savings plan early, you may be able to save smaller amounts over time and build a reasonable amount for the future.

Who should buy a Savings Plan?

A savings plan suits individuals looking to create savings for their financial goals and who also want insurance coverage. It is suitable for –


  1. Young adults who are planning to buy a car or make a down payment on their dream home
  2. Married couples who want to plan for their joint financial goals like buying a home, taking a trip, etc.
  3. Married couples with children who want to save up for their children’s higher education and marriage
  4. Adults who are in their 40s and who plan on creating a retirement corpus for their golden years

How long should one invest in a Savings Plan?

The duration of a savings plan depends on your financial needs and goals. To choose the right term, you should assess the goal for which you want to invest in the savings plan in the first place.

For instance, say you have a minor child aged 2 years. You want to create a corpus for the child’s higher education abroad. If your child goes to an international university at 18 years of age, you can choose a tenure of 15 or 16 years that would give you the corpus when you need it.

Similarly, for individuals in their 40s planning a retirement fund, a tenure of 18 years to 20 years can give them a corpus at 65 years of age.

So, assess your financial goals and then choose the policy tenure.

Importance of Buying a Best Savings Plan

There are multiple savings plans available in the market. Among them, choosing the best is important. Here are some reasons why –

  • You can get the right insurance coverage with the best savings plan.
  • The premiums would be low and competitive without compromising on the plan’s benefits and scope of coverage
  • You can get a variety of riders to add to the savings plan for a customised and more inclusive scope of coverage. The riders would provide added protection at lower premiums and give better financial security.
  • You can get the best benefits (death benefit or maturity benefit) with the right savings plan.
  • You can choose a plan which has a simple claim process for easy claim settlements

Features of Savings Plans

Some of the salient features of savings plans are as follows –

  1. They offer multiple premium payment modes – single premium wherein you pay the premium once, limited premium wherein you pay premiums for a limited tenure and regular premiums wherein you pay premiums throughout the policy tenure
  2. Goal-oriented savings plans are also available to help you save for a particular goal. For instance, you can choose child plans to save for your child’s secured financial future
  3. Savings plans might offer bonuses, guaranteed additions, loyalty additions, wealth boosters and other forms of returns to enhance the policy benefits
  4. You can choose a flexible tenure depending on your investment horizon

How to compare different savings plans?

You can compare different savings plans on the following parameters –


  1. Coverage vis-à-vis premium charged

    Check the coverage offered under the policy vis-à-vis the premium charged. Compare the plans on the competitiveness of the premium basis the covere offered.  


  2. Policy benefits

    Assess the benefits payable on premature demise or maturity.


  3. Bonus or other forms of additions

    If you are choosing participating savings plans, check the bonus terms. Also, compare the previous bonus rates offered to get an idea of how much you can expect. However, previous rates are not indicative of future bonus rates.


    In the case of non-participating plans, look for other forms of additions offered under the plan that can boost the policy benefits.


  4. Benefit payout modes

    Savings plans can offer the policy benefits in a lump sum, in the form of regular incomes or in a combination of both. Depending on your financial needs, check the benefit payout mode and choose one that aligns with your goals.


  5. Riders offered

    Lastly, check the riders offered with savings plans. A wide choice of riders at competitive premiums would be preferable since it would allow you to customise your coverage and enhance it.


Factors to Consider Before Investing in a Best Savings Plan

When investing in the best savings plans, here are some factors to consider –


The sum assured

An adequate sum assured is important to give you the coverage that you need. If the sum assured is sufficient, it will help your family tackle the financial loss suffered in your absence.


The premium

The premium of the policy should be affordable so that you can pay it on the due dates without incurring financial strain. Very high or unaffordable premiums might result in a lapse wherein the benefits would be reduced and you would lose out.


Riders

Check the riders offered with the savings plan. Choose suitable riders, depending on your coverage needs, for an all-inclusive scope of coverage.


Premium payment terms and frequency

If the savings plan offers a flexible premium payment term (single, limited, or regular premiums), choose a term that would be affordable. You can also choose from the different premium payment modes (annual, half-yearly, quarterly, or monthly) to pay the premium most affordably.


How Long Should You Invest in a Savings Plan?

When you save money in a savings plan, the duration of time depends on what you want to do with that money. If you want to make a purchase soon (for example, a car within the next 3 years), choose a short-term savings plan. If you are saving for a long-term goal (your child's education or retirement, for example),  then you might want to consider a plan that you keep for 10 to 20 years. Generally, the longer you keep the plan, the more money you may receive at the end of it. It is important to consider when you would like to access your money. Then choose a plan that suits the time you have and your goals.

How to choose the right savings plan?

Choosing the right plan is easy if you follow these steps:

  • Evaluate financial goals

    Think about what you want to save for. It can be anything—buying a house, your child’s school fees, or your retirement. Your plan should match that goal.


  • Look for features, riders, and flexibility

    Consider whether the plan has any features, whether you have the option of loans, and whether there is flexibility in the number of premium payments and frequency. Riders can also be added for protection at an additional nominal premium, such as accidental death benefit rider, critical illness benefit rider etc.


  • Consider your investment horizon

    How long can you stay invested? Some goals require your money in 3–5 years, and some require 10–20 years. Understand the time frame of a plan and select a plan that fits your time horizon.


  • Consider your risk appetite

    Are you comfortable with some degree of risk? Or do you want guaranteed* returns? Based on your comfort level, you can choose whether a market-linked plan such as ULIPs or guaranteed* return plan such as endowment plan is best.


  • Review and compare

    It is okay to compare 2–3 plans before you buy. When you compare, check returns, life cover, charges, and flexibility. An added benefit is to use a savings calculator to see what plan works best with your needs.

6 Simple Steps to Buy a Savings Plan Online

You can now purchase a savings plan directly from the comfort of your home. You need to follow these simple steps:


  • Evaluate Your Financial Goals

    Establish what you're saving for. It can be for retirement, children’s education, or something for the near future. Your goal is essential to successfully selecting the savings suitability for you.


  • Do Your Research Thoroughly

    Review all your savings options online. Review the features, benefits, and policy terms of various savings policies. Review customer satisfaction and expert opinions.


  • Do Your Research on the Insurer

    Know the history of the insurer. Look at their claim settlement ratio, name/reputation, claims handling, and how they set customer expectations.


  • Check Your Eligibility

    Check if you meet the eligibility requirements of the policy. Usually, age proof income proof, and identity proof are required.


  • Submit Form Online

    Complete the proposal form onsite, upload the required documents. .The insurer will verify your application and will communicate the acceptance/rejection of the policy.


  • Premium Payment

    If the proposal is accepted, pay the premium online Insurer will then send your policy document by email. It’s good practice to save this document electronically for future reference.

Factors Impacting Savings Plan Premium

Some factors that impact the premium of savings plans are as follows –

Factor

How does it affect the premium

Age

The older you are, the higher the premium would be and vice versa

Medical history

If you have existing medical conditions, the premiums would be higher

Family history

A family history of illness or premature death increases the premium

Occupation

If you are employed in a dangerous occupation, like mining, aviation, construction, etc., the premiums would be higher

Lifestyle habits

Smoking and drinking alcohol increase your mortality risk. As such, premiums for these lifestyle habits are higher

Height and weight

The height and weight determine your Body Mass Index (BMI). Premiums are standard for normal BMI. However, if your BMI indicates overweight or underweight, the premium might be higher

Sum assured chosen

The higher the sum assured that you choose, the higher the premium payable

Policy tenure

Long-term savings plans have lower annual premiums compared to short-term savings plans

Premium payment term

Single premiums are the highest, followed by limited premium, and lastly, regular premiums

Premium payment frequency

Annual premiums are usually the lowest. If you pay premiums in the half-yearly, quarterly, or monthly mode, you might have to pay more

Riders selected

Riders come at an additional premium. Every rider added to the policy increases the total premium outgo

Documents Required To Buy Term Insurance

When you buy a term life policy, you are required to submit a set of documents. These include-

Photo Identity Proof Photo Identity Proof

Photographs

Identity proof

Age proof

Address proof

Income proof

Medical report

Aadhaar Card

PAN Card

Any other documents

Recent coloured photographs

Aadhaar card, PAN card, voter’s ID card, passport, driving license, etc.

birth certificate, Aadhaar card, Voter’s Identity card, PAN card, Passport, School certificate, Driving License, etc.

Aadhaar card, voter’s ID card, passport, driving license, recent utility bills, Property Deed, Registered Rent Agreement, etc.

Income proof (Premium>5 Lakh, Total Actual Sum Assured>50Lakh)

Medical examination report (if pre-entrance health check-ups were required by the insurance company)

Any other documents needed by the insurance company

Common Mistakes to Avoid in a Savings Plan

When buying a savings plan, there are a number of common mistakes you should avoid to get the right outcome.  

  • Not having any financial goals: It is never a good idea to get a plan without knowing what you are saving for. Good practice is to have some financial goals.
  • Not comparing plans: Always look at two or three plans and compare their features, returns, and terms.
  • Not reading the fine print: Read every last detail. Find out the lock-in period, any surrender charges, and exclusions in the policy.
  • Over-committing: Do not commit to a premium that is going to be difficult to manage. Think about the premium that you can simply and comfortably pay.
  • Not using riders: Riders can add some useful additional benefits at an additional nominal premium, such as cover for critical illness or disability.
  • Buying only for tax savings: Yes, tax savings can be a benefit, but your real objective should be to commit to a life-long, long-term objective.

Savings Plan by Bajaj Allianz Life

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Why Bajaj Allianz Life Insurance ?

Bajaj Allianz Life, one of India's leading Private Life Insurers, is committed to offering value-packed and innovative products to help you achieve your Life Goals.

99.29%

Claim Settlement Ratio~

Claim Settlement Ratio
1 Day

Get 1 Day Claim Approval%

One Day Claim Approval
AAA

Stable Rating by CARE$$

CARE Stable Rating
₹1,23,734 Cr

Assets Under Management (AUM)***

Assets Under Management (AUM)
3.85 Cr

Number of Lives Covered##

Number of Lives Covered
359%

Solvency Ratio of 359%^^^

Solvency Ratio
Claim Settlement Ratio 2024-25

 Disclaimer:~Individual Death Claim Settlement Ratio for FY 2024-2025 | %99.29% of non-investigative individual claims approved in one working day for FY 2024-25. 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. 96% of non - investigative claims notified were processed within one day in FY’25 | $$For details refer to press release published by CARE | ***All figures as on 31 March, 2025 | ^^^Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150% | ##Individual and group, as on 31 March, 2025.

Savings Plans – Frequently Asked Question

1. How much should I have in savings at 25?

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Your savings depend on your income, expenses, and financial responsibilities. There’s no fixed number as it varies from individual to individual.


That being said, it is better to start saving from a younger age so that you can build a sufficient corpus for your financial goals.

2. How much does the average person have in savings?

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An average person’s savings depends on his income, expenses, saving habits and financial liabilities. You cannot put a universal figure to the savings amount.

3. How much money should I save before investing?

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You can start investing with as little savings as you have. This would help you develop a savings habit and you can also earn returns on the money invested.

4. Can savings plans help save Tax?

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If you choose tax-saving plans, you can save tax. For instance, life insurance savings plans help in saving tax on the premiums paid as well as the benefits received subject to specified terms and conditions prescribed under Income Tax Act, 1961.

5. Which Saving Investment is best to start with, long-term or short-term?

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It is always better to save with a long-term investment horizon. However, if you have short-term goals, you can save for the short-term too. Your investment horizon should align with your financial goals.

6. What are the Tax Benefits of a savings plan?

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Savings plans offer deduction of the premium paid under Section 80C1 under old tax regime. Plus, the death benefit or the maturity benefit received from the policy also enjoys tax exemption2 and 3.

7. Steps to Buy Savings Plan Online

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You can visit the official website of Bajaj Allianz Life Insurance Company, compare and choose a suitable savings plan and buy it online in a few simple steps. You will just have to fill out an online application form, submit the relevant documents and pay the premium to buy the plan online.

8. Which investment instruments are tax-free?

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Some of the popular investment instruments which are tax-free are Life insurance savings plans like endowment and money-back plans, PPF etc.

9. What investments come under Section 80C of the Income Tax Act?

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Some of the popular investments that come under Section 80C are as follows –

  • Life insurance savings plans like endowment and money-back plans
  • PPF
  • NPS
  • NSC
  • EPF
  • KVP
  • Post office saving schemes
  • SSY, etc.

10. What is the eligibility criteria for a savings plan?

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The eligibility criteria include the minimum and maximum entry age which varies across savings plans. So, check the minimum and maximum ages when buying the policy.

11. What should be the tenure of your savings plan?

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The tenure would depend on your financial goals. If you want to save for short-term goals, you can have a short-term tenure but if you want to save for long-term goals, choose a long-term tenure.

12. What documents are required to buy a savings plan online?

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The documents required to buy a savings plan online depend on the insurance company. However, the list of common documents is as follows –

  • Recent coloured photographs
  • Identity proof
  • Age proof
  • Address proof
  • Income proof (Premium>5 Lakh, Total Actual Sum Assured>50Lakh)
  • Medical examination report (if pre-entrance health check-ups were required by the insurance company)
  • Aadhaar Card
  • PAN Card
  • Any other document needed by the insurance company

13. What is the Maximum Amount you can Save in Tax?

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The maximum amount depends on how much you have saved, your tax bracket and the investments that you have chosen with maximum investment limit of Rs. 1.50 lakhs.

14. What is the maximum investment limit under Section 80C?

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The maximum investment limit under Section 80C is Rs.1.5 lakhs under old tax regime.

Savings Investment Guide

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I have invested in various products of Bajaj Allianz Life Insurance - I am happy with the services, returns and diversified product portfolio.
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Bajaj Allianz Life Insurance Security
Bajaj Allianz Life is a trusted insurance partner Reviewed by Life Insurance Experts
Bajaj Allianz Life is a trusted insurance partner

At Bajaj Allianz Life, we are here to support you in building a secure and worry-free financial future. With over 24 years of experience, we provide a variety of life insurance plans, including protection, retirement, savings, investment and health, to meet your unique needs.

Disclaimers:
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a 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.

b 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.

c Cash bonus is not guaranteed

d Product feature/benefit mentioned are dependent on variant chosen by the customer.

e The Guaranteed benefits are dependant on the policy terms, sum assured, premium and age along with other variable factors . For more details please refer to sales brochure.

f Sum Assured options: Sum Assured 1.5 times of Single Premium or Enhanced Sum Assured - 10 times of Single Premium

g available with Income benefit

17Conditions 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.

27Tax 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.

BJAZ-WP-ECNF-16076/25

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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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Disclaimer

The risk factor of bonuses projected under the product are not guaranteed. Post performance of the Company doesnt construe any indication of future bonuses. The product is subject to overall performance of the Company in terms of investments, management of expenses, mortality and lapses.

Bajaj Allianz Life ACE- A Non linked, Participating, Individual Life Insurance Savings Plan (UIN No: 116N186V02). 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 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. Tax Benefit is calculated at the rate of 31.20% after considering deduction of Rs. 150,000/- under Section 80C of the Income Tax Act 1961 (under old tax regime).

#Choice of paying premium for 5 to10 and 12 years

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

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Disclaimer

~Individual Death Claim Settlement Ratio for FY 2023-2024


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

Disclaimer
BJAZ-WB-EC-13662/25

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Returns upto 26.7%*

Starting from ₹3,000/ Month1

10X Life Cover# + Market Linked Returns.

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1Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

#Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms . Subject to availability in Bajaj Allianz Life ULIP Plans. 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.

*Benchmark: Nifty 500 Multicap Momentum Quality 50 Index past 5 CAGR Returns, as on 31st December 2024. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01) are only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. 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.

Nifty 500 Multicap Momentum Quality 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01)

In addition to the already existing funds, Nifty 500 Multicap Momentum Quality 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multicap Momentum Quality 50 Index Fund.

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

X
Disclaimer

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and  Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) is only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. 

$Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

2Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms. Subject to availability in Bajaj Allianz Life ULIP Plans. 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.

1Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

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

X
Terms & Conditions

*Premium revision is applicable throughout the policy term, premium payment term and sum assured combinations.

^The Premium prices listed above are the lowest available across all online channels/ platforms for the purchase of this specific version of the product. These rates are subject to input parameters& as required for policy issuance remaining consistent during comparison. No Staff/Partner discount&& can be availed with this product. If a lower premium rate is found elsewhere, under the same conditions mentioned above, the policyholder may choose to cancel their policy and receive a full refund of premium paid.&& Staff includes directors and employees of Bajaj Finserv Group & their spouse, children, and dependent parents. Partner includes employees and agents of intermediaries and their family members. &Input parameters include age, medical details, qualifications, occupation, income and other factors required for policy issuance

#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.

Disclaimer
BJAZ-WB-EC-13662/25

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Returns upto 26.7%*

Starting from ₹3000/ Month1

Zero LTCG Tax^ + 10x Life Cover#

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Are you an NRI?

Select Country

I agree and consent to the Terms & Conditions, Privacy Policy

*,1,^,#T&C Apply

Gender

I agree and consent to the Terms & Conditions, Privacy Policy

*,1,^,#T&C Apply

Sticky

Pay ₹10k/month and Get ₹1.26 Cr^

Check Mark

26.8% Past 5 CAGR Returns*

Check Mark

Zero LTCG Tax$

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Pay ₹10k/month and Get ₹1.26 Cr^

26.8% Past 5 CAGR Returns*

Zero LTCG Tax$

calendar_icon

Are you an NRI?

Select Country

I agree and consent to the Terms & Conditions, Privacy Policy

^,*,$,1T&C Apply

Gender

I agree and consent to the Terms & Conditions, Privacy Policy

^,*,$,1T&C Apply

X
Disclaimer

*Benchmark: Nifty 500 Multifactor MQVLv 50 Index past 5 CAGR Returns, as on 30th May 2025. Past returns of a fund are not necessarily indicative of the future perf-ormance of the fund. | Please consult the financial advisor before investing.

$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

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the perf-ormance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V02), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01),  Bajaj Allianz Life Fortune Gain II- A Unit-linked Non Participating Individual Life Savings Insurance Plan (UIN- 116L196V02) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V03) are only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. 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.

Nifty 500 Multifactor 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V02), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01), Bajaj Allianz Life Fortune Gain II- A Unit-linked Non Participating Individual Life Savings Insurance Plan (UIN- 116L196V02) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V03)

In addition to the already existing funds, Nifty 500 Multifactor 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multifactor 50 Index Fund

^Above illustration is for Bajaj Allianz Life Smart Wealth Goal V is A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V02) considering Male aged 25 years | Standard Life | Variant- Wealth | Policy term (PT) - 35 years | Premium Payment Term (PPT) - 10 years | Total premiums paid Rs. 12,00,000 | Monthly Premium Payment Mode | Sum Assured Rs. 18,00,000 | Incase of unfortunate death during the 1st policy year, death benefit payable at 4% and 8% will be Rs. 18,00,000. This illustration is considering investment in "Bond Fund - ULIF02610/07/06BONDFUNDLI116” through Auto Transfer Portfolio Strategy and Goods & Service Tax (GST) of 18%.

Assumed investment returns on 35th Policy Year

CAGR#

                   ₹ 1,26,27,417

8%#

                   ₹ 40,23,358

4%#

#The assumed rate of returns indicated at 4% and 8% are illustrative and not guaranteed and do not indicate the upper or lower limits of returns under the policy.

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

X
Disclaimer

$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

 

1Minimum premium mentioned is applicable for Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

*Benchmark: Nifty 500 Multifactor MQVLv 50 Index past 5 CAGR Returns, as on 30th May 2025. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

 

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V02), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01),  Bajaj Allianz Life Fortune Gain II- A Unit-linked Non Participating Individual Life Savings Insurance Plan (UIN- 116L196V02) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V03) are only the name of the unit linked insurance contracts and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. 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.

Nifty 500 Multifactor 50 Index Fund is available Bajaj Allianz Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Allianz Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Allianz Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Allianz Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V02), Bajaj Allianz Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01), Bajaj Allianz Life Fortune Gain II- A Unit-linked Non Participating Individual Life Savings Insurance Plan (UIN- 116L196V02) and Bajaj Allianz Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V03)

In addition to the already existing funds, Nifty 500 Multifactor 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multifactor 50 Index Fund

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