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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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Smart Savings Plans for a Secure Tomorrow

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Written ByPalak Bagadia

AboutPalak Bagadia

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.

Reviewed ByRituraj Singh

AboutRituraj Singh

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.

What is a Savings Plan?
Types of Savings Plans and their Taxation
Types of Savings Plans
Why Do You Need a Savings Plan?
Benefits of Savings Plans
Importance of Buying the Best Savings Plan
Who should buy a Savings Plan?
How long should one invest in a Savings Plan?
Importance of Buying a Best Savings Plan
Features of Savings Plans
How to compare different savings plans?
Factors to Consider Before Investing in a Best Savings Plan
How Long Should You Invest in a Savings Plan?
How to choose the right savings plan?
6 Simple Steps to Buy a Savings Plan Online
Factors Impacting Savings Plan Premium
Documents Required to Invest in a Savings Plan
Common Mistakes to Avoid in a Savings Plan
Savings Plan by Bajaj Allianz Life
Why Bajaj Allianz Life Insurance ?
FAQs

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 –

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.
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 5^th, 10^th and 15^th 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 –

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.
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.
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.
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.
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.
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.
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 –

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.
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.
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.
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.
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.
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 1^stApril 2012¹
  - 10% of the capital sum assured for policies issued on or before 31^stMarch 2012¹
  - 15% of the capital sum assured for policies issued on or after 1^stApril 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 1^stApril 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 lakhs³and 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 –

Young adults who are planning to buy a car or make a down payment on their dream home
Married couples who want to plan for their joint financial goals like buying a home, taking a trip, etc.
Married couples with children who want to save up for their children’s higher education and marriage
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 –

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
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
Savings plans might offer bonuses, guaranteed additions, loyalty additions, wealth boosters and other forms of returns to enhance the policy benefits
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 –

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.
Policy benefits

Assess the benefits payable on premature demise or maturity.
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.
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.
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-

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

99.29%

Claim Settlement Ratio^~

1 Day

Get 1 Day Claim Approval^%

AAA

Stable Rating by CARE^$$

₹1,23,734 Cr

Assets Under Management (AUM)^***

3.85 Cr

Number of Lives Covered^##

359%

Solvency Ratio of 359%^{^^^}

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?

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?

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?

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?

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?

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?

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 exemption^{2 and 3}.

7. Steps to Buy Savings Plan Online

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?

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?

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?

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?

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?

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?

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?

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

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Savings Investment Guide

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Customer Speaks

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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.

Rashmi Bhavnani

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I am a happy customer who is satisfied with the after sales service. I have full trust in Bajaj Allianz Life Insurance Company.

Shrikant A Karande

Happy with the returns

I was introduced by my advisor to invest in Bajaj Allianz Life Insurance .I have invested in the same and am happy with the returns and services.

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I am a 7 year old customer of Bajaj Allianz Life Insurance and very happy about the services.

Dhruv Soni

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.

Prices Revising Soon!*

16% Discount on first year premium^#

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BJAZ-WB-EC-13662/25

Pay ₹10k/month and Get ₹1.26 Cr^{^}

26.8% Past 5 CAGR Returns^*

Zero LTCG Tax^$

*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

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 35^th 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.

*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.

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.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272

Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.

The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo.

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

¹©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

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