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Savings Plan

A savings plan is an investment-oriented tool which helps you save and create a corpus for your financial goals. The savings plan also offer returns on investment which helps your corpus to grow. If you stay invested in the savings plan, you can accumulate a fund for meeting your short and long-term financial goals.  

Each of these goals requires a financial corpus for fulfilment. As such, individuals earn and save money to create a corpus for their goals. This is where savings plans come into the picture. In order to receive the payout from the policy in case of an unfortunate event, your beneficiaries will need to raise a claim with the insurance company from whom you have purchased the plan. The insurer will evaluate the claim application and then pay out the sum assured in case the claim is genuine and policy was in force, when the said event occurred. This process forms the basis of the claim settlement ratio of an insurer.Read Less

Savings Plans
Smart Savings Plans for a Secure Tomorrow
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Written ByPalak 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.
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Reviewed ByRituraj 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: 30th March 2025
Modified on: 10th April 2025
Reading Time: 20 Mins
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Why Do You Need a Savings Plan?

A savings plan can be beneficial for several reasons. Some such reasons are as follows:

  1. Promotes savings:
    As the name implies, savings plans assist you in saving for your financial goals. You can accumulate a corpus for your financial needs by investing in savings plans.

  2. Products are low-risk:
    Many savings plans, except those linked to market performance, provide assured returns on investments. Such plans are not exposed to market volatility allow you to build a safe and steady corpus without the risk of volatile markets.

  3. Adds to the corpus:
    The returns offered under savings plans add to your investments and help them grow. This helps you accumulate and get a good corpus on maturity or even during the plan’s tenure for your financial needs.

  4. Offer insurance cover:
    If you choose savings plans offered by life insurance companies, you can enjoy financial protection against the risk of premature demise. Such plans pay a death benefit if the life assured passes away during the policy term. This helps the family meet their financial needs even when the breadwinner is not around. Moreover, the family can use the death benefit to fulfil the goals which you could not fulfil.

  5. Loan facility:
    Savings plans are a type of asset. They can be used as a collateral security to get a loan. Moreover, life insurance savings plans also offer policy loans against the available surrender value. This loan provides you with the funds you require without the need to exit the policy.

  6. Tax benefits.
    Finally, the tax benefits provided by savings plans are the icing on the cake. The following are the advantages that you receive:
  7. Section 80C of the Income Tax Act of 1961 allows for a deduction for investments made in different types of savings plans. The maximum deduction permitted is ₹1.5 lakhs[1]. Common savings plans which allow the benefit under Section 80C include life insurance savings plans, 5-year fixed deposits, PPF, NPS, etc.
  8. Under life insurance savings plans, the death benefit received is allowed as a tax-free benefit[2].
  9. Many savings plans also offer tax-free maturity benefits. For instance, the maturity proceeds from life insurance plans are allowed as a tax-free benefit under Section 10(10D)[3]

Types of Savings Plans

When it comes to life insurance, there are two types of saving plans. They are as follows:

  1. Endowment plans
    Endowment plans are savings-oriented life insurance plans that offer a death benefit in the case of the life assured’s death during the policy term. Alternatively, if the life assured survives the policy term, a maturity benefit is paid. This money-saving plan thus provides financial security and helps in creating a corpus for your goals. Moreover, if the plan offers a bonus, your corpus can also grow.

  2. Money back plans
    Money-back plans provide survival benefits during the policy's tenure. These payouts are paid at predetermined intervals and offer liquidity to policyholders. For example, suppose you acquire a money-back policy that provides survival benefits every five years. In a 20-year plan, you would receive a lump sum payout in the fifth, tenth, and fifteenth policy years. On maturity, the assured balance is paid. However, in the event of death during the term, the whole death benefit is paid regardless of any money-back payments previously received.

There are various kinds of savings plans on the market in addition to life insurance savings plans. Some of them include the following:

  1. Public Provident Funds (PPF):
    The PPF is a government-backed saving scheme that provides guaranteed returns and long-term investment. Tax implications - PPF investment is eligible for a deduction under Section 80C. It also offers offers tax-free interest and maturity proceeds[4].

  2. National Savings Certificate (NSC):
    The NSC is a fixed-income saving scheme accessible for investment through the post office. Tax implications - The investment and interest earned in the first four years (which are reinvested) are deductible under Section 80C. Interest earned in the fifth year is taxed according to your income tax slab rates.[5].

  3. Kisan Vikas Patra (KVP):
    A small-saving option with a 9.5-year duration and assured investment returns. Tax implications - Section 80C allows for the deduction of investments. However, the interest you earn is taxed at your income tax rate[6].

  4. Sukanya Samriddhi Yojana (SSY):
    A savings initiative for girls was introduced by the government.
    Tax implications - The amount invested is eligible for an exemption under Section 80C. The interest earned and maturity benefits paid are both tax-free[7].

  5. Employee Provident Funds (EPF):
    Salaried employees of qualified businesses can benefit from the EPF system, which helps them plan for retirement. Investments can be claimed as a tax deduction according to Section 80C up to Rs.1.5 lakhs, subject to certain limits[8]. The interest received is likewise tax-free, subject to certain criteria[8].

  6. Fixed Deposits (FDs):
    Preset deposits are used to save a lump sum amount over a certain period at a preset interest rate. Tax aspect - Investment in 5-year deposits qualified for tax deduction under Section 80C up to Rs. 1.5 lakhs[9]. If you are under the age of 60, whatever interest you earn is taxed. Senior citizens can claim tax breaks on interest earnings up to Rs.50,000 under Section 80TTB[10].

  7. National Pension System (NPS):
    The NPS system is a market-linked plan designed to accumulate funds for retirement Tax implications - Investments in the NPS system are deductible under Section 80CCD (1) up to Rs. 1.5 lakhs[11]. Section 80CCD (1B)[11] allows for an additional deduction on investments. At maturity, 60% of the transferred corpus is tax-free, while annuity distributions are taxed according to your slab rates[11]. 

Features of Savings Plan

Some of the key aspects of savings plans are as follows:

  • Most savings plans offer affordable investment options so that you can save per your needs
  • The returns offered are usually assured, except in some cases. For instance, fixed deposits, PPF, SSY, etc., offer assured returns. However, life insurance savings plans with bonus additions might not guarantee the amount payable on death or maturity as the bonus is not guaranteed.
  • Some savings plans require regular investments while in others you can invest per your suitability. For instance, under fixed deposits, you can invest in a lump sum but if you choose PPF or life insurance savings plans with regular premium payment options, you will have to invest regularly over the chosen term.
  • Some saving plans offer investment options, allowing policyholders to choose how their savings are managed (e.g., NPS).
  • Focused on goals savings plans are offered to help you prepare for specific goals. For example, you can choose kid plans to safeguard your child's financial future.
  • Some plans can allow a variable tenure based on your investment horizon.

Features of Savings Plan

How do you choose the right savings plan?

Here are some guidelines for selecting the best savings plan –

  1. Assess your financial goals: Determine what you hope to achieve with your savings plan.
  2. Evaluate your risk tolerance. Consider how comfortable you are with risk and volatility. If you are risk-averse, you may select a saving plan that provides a guaranteed return or a lower-risk investment alternative. If you are willing to take on additional risk, you could choose a plan with a higher potential return.
  3. Select a savings plan that provides good returns to help you create a good corpus.
  4. Consider your income and expenses: Calculate how much you can afford to save each month. Make sure you understand your financial obligations, including debts, bills, and living expenses.
  5. Ensure the savings plan's benefits align with your financial needs.
  6. Assess the tax benefits of savings plans and choose plans which give maximum tax savings.

Factors to Consider Before Investing in a Best Savings Plan

The following elements should be taken into account while investing in the best savings plans:

The investment needed

The savings plan should have affordable investments which aligns with your savings. Look for the minimum and maximum investment amount and choose a plan which fits in your budget.

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Investment horizon

Choose savings plans which have a tenure that aligns with your investment horizon. Alternatively, plans with flexible tenures are also suitable for all investment horizons.

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Riders

Returns

Check the returns offered by savings plans. Choose a plan which offers attractive returns so that you can create a good corpus for your goals.

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Tax advantage

Savings plans that offer maximum tax benefits will be a good choice as you will be able to reduce your tax liability and save more.

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Who should buy a Savings Plan?

A savings plan can help people save for certain financial goals, and life insurance savings plans also provide financial protection against unexpected events. As such, savings plans can be suitable for the following types of individuals:

  • Young professionals who have recently started their jobs can invest in savings plans to build up a saving habit and start saving for their goals from an early age
  • Families with dependents: Parents who want to ensure that their children's education, marriage, or other future expenses are paid for can use savings plans to create a corpus.
  • Retirees: People who desire to augment their retirement income, create a consistent income stream, and leave a legacy for their loved ones can invest in savings plans
  • Individuals with high-risk jobs: Those who work in high-risk industries such as construction, aviation, or healthcare may benefit from a savings-oriented insurance plan to ensure financial security for their families.
  • Individuals with large debts, such as mortgages, auto loans, or credit card debt, may seek a savings-oriented insurance plan to ensure that their loved ones are not burdened with debt payments in the event of their death.
  • Individuals who desire to develop an emergency fund: A savings insurance plan can help you prepare for unforeseen needs like medical crises, car repairs, or house maintenance. 

How to Compare Saving Plans in India?

When comparing the best saving plan in India, it is important to consider a variety of variables to ensure that you select a plan that aligns with your financial objectives, risk tolerance, and personal circumstances. Following are a few steps to consider while comparing the best saving plan in India:

  • Determine your goals. Identify your financial goals, such as saving for a specific purpose, establishing an emergency fund, or protecting your family.
  • Research: Look for the different options for savings plans in India. Choose an option that matches your needs and requirements.
  • Comparing returns – Check the returns offered by different savings plans. Choose a plan offering the highest possible return for maximum savings.
  • Compare plan features: Evaluate the features of the different savings plans, i.e., the investment amount, investment tenure, expected returns, liquidity, risk, etc.
  • Tax benefits – Compare the savings plans on their tax angle. Check the tax implication on investment, returns and maturity proceeds.

Savings Plan by Bajaj Allianz Life

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Documents Required to Purchase a Savings Plan

Document requirements vary and depend on the type of savings plan you choose. However, some common documents necessary to buy money savings schemes are listed below:

Identity proof Identity proof

Identity proof

Address proof

Age Proof (in some cases)

Aadhaar Card

PAN Card

other document

Additional documents required by the financial institution

Conclusion

In conclusion, money savings plans in India allow you to inculcate a savings habit and save for specific goals. You can choose short or long-term savings plans depending on your goals and financial needs and grow your savings with the returns offered.

Compare and choose the best saving scheme that aligns with your needs. There are different types of savings plans each with its own set of features and benefits. You can make an informed decision by evaluating these plans and taking into account their circumstances, risk tolerance, and financial aspirations.

 

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. Can I buy more than one savings plan?

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You can buy as many savings plans as you need, provided you have adequate savings and the plans align with your financial needs.

2. What is the maximum investment that I can make under savings plans?

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The maximum investment limit depends on the type of savings plan that you choose. For instance, under PPF, the maximum investment limit is ₹1.5 lakhs. However, many plans do not have a maximum limit, and you can save as much as you want.

3. What is the minimum investment amount under savings plans?

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The minimum limit depends on the type of savings plan that you choose.

4. Are there savings plans that have an investment horizon of one or two years?

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Yes, there short-term savings plans that help you save for one or two years. Common examples include fixed deposits, recurring deposits, etc. 

5. When is the right time to invest in saving plans?

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There is no right time to invest in savings plans. You can start saving as soon as possible to enjoy the benefit of compounding returns.

6. Can housewives invest in saving plans?

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Yes, housewives can invest in savings plans if they have savings that they want to invest and earn returns on the same.

7. Do all savings plans offer assured returns?

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If you choose savings plans which are not linked to market performance, you can get stable returns. However, market-linked savings plans do not assure returns.

8. What form of returns do life insurance savings plans offer?

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Life insurance savings plans offer a death benefit if the life assured passes away during the policy term. Alternatively, if the life assured survives the policy term, such plans pay a maturity benefit. Many life insurance savings plans also offer additional benefits in the form of bonuses, guaranteed additions, loyalty additions, etc.

9. Will the returns from savings plans attract tax?

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The taxation of returns depends on the type of savings plan that you choose. For instance, returns from PPF and life insurance savings plans do not attract tax however, returns from fixed deposits, NSCs, etc. are taxable.

10. Is the 80C deduction available in the new tax regime?

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The 80C tax deduction is available only under the old tax regime, not the new one.

11. I am investing ₹2 lakhs in different savings plans. Can I claim an exemption on the full investment under Section 80C?

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The maximum deduction allowed under Section 80C is ₹1.5 lakhs. So, if you invest ₹2 lakhs, you can claim a deduction only on ₹1.5 lakhs. The remaining ₹50,000 would be taxed at your tax slabs.

12. I want to invest once. Do savings plans allow one-time investments?

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Yes, there are many savings plans which allow you to invest in one lump sum. Common examples include fixed deposits, life insurance savings plans with a single premium option, NSC, KVP, etc.

13. Do life insurance savings plans allow single premium payment?

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Yes, many life insurance savings plans allow the single premium payment option wherein you can pay once and enjoy the plan benefits over the policy tenure.

14. How does a loan against savings plans work?

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You can pledge your savings plans as collateral security and get a loan against their value. This is how loans against savings plans work.

15. Do loans attract additional interest?

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Yes, like other loans, loans against savings plans attract an interest rate. The interest is payable on the loan amount over the chosen repayment tenure.

16. Is premature withdrawal allowed under long-term savings plans?

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Some savings plans allow premature withdrawal. For instance, the facility is available under NPS, fixed deposits, PPF, etc. Even life insurance savings plans allow you to surrender the policy before the chosen tenure and get a surrender value.

17. Who is the life assured under life insurance savings plans?

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The life assured is the individual whose life is insured under the life insurance savings plans. The death benefit under the plan will be paid only when the life assured passes away during the policy term.

18. What is the maximum policy term of life insurance savings plans?

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The maximum policy term depends on the plan that you choose. Some life insurance savings plans can provide coverage and saving for whole life, i.e. up to 99 or 100 years of age.

19. What are the examples of market-linked savings plans?

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Some examples of market-linked savings plans are unit linked life insurance plans, mutual funds, NPS, equity shares, etc. 

20. For which financial goals can I choose savings plans?

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You can buy savings plans for all types of financial goals like buying a home or a car, saving for buying a home, child planning, retirement, etc.

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Indians are known to be good savers. The habit to keep aside a part of the income is inculcated from childhood. Children across age groups save coins in piggy banks

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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.

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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.

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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).

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Bajaj Allianz Life Goal Assure IV with 10X Life Cover2

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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.

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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, 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

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$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 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
Terms & Conditions

*Premium increase applicable only for certain 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.

© Copyright 2023. Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved.
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.
IRDAI Public Notice on Spurious calls
Fraud Prevention Tips
Fraud Awareness Booklet
Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. | IRDAI Reg. No. 116 | An ISO 9001:2015 and ISO 27001:2013 Certified IT Department
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Sales: 1800-209-4040 (Toll Free) | Service: 1800-209-7272 (Toll free)

Email: customercare@bajajallianz.co.in

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Yerwada, Pune, Maharashtra - 411006

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© Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. | IRDAI Reg. No. 116 | An ISO 9001:2015 and ISO 27001:2013 Certified IT Department

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

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

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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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