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Term Plans From Bajaj Allianz Life

Term insurance is one of the most affordable way to keep your family’s life goals on track in case you are not around to provide for them or life takes an untoward turn.

Term insurance plans from Bajaj Allianz Life
  • Online Plans
  • Offline Plans
  • Bajaj Allianz Life eTouch Online Term

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    Every family has dreams that stem from the aspirations and life goals of its members. How do you ensure that these dreams and goals are fulfilled whether you are there to see them or not? Give your family a shield against the uncertainties of life. 

    • Life cover
    • Accidental cover
    • Critical illness cover
    • Waiver of premium
  • Bajaj Allianz i-Secure

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    A little planning goes a long way to manage some of the surprises life may have in store for you. This planning can also be essential to secure your family’s future, keeping their life goals on track. Buying a term insurance plan is one such plan to help your family realise their goals even in your absence.

    • Level life cover
    • High sum assured rebate
    • Death Benefit payments in instalments
    • Joint life cover
  • Bajaj Allianz i-Secure

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    A little planning goes a long way to manage some of the surprises life may have in store for you. This planning can also be essential to secure your family’s future, keeping their life goals on track. Buying a term insurance plan is one such plan to help your family realise their goals even in your absence.

    • Level life cover
    • High sum assured rebate
    • Death Benefit payments in instalments
    • Joint life cover
  • Bajaj Allianz Life eTouch Online Term

    View more

    Every family has dreams that stem from the aspirations and life goals of its members. How do you ensure that these dreams and goals are fulfilled whether you are there to see them or not? Give your family a shield against the uncertainties of life. 

    • Life cover
    • Accidental cover
    • Critical illness cover
    • Waiver of premium
  • Bajaj Allianz iSecure More

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    While every passing day brings us closer to our life goals, we also tend to add newer life goals with each new life stage. Similarly, with passing of time the overall cost of living and life goals tend to increase due to inflation. Hence, it is essential that your financial plan includes current and future life goals, of you and your family, keeping this increasing cost in mind. 

    • Increasing life cover
    • Joint life cover
    • High sum assured rebate
    • Death Benefit payments in instalments
  • Bajaj Allianz iSecure Loan

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    Some life goals, like purchasing your dream home or any other property, might require a little support in form of a loan, which you’d pay during your earning years. As a responsible earning member of the family, you’ll do whatever it takes to ensure the life goals of your loved ones are on track no matter what the situation around is. Hence, it will be a prudent move to protect your family from any stress of loan repayment in case something happens to you. 

    • Cover for loans
    • Lower premium due to reducing cover
    • High Sum Assured rebate
    • Joint life cover
  • Bajaj Allianz Life Secure

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    Each of us wishes to live a long and fulfilling life to be able to accomplish our life goals, and watch our family fulfil their dreams. Buying a term life insurance plan helps you offer a security cover to your family, however, they come with an age-limit. Will this life cover be there if you were to live till 100 years? 

    • Life cover till your turn 100 years
    • Three coverage options to choose from
    • High sum assured rebate
    • Choice of premium payment terms
  • Bajaj Allianz LifeStyle Secure

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    You work hard to achieve your life goals and to provide the best possible lifestyle to your loved ones. You wouldn’t want their life goals journey to pause in your absence or in case a terminal illness were to affect you. Hence, it is essential to secure these dreams in a holistic manner. 

    • Security for your family with regular income
    • In-built Accelerated Terminal Illness risk cover
    • No medicals required
    • High Sum Assured rebate

A term insurance plan is the purest form of life insurance, where in the unfortunate event of the policyholder’s death, the nominee receives the death benefit, either in lump sum or in instalments. This enables your family to continue maintaining their lifestyle and meet their life goals, even in your absence. It also protects your family’s wealth, which otherwise may be eroded to meet financial expenses because of loss of income, if something unexpected happens to you.

A term insurance plan provides life cover for a nominal premium since term plan only covers risk and does not provide any maturity benefit. Hence, the premiums are low.

 

  • Life cover at nominal cost: Term plans are pure insurance plans where there is no maturity benefit, which means the entire premium goes into covering your life. This ensures that you get a higher cover by paying a lower premium. Use our calculator to find out the right term insurance cover in keeping with your life stage and other factors.

  • Income replacement: Some term plans work like income replacement, under which the nominee receives an amount every month to meet the day-to-day expenses. This way your family’s assets are protected, their savings are not exhausted, and they can continue to meet their life goals even if something were to happen to you.

  • Paying off liabilities: The sum assured chosen by you in a term plan can help cover outstanding loan or liabilities, if any, in case of any unforeseen event. This ensures that your family members are able to repay the loans with the sum assured amount and don’t face any financial hurdle in meeting their life goals even when you are not around.

  • Available online for purchase: New age term insurance plans are also available online for purchase, making it convenient not just for buying but also renewing the policy.

  • Tax benefits: Premiums paid towards term insurance are eligible for deduction up to `1,50,000 under Section 80C of the Income Tax Act, 1961 subject to provisions stated therein. Further, under Section 10(10D) of the Income Tax Act, 1961, any amount received on policy on death will also be tax-exempt subject to fulfillment of specified conditions therein.

Choosing the right term plan is a crucial decision because your family’s future financial needs might depend on it, in your absence. The key points to remember while buying a term insurance are:

  • Buy early: The sooner you purchase a term insurance plan, the better it is. When you are young, the risks are lower, you are healthier and the premium will also be much less. The premium may increase, as you grow older due to age and other health related factors.

  • Opt for the right cover: You can get a fair idea of the right cover by calculating the amount of money your family may require to maintain the current lifestyle, even in your absence. While doing so do factor in the assets that you have and any liabilities – loans and EMIs – which needs to be taken care of. Use our calculator to find out the adequate life cover you need to be insured for.

  • Choose the right policy term: You should chose a policy term that covers you for the length of your earning life span. So, if you plan to retire at 65, you should plan on staying insured up to that age. There are however, term plans which offer cover for whole life. You can choose this option if you wish to have a life cover for your whole life. Your policy tenure should also cover the period of any loan that you might have taken so that your loved ones are not burdened with loan liability in case something untoward happens to you.

  • Get the right riders: Some plans offer additional cover through riders, like disability rider, waiver of premium rider and so on. You can expand your life insurance cover by opting for riders based on your need and requirement.

  • Choose a trusted insurer: Look at the claim settlement ratio of the insurer whose term plan you want to buy. This ratio indicates the percentage of claims the insurer has honoured, so a high claim settlement ratio would make an insurer preferable.

The financial security of your family hinges on the timely payment of the sum assured promised by the insurer. Bajaj Allianz Life stands committed to this promise as can be seen through its claim settlement ratio of over 90%, over the last five years. This proves that it is a trustworthy partner to ensure the financial stability and security of your loved ones in case life takes an untoward turn. Besides, it has a bouquet of innovative term insurance plans to suit all needs of policyholders.

Buy term insurance by asking yourself these 8 questions

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Do I need to buy a term insurance even if I am single?

A term insurance helps you cover life’s various exigencies be it a sudden death or an unfortunate accident, which may affect your and your family’s life goals. Further, a single person may have student loans, business loans, home loans, and it is important to be insured for the loan amount to ensure your dependents are not liable to repay the loan. Hence, even if you are single you can buy a term plan and the best part is that if you purchase a term cover at a younger age, the premiums are low due to your general good health. In case you get married you can include your spouse as nominee, in the term plan.

Is it advisable to increase the sum assured?

Our lifestyle changes as we grow in our career and life. It is then advisable to revisit your term plan to consider whether the sum assured is enough to meet the changing requirements of your family. Let’s understand this with an example. For instance, an unmarried 28-year old Rahul purchased a term plan with sum assured of ` 50 lakh. Few years down the line he got married and was blessed with a baby girl. A term plan of ` 50 lakh can be inadequate now to ensure a good education and future security for his child in his absence. Our insurance needs change with our changing life situations, so it is advisable to revisit your term plan and increase the sum assured, as and when, required.

What are the documents required for buying term insurance plans?

You need a photo, identity and address proof, age proof and proof of income to buy a term insurance plan.

Do term insurance plans also offer joint policies for spouses?

Yes, you can opt for joint term insurance plans depending on your requirement. Bajaj Allianz iSecure, a non-participating term assurance plan, offers joint cover for both you and your spouse. You can also include your spouse at a later date if you are single at the time of purchasing the policy.

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