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Term Insurance for Self-Employed

Self-employed individuals work hard to earn a living and fulfil their financial goals. They also aim to provide for their families financially. In their absence, the family might suffer a financial loss. This is where a term insurance plan can help. Term insurance plans are protection-oriented life insurance plans that cover the risk of premature demise so that their family’s lifestyle is not hampered. Self-employed individuals can consider opting for term insurance plans to help them secure themselves and their families against unforeseen circumstances.

Self-employed individuals can consider opting for term insurance plans to help them secure themselves and their families against unforeseen circumstances.Read Less

Term Plan for Family's Backbone- Bajaj Allianz Life iSecure

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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.

Reviewed By Rosy Pathak

About Rosy Pathak

Rosy Pathak, AVP- Product and Brand Marketing at Bajaj Allianz Life Insurance carries over 17 years of experience in Marketing and a demonstrated history of working in the insurance industry. She is skilled in Product Management, Planning and Strategy, Project Management, Marketing and Communication.

What is Term Insurance for Self-Employed
Why should Self-employed Individuals Buy Term Insurance?
Term Insurance Plans from Bajaj Allianz Life
How Term Insurance Works for Self-Employed?
Types of Term Insurance Plans for Self-employed
How to select/choose the best Term Insurance for Self-employed?
Features of Term Insurance for Self-Employed Individuals
List of Term Insurance Plans for Self-Employed Individuals
Documents Required
Conclusion
Why Bajaj
FAQ?

What is Term Insurance for Self-Employed?

Term insurance for a self-employed individual is a type of life insurance that helps protect people who do not have a salaried income. These individuals work for themselves or run their own businesses. However, if the life assured passes away during the policy tenure, the death benefit is given to the nominee.

It provides financial support to the nominee in case of the demise of the life assured . It ensures their family can pay bills if the primary earner is not present anymore. However, no payment will be paid if the person outlives the policy tenure.

Why should Self-employed Individuals Buy Term Insurance?

Here are some reasons that make term insurance plans a suitable choice for self-employed individuals:

Financial Protection

Term insurance plans provide coverage against the risk of premature demise. If the life assured dies during the policy tenure, a death benefit is paid. This benefit can help the family care for their financial needs even when the breadwinner is not around. This provides financial protection to the family against the risk of the unforeseen demise of the life assured.

Suitable Coverage

Term insurance plans allow optimal sum assured levels, allowing you to get complete financial protection against the risk of demise. You can choose coverage that is optimal for your financial needs.

Moreover, term plans offer long-term tenure options for maximum coverage. You can also choose the whole life option, which is available under many plans and gets covered till 99 or 100 years of age.

Affordable

Term insurance plans are affordable. The premiums are pocket-friendly, allowing you to enjoy the coverage without burning a hole in your pockets. Moreover, term plans offer flexible premium payment tenures. You can choose to pay the premium throughout the policy tenure (regular premiums), for a limited period (limited premium) or in one lump sum (single premium). You can also choose a suitable premium payment frequency, as term plans allow monthly, quarterly, half-yearly and annual premium payments.

Business continuity

As a business owner, your business continuity depends on you. In the case of your premature demise, if the financial needs of your business are not adequately met, it might shut down, even though it is profitable. With its death benefit, a term insurance plan can offer financial assistance that can help with business continuity. In your absence, your family can take up the reins of your business and continue to run it. The funds required to run the business can be sourced from the benefits the term insurance plans have paid.

Tax benefits

Like other life insurance plans, term insurance plans also offer tax benefits that help reduce your tax liability. Here are the benefits that you can get -

If you buy the policy on or after 1st April 2012, the premiums paid, up to 10% of the capital sum assured, would qualify as a deduction under Section 80C up to ₹1.5 lakhs¹.
If you buy the policy on or before 31st March 2012, the premiums paid, up to 20% of the capital sum assured, would qualify as a deduction under Section 80C up to ₹1.5 lakhs¹.
If you buy the policy on or after 1^st April 2013 and you suffer from a disease or a disability specified under Section 80DDB or 80U, the premiums paid, up to 15% of the capital sum assured, would qualify as a deduction under Section 80C up to ₹1.5 lakhs¹.
The death benefit is always tax-free².
If you choose the return of premium term plan, the premiums refunded on maturity will qualify as a tax-free income under Section 10(10D)³subject to satisfaction of conditions mentioned therein.

Term Insurance Plans from Bajaj Allianz Life

How Term Insurance Works for Self-Employed?

Term insurance that covers the self-employed provides financial security by providing the death benefit to the nominee in the event of the demise of the life assured during the policy term that the policy is active. The self-employed person pays the scheduled premiums to keep the policy active and ensure that the death benefit is given incase of their untimely demise. This amount is intended to allow the family to cover financial personal costs while providing financial coverage to settle business debts that may be due at the time of death. Since income for self-employed individuals can vary or be unpredictable, term insurance offers a financial safety net that ensures their family remains protected regardless of income fluctuations. The policyholder can choose the sum assured and the policy term to align with the family's needs and their financial objectives.

Nominees will also receive the payout tax-free, providing additional peace of mind. Premiums for term insurance are typically lower than those for other types of life insurance, making it an affordable option for self-employed individuals. When considering term insurance, policyholders have to assess their income, liabilities, and future needs carefully. This insurance protects dependents by providing financial stability in the event of a shocking event.

Types of Term Insurance Plans for Self-employed

Different types of term insurance plans are available for self-employed individuals to consider. Some of the common types are as follows –

Increasing term insurance plans:

Under these plans, the sum assured increases every year by a predefined amount. This gives you increasing coverage while the premium usually remains the same.

For instance, if a term plan increases the sum assured by 10% every year, and the base sum assured is ₹50 lakhs, the sum assured would increase by ₹5 lakhs every year.
Decreasing term insurance plans:

This is the opposite of increasing term plans. Under decreasing term plans, the sum assured will be reduced each year. These plans are usually sold with loans wherein the reduced sum assured usually matches the reduced value of the loan. On the borrower’s demise, the outstanding loan is cleared by the reduced sum assured.
Level term insurance plans:

These are basic term plans where the sum assured remains the same throughout the policy tenure.
Term plans with return of premium:

Most term plans do not offer any maturity benefit. If you survive the chosen tenure and the plan matures, you do not get any benefit. However, under term plans with a return of premium, the premiums paid over the policy tenure are refunded on maturity if you survive the tenure.

How to select/choose the best Term Insurance for Self-employed?

Some tips that can help self-employed individuals choose the best term insurance plan are as follows –

The sum assured

It is recommended to choose a sum assured which covers your financial needs adequately. You can use term insurance calculators to find the ideal sum assured and get optimal coverage.

As such, you should look for term plans which have no restrictions on the sum assured so that you can choose a level which best suits your needs.
The coverage

While most term plans offer similar coverage, some plans offer inbuilt riders and optional coverage features like terminal illness cover, accidental death and disablement cover, whole life cover option, return of premium option and more.

Check the coverage offered. Look for plans offering a comprehensive scope of coverage for wider protection.
Riders

Riders are optional coverage features which enhance the scope of the policy on payment of nominal additional premium. Check the riders available and choose optimal ones for enhancing the scope of coverage.
Premium

Check the premium of the term plan. It should be affordable so that you can pay the premium without incurring any financial hiccups.
Claim Settlement Ratio (CSR)

Check the CSR of the insurance company. The CSR indicates the percentage of claims settled v/s the number of claims raised. A high CSR is favorable as it increases the probability of claim settlement.
Policy term

Choose a policy term that aligns with your coverage needs. A long-term coverage is feasible for maximum protection. As a self-employed individual, if you plan to work even after the retirement age, choose long-term coverage. You can also opt for the whole life cover option available under some term plans for longer coverage.
Read the Fine Print

Reading the fine print means carefully checking all the details in the insurance policy document before buying. It helps you understand what is covered and what is not. This includes knowing the terms about payouts, exclusions, waiting periods, and charges. Being aware of these details avoids surprises later. Taking time to read the policy fully ensures you know exactly what protection you are getting.
Review Periodically

Regularly reviewing your insurance policy ensures that it continues to meet your needs. As you progress through the stages of life, your coverage may need to be upgraded. By reviewing your policy every year or when there are any changes to your income or family, you help ensure that your protection stays current, helps keep your finances intact, and allows your family to access the support you intended when they need it.

Features of Term Insurance for Self-Employed Individuals

Some of the features of term insurance for self-employed individuals are as follows –

Sum assured:

Under term insurance plans, the sum assured is usually unlimited. While there might be a minimum sum assured amount, the maximum amount is usually unlimited, so you can choose coverage that best meets your needs.
Coverage tenure:

You can choose a long-term tenure for longer coverage. Some plans also offer a whole life option, which is suitable if you plan to continue working even in old age.
Riders available:

Optional riders are available for coverage enhancement under most term insurance plans. You can choose from the available riders and add those that provide the coverage that you need.
Online term plans:

Some term plans are available online, so you can buy them in simple steps. Such plans do not require physical branch visits or physical application and offer quicker coverage.
Return of premium:
The return of premium option is also available under many term plans, which refund the premium on maturity. You can choose the option if you want a maturity benefit under the plan.

List of Term Insurance Plans for Self-Employed Individuals

Self-employed individuals have access to various term insurance plans designed to meet different financial needs and life situations. These plans provide financial protection to the nominee(s) in case of the life insured’s death during the policy term.

Level Term Insurance offers a death benefit and stable premiums for a set duration, such as 10, 20, or 30 years. The death benefit and premium remain constant for the entire policy term.
Decreasing Term Insurance features, a death benefit that lowers over time, often used to cover outstanding debts like loans that reduce gradually.
Convertible Term Insurance allows the policy owner to change a term policy into a whole life insurance or permanent policy without further medical exams, which is useful for long-term coverage changes.
Return of Premium (ROP) Term Insurance returns all premiums paid if the life assured survives the term.
Other options include Group Term Insurance for members of professional bodies and Increasing Term Insurance, where the death benefit grows over time to keep pace with inflation or rising expenses.

Choosing the right plan depends on personal needs and budget. Various plans are available to support self-employed individuals in securing their family’s future.

Documents Required to Buy Term Insurance for Self-Employed Individuals

When purchasing term insurance for the self-employed, it's essential to provide specific documents to facilitate the application process. These documents help the insurer assess eligibility and determine appropriate coverage.

Document Type	Examples
Proof of Identity	Aadhaar Card, Passport, Voter ID, Permanent DL
Proof of Address	include Aadhar, Permanent DL, Passport and Voter ID card
Proof of Age	Municipal Birth Certificate, Aadhaar Card, Pan card, School Transfer certificate (TC)
Proof of Income	Last 3 years ITR, Latest Form 16, Profit & Loss (PNL) Accounts and Balance Sheets
Medical Reports	Health Check-up Reports, Medical Test Results (if applicable)
Photographs	Recent Passport-sized Photographs

Providing accurate and up-to-date documents ensures a smooth application process. It's advisable to check with the insurer for any additional requirements or specific formats needed for document submission.

Conclusion

If you are a self-employed individual, a term plan can be a good choice for protecting your family’s finances. Assess your coverage needs and choose a coverage that aligns with your needs and provides optional protection. You can also choose riders to enhance the scope of the policy on payment of a nominal additional premium and enjoy all-round coverage.

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.

Frequently Asked Questions

1. What is the maximum sum assured that a self-employed individual can choose?

There’s usually no limit on the maximum sum assured that self-employed individuals can choose. You can assess your coverage needs and choose an assured sum that matches your coverage requirements.

2. Do riders need additional premiums?

Yes, riders are additional coverage benefits that are optional in nature. If you choose optional riders with your term insurance plan, you have to pay an additional premium for each optional rider selected. Some term plans also offer inbuilt riders. No additional premium is required for such riders, as their premium is already built into the premium calculation of the policy.

3. Do I need to pay an additional premium for the return of premium option?

Suppose a term insurance plan offers the return of premium option, and you choose the option. In that case, there is an additional premium that customers may need to pay (over and above the base term premium for the base term cover) if the return of premium option is selected.

4. Can the self-employed get term insurance?

Self-employed people can get term insurance. It is a kind of life insurance that helps them provide financial security to their family if they (in case they have bought the policy in their name) die during the policy tenure. Because self-employed income can change a lot, insurance companies may ask for extra proof of income. Term insurance gives money to the family to pay for daily expenses and bills after the person dies.

5. What is the minimum income for term insurance?

There is no set minimum income needed to buy term insurance. Insurance companies look at how much money a person makes to decide how much coverage and premium are right in addition to other factors. Self-employed people usually show bank statements or tax papers to prove their income. This helps make sure the insurance fits their money situation and family needs.

6. Can self-employed individuals avail tax benefits with term insurance?

People who have term insurance may get some tax benefits. The money paid as premiums might be deductible when filing taxes. Also, the money given to the nominee after death is usually tax-free. The exact rules depend on local tax laws. It is essential to check the tax rules that apply in one’s area.

7. Is a medical check-up mandatory for purchasing term insurance?

Sometimes, a medical check-up is needed before getting term insurance. This depends on the insurance company, the person’s age, the amount of coverage asked for amongst other factors.

8. Can term insurance cover business debts for self-employed individuals?

Term insurance can help pay business debts if the life assured dies during the policy term. The money from the insurance can be used to pay off loans or bills left unpaid. This helps the family not to worry about these debts after the person passes away.

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Life Insurance Guide -Term Insurance For Self Employed

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A term insurance policy is a life insurance plan which is intended to cover the risk of premature death or demise of the life assured, during the policy tenure.

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Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility

¹5% Discount applicable for customer's first individual life insurance policy on the life of the LA, applicable only on first year’s premium. 5% Discount for salaried employees, 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.

⁴Above illustration is for Bajaj Allianz Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V01) considering Male aged 23 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 2,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 7,159. 2nd Year onwards premium is Rs. 7,760. Total Premium is Rs. 2,32,199 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage : 40, Income Payout Percentage : 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. 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.

⁵Tax 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. Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

²Get Free Health Management Services upto ₹ 31,000 per year

Health Management Services	Frequency	Cost (₹)
Doctor Insta-Consultations	3 consultations per month = 36 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 36 = ₹ 18,000
Health Coach (Diet & nutrition consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Emotional Wellness (Psychologists consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Network discounts: Medicines (M) - 10% Lab-test booking (L) - 10%	Throughout the year	Assumption – Total expense on these services throughout the year	Total discounts that can be availed throughout the year
		M - ₹ 5,000	₹ 500
		L - ₹ 5,000	₹ 500
Total per year as per assumption		₹ 31,000

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor Insta-Consultations and Health Coach Services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

⁶Through Parental Care Option available in Bajaj Allianz Life Family Protect Rider (UIN:116B056V01)

^*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

Bajaj Allianz Life Insurance Company Limited, Bajaj Allianz Life eTouch II, Bajaj Allianz Life New Critical Illness Benefit Rider and Bajaj Allianz Life Family Protect Rider are the names of the company and the product/rider respectively and do not in any way indicate the quality of the product/rider and its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochure & policy document of base product and rider carefully before concluding a sale or consult your “Insurance Consultant” for more details and eligibility conditions. Bajaj Allianz Life Superwoman Term comprises of Bajaj Allianz Life eTouch II – Life Shield variant (UIN:116N198V03) a Non-linked Non- Participating Individual Life Insurance Term Plan, Bajaj Allianz Life New Critical Illness Benefit Rider – Comprehensive option (UIN: 116B058V01) a Non-Linked, Non-Participating, Individual, Pure Risk Health Rider (this is a mandatory rider) and Bajaj Allianz Life Family Protect Rider – Child Care option (UIN: 116B056V01) - a Non-linked, Non-participating, Individual, Pure Risk Health Rider (this is an optional rider).

Bajaj Allianz Life eTouch II is also available individually for sale without the riders or with the other available riders options under the base policy.

^{^^*}Available with Bajaj Allianz Life Family Protect Rider – Child Care option - A Lumpsum benefit equal to 105% of Total premiums paid4 w.r.t rider will be paid on the earliest occurrence of death or Accidental Total Permanent Disability, plus a monthly income as a percentage (0.1% to 0.5%) of Rider Sum Assured as opted at inception will be paid until child turns Age 25. 4Total Premiums Paid: Total Premiums paid till date w.r.t. the rider option shall be the total of all premiums received under the rider option chosen, exclusive of taxes, extra premium w.r.t. the rider, if any. This is an optional rider.

^~~~Available with Bajaj Allianz Life New Critical Illness Benefit Rider - Comprehensive option (UIN: 116B058V01) - A Non-Linked, Non-Participating, Individual, Pure Risk Health Rider. This is a mandatory rider

^{^^^}Health Management Services for Women upto ₹ 36,500 per year

Health Management Services for Women	Frequency	Cost (₹)
Comprehensive Health Check-Up: - Cancer Screening - Diabetic, Thyroid, Lipid profile tests - Calcium Serum test - Complete Blood Count test	1 per year	₹ 3,500
*OPD^{^} in-clinic consultations* (Specialist doctors like Gynaecologist, Obstetrician, Dermatologist, Paediatrician, Orthopaedic & General Physician) ^{^}OPD – Outpatient Department	1 per year	₹ 1,000
*Pregnancy OPD^* wallet** (OPD^ benefit worth ₹ 2,000 unlocked in case of pregnancy)	Once during policy term	Not considered in yearly cost since this is available once during policy term
Doctor Insta-Consultations	3 consultations per month = 36 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 36 = ₹ 18,000
Health Coach (Diet & nutrition consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Emotional Wellness (Psychologists consultations)	1 consultation per month = 12 consultations per year	Average cost per session = ₹ 500 Total cost per year = ₹ 500 * 12 = ₹ 6,000
Network discounts: Medicines (M) - 10% Lab-test booking (L) - 10% Out-patient consultation (O) - 10% In-patient consultation (P) - 5%	Throughout the year	Assumption – Total expense on these services throughout the year	Total discounts that can be availed throughout the year
		M - ₹ 5,000	₹ 500
		L - ₹ 5,000	₹ 500
		O - ₹ 5,000	₹ 500
		P - ₹ 10,000	₹ 500
Total per year as per assumption		₹ 36,500

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor insta consultations and health coach services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

⁷Above illustration is for Bajaj Allianz Life iSecure - A Non-Linked Non-Participating Term Life Insurance Plan (UIN:116N109V05) considering Male aged 25 years | Non-Smoker | Policy Term (PT) – 10 years | Premium Payment Term (PPT) – 10 years | Sum Assured opted is ₹ 50,00,000 | Online Channel | Standard Life | Total Premium Paid is ₹ 1,17,340 | Medical Rates | Monthly Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

⁸If the customer is digitally KYC compliant and meets the eligibility criteria, medical, and underwriting norms.

⁹2% Discount on online purchase is available for regular premium payment and limited premium payment frequency throughout the premium payment term.

²⁷Tax 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.

²¹HSAR – High Sum Assured Rebate is subject to policy terms and conditions

²²Premium rate applicable to female life will be based on the premium rate of 3 years’ younger male

³5% 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, applicable only on first year’s premium.

²Above illustration is for Bajaj Allianz Life Smart Protection Goal - A Non Linked, Non Participating, Individual Life Insurance Term Plan (UIN: 116N174V05) considering Male aged 25 years | Non-Smoker | Standard Life | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Total Sum Assured opted is Rs. 1,00,00,000 | Total Premium - Rs. 2,08,143 (1st Year Premium is Rs- 6535/- and 2nd Year onwards Rs -6952/- )| Online Channel | This is exclusive of discount for salaried customers and for customer's first individual life insurance policy | medical rates | Yearly Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

¹Product feature/benefit mentioned above are dependent on optional benefit, if selected.

^~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.

Tax benefits as per the prevailing Income Tax laws shall apply. Please check with your tax consultant for eligibility

Prices Increasing Soon!*

16% Discount on first year premium^#

Lowest Premium Guaranteed^

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Bajaj Allianz Life Goal Assure IV with 10X Life Cover²

BUY NOW

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.

Bajaj Allianz Life Goal Assure IV with 10X Life Cover²

Starting from ₹ 3000/ Month¹

Zero LTCG Tax^$

Buy Now

^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.

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.

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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Claim Settlement Ratio of 99.29%^~

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Why Bajaj Allianz Life Insurance ?

Claim Settlement Ratio~

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Stable Rating by CARE$$

Assets Under Management (AUM)***

Number of Lives Covered##

Solvency Ratio of 359%^^^

Frequently Asked Questions

1. What is the maximum sum assured that a self-employed individual can choose?

2. Do riders need additional premiums?

3. Do I need to pay an additional premium for the return of premium option?

4. Can the self-employed get term insurance?

5. What is the minimum income for term insurance?

6. Can self-employed individuals avail tax benefits with term insurance?

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8. Can term insurance cover business debts for self-employed individuals?

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Claim Settlement Ratio^~

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Stable Rating by CARE^$$

Assets Under Management (AUM)^***

Number of Lives Covered^##

Solvency Ratio of 359%^{^^^}