However, term plans with return of premium benefit pay the total premiums at the end of the policy term as maturity benefit. Fill up the application form with all the details like name, date of birth, address, etc. If you fail to pay the term insurance premium on time, the company will grant you a grace period to make the payment. 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. In case of death of the policy holder during the policy term, the nominee receives the benefits. The plans provide comprehensive protection with a choice of premium payment options as well as flexibility, making it easier for policyholders to keep up with payments. The accidental partial/total permanent disability benefit protects against partial/total permanent disability caused due to an accident. What does a coverage till the age of 99 years exactly mean? Term insurance coverage should vary according to age. But it is advisable to buy a term insurance policy at a young age as the premiums are lower when the policyholder is younger. Email: customercare@bajajallianz.co.in | Fax no. Third Party online payment is prohibited. This amount should reflect an amount that will suffice for your family and their needs. Children are dependent on their parents from schooling to higher education. There are certain inclusions and exclusions in a term policy.Term insurance claims can be filed in three simple steps. on Hence higher the claim settlement ratio of the company, better is the chance of your family receiving the claim amount. The required documents are original policy document, Original death certificate issued by Births and Death registrar or copy of death certificate attested by municipal authorities, NEFT mandate form attested by bank authorities or cancelled cheque leaf with Payee name printed on it, nominee’s identity and address proofs. The life cover variant also has the whole life cover option that provides coverage for till the age of 99. Our lifestyle changes as we grow in our career and life. In fact, these policies offer extensive coverage and can be … The amount received through such a rider cover can be used for various diseases-related expenses. The loss of a loved one can be emotionally taxing enough, so term life insurance can help reduce the financial risk that may arise. • Lifestyles are changing, the economy is changing and the employment patterns are no longer the same as 20 years ago. Systematic investment plans have become a popular option to create wealth in the long run. Visit the official website of the insurer and log in to your account. To promote a healthy lifestyle, the plan offers special premium rates for non-smokers. Inclusions of a term policy include the payout of the sum assured in the event of the policyholder’s death, provided all due premiums are paid. The result? The cover of certain term policies can be enhanced later in life. Bajaj Allianz Life will contact you shortly. may be for the purposes of explaining various insurance products and The policyholder has to pay the premiums without fail to keep the term insurance plan active. It includes people ranging from youngsters and newly married couples to businessmen. For instance, if a term insurance policy has a cover of Rs 50 lakh, then Rs 50 lakh is the sum assured paid as death benefit to the nominee of the policy holder. This cover is over and above the sum assured received under the policy. A joint term insurance plan covers two members under the same plan. There is considerable flexibility in the process of getting a whole term insurance plan. Bajaj Allianz Burglary Insurance is a key Property Insurance Policy that will cover you for loss of or damage to contents of your insured premises. The add-on covers available with the policy are an accidental death benefit, accidental total permanent disability benefit and waiver of premium benefit. One should buy term insurance, such as a joint term insurance policy, as soon as he/she ties the nuptial knot. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS! If the policyholder and the nominee both die, the legal heir can receive the claim. : 020 66026789 | Tollfree: 1800 209 7272. Additionally, any amount received from a term plan is tax-exempt under Section 10 (10D) of the Income Tax Act, 1961. • Life insurance term plans that provide extended cover may also provide cover for critical illnesses. You can submit PAN card, Voter ID, driving license, school/college certificate, etc, Utility bill, passport, Voter ID, Aadhar card, ration card, etc, PAN card, Aadhar card, driving license, Voter ID, You can submit salary slip, income tax return, employer’s certificate or Form 16 as income proof. 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. The risk to your life makes your family vulnerable. The company has been a leader in the insurance market with world-class products, efficient service and after-sales support. It is going to be a trying time for you anyway, so riders can at least help financially during such situations. Existing ailments or diseases can increase the chances of the individual getting seriously ill later in life, hence, increasing the premiums. Bajaj Allianz Life has a comprehensive product portfolio designed to cater to a wide variety of people. Thanks for sharing your details, A Sales representative from. Secondly, your family should have a financial cushion to fall back on, for as long as they can. To address this Life Insurance companies also offer insurance plans with ‘Return of Premium ‘option. It pays a lump-sum amount on the diagnosis of a critical illness. The level term plan is one of the simplest types of term insurance. I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the Accessing online or buying a financial product through the internet substantially increases the convenience for the customers. Renewing a term plan has also become extremely convenient and easy. First of all, you need to be adequately insured till the time you are earning. back. The rider guarantees the continuation of the cover irrespective of the payment of the premiums. I further declare that, irrespective of my contact number being registered number made available by me on the website with a specific request to call back. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. Bajaj Allianz Life has a claim settlement ratio of 98.02%. The exact working is simple: you pay a term insurance premium - often an affordable, monthly payment made towards the insurance plan to keep it going. One can get term insurance at lower premiums while one is young. contact Bajaj Allianz issues bike insurance policies instantly through its online platform. It is a joint venture between Bajaj Finserv Limited and Allianz. The following are key features of the Bajaj Allianz Life Smart Protect Goal Term Insurance available on Finserv MARKETS. (NDNC), any call made or SMS sent in response to my request shall not be procurement Term insurance plans have evolved significantly over the years, and today, they offer a number of features and benefits that prove to be extremely useful. Riders refer to additional covers that can be layered on to the base cover with a specific event or aim in mind. of explaining various insurance products and services or solicitation and One should read the policy document carefully. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Group term insurance cover is generally offered by corporates as an incentive to their employees. The  premiums that the policyholder gets back at the end of the policy term can be used to achieve financial goals. In a few clicks, you can buy an online term insurance plan and pay your premium from the comfort of your home. It provides financial protection to your family in your absence and helps in taking care of all the outstanding liabilities. This parting gift is just as relevant after the ages of 60-65 as it is before. Our insurance needs change with our changing life situations, so it is advisable to revisit your term insurance plan and increase the sum assured, as and when, required. Additionally, any amount received through the policy maturity, surrender or on the death of the life assured is tax-exempt under Section 10 (10D) of the Income Tax Act, subject to provisions stated therein. If and when the unfortunate event occurs, that is the policyholder’s untimely demise, the beneficiaries/nominees would receive the agreed sum assured under the plan. Bajaj Allianz Life Smart Protect Goal, a non-linked, non-participating, pure life term insurance plan, is one such product that offers joint cover for both you and your spouse. The Morningstar name and logo are registered marks of Morningstar, Inc. With Bajaj Allianz Health Insurance get covered for hospitalization expenses along with pre and post hospitalization expenses. I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the The value and income derived from investments may go down as well as up. contact Past performance is no guarantee of future results. National Customer Preference Register (NCPR) or on National Do Not Call The objective gains more importance in the case of financial matters. The plan provides a number of benefits under a single plan. Here are some common terms related to term insurance plans that will help you make informed decisions. Key Features of Bajaj Allianz iSecure Plan This pure term insurance plan provides an option of regular premium payment. Every day, we are exposed to countless risks of death and disability due to natural and accidental forces. Online term plans are usually cheaper as they do not have any commission costs included. services Significance of term insurance plans in India: Financial planning is mandatory to protect the needs of your family members. While buying a term insurance policy, the highest priority is given to the amount of cover. You just have to provide details like name and date of birth and upload identity, address and income proofs in the … The first job is always memorable. Are there any tax benefits offered by term insurance plans? Convert Your Saving into Investments to Fulfil Future Life Goals. More specifically, the amount of sum assured under the policy, plus any bonus paid on maturity or surrender of policy or on the death of the assured life - this combined amount is completely tax-free in the hands of the receiver, subject to provisions stated therein. Therefore, people with a history of diseases in the family have to pay higher premiums. Term insurance premiums are higher for people in dangerous professions. Term insurance plans are relatively simple products but every financial product has certain terms and conditions. No. Bajaj Allianz Term Insurance Bajaj Allianz life insurance provides insurance cover for more than 3.5 Crore lives and is currently one of the leading players in the Indian general insurance sector. Comes with additional riders for critical illness, hospitalization, waiver of premium, accidental death and permanent disability. Thanks for sharing your details, A Sales representative from. Term insurance is one of the most important part of financial planning tools for an individual. Every eligible citizen has to pay taxes to the government. They allow you to customise your life insurance policy in tandem with your needs, at a nominal extra premium. Bajaj Allianz Life offers 1-day claim approval on eligible policies. It is for assistance only and does not constitute an offer or solicitation. Bajaj Allianz Life Smart Protect Goal A Non Linked, Non-Participating Pure Life Term Insurance Plan. Sign up for personal visit and tailored advice from our expert agents. Benefits like loan facilities are included in the terms and conditions. The term insurance is applicable until you reach this age. When you buy term insurance for your entire family, you can assure their protection in … Retirement is a critical factor to consider while buying a term policy. Joint term plans are ideal options for couples with children as it provides financial protection to the child in the event both the parents pass away. One, you can decide how much cover you want to get. Read to know more. Unsolicited There are several types of term riders like accidental death rider, accidental total or partial disability rider and critical illness riders. The person with a history of serious ailments in the family has a higher chance of contracting a serious disease. They may also have outstanding debt for business or personal loans. Bajaj Allianz Insurance is a Public Insurance Industry, which was launched in 2001 and headquartered in Pune, India. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. Decreasing term insurance provides family members of the policyholder the ability to pay off the debt in his/her absence and offer tax benefits. The premiums of term insurance are low when the individual is young as young people have a lower chance of contracting life-threatening diseases or being subject to death, thus lowering the risk for the insurer. By Santanu Roy. Term insurance plans are flexible products and policyholders can choose from multiple options to receive the death benefit . A lower age decision can help you save a sizeable premium over the years which is fixed for the entire duration simply because you acted on time. The sooner, the better. ~Individual Claims Settlement Ratio FY 2019-20. Note: Premium Payment shall be made by the Policyholder of the Policy. The claim settlement ratio is an important factor to consider before buying a term plan. Anuj Agarwal is the Managing Director and Chief Executive Officer of Allianz Life Insurance Company. 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. Term insurance is one of the most affordable life covers available in the market. of your kids. Some term insurance plans offer optional coverage for critical illness and partial or complete disability as these can disrupt the regular income of the life assured. purposes The ideal policy term should match your age of retirement. It brings unparalleled happiness in the family. Bajaj Allianz’s short term motor insurance policy is the solution to this hesitation. Such deduction is subject to a maximum limit of Rs. Another benefit of this flexibility is in the frequency at which you decide to pay the premium amount. Term insurance premiums are decided after an objective analysis of the details of the individual to be insured. So people often find themselves struggling even after they have crossed their retirement age. About Bajaj Allianz Long Term Two Wheeler Insurance Plan With the availability of two-wheeler insurance online, purchase and renewal can be completed in just a matter of minutes.However, even a small gap in renewal can leave you and your bike vulnerable to innumerable risks, due to which timely renewal of your two-wheeler insurance policy is crucial. 1©2020 Morningstar. 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. The loss of an earning member can disturb the monthly income inflow. Some people require cover for a longer period while some need for a shorter duration. you, Have a great day ahead. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS! You can buy a term insurance plan online through the website of Bajaj Allianz Life in a few simple steps. It is important to understand how term insurance plans work. 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. • On the same lines, people settling at later ages also implies that they are having kids later than the previous generations. From visiting branches to standing in long queues, online term insurance plans have changed the sector dramatically. The riders become active only if the disability is caused due to an accident. back. There are multiple premium payment options depending up on the product terms and conditions. Can I get any maturity benefits in term plans? Please refer policy document for details on exclusions. CIO commentary on RBI Monetary Policy: October 2020, Get Exclusive Discount on online purchase^. The receipt can be used to avail tax benefits. Just go to the website and choose the online term insurance plan you want to buy. One other major term insurance benefits are the term insurance tax benefits that are applicable in accordance with the Income Tax Act, 1961, including deductions allowed on the premium amounts paid and the exemption on the death benefit/ maturity benefit/ surrender benefit amount received under the policy. Life insurance plans from Bajaj Allianz Life - get all types of life insurance plans - ULIP Plans, Term Insurance Plans, Pension Plans etc., at affordable premiums to get your Life Goals Done. Term insurance doesn’t provide any maturity benefits. Every term insurance plan has a specific duration which is known as the policy term i.e. A Whole Life Term Plan provides exactly that. You will be kept in the loop through regular messages and emails. Nowadays, term insurance policies provide the option of extended cover up to 99 years of age. The first step is to intimate the insurance company. Women have a higher life expectancy when compared to men, which is why insurers charge lower from female applicants. National The premiums can be paid on a monthly, quarterly, half-yearly or annual basis as per the product terms and conditions. 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. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. Under Section 80C of the said Act, the policyholder can avail tax benefits on the premium paid towards life insurance plans. Email id: bagichelp@bajajallianz.co.in. By using above SMS services kindly note that you would be authorizing to receive call(s) / SMS from Bajaj Allianz Life Insurance Co. Ltd through its representatives on your tele-contact no with respect to the query for which you have requested call back even if it is registered under NCPR/NDNC registry with your telecom operator. It is easier and more convenient to pay the term insurance premium online. The form along with the documents have to be submitted at the nearest branch of Bajaj Allianz Life. It is then advisable to revisit your term insurance plan to consider whether the sum assured is enough to meet the changing requirements of your family. Term policies pay the nominee in the event of the life assured’s death. When you have this option, it is advisable to avail it to ensure your family is secured and protected! The whole life version has a limited premium payment term. During this period you can cancel the policy without paying any penalty. of insurance business. Term plans do not have an investment component and hence provide no maturity benefits. There are home loans to be paid, expenses to be taken care of even after you have entered the sixth decade of your life. Bajaj Allianz Life has a vast network of 556 branches1 across the country. Bajaj Allianz travel insurance plans protect you from losses due to medical emergencies to covering for the loss or delay of baggage, and more. The critical illness cover with Bajaj Allianz Life Smart Protect Goal Term Insurance Plan provides protection against 55 major and minor critical illnesses. Under certain situations, it is indubitably a better exercise to have an extended cover rather than stopping your term insurance at 65 years of age or upon reaching the standard retirement age. A term insurance plan doesn’t have any investment component and the entire premium goes into providing life cover. Best Term Insurance Plan & Policy - Buy or renew the best life term insurance/protection plan online from top insurance companies in India at Bajaj Finserv. A grace period is provided to the policyholder to make the payment. The policyholder has to pay a certain amount to the insurer in lieu of  the life cover provided under the term insurance plan. Primary aim of an online term policy is convenience and affordability. Bajaj Allianz term insurance plans offer the life insured security and assurance that his/her dependents will be taken care of in the event of his/her untimely death. The primary aim should be to ensure an amount so that your family doesn’t have to modify their lifestyle in your absence. Term insurance forms a protective ring around your family. Overview. This can be claimed as a deduction from the taxable income for the year. IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. The claim settlement ratio is always a positive pointer towards the wellbeing of a life insurance company. Buying a term insurance policy at a young age can be beneficial as the premiums remain constant once the policy is bought. Some of the common term insurance riders are: In case you fail to pay the premium on time, the insurer doesn’t cancel the policy immediately. Dear Customer, we request you to connect with us A failure to pay even during the grace period leads to the lapsation of the policy. Use the mode of payment provided to pay the premium amount needed to renew the policy. 1.Bajaj Allianz Term Care: A term plan with the full sum assured payment on death, and premium return on survival. an extended life-cover at reasonable premium. The Morningstar name and logo are registered marks of Morningstar, Inc. Learn all about term policies through Bajaj Allianz Life Insurance Guide today. © Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. Policy Download. Car Insurance; Bike Insurance; Health Insurance. The free look acts as a window of cancellation for the policyholder if he/she doesn’t agree with the terms and conditions of the policy. Term insurance premiums up to Rs 1.5 lakh in a year is eligible for deduction under Section 80C of the Income Tax Act, 1961. 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 or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. The sum assured of a level term plan remains constant throughout the policy period. Even though the primary aim of buying a term insurance plan is to protect the financial future of your family, it also provides certain tax benefits. © Copyright 2018. Hence look for a plan that gives you a 360 degree cover protection to ensure your mind is at peace from the uncertainties of life. Over time they can, age proof and proof of income to buy term insurance premiums fall... Period leads to the accumulation of debt his/her needs of sense to take care of the term! You anyway, so riders can at least help financially during such situations ideal health insurance get covered hospitalization! Of premiums relatively simple products but every financial product through the website of Bajaj life... Calls and FICTITIOUS / FRAUDULENT offers zero in on the diagnosis of term... Period is generally 30 days of the daily expenses, take into consideration to determine the ideal policy?..., an unmarried 28-year old Rahul purchased a term plan is like other term plans provided. 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