Before we delve deeper into the benefits of Bajaj Allianz Term Insurance Plan, let’s first understand what a term insurance plan really is.
Term insurance plan is distinct from universal life insurance, though the two essentially serve the purpose of providing you life cover. Now, while universal life insurance offers you other benefits like savings and investment in other avenues, term insurance is solely dedicated to the purpose of providing a death benefit to the policyholder. Certain insurers, however, do offer perks like maturity benefits, which are paid out to the insured in the event that they survive the policy term.
It is a no-brainer that as an adult, we should all endeavour to safeguard ourselves and our loved ones against any unforeseeable circumstances in life. Therefore, signing up for a policy that promises us a life cover is absolutely essential, given the uncertainty of life as we know it.
There are a plethora of options in the market today if you want to avail of a term insurance plan. In this post, let’s enumerate why Bajaj Allianz Term Plan is widely popular amongst a diversified pool of policyholders with various financial goals and requirements.
When compared with a universal life insurance plan, you would find that term plans are relatively cheaper. The entire premium you pay is utilized to provide you a life cover, unlike a universal policy in which a part of the premium is also used for savings and investment. Moreover, the Bajaj Allianz Life Smart Protect Goal plan, available on Finserv MARKETS, helps you find out which is the right term cover for you after considering your age and other factors. You can avail extensive coverage of Rs. 1 crore that too at affordable premiums.
While Rs. 1 crore is ample coverage, you can enhance your coverage with the variety of riders available with the Bajaj Allianz Life Smart Protect Goal plan. You can choose from a. Critical Illness Cover, which offers protection against a whopping 55 critical illnesses (19 minor illnesses and 36 major ones) including, but not limited to, cancer, heart ailments, Alzheimer’s Disease, Parkinson’s and several more. b. Accidental Death Benefit, which pays out a pre-decided sum assured as Accidental Death Benefit, if the insured suffers an accident and passes away c. Child Education Cover, which provides extra protection over and above the base cover toward the child’s education. Plan variants like Joint Life cover and Increasing Life cover also come in handy.
Signing up for a comprehensive term insurance plan like this one is a great way to reduce your tax liability. Term insurance tax benefits under the Income Tax Act, allow for a deduction of up to a total of Rs. 1.5 lakh under Section 80C with a few conditions applied. That’s not all, you should also remember that the amount received as death benefit has been exempted by the government under Section 10(10D).
Return of Premium:
If the insured doesn’t make any claims on the policy variant and/or the additional cover they have opted for, they are eligible to receive the total premiums paid toward the policy. Once the plan reaches maturity and the above condition is satisfied, the insured will receive his/her money back.
An insurer you can trust:
In times of crisis like the death of a family member, financial security becomes paramount, especially if the deceased was the sole breadwinner of the family. The family, already reeling under emotional pain, requires swift action of the insurer to ensure the financial security of the policyholder’s loved ones after his/her demise. Now, with a claim settlement ratio of over 90% in the last five years, Bajaj Allianz is a trusted name you can rely on. It assures timely payment of the insurance sum as promised in the policy.
Thanks to the increased digitization of the economy over recent years, today you can manage all of your investments and policies at the tap of your fingers. You can easily buy Bajaj Allianz Term Plan online with instantaneous approval and minimal documentation required. Moreover, you can renew your term insurance plan sitting in the comfort of your home, making it incredibly convenient for everyone.
Term insurance policies are designed purely for providing policyholders with a life cover. With a lower premium cost than a universal life insurance policy, these term plans are easier on the pocket while safeguarding the financial safety and security of your loved ones in case something happens to you.
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