Life is unpredictable. We cannot foresee what happens next in our life. It is always better to be prepared for all kinds of emergencies. Have you ever thought of your loved ones’ future if something happens to you? Your love and care can pertain even if you are not around. You can protect your family against any financial burden and let them have a secured future in your absence, if you wisely choose a life insurance plan.
A Bajaj Allianz Term Plan is one of the affordable term insurance plans available in the market. These plans offer customers the benefits of the plan only if the customer dies during the term of the policy and there are no maturity benefits. The Bajaj Term Plan is bought for a specified period for any Sum Assured and the claim for death benefits will be made under the purview of this plan. Finserv MARKETS is a platform that offers two term insurance plans of Bajaj Allianz; Bajaj Allianz Smart Protect Goal Term Insurance and Bajaj Allianz Group Term Life Insurance. The former offers policy on an individual basis whereas the latter is best suited for communities and companies who want to cover their members or employees.
The Bajaj Term Insurance Plan is available on the basis of single life as well as joint life along with your spouse.
Under the single life plan, the death benefit is paid in case of policyholder’s death but under the joint plan, when the first death occurs, the sum assured is paid and the plan continues. During the term if the second death occurs, an additional sum assured is paid.
Bajaj Allianz Smart Protect Goal Term Insurance offers coverage until the age of 99 years, even after paying for a limited term if you choose a Whole Life Plan.
The feature of Return of Premium Term Insurance or TROP pays out the amount you paid as premiums at the end of the policy tenure.
You don’t have to undergo any medical examinations for a Group Term Life Insurance Plan and it offers high life insurance coverage of up to Rs. 1 Crore.
Compared to other Bajaj Allianz Life Insurance Plans, these term policies have relatively more cost-effective premiums. This is because the entire premium amount is used for life cover and not for any investments unlike the life insurance plans.
The policyholder can enhance the coverage of the term plan by adding riders available from Bajaj Allianz General Insurance. These added components include covers like critical illness cover, accidental death cover, permanent disability cover, waiver of premium cover, etc. During any unforeseen circumstances, the rider pays out a regular benefit to secure their condition.
Since most term insurance plans don't have any maturity benefits, the option of Return of Premium Term Insurance or TROP pays out a survival benefit at the end of the policy tenure. Thus, the premium paid throughout the term is given back as a survival benefit.
A comprehensive Bajaj Life Insurance Term Plan helps reduce the tax liability. Under Section 80C of the Income Tax Act, 1961, the term insurance premiums paid can be claimed and a deduction of up to a total of Rs. 1.5 lakh per financial year is allowed. The amount received as a death benefit is tax-exempt under Section 10(10D).
The premium rates of the Bajaj Allianz Life Term Plan is very competitive. At affordable rates, the policyholder can avail lucrative features and covers.
The insurance plan coverage can be enhanced by adding riders available with Bajaj Allianz. They offer extended coverage against several risks. It includes accidental death cover, critical illness cover, permanent disability cover, etc.
To provide you a financial backup during the death of dear ones, Bajaj Life Term Plans offer quick settlement of claims. After a quick verification, even a one-day claim approval is possible if the policyholder’s family needs emergency support.
A Bajaj Life Insurance Term Plan can help you reduce tax liability. You can claim tax benefits for the premiums paid towards insurance under Section 80C of the Income Tax Act, 1961. A tax deduction of up to Rs. 1.5 lakh per financial year is allowed and the amount received as death benefits is exempted from tax.
The policyholders can avail the Bajaj Allianz Term Plan benefits:
The natural death or accidental death of the policyholder, allows the family members to claim compensation and it is mandatory to submit a death certificate for documentation purposes.
The partial or permanent disability caused to the policyholder in an accident, makes them eligible for compensation under the term plan if riders are added. The policyholder will have to submit documents for verification purposes.
Not all kinds of situations are covered under these term plans. Before finalising the insurance plan, you should understand the exclusions mentioned below, so that you don’t face problems while making claims.
If an accident is the death cause and it occurred under the influence of alcohol, death benefits cannot be claimed.
If the death is due to suicide, you cannot claim for death benefits.
Self-inflicted injuries, substance abuse or participation in any life-threatening stunts causing any temporary or permanent disabilities are not considered for compensation.
To claim the death benefits of Bajaj Allianz Term Plan online, you should visit the Bajaj Allianz claim site. Following steps will take place when you raise a claim.
Fill in the claim form available and print the document. Attach it with the required documents and submit it to the nearest Bajaj Allianz insurance office branch.
Assessment of claims documents submitted will happen. In case additional documents are not submitted within the stipulated time, reminders will be sent via letters. Through each stage of claims processing, updates will be sent through SMS.
Claim requirements will be raised within 15 days of receipt of claim. Within 30 days from the date of receipt of the last necessary document, settlement or rejection of claims will be made wherein investigation is not required. In case an investigation is required, it will be completed within 90 days from the date of claim intimation and the settlement of claim will be done within 30 days thereafter.
The nominees of the Bajaj Allianz Term Plan can claim the death benefits through Finserv MARKETS too if the policyholder has availed the insurance plan via the same platform. You can follow the same procedure to claim the benefits.
Term plans do not offer maturity benefits, as they don’t have a cash value. However, you can get the premiums paid throughout the policy period back as a survival benefit under the return of premium features.
As insurance premiums are lower and more affordable when you are younger, it is recommended to opt for the policy at an early age.
The tenure of your term insurance policy completely depends on your purpose of purchasing insurance. Hence, it is recommended to understand the objective of opting for a term plan and choose a policy period accordingly.
Yes. With the return of premium term insurance, you can avail a lump sum benefit at the end of the policy tenure.
Yes, you can easily opt for a joint term insurance plan along with your spouse.