What is Term Insurance?

Life is unpredictable. While we continue to hope for the best, it is always important to be financially prepared for unforeseen situations.  A Term Insurance Plan lets you do just this! Being one the purest forms of life insurance, a term plan helps in safeguarding the future of your family and other financial dependents if any unfortunate catastrophe were to happen. With the Bajaj Allianz Smart Protect Goal Term Plan, the nominee will get a death benefit in the unfortunate event of the policyholder’s death. With a term life insurance, your family would be able to continue to live their lives and fulfill their aspirations.

Why do you need Term Insurance?

To secure your family’s future:

A term insurance plan is a must, if you are the earning person of the family. A term life insurance gives you a peace of mind that your income will be replaced in case of your absence. In the event of your unfortunate death.

To repay your loans:

Major liabilities such as home loans or personal loans could be a burden to your family in your absence. While the loss of a life cannot be compensated, a term plan takes care of the liabilities and frees your family from the burden of repaying loans and helps to bridge over the financial needs of the policyholder’s family.

To safeguard health:

Term plan provides enhanced protection against life-threatening illnesses through its Critical Illness Benefit including Cancer, Heart Attack, Kidney failure, Stroke, Alzheimer's Disease, Parkinson's Disease, Encephalitis, and more.

To protect your liabilities:

The Bajaj Allianz Smart Protect Goal Term Plan secures your liabilities by providing you higher coverage at extremely low costs. Moreover, it comes with the flexibility that lets you customize your plan as per your requirements. You can add riders/ add-on covers to enhance your plan.

Eligibility Criteria

  • Age at the time of buying the policy should be between 18 years to 65 years
  • Maximum Age at the time of policy maturity should be 85 years.
  • In case of whole life option, the maximum age at the time of policy maturity should be 99 years

How Long Should Be The Tenure Of Your Term Plan?

Determining the tenure of your term plan is as essential as calculating the premiums you pay. It is ideal to choose a longer tenure when it comes to keep up with the financial needs of the future and stay covered in times when your loved ones need a financial security. Moreover, it is vital to start early in order to gain the benefit of affordable premium rates as it helps you level your premiums evenly across the policy term. With the growing life expectancy rate in India, it is becoming more and more crucial to take a long-term life cover through a term plan. As a term insurance plan acts like a financial backbone to help your family cope up with regular expenses and future financial needs even in your absence, longer tenure is ideal for your term plan. 

Key things to consider while determining the tenure of your Term Insurance Plan:

  • Consider the future of you family:

    If you are the bread earner of the family, it is vital to ensure that your family is well covered financially in case anything was to happen to you. In case of your unfortunate death, your term plan would have their back and act as an income replacement!
  • Recognize your financial liabilities:

    Identify your financial commitments like your home loan repayments, cost of your children’s education, and more. While you do so, plan your expenses as per your age. The amount received from your term plan should be more than the expenses you would face.
  • Term Plan is a long-term plan:

    While deciding the tenure of your term insurance plan, it is vital to keep your family’s future in mind. Think long-term and plan accordingly.
  • Current Age:

    Your current age plays a vital role while determining the tenure of your term insurance plan. Starting early helps gain benefit of affordable premiums.
  • Affordability:

    While it is crucial to plan for your life goals, it is equally important to opt for affordable term plans with lower premium rates that fetch you greater benefits.

Type of Term Insurance Coverages

Self

Self + Spouse

Self + Child

This coverage provides a life coverage for the individual purchasing the policy. The sum assured is paid to your nominee in the unfortunate event of your death during the specific policy term chosen by you.

This coverage provides life cover for you and your spouse. With this coverage, death benefit for both, you and your spouse is payable to your nominee.

With the self+child coverage, where the Child education cover is opted by you, you get an additional coverage for your child’s education over and above of the base cover amount. This amount is paid to your nominee in case of your death before your child turns 25. However, if your child is over 25 years of age at the time of your unfortunate death, then he will receive only base sum assured as a death benefit.

Benefits of Term Insurance

Tax Savings

Term insurance is more than just an insurance cover. It comes with benefit of tax savings. The premiums paid by you are exempted from tax under section 80C along with a tax benefits through deduction under section 80D if the Critical Illness Cover is chosen.

High Coverage at Affordable Premiums

With the availability of multiple premium payment frequency options, the Bajaj Allianz Smart Protect Goal Term Plan is an affordable and easy on pocket plan. Moreover, the benefit of availing higher death coverage at low premiums makes it an ideal plan.

Design Your Own Plans

Smart Protect Goal Term Plan offers you the flexibility to customize your term plan as per your requirements with the help of multiple add-on covers available.

Key Features of Term Insurance Plan

  • Accidental Death Benefit

    With this cover, in case of your accidental death an amount equal to the sum assured chosen under the cover is paid your nominee.

  • Accidental Total Permanent Disability Benefit

    By opting for this cover, in case of the unfortunate occurrence of total permanent disability, an amount equal to the sum assured chosen under the cover is paid to your nominee.

  • Critical Illness Benefit

    On the diagnosis of any of the covered critical illnesses, the chosen sum assured amount is paid to you. The percentage of sum assured payable is 25% in case of a minor critical illness and 100% on diagnosis of a major critical illness.

  • Waiver of Premium Benefit

    By choosing the Waiver of Premium Benefit, on diagnosis of a critical illness your future premiums due under the policy will be waived off. Critical illness under this cover also includes accidental total permanent disability.

  • Return of Premium Benefit

    If you opt for the ROP benefit, the premiums paid by you are returned to you at the end of the policy term as a survival benefit, in case no claims have been made during the policy term.

Exclusions In Term Insurance

Suicide Exclusion:

If the life assured commits suicide, whether sane or insane, within 12 months from the date of commencement of risk or the date of latest revival of the policy, the policy shall be terminated by paying to the nominee an amount which is 80% of the premium paid as on the date of death, provided the policy is in-force as on the date of death.

Accidental Death Benefit Exclusion:

No benefit will be payable in respect of any condition arising directly or indirectly from, through or in consequence of the following exclusions:

  1. Injury occurred before the Date of Commencement of Risk. This exclusion means for the insured to be eligible for this benefit the injury/accident leading to death should happen during the policy period

  2. Suicide or attempted suicide or intentional self-inflicted injury, by the life insured, whether sane or not at that time.

  3. Life assured being under the influence of drugs, alcohol, narcotics or psychotropic substance, not prescribed by a Registered Medical Practitioner

  4. War, invasion, hostilities (whether war is declared or not), civil war, rebellion, terrorist activity, revolution or taking part in a riot or civil commotion, strike or industrial action.

  5. Participation by the life assured in a criminal or unlawful act or committing any breach of law with criminal intent including involvement in any fight or affray.

  6. Treatment for injury or illness caused by avocations/ activities such as hunting, mountaineering, steeple chasing, professional sports, racing of any kind, scuba diving, aerial sports, activities such as hand-gliding, ballooning, deliberate exposure to exceptional danger.

  7. Any underwater or subterranean operation or activity. Racing of any kind other than on foot

  8. Existence of any sexually Transmitted Disease (STD) and its related complications or Acquired Immune Deficiency Syndrome (AIDS) or the presence of any Human Immunodeficiency Virus (HIV).

  9. Services in any military, air force, naval, police, paramilitary or similar organization including service in the armed forces in time of declared or undeclared war or while under orders for warlike operations or restoration of public order,

  10. Participation by the insured person in any flying activity other than as a bona fide passenger (whether paying or not), in a licensed aircraft provided the life insured does not, at the time, have any duty on board such aircraft. Crew members and pilot for passenger carrying commercial flight are excluded under this exclusion unless they are bonafide passengers.

  11. Physical handicap or mental infirmity

  12. Unreasonable failure to seek medical advice, , the Life assured has delayed medical treatment in order to circumvent the waiting period or other conditions and restriction applying to this Policy.

  13. Nuclear reaction, Radioactive or chemical contamination due to nuclear accident.

Accidental Total Permanent Disability Exclusion:

No benefits shall be payable as ATPD benefit for any disease or losses caused or aggravated directly or indirectly, wholly or partly by any one of the following:

  1. Any medical condition which first manifests itself within 90 days of the Date of Commencement of Risk or date of latest revival, if any.

  2. Any Pre existing diseases. Pre-Existing is defined as condition for which the Life Assured had signs, or symptoms, and/or were diagnosed, and / or received medical advice / treatment within 48 months to prior to the Date of Commencement of Risk or date of latest revival (if any), whichever is later.

  3. Any congenital disorder, or illness related to congenital disorder or complication arising out of congenital disorder.

  4. Suicide or attempted suicide or intentional self-inflicted injury, by the life insured, whether sane or not at that time.

  5. Life assured being under the influence of drugs, alcohol, narcotics or psychotropic substance, not prescribed by a Registered Medical Practitioner

  6. War, invasion, hostilities (whether war is declared or not), civil war, rebellion, terrorist activity, revolution or taking part in a riot or civil commotion, strike or industrial action.

  7. Participation by the life assured in a criminal or unlawful act or committing any breach of law with criminal intent including involvement in any fight or affray.

  8. Treatment for injury or illness caused by avocations/ activities such as hunting, mountaineering, steeple chasing, professional sports, racing of any kind, scuba diving, aerial sports, activities such as hand-gliding, ballooning, deliberate exposure to exceptional danger.

  9. Any underwater or subterranean operation or activity. Racing of any kind other than on foot

  10. Existence of any sexually Transmitted Disease (STD) and its related complications or Acquired Immune Deficiency Syndrome (AIDS) or the presence of any Human Immunodeficiency Virus (HIV).

  11. Services in any military, air force, naval, police, paramilitary or similar organization including service in the armed forces in time of declared or undeclared war or while under orders for warlike operations or restoration of public order,

  12. Participation by the insured person in any flying activity other than as a bona-fide passenger (whether paying or not), in a licensed aircraft provided the life insured does not, at the time, have any duty on board such aircraft. Crew members and pilot for passenger carrying commercial flight are excluded under this exclusion unless they are bonafide passengers

  13. Physical handicap or mental infirmity

  14. Unreasonable failure to seek medical advice, the Life assured has delayed medical treatment in order to circumvent the waiting period or other conditions and restriction applying to this Policy.

  15. Nuclear reaction, Radioactive or chemical contamination due to nuclear accident.

Critical Illness Exclusion:

Apart from the disease specific exclusions given along with definitions of diseases (refer ‘Definition’), no benefit will be payable if the CI is caused or aggravated directly or indirectly by any of the following:

  1. Any of the listed CI condition which first manifests itself within 90 days of the Date of Commencement of Risk or date of latest revival (if any), whichever is later.

  2. Pre existing diseases or conditions connected to a Pre-Existing Condition will be excluded. Pre-Existing is defined as condition for which the Life Assured had signs, or symptoms, and/or were diagnosed, and / or received medical advice / treatment within 48 months to prior to the Date of Commencement of Risk or date of latest revival (if any), whichever is later.

  3. Any congenital condition

  4. Suicide or attempted suicide or intentional self-inflicted injury, by the life insured, whether sane or not at that time.

  5. Life assured being under the influence of drugs, alcohol, narcotics or psychotropic substance, not prescribed by a Registered Medical Practitioner

  6. War, invasion, hostilities (whether war is declared or not), civil war, rebellion, terrorist activity, revolution or taking part in a riot or civil commotion, strikes or industrial action.

  7. Participation by the Life Assured in a criminal or unlawful act or committing any breach of law with criminal intent including involvement in any fight or affray.

  8. Treatment for injury or illness caused by avocations/ activities such as hunting, mountaineering, steeple chasing, professional sports, racing of any kind, scuba diving, aerial sports, activities such as hand-gliding, ballooning, deliberate exposure to exceptional danger.

  9. Any underwater or subterranean operation or activity. Racing of any kind other than on foot.

  10. Existence of any sexually Transmitted Disease (STD) and its related complications or Acquired Immune Deficiency Syndrome (AIDS) or the presence of any Human Immuno deficiency Virus (HIV).

  11. Participation by the Life Assured in any flying activity other than as a bona-fide fare-paying passenger, in a licensed aircraft. Crew members and pilot for passenger carrying commercial flight are excluded under this exclusion unless they are bonafide passengers.

  12. Unreasonable failure to seek or follow medical advice, the Life Assured has delayed medical treatment in order to circumvent the waiting period or other conditions and restriction applying to this Policy.

  13. Nuclear reaction, Biological, radioactive or chemical contamination due to nuclear accident.

  14. Ayurvedic, Homeopathy, Unani, naturopathy, reflexology, acupuncture, bone-setting, herbalist treatment, hypnotism, rolfing, massage therapy, aroma therapy or any other treatments other than Allopathy/ western medicines.

  15. Any treatment of a donor for the replacement of an organ

How to Apply for Term Insurance?

Get a term plan by following 6 simple steps

  • Design your Plan

  • Make Payment

  • Fill Form

  • Upload Documents

  • Medical Examination

  • Policy Issued

Why buy the best term insurance plan at Finserv MARKETS?

Comprehensive Coverage

With a life insurance cover of up to Rs. 1 Crore, you can ensure complete financial security for your family even in your absence.

Easy on Pocket

Affordable premiums with high sum assured amounts keep you prepared for more to achieve your life goals.

Tailor-made Insurance Plans

Customized term insurance plans that suit all needs of policyholders.

Trusted Companion

With a customer base of 100+ million across the country, Finserv MARKETS is the right choice for you. It’s time you choose us as your financial partner.

Reliable Insurance Partner

With a high claim settlement ratio, Bajaj Allianz promises to settles your claim instantly and hence, is a trusted insurance partner.

 You can also check out our Group term insurance plan

Manage all your Term Insurance related queries here

  • What type of plan is the Bajaj Allianz Life Smart Protect Goal?

    Bajaj Allianz Life Smart Protect Goal is a term plan that provides financial protection for your future goals from life’s uncertainties. There are four variants available under the Smart Protect Goal Term Plan which include • Life Cover – Under this variant your nominee gets a sum assured amount on the unfortunate event of your death. • Life Cover with Child Education Extra Cover (CEEC) - Under this variant if chosen, your children get an extra protection of 10-100% over and above the base cover, for his educational expense in case of your death. • Life Cover with Joint Life - This variant allows you to add your spouse in the same policy • Increasing Life Cover – Under this variant, you can choose to increase your life cover at every policy anniversary.

  • Which add-on covers are available to the customer at the time of buying the policy?

    The add-on covers or riders available to the customer while buying the policy are: • Accidental Death Benefit – With this rider, an additional sum assured amount is paid to your nominee, if the happen to die untimely during the policy tenure. • Accidental Total Permanent Disability Benefit – With this ad-on cover, a sum assured amount over and above the basic sum assured amount, is paid if the policyholder happens to be rendered permanently disabled due to an accident. • Critical Illness Benefit – If chosen, an additional rider sum assured amount is paid if you are diagnosed with a listed critical illness for the first time. • Waiver of Premium Benefit – With this add-on, all future premiums that are payable are waived off if you are rendered disabled or are diagnosed with a critical illness.

  • What is the meaning of Life Cover in Smart Protect Goal?

    Life Cover is the sum assured amount that your nominee receives in the unfortunate event of your death.

  • What type of premium payment options are available to the customer?

    The available premium payment types in this plan that the customer can choose from include: • Regular pay option: Allows you to pay for entire policy term on regular basis • Limited Pay option: Lets you pay for shorter term • Single Pay option: Gives you the option of making a one-time payment

  • Can the customer take both, Whole Life and Return of Premium add-on covers together?

    No, these options are not available together. Policyholder can opt for either of the two options.

  • What is the benefit payable in case the policyholder was to die due to an accident?

    If the policy holder has chosen Accidental Death Benefit , an additional sum assured amount chosen as ADB will be paid to the customer along with the Life Cover amount in the unfortunate event of death due to accident.

  • What is the benefit payable in case of total permanent disability due to an accident?

    If the customer has opted for Accidental Total Permanent Disability Benefit, a sum assured amount chosen under this benefit will be paid in case of total disability due to an accident. This cover will discontinue if 100% of the benefit is paid already.

  • Can customers opt for Accidental Total Permanent Disability Benefit and Critical Illness together?

    No, these options cannot be taken together as Critical Illness Benefit add-on cover includes Accidental Total Permanent Disability Benefit.

  • Which minor Critical Illnesses are covered under the term plan?

    Following 19 diseases are covered under the term plan as minor conditions: 1. Percutaneous Heart Valve Repair 2. Angioplasty 3. Minimally Invasive Surgery of Aorta 4. Infective Endocarditis 5. Carotid Artery Surgery 6. Early Cancer (including Carcinoma in-situ) 7. Guillain Barre Syndrome 8. Nephrectomy 9. Chronic Primary Sclerosing Cholangitis 10. Secondary Pulmonary Hypertension 11. Ulcerative Colitis 12. Pericardectomy 13. Implantable Cardioverter Defibrillator 14. Acute Necrohemorrhagic Pancreatitis 15. Endovascular treatment for Cerebral Aneurysm 16. Insertion of cerebral shunt 17. Less Severe Lung Disease 18. Small Bowel Transplant 19. Cirrhosis of the Liver

  • Which major Critical Illnesses are covered under the term plan?

    Following 36 diseases are covered under this plan: 1. Cancer of specified severity 2. Myocardial Infarction - First Heart Attack of Specific Severity 3. Stroke Resulting in Permanent Symptoms 4. Open Heart Replacement or Repair of Heart Valves 5. Open Chest CABG 6. Coma of specified severity 7. End stage Lung Failure 8. End stage Liver Failure 9. Kidney Failure requiring regular dialysis 10. Primary (Idiopathic) Pulmonary Hypertension 11. Major Head Trauma 12. Permanent paralysis of limbs 13. Loss of Limbs 14. Motor Neurone Disease with permanent symptoms 15. Multiple Sclerosis with persisting symptoms 16. Major organ / bone marrow transplant 17. Third Degree Burns 18. Deafness 19. Blindness 20. Loss of Speech 21. Benign Brain Tumour 22. Alzheimer's Disease 23. Aplastic Anaemia 24. Medullary Cystic Disease 25. Parkinson’s Disease 26. Systemic Lupus Erythematosus (SLE) with Lupus Nephritis 27. Apallic Syndrome 28. Major Surgery of the Aorta 29. Brain Surgery 30. Fulminant Viral Hepatitis 31. Cardiomyopathy 32. Muscular dystrophy 33. Poliomyelitis 34. Pneumonectomy 35. Creutzfeldt – Jacob Disease 36. Chronic Relapsing Pancreatitis

  • Are the premiums under Waiver of Premium Benefit guaranteed for whole Policy Term?

    The premiums for Waiver of Premium Benefit are guaranteed for a period of 5 years and can be reviewed for subsequent cover periods.

  • Is there any special rebates for female life?

    Yes, the premium rate applicable for female life is calculated based on the premiums of a male who is 3 year younger in age.

  • Is there any option to change premium payment frequency?

    Yes, the customer can opt to change the Premium Payment Frequency with options like Yearly, Half yearly, Quarterly and monthly on any policy anniversary during the policy term.

Reviews - Term Insurance

Reviews - Term Insurance

4out of 5

3 reviews

The Premium is Auite Affordable

The best part about term insurance at Finserv MARKETS is that the premium is quite affordable. I could secure the future of my loved ones by availing this term insurance.

Comprehensive Coverage and Trusted Insurance Partner

I am glad that I opted for Bajaj Allianz Term Insurance because of the comprehensive coverage provided. Also, the high claim settlement ratio makes it a reliable option.

Easy Application Process with Customized Plan

While purchasing the Bajaj Term Insurance, I could customize my policy according to my requirement. The application process was easy and I could also opt for add-on coverage.