Term insurance is a crucial component in achieving financial security for you and your loved ones. It provides a safety net that ensures your family’s well-being even in the event of unfortunate circumstances.
Understanding Term Insurance
Let us explore more on the term insurance meaning. It helps in providing financial support to the family and ensures their future goals are not compromised. It is usually affordable and straightforward, making it an accessible option for many individuals. You can secure a high sum assured at a relatively low cost compared to other types of life insurance by paying regular premiums. Take advantage of online term insurance plans that offer affordability, convenience, and comprehensive coverage options.
Bajaj Allianz Term Insurance Plans
A Bajaj Allianz term plan is one of the most affordable term insurance plans available in the market and offers customers the benefits of the plan only if the customer dies during the term of the policy and there are no maturity benefits.
Reasons to Buy a Bajaj Allianz Term Plan
The Bajaj term insurance plan is available based on single life as well as joint life along with your spouse. Under the single-life plan, the death benefit is paid in case of the 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 do not 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.
Key Features
Here are some of the key features:
Affordable Premiums: The term policies have cost-effective premiums as the entire premium amount is used for life cover and not for any investments, unlike the life insurance plans.
Additional Coverage: The policyholder can enhance the coverage of the term plan by adding riders available from Bajaj Allianz General Insurance.
Return of Premium: Since most term insurance plans do not 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.
Tax Benefits: A comprehensive Bajaj Life Insurance Term Plan helps reduce 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).
Claim Process
Follow these steps to raise a claim:
Claim Reporting: 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.
Claim Processing: Through each stage of claims processing, updates will be sent through SMS.
Claim Settlement: Claim requirements will be raised within 15 days of receipt of the claim.
Term Insurance Plans by Bajaj Allianz Life
Here are some of the popular plans:
Bajaj Allianz Life Diabetic Term Plan II Sub 8 HbA1c: It is a protection plan that offers term insurance coverage to Type 2 diabetics and pre-diabetics by factoring in the nuances of their health conditions.
Bajaj Allianz Life Smart Protection Goal: It is easy on your pocket and yet provides you with an all-encompassing life cover. It not only offers you the option to get back the entire premium at the time of maturity but also protects you against financial loss from several critical illnesses.
Bajaj Allianz Life eTouch: It provides a solution for you and your loved ones to be able to realise your dreams without any compromises in case of an unforeseen event.
Life Shield Plus: It provides a complete protection plan built to safeguard you and your loved ones from various uncertainties in life.
Life Shield ROP: This plan also comprises benefits to realise your dreams without any compromises.
Bajaj Allianz iSecure: It offers a life cover at a low premium, with the option for your loved ones to receive the death benefit in instalments
Bajaj Allianz iSecure More: A term policy with an increasing life cover, is a smart way of ensuring that the dreams and aspirations of your family remain on track.
Bajaj Allianz iSecure Loan: A mortgage cover term assurance plan helps in covering any loan liability in your absence.
Bajaj Allianz Life Secure: It provides accidental death cover and accelerated critical illness cover plus a waiver of premium benefit.
Bajaj Allianz LifeStyle Secure: It provides you with level cover term assurance with an accelerated terminal illness benefit.
Bajaj Allianz Life Saral Jeevan Bima: It offers up to Rs 25 lakh life cover for a maximum period of 40 years so that you can live your life without a thought about the financial safety of your family after you.
Conclusion
Term insurance plays a vital role in achieving the ultimate financial security for you and your family. You can safeguard your loved ones’ future even in your absence by understanding its meaning and choosing the right plan tailored to your requirements.
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