Sign up for personal visit and tailored advice from our expert agents. What happens if I can’t pay term insurance premiums on time due to financial issues? Securing your and your family’s health starts with getting an ideal health insurance plan, but that’s not the end! As a measure of transparency, insurance companies provide a free look period. They may also have outstanding debt for business or personal loans. I further declare that, irrespective of my contact number being registered on The accidental death benefit rider pays an additional amount over the sum assured if the policyholder dies due to an accident. All Rights Reserved. IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Service. The physical branches, along with a user-friendly web portal caters to a large number of customers. Term insurance forms a protective ring around your family. Therefore, people with a history of diseases in the family have to pay higher premiums. They seek financial protection beyond just the young earning years. At the current rate of inflation, your existing assets, deposits and investments may not suffice to be able to meet the demands and costs of say, your children's education. Term insurance doesn’t offer maturity benefits and the plan ceases to exist after the expiry of policy term. It is important to choose the right term insurance policy. 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. Today, few term life insurance plans provide coverage for as long as 99 years of age. Bajaj Allianz Life Insurance Company Ltd. Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra. Unsolicited Since term plans do not provide maturity benefits, the plan simply terminates at the end of the policy term. Term insurance benefits include the option to pay premiums for a limited period as per the product terms and conditions. Yes, you can opt for joint term insurance plans depending on your requirement. This amount is known as term insurance premium. The insurance coverage is provided for a specific duration, i.e., for 30 years or up to 75 years of age. And these are economies that are still considered flourishing! For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. • More and more people are settling later in life. The entire premise of term insurance is that you should be able to provide for your family even in your absence. There are various types of term insurance plans in India to cater to a wide variety of customers. The loss of life has massive emotional consequences, but it also has implications for the lifestyle of your family and everyone you leave behind. An investment in a term plan acts as a safety net for your loved ones. National Another benefit of this flexibility is in the frequency at which you decide to pay the premium amount. 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. Registered Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006 A Whole Life term insurance plan can extend up to the age of 99 years. After you pay the renewal amount, you will be issued a premium payment receipt stating the renewal of the policy. Further, a single person may have student loans, business loans, home loans, and it is important to be insured for the loan amount to ensure your dependents are not liable to repay the loan. Protect your pet dog with Bajaj Allianz Pet Dog Insurance Policy and give your dog the best medical care while protecting your bank account from unexpected, and expensive, veterinary bills. Investors of term insurance with return of premiums get back the premiums paid during the policy term at the end of the tenure as per the conditions mentioned under the product. To address this Life Insurance companies also offer insurance plans with ‘Return of Premium ‘option. Accessing online or buying a financial product through the internet substantially increases the convenience for the customers. Term insurance riders - what are they and why do they matter? We have just gone over the term insurance benefits. 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. However, term plans with return of premium benefit pay the total premiums at the end of the policy term as maturity benefit. In case of death of the policy holder during the policy term, the nominee receives the benefits. The sum assured guaranteed by term insurance plans could be used to pay off the debt or make timely payments to service it. The Receipt number will be displayed on successful payment. Insurance coverage to People affected by HIV/AIDS, Insurance coverage to Persons with Disability and Mental Illness, Agents & ATI's related Queries / Complaints, BOING Our Virtual Customer Service Assistant, For Callback for renewal premium payment related queries (From Registered Mobile Number), For Callback for Reinvestment related queries (From Registered Mobile Number), For Fund Value of Policy (From Registered Mobile Number), For Account Statement (From Registered Mobile Number), To Update Email Address (From Registered Mobile Number), EREGUnique ID*DOB of policyholder in DDMMYYYYemail id, For Callback for queries related to fund switching, For IT Certificate (From Registered Mobile Number), Choice of seven funds with unlimited free switches, Flexibility to accumulate or receive Survival Benefits, Option to receive Cash Bonus from first month*, 250% of Sum Assured as Guaranteed Benefit *, Option to Extend Life Cover beyond Policy Term, Choice of 2 variants, Income benefit and Lump-sum benefit, Option to take policy benefit in instalments, Attractive return on investment and life cover, Option of regular or limited payment terms, Covers 36 Critical Illness including Heart & Cancer, Four variants to choose from as per your need, Option to cover spouse and dependent children, Covers 2 Juvenile Critical Illness (Bacterial Meningitis and Encephalitis), Periodical Return of Life Cover charges ULIP, Guaranteed maturity benefit and guaranteed additions, Multiple premium payment and policy term options, Guaranteed cash back till you turn 99 years, Cash bonus starting from the end of 6th policy year, Death benefit of up to 300% of sum assured. 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. Thanks for sharing your details, A Sales representative from. The frequency of the premium payment also needs to be decided. It makes a lot of sense to take a term insurance cover to stay financially protected against contingencies till the age of 99. Term insurance premiums are decided after an objective analysis of the details of the individual to be insured. The insurance company could also ask for a medical certificate. The rider covers all the major critical illnesses like heart, liver and kidney diseases.. It provides financial protection to your family in your absence and helps in taking care of all the outstanding liabilities. A term insurance plan doesn’t have any investment component and the entire premium goes into providing life cover. Bajaj Allianz Life Insurance Company Ltd. Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra. The policy gives the option to choose from multiple term insurance add-on covers. 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. Commercial Communication even though the content of the call may be for the But it is advisable to buy multiple policies in consonance with your life goals. The insurer will then process the application and issue the policy if all its requirements are met. The life cover variant also has the whole life cover option that provides coverage for till the age of 99. number made available by me on the website with a specific request to call The rationale behind term insurance as a financial product is to ensure that your family does not have to suffer financial hardship if something happens to the breadwinner in the family. The level term plan is one of the simplest types of term insurance. Term insurance is one of the most affordable way to keep your family’s life goals on track in case you are not around to provide for them or life takes an untoward turn. S. Silver Health. Just because your colleague bought a term insurance policy with a cover of Rs 1 crore, doesn’t mean you will buy a plan with a similar amount. At a young age, it is not possible to predict when one will have enough for a comfortable post-retirement life. may be for the purposes of explaining various insurance products and Bajaj Allianz Term Bajaj Allianz Life Insurance Company Limited is formed between Bajaj Finserv Limited and Allianz SE. Commercial Communication even though the content of the call may be for the As the name suggests, the term insurance is the most popular type of term plan and hence the most common. We are just two months into the new financial year, and the time is still. You just have to provide details like name and date of birth and upload identity, address and income proofs in the next step. A term insurance plan ensures that your children get a level playing field from financial point of view even in your absence and they are not deprived of any opportunities. It marks the starting of a financially independent journey. Finally, there are optional riders that can be added to your life insurance policy to extend the cover under the policy. The financial toll that a critical illness diagnosis can take on you is limitless. Fax No: 020-66026789 The loss of an earning member can disturb the monthly income inflow. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. 1©2020 Morningstar. Unsolicited The policy allows the addition of the spouse under the same policy in the life cover with the joint-life variant. If you find any unauthorised or fraudulent sales material online, please mail us at : © Copyright 2018. Another advantage of Bajaj Allianz General Insurance is 24x7 spot assistance, so if you are stranded in the middle of the road, just call the customer care number and they will take care of punctured tire, repairs or fuel problems, telephone support is provided just incase you have a breakdown. Every day, we are exposed to countless risks of death and disability due to natural and accidental forces. back. Hence, even if you are single you can buy a term insurance plan and the best part is that if you purchase a term insurance cover at a younger age, the premiums are low due to your general good health. Other rider covers include Accidental Permanent Total/Partial Disability Benefit rider, Critical Illness benefit rider and Waiver of Premium Benefit rider, for comprehensive coverage. A term insurance helps you cover life’s various exigencies be it a sudden death or an unfortunate accident, which may affect your and your family’s life goals. Term insurance not just ensures monetary support but guarantees a financially stable future. One should take into account all his/her assets and liabilities before deciding the term insurance cover. You will have to provide details like name, policy number and date of birth for the insurance company to fetch the details of renewal. There are multiple premium payment options depending up on the product terms and conditions. | IRDAI Reg. 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. Limited premium payment: Term insurance premiums have to be paid for a specific duration while the coverage under the policy extends for a longer duration. Hence it is wise to plan your cover in a manner that all liabilities are taken care of and your loved ones are secure in your absence. Life offers various types of term riders that can be used to pay the term insurance can only be until... And savings are inadequate Co. Ltd. all Rights Reserved the critical illness cover a... Factors, terms and conditions of the payment of the most distinct one public such... Multiple premium payment frequencies other than monthly & 15 days registered marks of Morningstar,.. 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