Life comes with risks and unforeseen incidents that can put your family's financial security in jeopardy. Have you thought about a Life insurance plan to cover your family in such times? Know the right life insurance cover for your family and enjoy a host of benefits exclusively with our products.
A life insurance policy is a secured way of protecting your family financially in the unforeseen eventuality of your demise, or disability or critical illness by means of certain add-ons. Let’s have a look at some of the options you can consider according to your requirements in life insurance.
Term Insurance: It is the simplest and cheapest form of insurance that is designed to offer financial protection for a specified tenure. It insures your family gets lump sum amount i.e. sum assured after your death to lead financially stable life. However, if you survived the term period, the insurer pays nothing.
ULIP: In ULIP or Unit Linked Insurance Plans, a portion of the premium goes towards providing the life cover, while the remaining portion is invested in equities or debts. The investment portion in ULIP is subject to market volatility.
Child Plans: The increasing education cost is causing uneasiness among parents. Therefore, it is best to invest in a good children’s health insurance plan to give secured life to your child even in your absence. A child life insurance plan offers a lump-sum amount to the beneficiary (i.e. child) on the death of policyholder.
Pension Plan: Pensioners insurance plans are offered by life insurance companies to help an individual build a retirement corpus. This money helps a person lead a financially secured life even after retirement. In case of an unfortunate death of the policyholder, the nominee can either get lump-sum or receive a regular pension for the rest of the policy tenure.
Features and Benefits
- Premium - Get the advantage of life cover at low cost
- Payout options - Choose from lump sum or monthly payout options on unfortunate death or maturity.
- Policy term - Select your insurance policy term ranging from 5 to 30 years.
- Joint Life Coverage in single policy. Include your spouse in your existing policy
Supplementary income in case of loss of income due to accidental disability or illness
- Critical illness - Get lump-sum amount if diagnosed with critical illness
- Additional benefits - Additional sum insured in case of accidental death
- Preferred Rates for Non-Smokers.
- Tax exemptions - Tax exemption u/s 80C and 10(10D) of Indian Income Tax Act. Premiums paid for the Critical Illness Benefit also qualifies for a deduction under Section 80D
How to Apply
You’ll be surprised to know how easy it is to get a Life Insurance policy with Bajaj Finserv even if you’ve never used our services before. Just fill in your details on this page, or give us a missed call on 09289 222 406 and we will get in touch with you and take you through the process.
Things to consider before you buy
- What type of Life insurance plan you need, Term insurance, ULIP, Child or pension plan?
- What sum insured and maturity age?
- What would be likely procedures of claim?
- What is the claim settlement ratio?
Q1. What is life Insurance?
A. Life insurance is a concept that aims to provide financial protection to the family members of the insured individual in case of an unfortunate eventuality such as the demise of the insured individual.
Q2. Why do I need insurance?
A. Insurance aims to provide financial protection to an individual, one’s family and assets from unfortunate eventualities such as death, accident, illness, etc. or loss of assets. A classic insurance policy, i.e. a term plan, provides financial assistance to your family in the unfortunate event of your death. In addition to that, modern day insurance policies have evolved to help you to build your corpus of wealth, plan for retirement, protect your house and personal belongings, reimburse medical expenses, hospitals bills, etc.
Q3. How do I ascertain or quantify my need for insurance?
A. The value of the insurance cover that you opt for should depend on your need for protection. If you are applying for asset insurance, the value should ideally cover the cost of replacing your asset. Similarly, the final payout of a term plan should compensate your family for the financial loss that they will face in case of your demise. Unit Linked Insurance Plans (ULIP), endowment or whole life policies should fall in line with your overall financial plan and enable you to receive funds when you expect to use them.
Q4. What are the different types of life insurance policies available in the market?
A. Insurance policies are broadly classified into Life and General insurance products. Life insurance policies provide financial protection against loss of life. General insurance products provide financial protection against non-life events such as medical exigencies, accidents, for homes, travel, automobiles, etc.
Q5. Can I change my nominee in the insurance policy?
A. Yes. You as the life insurance policy holder can change your nomination any time before the date of maturity of the policy.
Q6. Can a minor be the nominee of an insurance policy?
A. Yes, a minor can be the nominee of a policy. However, he or she must have a legal guardian in the form of an appointee.