Your financial decisions have a long-standing impact on your life and life goals as well as that of your loved ones. So, it’s essential to take appropriate decisions well in time. Apart from handling your regular expenses, you also need to save to achieve your life goals and aspirations With timely and long term investment plans.
Bajaj Finance in association with some of the leading private life insurers of India brings to you life insurance plans including whole life plans that help you save for a comparatively longer-term for your future goals. These plans are designed for those who aim to lead a good life and make sure that their dreams for their families are secure.
So, get started now and choose a plan that’s just right for you and your loved ones and make the life you’ve dreamt of come to reality. And, get the benefit to choose from different modes of premium payment like single, annual, half-yearly, etc.
At Bajaj Finance Limited (BFL), we offer you plans that aid savings and investments to fulfil multiple life goals. We partner with some of the leading life insurance providers in the country and select plans that are well suited to our customer base. The investment plans we choose are a great mix of security through insurance and wealth creation through planned savings & regular systematic investments, giving you the best of both worlds.
Insurance plans allow you to save and invest in line with your key long term milestones in life. With these plans, you can have good control over your savings and expenditure and balance your dreams with your present. The plans also give you the double advantage of savings and life cover. Basis your appetite for risks, you can choose from multiple plan types; so choose a ULIP or Participating plan if you are good to take on risks and if you have a more conventional approach, you could pick from Guaranteed or Non participating plans.
Not just that tax benefit can be availed (if any) on premium paid, subject to applicable tax laws..
Get an assured lump sum amount on policy maturity or in case of the policyholder's death to help you or your family stay financially secure.
These policies give you sufficient life cover and additional coverage options to enhance your policies and avail of more benefits.
Investing in investment plans help you compound your earnings and keep you financially secure in your retirement age.
Create a significant fund to secure your child's future with the help of Child Plans.
Get the advantage of tax benefits for both your investment as well as your returns as per prevalent income tax norms.
Get the flexibility of multiple modes of premium payment, switching between invested funds (for ULIP plans), partial withdrawal of funds, and liquidity in the form of loans against the policy.
Riders are the additional benefits that can be purchased with the insurance policy. If opted, the riders can enhance the coverage and provide you with comprehensive protection.
What is an endowment plan?
Endowment plans are type of life insurance policy having combination of both insurance cover as well as savings. An endowment policy helps to build a risk-free savings corpus, while providing maturity benefits with financial protection for family in case of an unfortunate event.
What are Unit Linked Insurance Plans (ULIP)?
Unit Linked Insurance Plan (ULIP) is insurance plan with combined benefit of insurance & investment. ULIP premium are divided in two parts one towards your Life cover and rest is invested in funds of your choice ( equity, debt, or a combination of both funds).
What is a money-back plan?
As the name suggests, a money-back policy gives you a percentage of your sum insured back at pre defined intervals.
What are traditional plans?
Traditional plans are insurance plans, which provide more than one benefit like risk cover, fixed income return, safety, and tax benefit with a guaranteed Bonus at maturity.
What are pension plans?
A pension plan or retirement plan is a type of investment plan, which helps you to accumulate a part of your savings over the long term so that you can have a secured financial future post-retirement.
What is the difference between traditional plans and ULIP?
ULIPs provide the option of both insurance and
investment under a single plan. The
benefits of top-up facilities, switching between funds,
add extended coverage using
riders, and the
option to surrender. The investment risk under these
plans is borne by the policyholder
as these plans
invest in the stock markets.
On the other hand, traditional plans provide benefits like risk cover, fixed income returns, safety, and tax benefits. These plans are good for people who have less risk appetite.
What are participating plans?
A participating plan lets you share the profits of the insurance company (your insurer) during the policy maturity. The profits are shared in the form of bonuses or dividends.
What are non-participating plans?
Under non-participating plans, you don’t share profits, or the losses faced by the company during your policy term. Your returns are primarily governed by the investment strategy of the insurer.
What is a Bonus?
The bonus is an additional amount paid by the insurer to the policyholder over and above the invested premiums. It is payable at the time of accidental death (as accumulated) or maturity of the policy.
What is a Terminal bonus?
A terminal bonus is an additional loyalty bonus offered by the insurer at the end of the policy term. The sum increases depending on the term of the plan and the insurance amount.
What is a Reversionary bonus?
A reversionary bonus is also called a regular bonus, which depends on the performance of the insurer and is an addition to the fund every year, payable at the end of the policy period.
What is Benefit Illustration?
A life insurance policy illustration is a set of
projections, prepared by the actuaries
of the insurance
company. The benefit illustration basically shows how
your (policyholders') insurance
invested will perform over a period of time. It
includes financial projections for
year until the
maturity, throughout the policy term.
However, these set of projections are based on certain assumptions and do not guarantee how much your policy will be worth in any given particular year, except where values are clearly stated as 'guaranteed.'The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification.
What is Whole Life Cover?
Whole life insurance cover is where you are covered for your entire life .i.e. as long as you live. Under this plan, you pay a premium for the first 10-15 years and get coverage maximum up to the age of 99 years.
What is a surrender value?
Surrender value is the amount the policyholder gets if
he terminates/surrenders the
maturity. It is the amount the policyholder will get
from the life insurance company if
he decides to
exit the policy before maturity. A regular premium
policy acquires surrender value
policyholder has paid the premiums continuously for
However, you need to make sure that you keep track of this policy till it matures. Once you decide to exit the insurance policy, all the benefits associated with it, including the protection cover, will cease to exist.
What is Maturity Value?
Maturity value is the amount the insurance company pays to an individual when the policy matures, including the premiums paid and the bonuses, if applicable.
What is Death Benefit?
The death benefit is the amount of benefit paid (Sum Assured) in the event of death of the policyholder to the nominee.