Everyone looks forward to living a comfortable life and providing their loved ones every opportunity to fulfil their dreams. So, while we spend on necessities and luxuries now, it is equally essential to think and plan for our responsibilities ahead knowing fully well that the only certainty about life is death. Although the emotional void created by death is difficult to fill, the dreams of a great future for your family should never be left to chance.
With these things in mind, we Bajaj Finance Limited (BFL), partner with some of the leading private life insurers in India and brings to you life & term insurance plans that give you the power to fulfil your dreams for your loved ones - securing your child’s future, family’s financial security, large expenses, etc. in your absence.
The time to think ahead is now. Explore the products we have for you and choose a plan that fits your needs completely.
Bajaj Finance Limited (BFL) is a corporate agent /distributor for insurance and brings to the table long-standing expertise. 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 plans we have for you are a great mix of security through insurance and helps to take care of financial security for your family even when you are not around. What’s even better is that our seamless, digital buy journey let’s you evaluate the plan of your choice quickly.
Term Insurance plans allow you to pay a fixed amount by way of premiums and get the financial security needed to take on changing times. These plans offer you life cover and make sure that the dreams you see for your family can be fulfilled uncompromised.
What’s even better is that any claim proceeds under insurance plans such as maturity claim, surrender claim, the death benefit is also exempted from tax under section 10 (10D) of the Income Tax Act, 1961 subject to applicable laws.
Get life-risk coverage to keep your family protected in case of an unfortunate event like death, permanent total disablement, etc.
Riders are the additional benefits that can be opted with the insurance policy by paying additional premium. With riders, you can enhance the coverage and avail comprehensive protection.
Avail financial protection during major illnesses where you can get a lump sum payout on diagnosis of a range of critical illnesses, through riders.
You can avail tax benefits for the premiums you pay for your life insurance policy under section 80C of the Indian Income Tax Act and the claim amount received is exempted from tax under Section 10(10D) subject to applicable laws.
It is a contract between an individual and an insurance company where the latter provides financial protection to the beneficiary in return for a fee known as a premium in case of death or set tenure
Life insurance plans are of various types for pure protection there are Whole life insurance plans , Term insurance plans etc whereas blend of life insurance with investment/savings options are also available such as Unit-Linked Insurance Plans (ULIP’s), endowment plans, money back plans.
A term insurance plan is a pure life insurance plan that provides payment of the sum assured on the death of the insured person to their beneficiary.
Endowment plans are nothing, but regular savings plans that help you to build a financial corpus and give maturity benefits along with the bonuses.
Unit Linked Insurance Plans (ULIPs) are insurance policies that assign a part of your premium towards your Life Cover and the rest in investments through equity, or debt funds, or a combination of both depending on your Options.
As the name suggests, a money-back policy gives you a percentage of your sum insured back at pre-defined intervals.
Term insurance policy can be purchased at any time from 18 years to 65 years. However, most term policies have an entry age limit of 65 years.
A beneficiary is the person commonly referred to as the nominee. In case of a policy holder’s death the sum insured payable by the insurance company is handed over to the nominee.
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.
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.
You can avail tax benefits for the premiums you pay for your life insurance policy, under section 80C of the Indian Income Tax Act also the claim amount received is exempted from tax under Section 10(10D), subject to applicable laws.
Critical illness is any illness or sickness or a disease like cancer, kidney failure, Major Organ Transplantation, Multiple Sclerosis, Hypertension, Aorta graft surgery, Paralysis, Coma, etc. Before you purchase a plan, make sure to check the critical illnesses specified in the policy as it may vary.
The premium waiver benefit means the insured will not have to pay the future impending premiums and that the premiums are waived off under certain agreed conditions between the insured and the insurer. This benefit is very useful during unforeseen emergencies like total or partial loss of income due to disabilities, or diagnosis of a critical illness.
To choose the right type of life insurance plan, what you need to do is set your goals, decide on the premium you are able to pay and compare between the different plans available as per your needs.