Best Bajaj Allianz Life Insurance Plans for Salaried Professionals

A life insurance plan provides financial security to your family in case of any untoward event in the future. There are a number of insurance companies that offers life insurance products in India. Among them, Bajaj Allianz is a popular brand.

As per the IRDA Annual report 2013-14, Bajaj Allianz Life Insurance has a 91.29% claim Settlement ratio. So you can consider Bajaj Allianz to be quite reliable in terms of services. The company provides various life insurance solutions. Currently the company has three term plans and two endowment plans as traditional life insurance plans. They also sell child plans, retirement plans, Unit-linked plans, group plans etc.

If you are looking for a traditional life insurance plan that provides comprehensive life coverage, you can opt for either term insurance plans or endowment plans. Both are traditional non-linked insurance plans but there are subtle differences between the two types. A term plan is cheaper and offers higher life cover than an endowment plan. But a term plan pays the sum assured only on the death of the life insured. An endowment plan, on the other hand, allows you to save your money throughout the policy term and you get the entire corpus as your return on maturity. In case of your death your family also receives the sum assured from the company. Some endowment plans are with-profit plans. They allow you to receive accrued bonuses along with the sum assured.

An endowment plan is a long-term savings plan which requires regular payment of premiums. So, endowment plans are for those who are sure that they can afford this savings plan for such a long time with regular payments. So if you are a salaried professional, an endowment plan can be a good option for you.

If you only care about the life coverage you can always opt for a term plan. But a term plan does not offer the maturity benefit. It only offers the death benefits. An endowment plan, on the other hand, offers both maturity benefit and the death benefit. It also allows you to save and build a corpus for your future. Moreover, it helps you to tackle the effects of inflation. So, if you want to enjoy the dual benefits of insurance and saving, an endowment plan from Bajaj Allianz Life Insurance would be the best choice for you.

Bajaj Allianz life insurance, as said earlier, offers two savings solutions- Save Assure and Guarantee Assure.

Bajaj Allianz Save Assure is a traditional endowment plan which offers a guaranteed return of 115% of the sum assured. It provides life coverage up to the age of 75 years. Anybody aged below 60 years is eligible for plan. Rs. 1, 00,000/- is the minimum sum assured offered by this Bajaj Allianz Life Insurance plan while the maximum sum assured is subject to underwriting. This plan also offers 5 rider options which you can add to your basic plan to strengthen your protection. The riders include: family Income benefit, accidental death benefit, Accidental permanent total or partial disability benefit, Critical illness benefit and waiver of premium benefit.

Bajaj Allianz Guarantee Assure is another non-linked endowment plan offered by the company. It offers comprehensive life coverage at low premium rates. Female customers enjoy discounted premium rates. You will get further discount on your premium if you opt for higher sum assured. To be eligible for this plan, you have to be aged between 9years and 60 years. It has a fixed premium paying term of 5 years and the maturity age limits are 18 years to 69 years. The minimum sum assured offered by this Bajaj Allianz Life Insurance plan is Rs.1, 00,000/- The plan also guarantees an additional payout of 63% of the sum assured at maturity.

These two endowment plans are bet for salaried professional as it helps to build a large corpus that you may need for your retirement or future medical emergencies or for your’ child’s marriage. These two Bajaj Allianz Life Insurance Plans are more like savings plans with life coverage and rider benefits.

Both term plans and endowment policy are risk-free investments that secure your family financially from any sort of misfortunate event in the future. You can compare the features and benefits of different types of life insurance plans on online web aggregator platforms like policybazaar.com. Once you get a comparative view of different types of life insurance plans, it will be easier for you to buy the right plan that suits all your requirements.

Archana Singh is a Finance Advisor and Investment Planner. She Also does like to share finance and insurance related write ups on the web. Follow Archana on her social networking sites to know more about her.