1. Do all endowment plans in India offer life coverage?

Endowment plans, typically provide both a savings component and life cover, often extending to whole life cover up to 99 years or 100 years of age. A portion of the premium for endowment plans goes towards savings and the remaining goes towards providing life cover.

2. How is an endowment plan considered to be different from a term life plan?

While both plans offer life insurance protection, the major difference between the two is the savings component. Endowment plans offer a savings element and pay a benefit on maturity whereas term plans usually provide life risk cover by paying death benefits. Term plans don’t usually offer maturity benefits but if you choose the return of premium term plan, your premiums are refunded on maturity.

3. What is the concept of additional bonuses in an endowment plan?

Generally, there are two types of additional bonuses associated with endowment plans which include reversionary bonuses, which are annually declared by the insurance company and terminal bonuses which are usually paid on surrender or maturity, subject to the terms of the policy and financial performance of the insurance provider.

4. Does an endowment plan offer additional bonuses along with the guaranteed benefit when the endowment policy matures?

Endowment plans might offer terminal bonuses as additional bonuses based on the terms of the policy with the maturity benefit when the endowment policy matures.

5. How does the premium get determined for an endowment plan?

Premiums for an endowment plan are determined based on several factors such as the insured’s age, no. of individuals covered, sum assured, medical history, policy term, number of riders added, etc. You can use the online premium calculator to determine the premiums of the endowment plans.

6. When is the correct time to buy an Endowment Policy?

There is no right time to buy an endowment policy. Buying an endowment policy depends on the financial goals of each individual. It is advisable to buy one as early as possible to get low and affordable premiums, enjoy insurance protection at a younger age and build a corpus over time.

7. What is the policy tenure of an Endowment Plan?

The tenure of an endowment policy depends on the specific plan. The tenure of the policy is selected by the policyholder at the time of buying the plan. Some endowment plans have a limited tenure and may start from as low as 5 years and might extend to whole life cover up to age 100 years.

8. Who is eligible to invest in an endowment plan?

Individuals meeting the specific eligibility requirements, generally within a specific age bracket can invest in endowment plans. It is necessary to check the terms and eligibility of the specific endowment policy to know if you are eligible to invest in an endowment plan.

9. Can I opt for an endowment plan for the benefit of my child?

Many insurance companies offer endowment plans specially designed for children. In these plans, the child is the beneficiary while the parent is the policyholder. In the event of the unfortunate demise of the parent/policyholder, some child endowment plans have an in-built premium waiver benefit in which the future premiums are waived off and the policy continues undisturbed. Child endowment plans are tailored to meet your child’s specific financial goals such as their higher education, marriage, etc.

10. How many times can the nominee be changed in an Endowment Plan?

You can change the nominee in your endowment policy as many times as you want by simply endorsing the policy to the new nominee.

11. Does the endowment plan pay death benefits?

Endowment plans do provide a payout on death if the insured passes away before the end of the policy term.

12. What happens if the premium is discontinued in Endowment Policies?

If you discontinue the premiums of your endowment policy, your policy will lapse and the coverage benefits of the policy will cease. Some endowment plans offer a grace period during which you can pay the outstanding premiums to keep it in force. If you don’t pay the premium within the grace period, your policy might acquire a paid-up value.

13. What documents are needed to buy an Endowment Policy?

Commonly required documents to buy an endowment policy include age proof, address proof, ID proof and photographs along with a duly filled application form. Additional documents may be needed based on the insurer’s requirements.

14. How does taxation work in Endowment Plans?

Generally, premiums paid and benefits received under the endowment policy are eligible for tax exemptions up to specified limits under Section 80C and Section 10 (10D) of the Income Tax Act of 1961, respectively. However, the exemption is available subject to the satisfaction of certain conditions specified therein as mentioned above. If policy is not satisfying conditions as mentioned under Section 10(10D) of the Income Tax Act, gain from such policy will be taxable at applicable slab rate in the hands of recipient.

15. Is an Endowment Plan considered to be good?

Endowment plans are savings-oriented life insurance plans that guarantee * benefits. Its suitability depends on the financial goals of each individual. It can be a suitable choice for individuals looking for a combination of life cover and savings. However, it's necessary to consider the specific needs of each individual and compare them with other investment options.

16. What happens if a policyholder discontinues to pay the premium for the Endowment Plan?

In case, the policyholder stops paying Endowment Life Insurance Policy Premiums, the policy may lapse, and the coverage benefits may be affected. Depending on the terms of the policy, the lapsed policy might run at a reduced paid-up value which is paid on premature demise or maturity.

Claim Settlement Ratio of 99.23%^~

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Endowment Plans

In a world marked by unforeseen challenges of life and economic uncertainties, securing a stable financial future has now become more significant than ever. Embarking on a secured financial journey requires strategic financial planning, and an endowment plan plays a key role in achieving your long-term financial goals alongside providing life insurance cover. Read more

Endowment plans combine life insurance with the elements of savings and investment, providing dual benefits of financial protection and wealth creation¹.Read less

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AboutPalak Bagadia

Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.

Reviewed ByRituraj Singh

AboutRituraj Singh

Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.

What Is An Endowment Plan?
How Does It Work?
Why You Should Buy?
What Are the Types
What Are The Benefits
Salient Features
Riders
Eligibility Criteria
Who Can Buy
Claim Process
Documents Required For Making A Claim
Documents Required
Things to Consider
Plans Offered by Bajaj
Why Bajaj ?
FAQs

What is an Endowment Plan?

An endowment plan is a type of life insurance policy which offers life cover by paying the death benefit to the nominees of the policy in the event of death of the insured and also provides savings or investment components which can be utilized during the term of the policy or upon maturity. Endowment plans offer guaranteed returns which may be in the form of death benefit on the death of the insured during the term of the plan or in the form of maturity benefit if the life insured survives the term of the plan².

How Does an Endowment Plan in India Work?

Endowment plans are both an insurance plan and a savings instrument. A portion of the premiums of the endowment plans goes towards life insurance cover and the remaining portion goes towards savings or is invested to generate returns over the tenure of the policy. Endowment plans provide either of the two benefits:

Death benefit: which is the sum assured paid to the nominee on the insured’s death during the policy term, or
Maturity benefit: is a lump sum amount paid on maturity along with accrued bonuses, if any, upon the insured’s survival till the end of policy tenure².

The death benefit ensures financial security of the family in times of crisis and the maturity benefit enables the policyholder to fulfil their long-term financial goals. The sum assured in the plan depends on the premium amount, policy tenure and the premium paying term of the plan.

Why You Should Buy an Endowment Plan?

Endowment plans are a savings tool which helps you to meet important milestones and achieve your life goals without any financial strain. Here are some of the reasons why you might consider buying an endowment plan¹:

Endowment plans offer a disciplined approach to saving money for your future.
These plans can help you meet your short or long-term finances such as debt repayment, child education, home renovation, etc. through the survival benefit you receive under the plan, if you survive the policy tenure..
Endowment plans enable you to meet and achieve your long-term life goals such as your child’s higher education, your child’s marriage, buying a house, retirement planning, etc. with the help of the lump sum benefit along with accrued bonuses, if any, received on maturity. You can easily finance such significant milestones of your life with the lump sum payout received from the endowment plans.
With endowment plans, you can create a huge corpus and build wealth systematically over a period of time by investing in the market-linked funds of your choice.

What Are the Various Types of Endowment Plans Available in India?

Endowment life insurance plans encompass a variety of options each tailored to meet the unique insurance requirements and diverse financial objectives of individuals. Endowment plans can be unit-linked or non-unit-linked insurance plans. Here are the different types of endowment life insurance plans available in the market³:

Regular Endowment Plans

Regular endowment plans are the simplest form of savings plans which provide insurance protection and the ability to create a financial corpus. Such plans pay a maturity benefit if the insured survives the policy tenure. However, if the insured passes away during the policy tenure, a death benefit is paid.

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Whole Life Endowment Plans

Whole-life endowment plans provide coverage for the entire lifetime of the policyholder i.e. till 99 or 100 years of age.

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Child-Oriented Endowment Plans

As its name suggests, these endowment plans are designed to safeguard your child’s financial future by providing a mix of life cover and savings. The policy benefit can be used for your child’s education, marriage, or other financial needs. These plans generally have an in-built premium waiver benefit, in which in the event of the death of the parent during the term, the plan does not stop. The premiums are waived off for the remaining premium payment tenure and the policy continues unaffected.

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Money Back Plans

Money-back endowment plans ensure periodic payouts as survival benefits during the term of the policy offering liquidity to meet specific financial goals and paying the balance amount on maturity if the insured survives the entire term.

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Participating Endowment Plans

Participating endowment plans entitles the policyholders to bonuses by allowing them to participate in the profits of the insurance companies. These accumulated bonuses enhance the death or maturity benefit payable.

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Non-Participating Endowment Plans

Unlike participating endowment plans, these plans do not entitle the policyholder to participate in the profits of the insurance company and do not earn bonuses.

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What are the Benefits of Opting for an Endowment Plan?

Endowment plans are beneficial for individuals who are looking for a savings instrument along with life protection. It helps you cultivate a habit of savings. Some of the key benefits of an endowment plan are stated as follows:

Peace of mind

Endowment plans act as a safety net for your family and provide you peace of mind that your family is financially secure even when you are not around.
Corpus creation

With endowment plans, you can create a stable corpus for your financial goals. You can choose a tenure that aligns with your goals and get insurance coverage plus savings creation so that your goals can be fulfilled.
Bonus enhances the corpus

If you choose participating endowment plans, you might earn bonus additions during the policy tenure. These bonus additions enhance the corpus of the policy and help you earn a higher policy payout.
Financial planning

Endowment plans to aid in effective financial planning. These plans are structured to provide long-term savings, enabling you to achieve specific goals such as buying a house or car, child education or marriage, etc.
Tax benefits

The premiums paid for endowment plans are eligible for tax deductions up to Rs. 1.5 lacs under the 80C of the Income Tax Act, 1961 (the Act) subject to specific conditions. The premium of up to 10% of the capital sum assured qualifies for tax deduction for policies issued on or after 1^st April 2012. For policies issued before this date, premiums up to 20% of the capital sum assured are allowed as a deduction. If you are suffering from a disease or disability specified under Section 80U or 80DDB, premiums paid up to 15% of the capital sum assured will be allowed as a deduction for policies issued on or after 1^st April 2013.This deduction is available only under old regime of Tax.

The death benefit paid is completely tax-free. The maturity benefit paid is also exempted from tax under Section 10 (10D) of the Act if all conditions under section 10(10D) are satisfied.. For policies issued on or after 1^stApril 2023, if the annual aggregate premium paid is more than Rs.5 lakhs during the term of such policy/policies, the gain from such policy would be taxable in the hands of recipient

Salient Features of an Endowment Policy:

Here are some of the salient features of an endowment policy:

Endowment plans have flexible premium payment terms and modes. Premiums can be paid monthly, quarterly, half-yearly or annually.
Certain plans can have in-built coverage such as accidental death benefits, income benefits, and premium waiver benefits without any added premium costs.
These plans can be customized to suit individual requirements through add-on riders for enhanced protection⁵.
Some endowment plans offer joint life cover providing coverage to both policyholders in a single policy.
Some endowment plans offer an option to receive the death benefit or maturity benefit in a lump sum, as monthly instalments or partly in lump sum and party as instalments.
These plans have a grace period of 15 days or 30 days from the due date, based on the premium payment mode within which the premiums are to be paid to keep it in force failing which it will lapse and the benefits will cease.
You can avail of a loan on your endowment plan based on the specific terms and conditions stated in the policy document⁴.

Riders in Endowment Plans

Riders are a supplementary feature which enables you to customize the coverage of your insurance plans to suit your individual insurance needs and enhance the overall coverage of your base plan. Riders come at a nominal premium and can be bought at the time of buying or renewing the policy. Some common add-on riders in endowment plans include the following:

Accidental Death Benefit Rider

Accidental Death Benefit Rider provides a lump sum pay-out on accidental death of life insured during the term of the policy. The benefit under the rider is paid in addition to the sum assured in the base endowment policy.

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Accidental Permanent Total and/or Partial Disability Benefit Rider

Accidental Permanent Total and/or Partial Disability Benefit Rider offers financial aid by providing a lump sum amount to the insured in the event of permanent disability due to an accident depending upon the rider's terms and conditions.

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Family Income Benefit Rider

Family Income Benefit Rider pays a regular income to the family of the life insured for a certain period on the first occurrence of death, first diagnosis of covered critical illness or accidental permanent total disability during the term of the policy.

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Critical Illness Benefit Rider

Critical Illness Benefit Rider provides coverage from the specified critical illnesses and pays a lumpsum amount upon diagnosis of covered critical illnesses such as heart attack, cancer, paralysis, kidney failure, etc. during the term of the policy⁶.

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Waiver of Premium Benefit Rider

Waiver of Premium Benefit Rider provides the benefit of waiver of all the future premiums of the base insurance policy and applicable riders, subject to the prescribed maximum limit, on the earlier occurrence of untimely demise, diagnosis of critical illness or accidental total and permanent disability suffered by the insured⁷.

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Eligibility Criteria for Buying an Endowment Plan

The Eligibility criteria to buy an endowment plan vary for different endowment policies. Some of the common eligibility requirements are as follows:

Criteria	Description
Entry Age	Endowment plans have a minimum and maximum entry age criterion. Individuals falling within the minimum and maximum age bracket can buy the endowment policy.
Maturity Age	The maturity age is the maximum age up to which coverage is allowed. Some endowment plans offer coverage for the entire life of the insured. For example, under Whole Life Endowment Plans, the maximum maturity age is usually 99 years or 100 years.
Sum Assured	The eligibility criteria might also specify the minimum and maximum sum assured limits. You can choose a suitable coverage within this limit.
Premium Term and Premium Payment Term	Endowment plans have predetermined policy terms and premium payment terms. The policy term is the duration over which the coverage is provided. The premium payment term is the duration over which premiums are payable. The premium paying term can be regular (premiums payable throughout the chosen tenure), limited (premiums payable for a limited number of years) or single (premiums payable at once).

Who Can Buy an Endowment Policy?

Endowment plans are ideal for the individual looking for insurance solutions and long-term savings for their financial goals. Endowment plans are well-suited for the following³:

Young individuals who want to secure their future and fulfil their long-term financial goals by creating a substantial corpus over time
Individuals who are seeking peace of mind that their family is financially covered at all times.
Individuals who are looking for insurance coverage plus savings
Parents planning for their child’s higher education, marriage, etc.
Individuals with a low to moderate risk appetite as these plans ensure guaranteed^* returns.¹⁰
Endowment plans to aid in retirement planning. It is suitable for individuals who are in their middle age bracket and are planning for retirement.

Endowment Plan Claim Process

The claim process of endowment plans involves several steps and the beneficiaries and policyholders need to follow them to ensure a smooth claim settlement. These steps may vary from insurer to insurer. The general steps for claim process are as follows:

Claim Reporting

The first step in the claim process is reporting the claim to the insurance company. follow these simple steps to report your claim:
Fill and print the form

Go to the official website of the insurance company and fill out the form with policy details such as policy number, your name, PIN code, email ID, phone number, etc. or visit the nearest branch for completing the formalities.
Attach the documents

Attach relevant documents depending on the type of claim such as death claim, critical illness claim, and disability or hospitalization claim.
Submit at the nearest branch

Submit the form and relevant documents at the nearest branch of the insurance provider. You can locate the nearest branch on the official website of the insurance provider.
Claim Processing

After you submit the form and relevant documents, your claim will be processed. The insurance company will assess the documents submitted for processing of the claim and will reach out to you, if any additional documents are required.
Claim Settlement

Once all the documentation is completed, the insurance company endeavours to settle or reject the claim within 30 days from the date of receipt of the last necessary document. As mandated by the Insurance Regulation and Development Authority of India (IRDAI), if a claim requires investigation, it shall complete the investigation for the claim within 90 days of the receipt of claim intimation and the claim shall be settled within 30 days thereafter. In case of rejection of the claim, the insurance company will communicate the reason for such rejection to the beneficiaries/policyholder.

Documents Required for Making a Claim of Endowment Plan

Documents required for the death claim include the following⁸:

Claim Form

Policy Documents

Death Certificate

NEFT Mandate

Identity Proof

Medical Reports

Post Mortem Report

Additional Documents

Duly filled and signed death claim intimation form, critical illness claim form, disability benefit claim form, as applicable

Original Policy Documents

Attested copy of death certificate issued by local municipal authority

Bank account passbook or NEFT mandate form attested by bank authorities or a copy of the cancelled cheque

Photographs, identity proof & address proof such as Aadhar card, Passport, Voter identity card, etc. of the nominee of the policy

Copy of the medical reports, physicians’ statements, test reports, etc. stating the cause of the death of the insured.

For unnatural or accidental death, a post-mortem report, FIR complaint or panchnama would also be required.

Additional documents such as medical records, hospital discharge summaries, and hospital bills are also required for critical illness claims and disability benefit claims.

Documents Required for Buying an Endowment Plan

Before buying endowment plans, you need to submit specific documents to the insurance provider. These include the following⁴:

ID Proof

Address Proof

Age Proof

Pass-port-size photographs

Duly filled Application form

Additional documents

A valid ID proof such as an Aadhaar Card, passport, voter ID, or driver's license, etc., duly self-attested.

A valid address proof such as utility bills, Aadhaar Card, rental agreement, etc., duly self-attested

A valid age proof such as a passport or birth certificate is also required.

The passport-sized photograph needs to be recent and colored.

A duly filled and signed application form is a basic requirement for buying an endowment plan

Additional documents may be needed based on the insurer’s requirements.

Things to Consider Before Buying an Endowment Policy

It is necessary to understand the details and terms of an endowment policy before buying one. Though it is a life insurance policy, it is used as a long-term savings tool for your future financial objectives. One can consider several factors before buying an endowment policy. Let us discuss some:

Start Early⁵

Initiate financial planning as early as possible. The earlier you buy an endowment plan, the better. Endowment plans are designed to accumulate wealth and maximise benefits over time through the compounding effect.

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Define Financial Goals¹⁰

Before investing in an endowment plan, you may want to outline your financial objectives and goals such as whether it's saving for education, creating an emergency fund, buying a home, planning retirement, etc. Buy a plan which can aid in covering such significant expenses later in life.

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Add riders⁵

You can consider adding riders to enhance the coverage of your base plan. If you have a history of specified family illness, you can get additional coverage of such illness with a rider such as critical illness rider, accidental death and disablement rider, etc. However, these riders come at an additional cost.

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Check flexibility

One of the prominent features of an insurance policy is the flexibility it offers. It is important to check the level of flexibility such as premium payment terms and modes, policy terms, etc. before investing.

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Endowment Plans Offered by Bajaj Allianz Life

99.23%

Claim Settlement Ratio^~

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Assets Under Management (AUM)^**

4.19 Cr

Number of Lives Covered^#

432%

Solvency Ratio^{^}

Disclaimer:^~Individual Death Claim Settlement Ratio for FY 2023-2024, ^%96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices, ^$For details refer to press release published by CARE, ^**All figures as on 31 March 2024, ^{^}Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150%, ^#Individual Group.

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Reference

https://economictimes.indiatimes.com/wealth/insure/life-insurance/whats-making-endowment-plans-the-preferred-savings-tool/articleshow/89902081.cms?from=mdr
https://www.forbes.com/advisor/life-insurance/endowment-life-insurance/
https://www.bajajallianzlife.com/life-insurance-guide/investments/endowment-policy.html
https://navi.com/blog/endowment-policy/
https://www.coverfox.com/life-insurance/endowment-plan/
https://www.bajajallianzlife.com/life-insurance-guide/investments/riders-suitable-with-an-endowment-policy.html
https://www.insurancedekho.com/life-insurance/news/what-riders-are-suitable-with-an-endowment-policy-3453
https://www.bajajallianzlife.com/life-insurance-claim-assistance.html
https://www.bajajallianzlife.com/tax-saving-investment-plans.html
https://www.5paisa.com/stock-market-guide/insurance/what-is-endowment-plan#Stock7

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Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy

^*The Guaranteed benefits are dependent on the policy terms, sum assured, premium and age along with other variable factors . For more details please refer to sales brochure.

Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz Life Assured Wealth Goal Platinum, Bajaj Allianz Life ACE, Bajaj Allianz Life Assured Wealth Goal, Bajaj Allianz Life Flexi Income Goal-Income Benefit, Bajaj Allianz Life Guaranteed Savings Goal, Bajaj Allianz Life Guaranteed Income Goal, Bajaj Allianz Life POS Goal Suraksha, Bajaj Allianz Life Super Life Assure are the names of the company and the product respectively and do not in any way indicate the quality of the product and its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale. Bajaj Allianz Life Assured Wealth Goal Platinum- A Non linked, Non Participating, Individual, Life Insurance Savings Plan, Bajaj Allianz Life ACE- A Non linked, Participating, Individual Life Insurance Savings Plan, Bajaj Allianz Life Assured Wealth Goal- A Non linked, Non Participating, Individual, Life Insurance Savings Plan, Bajaj Allianz Life Flexi Income Goal-Income Benefit- A Non-Linked, Participating, Guaranteed Income Life Insurance Plan, Bajaj Allianz Life Guaranteed Savings Goal -A Non-Linked, Non-Participating, Life Insurance, Endowment Plan, Bajaj Allianz Life Guaranteed Income Goal -A Non-Linked Non-Participating Endowment Life Insurance Plan, Bajaj Allianz Life POS Goal Suraksha- A Non-Participating Non-Linked Life Insurance Plan, Bajaj Allianz Life Super Life Assure- A Traditional Endowment Plan. Regd. Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006. IRDAI Reg. No.: 116. CIN : U66010PN2001PLC015959 | Mail us : customercare@bajajallianz.co.in | Call on : Toll free no. 1800 209 7272 | Bajaj Allianz Life Assured Wealth Goal Platinum (UIN: 116N188V02), Bajaj Allianz Life Assured Wealth Goal (UIN No. 116N170V11), Bajaj Allianz Life ACE (UIN No. 116N186V01), Bajaj Allianz Life Flexi Income Goal-Income Benefit (UIN No. 116N162V02), Bajaj Allianz Life Guaranteed Savings Goal (UIN No. 116N158V02), Bajaj Allianz Life Guaranteed Income Goal (UIN No. 116N157V09), Bajaj Allianz Life POS Goal Suraksha (UIN No. 116N155V10), Bajaj Allianz Life Super Life Assure (UIN No. 116N134V03).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. All charges/ taxes, as applicable, will be borne by the Policyholder.

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^~Individual Death Claim Settlement Ratio for FY 2023-2024

^{^2} Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V02) considering Male aged 25 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Direct Sales Channel | Standard Life | Indian Resident | 1st Year Premium is Rs. 5,118. 2nd Year onwards premium Rs. 5,548. Total Premium Rs. 1,66,010 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Direct Sales Channel Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

^{^3} Above illustration is for Bajaj Allianz Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V02) considering Male aged 23 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 2,00,00,000 | Direct Sales Channel | Standard Life | 1st Year Premium is Rs. 7,195. 2nd Year onwards premium is Rs. 7,800. Total Premium is Rs. 2,33,395| Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage : 40, Income Payout Percentage : 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Direct Sales Channel Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

³ 5% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

^$$Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy. Tax Benefit is calculated at the rate of 31.20% after considering deduction of Rs. 150,000/- under Section 80C of the Income Tax Act 1961 (under old tax regime)

For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

Bajaj Allianz Life Insurance Co. Ltd. | Bajaj Allianz Life eTouch II (UIN- 116N198V02) | IRDAI Reg. No. 116

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272

Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.

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.

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

¹©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

Disclaimer

Endowment Plans

What is an Endowment Plan?

How Does an Endowment Plan in India Work?

Why You Should Buy an Endowment Plan?

What Are the Various Types of Endowment Plans Available in India?

Regular Endowment Plans

Whole Life Endowment Plans

Child-Oriented Endowment Plans

Money Back Plans

Participating Endowment Plans

Non-Participating Endowment Plans

What are the Benefits of Opting for an Endowment Plan?

Peace of mind

Corpus creation

Bonus enhances the corpus

Financial planning

Tax benefits

Salient Features of an Endowment Policy:

Riders in Endowment Plans

Accidental Death Benefit Rider

Accidental Permanent Total and/or Partial Disability Benefit Rider

Family Income Benefit Rider

Critical Illness Benefit Rider

Waiver of Premium Benefit Rider

Eligibility Criteria for Buying an Endowment Plan

Who Can Buy an Endowment Policy?

Endowment Plan Claim Process

Claim Reporting

Fill and print the form

Attach the documents

Submit at the nearest branch

Claim Processing

Claim Settlement

Claim Form

Policy Documents

Death Certificate

NEFT Mandate

Identity Proof

Medical Reports

Post Mortem Report

Additional Documents

ID Proof

Address Proof

Age Proof

Pass-port-size photographs

Duly filled Application form

Additional documents

Things to Consider Before Buying an Endowment Policy

Start Early5

Define Financial Goals10

Add riders5

Check flexibility

Endowment Plans Offered by Bajaj Allianz Life

Why Bajaj Allianz Life Insurance ?

Claim Settlement Ratio~

Claim Approval%

CARE Stable Rating$

Assets Under Management (AUM)**

Number of Lives Covered#

Solvency Ratio^

Frequently Asked Questions

Life Insurance Guide

Articles

Calculators

Podcasts

Videos

Customer Speaks

Popular Searches

Start Early⁵

Define Financial Goals¹⁰

Add riders⁵

Claim Settlement Ratio^~

Claim Approval^%

CARE Stable Rating^$

Assets Under Management (AUM)^**

Number of Lives Covered^#

Solvency Ratio^{^}