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ULIP – A house full of living benefits beyond protection

We are all aware that financial security of our families is one of our foremost financial requirements. We are now in the era of new-age unit linked insurance plans (ULIP) which not only provide financial protection to your family in your absence but also provide a host of living benefits.

Investment plans also act as tax-planning tools, as many avenues help reduce tax liability. There are different types of investment plans, and by choosing the right one, you can invest according to your needs and grow your savings.Read Less

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Get Your Life Goals, Done!

Tailored Life Insurance Solutions for your long-term Life Goals.

Written ByPalak Bagadia
AboutPalak Bagadia
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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
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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.
Written on: 7th July 2024
Modified on: 7th July 2024
Reading Time: 15 Mins
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Living benefit plans are insurance policies that provide financial benefits while the policy holder is still alive and helps them meet their important life goals such as funding their children’s higher education, living a worry-free retirement, travelling around the globe, purchasing their dream home etc. It works best with time. If one plans and invests early in a well-organised manner, he/she will have fewer worries about finances, not just post retirement, but also during their working years.

Let us find out how one can avail living benefits by investing in ULIP insurance.

1. Wealth Creation

Firstly, thanks to the power of compounding, an investment in equities for the long term allows money to grow far higher than inflation, which ensures ample future savings.

2. Tax benefits

It is not enough for investments to grow well. They need to be protected from the excessive impact of tax. The rewarding aspect of ULIPs is that they help you on both counts. ULIPs are eligible for tax deductions. Under Section 80C, ULIPs entitle you with annual tax deduction of up to Rs 1.5 lakh. This is provided that the life insurance coverage is at least 10 times the annualized premium amount. The maturity proceeds are also exempted from tax under Section 10(10D).

3. Widens risk protection net

There are substantial threats to your family’s financial security from risks such as critical illness and disability. In such cases, not only do you dip into your savings to meet the immediate and follow-up treatment costs, but your ability to earn a regular income may suffer. The good news is that you can cover these risks with the help of riders that are attached to your ULIP policy. The riders provide lump sum payouts during emergencies such as onset of critical illness, provided certain conditions are met. Thus, in one master stroke you create a wide financial security net for your family so that the growth of money to meet various life goals is not impacted by these emergencies.

4. Rewards for staying invested

The policy term of ULIPs is long, stretching for 10-30 years. As a result, policy holder is rewarded for staying invested for periods of 10 years and beyond, with loyalty bonus. After the first payment, you get further payments for regular intervals of say, 5 years. Loyalty bonus is a percentage of life insurance amount provided by the ULIP. This effectively means that you end up saving more for your life goals. Indian life insurance companies have been innovative with ULIPs. For instance, Bajaj Allianz Life Insurance recently launched its new-age ULIP, Bajaj Allianz Life Goal Assure, which introduced two new features that are game changers.

The Return of Life Cover Charges feature of Bajaj Allianz Life Goal Assure Plan, guarantees that a policyholder will get back the cost of the life cover when the policy matures, thus enhancing the value of their corpus on maturity.

Also at maturity, the customer who opts to receive the maturity benefit in installments (and not lump-sum) over a period of five years will receive the benefit of Return Enhancer which is an addition of 0.5% of each due installment. During this period, the customer’s fund value will continue to participate in the fund(s) of his/her choice.

The other key features of Bajaj Allianz Life Goal Assure plan are Fund Booster and Loyalty Addition for paying premium regularly and staying invested. It is applicable for annualized premium of INR 5 lakh or more, and for policy terms of 10 years and above. There are also options to decrease Sum Assured, change Premium Payment Term, and unlimited free switches between funds for customers without any tax liability. To further enhance the value packed benefits, customers can also avail tax benefits under section 80C and 10(10D).

Bajaj Allianz Life Goal Assure also provides four portfolio strategies that are designed keeping in mind the different customers’ needs and risk appetite. The portfolio strategies are Investor Selectable Portfolio Strategy, Wheel of Life Portfolio Strategy, Trigger Based Portfolio Strategy and Auto Transfer Portfolio Strategy which are managed by experienced fund managers.

Undoubtedly, with its combined benefits of wealth protection, value appreciation, strategic flexibility, and tax savings, Bajaj Allianz Life Goal Assure Plan is a house full of living benefits. Follow our blog to read more about Life Insurance Plans, ULIPs, Term Insurance Plans & Endowment Plans.

If you’re still wondering, read more to know why should I invest in ULIP.

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BJAZ-OT-EC-08288/24

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#Survey conducted by brand equity – Nielsen in March 2020

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

**Past performance is not indicative of future performance.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

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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.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) 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 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is 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. This is inclusive of all the discounts mentioned above.

##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.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Disclaimer

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

ULIPs are different from the traditional insurance products and are subject to the risk factors. The premium paid in ULIPs are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Bajaj Allianz Life Insurance Company Limited is only the name of the Life Insurance Company and Bajaj Allianz Life Goal Assure II- A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN No.: 116L180V02) is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

Bajaj Allianz Life Goal Assure II - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L180V02)

**Return of Mortality Charges at Maturity (ROMC) is payable at maturity, provided all due premiums have been paid

Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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Disclaimer

Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V04)

*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.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116


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