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Term Insurance for Senior Citizens

Term insurance for senior citizens is a type of life cover that helps protect your family’s future. If you are 60 years or older, you can still buy this plan. It gives your loved ones a fixed amount of money if something happens to you during the policy period. This money can help them pay for daily needs, hospital bills, or loans. Many people think insurance is only for young people. But that is not true. Read More

Even senior citizens can prefer to buy term insurance to make sure their family is safe. These plans are easy to understand. You can choose how much cover you need and for how long. In India, more and more senior citizens now choose this option to take care of their family even when they are not around. Read Less

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Palak Bagadia, Associate – Digital Marketing at Bajaj Life Insurance, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry, with a strong understanding of the insurance sector.
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Avdhesh Gupta, Appointed Actuary at Bajaj Life, brings close to 20 years of experience across life insurance, reinsurance and consulting. He plays a key role in strengthening risk governance, ensuring long-term financial sustainability, and driving customer and shareholder value. He oversees actuarial and risk functions, including valuations, embedded value, product pricing, regulatory and shareholder reporting, and enterprise risk management. Avdhesh also leads global reinsurance partnerships and serves on the Advisory Group of the Institute of Actuaries of India on IFRS 17
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Importance of Term Insurance for Senior Citizens

Senior citizens buy term insurance plans to ensure that their family is not burdened by money problems upon their death. There are multiple reasons why senior citizens should invest in a term insurance; here are some:

  • Financial Security for Family

    The passing of a senior citizen can mean a loss of emotional support and also financial support. Term insurance provides the family with a safety net to fall back on to provide for their financial obligations like utility bills, daily essentials, and remaining debt commitments.

  • Debt Repayment

    In cases where there are outstanding loans, term insurance can help ease the burden of those debts for the family. The last thing the family should have to contend with, after losing a family member, is the financial commitments of that family member.

  • Post-Retirement Safety

    Many senior citizens rely on pensions, or their savings for essentials. Knowing that there is term life insurance in place provides peace of mind that their family will not have to face financial hardship should they die early or unexpectedly.

  • Flexible Income Options

    Many term insurance plans provide monthly income options. This helps the family manage ongoing expenses rather than having to rely on a lump sum payout, providing greater financial control during tough times.

  • Health Coverage

    Certain plans offer critical illness rider  or medical riders. These add-ons can help with medical costs, making them especially useful as we age and the chances of health-related issues increase.

Senior Citizen Term Insurance Plan Features

  • Flexible Coverage Terms

    Senior citizens can opt for term insurance policies with a range of coverage terms. Whether you need a short-term plan of 10-15 years or a longer one lasting up to 99 years, there are options available to suit different needs.

  • Customizable Sum Assured

    Depending on your financial situation and family needs, you can choose the sum assured amount. From ₹5 lakhs to ₹1 crore or more, the amount can be tailored to offer sufficient financial support to your family.

  • Medical Check-up

    Some insurers may require a medical check-up to assess your health before offering the policy. This helps determine any potential health risks, influencing the premium and coverage amount.

  • Affordable Premiums

    While premiums may be higher for senior citizens due to age, many plans are designed with flexible payment options, ensuring coverage remains accessible.

  • Multiple Payout Options:

    Whether you prefer a lump sum payout or a monthly income option, term insurance for senior citizens offers various payout structures to suit different preferences and financial needs.

  • Online Accessibility

    Most insurers offer online platforms where you can easily compare, choose, and buy your policy from the comfort of your home, without needing to visit the insurer’s office.

These features combine to make term insurance an attractive option for senior citizens, offering security, flexibility, and peace of mind.

Benefits of Term Insurance for Senior Citizens

Term insurance offers a wide range of benefits for senior citizens, helping ensure their family’s financial protection and their own peace of mind. Below are some significant benefits:

 

Financial Protection for Family

In the unfortunate event of the policyholder’s demise, term insurance ensures that the family receives a payout to cover daily expenses, debts, and future needs. This financial cushion provides stability during difficult times.

 

Loan Repayment Support

If you have outstanding loans or debts, term insurance helps your family clear these obligations without the added stress. This is especially important if your family depends on your pension or savings.

 

Health Protection

Some term insurance policies come with critical illness riders. These allow policyholders to get extra coverage for medical expenses in case of severe illnesses like cancer, heart disease, or kidney failure, on payment of nominal additional premium. This adds an extra layer of protection for senior citizens who are more likely to face health challenges.

 

Tax Benefits

Senior citizens can avail tax benefits under Section 80C of the Income Tax Act (under old tax regime) for premiums paid towards term insurance policies. This helps in saving taxes while providing financial protection.

 

Return of Premium Option (ROP)

Some term plans offer a return of premium  feature, where the premiums paid throughout the policy term are returned if the policyholder survives the term. This ensures that the money paid towards insurance isn’t lost if no claim is made.

 

Peace of Mind

Knowing that your family is financially secure in your absence gives you peace of mind, especially during retirement years when you may no longer have the same income.

These benefits highlight how term insurance can be a vital component of a senior citizen’s financial planning, offering both immediate protection and long-term benefits.



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How to Choose the Best Term Insurance for Senior Citizens?

Selecting the right term insurance coverage for senior citizens requires a lot of thought and consideration. You must look at multiple variables to ensure your policy fits your needs and financial situation. Here's how to make a wise decision:

 

Assess Your Coverage Needs

It is important to start by assessing the financial support your family may need in your absence. For this, factor in your family’s daily expenses. This may involve any short-term or long-term requirements, such as any outstanding debts or loans.

 

Policy Term

Decide how long you would like to stay insured and at your current age, determine the policy term. Your typical policy term can range from 10, 15, and even to 99 years depending on how the product is structured and your personal preference.


Compare Premiums

Insurance companies have different premiums depending on your age, health and the amount insured. Compare premiums from different insurers to establish a price range that does not compromise coverage.


Check Claim Settlement Ratio

You will need to be selective when choosing an insurer that has a strong claim settlement ratio. This indicates how trustworthy a company is in fulfilling its claims obligations. This is important when deciding if your family’s claim will be dealt with quickly if an emergency arises.


Look for Riders

Finally, consider all the rider options that can be incorporated into the policy including critical illness cover, accidental death or disability, waiver of premium etc. These can only add to the protection offered under the standard policy.


Read Customer Reviews

Choose an insurer with good customer service and positive feedback from existing policyholders. This ensures that you receive prompt and reliable assistance whenever needed.


Senior Citizen Term Insurance Plan Eligibility

Eligibility criteria for senior citizens looking to buy term insurance may vary depending on the insurer, but here are the typical requirements:

 

Age

Most insurers provide term insurance for senior citizens between the ages of 60 and 70. Some insurers may extend eligibility up to 75 or 99 years, depending on their policy guidelines. It's important to check the maximum age limit set by the insurer before applying for the plan.

Health Condition

Health plays a significant role in determining eligibility for term insurance. Most insurers will require a medical test, especially for senior citizens. These tests help assess any underlying health conditions that may impact the risk assessment and premium calculation. Some plans may allow you to buy coverage even without a medical test, but premiums could be higher in such cases.

 

Income Proof

While term insurance does not require a regular salary, senior citizens will need to provide proof of income, such as a pension slip, bank statement, or other sources of income, to show that they can afford the premiums. This is especially important if you choose a long-term policy.

 

Citizenship

Term insurance policies are generally available to Indian citizens. However, some insurers may allow non-resident Indians (NRIs) to purchase term insurance, provided they submit additional documentation like passport copies and proof of address.

Lifestyle Habits

If you smoke or drink alcohol, it may influence your premium rates. Insurers often charge higher premiums for individuals with such habits, as these can increase health risks. Be honest about your lifestyle to avoid complications during the claim process.

Honest Disclosure

Providing accurate and honest details about your health, lifestyle, and income is critical. Failure to disclose vital information may result in policy rejection or denial of claims. Always ensure that the details you provide during the application process are true and up-to-date.

Documents Required

The essential documents for applying for term insurance include a government-issued ID (Aadhaar, PAN card), proof of address, medical reports, and recent photographs. These are required to verify your identity and ensure the accuracy of your application.

By ensuring that you meet the eligibility criteria, you can secure the right term insurance policy to protect your family’s future.


Coverage Options in Term Insurance for Senior Citizens

Term insurance has different coverage options available for senior citizens, all of which suit various financial needs. Whether you wish to be covered short-term or select a life policy that will cover you for life, there is something for everyone. Below are the common coverage options available for senior citizens:

 

Whole Life Cover

Whole life cover is a much longer-term option as it provides cover for the whole of the life of the policy holder, usually up until you are 99. This means your family will always be financially protected, regardless of when you die.


Fixed Term Cover

If you want coverage for a more defined period, short-term or fixed-term cover could be for you. Policies can be issued for 10 years, 15 years, or 20 years. This is mostly designed for people who want coverage in the later stages of life but won't need it for very long.


Lump Sum Payout

The death benefit can be paid in one lump sum only, which means your family will receive the whole sum assured all at once. If you want your family to receive a large amount of money at one point, you would wish to consider this option, especially if you are expecting large future payments such as a home loan offset or debts.


Monthly Income Option

Services where a policy pays an income every month, instead of a one-time payout. This allows the family to budget for everyday expenses, so you do not have to worry about paying lump sums. It is also a great option for those who want to ensure their family has regular income payments after they are gone.


Combination Payout

For those who want the best of both worlds, some insurance companies offer the option of a single payout and a monthly income and will pay both the lump sum and monthly payments. By using these options, your family will have both an immediate source of funding and continued payments, allowing for all of their short-term and long-term financial security.


Return of Premium (ROP)

With this option, the premiums paid during the policy term are refunded if the policyholder survives the policy duration. This adds an extra benefit for senior citizens looking for coverage, but also want to ensure they get back their investment if they outlive the policy term.


Critical Illness and Accident Covers

Additional coverage, like critical illness riders and accidental death benefit riders, can be added to offer more protection for seniors. These riders can cover adding on the medical bills, along with personal added protection.

These coverage options give senior citizens flexibility, allowing them to choose the right plan based on their needs and preferences.


Available Riders' Benefits with Term Insurance for Senior Citizens

Riders are additional benefits offered in combination with a basic term insurance policy, giving you additional coverage, on payment of nominal additional premium. If you are a senior citizen, the following riders provide extra coverage to help you when needed:

  • Accidental Death Rider

    This rider provides an additional sum of money if the policyholder passes away due to an accident. It can significantly increase the financial support for your family in case of an unexpected tragedy.

  • Critical Illness Rider

    Health issues are more common among seniors, which is why using the critical illness rider is crucial. In case of developing a serious illness, like cancer, heart trouble or kidney failure, the critical illness rider will offer funds that provide additional help to pay the cost of the treatment.

  • Waiver of Premium Rider

    This rider waives the future premiums if you become permanently disabled or seriously ill. This ensures you won’t have to worry about paying premiums during a health crisis while maintaining your coverage.

  • Income Benefit Rider

    With this rider, your family receives monthly income in addition to the lump sum payout. This is useful for ensuring that your loved ones can cover daily living expenses without financial strain.

Adding these riders to your policy allows you to tailor your term insurance to suit your unique needs, offering comprehensive protection beyond the basic coverage.

Things to Know Before Buying Senior Citizen Term Insurance

When purchasing term insurance, senior citizens need to consider several factors to ensure they choose the best policy that suits their needs and budget. Here are some essential things to keep in mind:

  • Age and Health Condition

    Your age and health condition significantly impact the premiums and eligibility for term insurance. Senior citizens may be required to undergo medical tests, which can help insurers assess the risks involved. Be prepared for higher premiums due to age, but many insurers offer competitive rates despite the increased risks.

  • Coverage Amount

    Contemplate the level of financial support that your family will require in your absence. Reflect on your liabilities, expenditures, and any liabilities you may incur in the future. It is important to select a sum assured that will give your family adequate peace of mind.

  • Policy Term

    Decide how long you want to be covered. Some policies offer coverage for a fixed number of years, while others provide lifetime coverage. If you want your family to be protected long-term, opt for a policy that extends beyond your retirement.

  • Premium Affordability

    Senior citizens should choose a premium amount that fits their financial situation. Make sure the premium is affordable and won’t place a strain on your pension or savings. It’s essential to balance coverage with cost-effectiveness.

  • Claim Settlement Ratio

    Check the claim settlement ratio of the insurer before purchasing a policy. This ratio indicates how many claims the insurance company has successfully paid out, helping you choose a reliable insurer.

  • Riders and Add-ons

    Assess which riders (such as critical illness or accidental death benefit) are available with the policy. These can provide additional financial support, especially in the event of severe illness or unexpected death.

By considering these factors, senior citizens can make a well-informed decision and select the best term insurance plan for their needs.

Constraints of Term Life Insurance for Senior Citizens

Although there are many benefits to term insurance for seniors, there are a few limitations to consider when buying a policy. Knowing those limitations will help you make an informed choice:

  • Higher Premiums

    Premiums for senior citizens are generally higher compared to younger policyholders. This is due to the increased health risks and shorter life expectancy associated with aging. Although some plans are affordable, the premiums may still be a financial burden for some.

  • Limited Entry Age

    Most insurance companies will set an upper age limit for purchasing term insurance. This usually falls between ages 60-70 (some go to age 75 or more, but sometimes not). You will want to examine the eligibility age before applying for the policy.

  • Medical Tests

    While not every plan requires a medical exam, most will require seniors to undergo a health assessment. It's possible that this could lead to higher premiums, and in some cases the insurance could be rejected altogether.

  • Shorter Coverage Terms

    Some term insurance plans offered to seniors cap out at 80 or 85, which may not provide lifelong protection (if that's what you're looking for). You might be better off looking for plans with longer durations if long-term protection is a goal.

  • No Maturity Benefit

    Term life insurance, unlike other forms of life insurance, does not have a maturity benefit. If you outlive your term, you will not receive any payout unless you have a Return of Premium (ROP) option.

Conclusion

Term insurance for senior citizens is a useful way to make sure your family has money when they need it the most. Even after retirement, you can prefer to buy a term plan to give your loved one’s financial safety. With flexible options, add-on covers, and payouts, these plans are made to help senior citizens protect their families. Compare plans, check claim settlement ratios, and choose what fits your budget and health needs. A small step today can mean a safer tomorrow for your family.

Senior Citizen Term Insurance FAQs

1. What is the maximum age to purchase term insurance for senior citizens?

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Many insurance companies in India allow you to buy term insurance up to the age of 65 or 70 years. Some plans even let you buy a policy if you are 75 or 80 years old. In a few special cases, coverage may be available until 85 or even 99 years. It depends on the insurance company and the plan you choose. Always check the age limit before buying. Even if you are older, you can still find a plan that helps protect your family’s future. Coverage until 99 years is usually for lifetime plans or very specific products.

2. Can a senior citizen purchase a term insurance plan?

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Yes, senior citizens can buy term insurance in India. Even if you are 60 or older, you can still prefer to buy a plan that suits your needs. Many companies have special plans made just for senior citizens. These plans are simple to understand and easy to buy. They help your family by offering a death benefit if something happens to you. You can choose how long the plan should last and how much coverage your family should get. Term insurance is not only for young people. Older people can buy it too.

3. What are some key factors that can impact the term insurance premium for senior citizens?

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The price of term insurance for seniors depends upon a few factors. First is your age—quite simply. The more senior you are, the higher the premium may be. Second is your health. If you have health issues such as heart problems or diabetes, your premium may increase accordingly. Thirdly is your lifestyle. If you smoke or frequently drink alcohol, you may have to pay more as well. Finally, the amount of cover and the length of the term will affect the premium as well. The more coverage you want, the more money it will cost.

4. Can senior citizens cancel their Term Insurance policy?

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Yes, senior citizens can cancel their term insurance policy at any time.Insurance companies offer a “free look” period. This is usually 15 to 30 days from the date you receive the policy. If you cancel the policy during this period, you may get your money back after small deductions. It’s a good way to try the policy and see if it works for you.

5. Is there a waiting period for Senior Citizen Term Insurance policies?

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Yes, some term plans for senior citizens may have a waiting period depending up on the plans and the insurer. Always read the policy details carefully to understand the waiting period and what is covered from the start.

6. Why are senior citizen term plans usually more expensive than term plans purchased by younger individuals?

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Term insurance is cheaper for young people because they are usually healthier and live longer. As we grow older, our health risks increase. This makes it more likely that the insurance company will have to pay a claim. So, to manage this risk, the premium for senior citizens is usually higher. Also, if a person has health problems or smokes, the cost goes up. It’s still a helpful plan, but it’s better to buy it as early as possible to save on the premium cost.

7. Do senior citizen term plans offer a regular income payout option?

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Yes, some term insurance plans for senior citizens allow you to choose a regular income payout. This means your family does not get all the money at once. Instead, they receive smaller amounts every month or every year. This option helps them manage their expenses better and plan for the long term. Some plans also offer a mix of both—a part of the money is paid as a lump sum, and the rest as monthly income. You can choose the option that best suits your family’s needs.

8. Can I pay the term insurance premium online?

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Yes, you can easily pay your term insurance premium online. Most insurance companies have websites or apps where you can make payments using your phone, computer, or tablet. You can use options like net banking, debit card, credit card, or UPI. Some insurers even send payment reminders via email or SMS. Online payments are quick, safe, and can be done anytime from anywhere. This makes it easy for senior citizens to manage their policy without going to a branch or meeting an agent in person.

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%%Above illustration is for Bajaj Life eTouch- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N172V04) considering Male aged 24 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. 6,051. 2nd Year onwards premium Rs. 6,460. Total Premium Paid is Rs. 1,93,391 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 45, Income Payout Percentage:55) | Premium shown above is inclusive of Online Discount only 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.

##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 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 Life Insurance Limited (Formerly known as Bajaj Allianz Life Insurance Company Limited) | IRDAI Reg no. 116

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Bajaj 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 2024-2025

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


Bajaj Life Insurance Limited (Formerly known as Bajaj Allianz Life Insurance Company Limited) | IRDAI Reg no. 116


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*Above illustration is for Bajaj Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V01) considering Male aged 25years | 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. 5,092. 2nd Year onwards premium Rs. 5,520. Total Premium Rs. 1,65,172 | 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 Online 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. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajlifeinsurance.com) carefully before concluding a sale.

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

**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.

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

^^The Return of Premium means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

Bajaj Life Insurance Limited (Formerly known as Bajaj Allianz Life Insurance Company Limited) | IRDAI Reg no. 116

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Disclaimer

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.

 Bajaj Life Insurance Limited.|IRDAI No.116

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Terms & Conditions

I hereby authorize Bajaj Life Insurance Limited. 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

Please refer to Bajaj Life Privacy Policy

X
Disclaimer

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.

 Bajaj Life Insurance Limited.|IRDAI No.116

X
Terms & Conditions

I hereby authorize Bajaj Life Insurance Limited. 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

 

Please refer to Bajaj Life Privacy Policy

X
Terms & Conditions

I hereby authorize Bajaj Life Insurance Limited. 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, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, 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

X
Disclaimer

*Premium increase applicable only for certain policy term, premium payment term and sum assured combinations.

#The Premium prices listed above are the lowest available across all online channels/ platforms for the purchase of this specific version of the product. These rates are subject to input parameters& as required for policy issuance remaining consistent during comparison. No Staff/Partner discount&& can be availed with this product. If a lower premium rate is found elsewhere, under the same conditions mentioned above, the policyholder may choose to cancel their policy and receive a full refund of premium paid.

&& Staff includes directors and employees of Bajaj Finserv Group & their spouse, children, and dependent parents. Partner includes employees and agents of intermediaries and their family members.

&Input parameters include age, medical details, qualifications, occupation, income and other factors required for policy issuance.

35% 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.

X
Disclaimer

^Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

1Minimum premium mentioned is applicable for Bajaj Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

#Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms . Subject to availability in Bajaj Life Insurance ULIP Plans. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajlifeinsurance.com ) carefully before concluding a sale.

*Benchmark: Nifty 500 Multicap Momentum Quality 50 Index past 5 CAGR Returns, as on 31st December 2024. Past returns of a fund are not necessarily indicative of the future performance of the fund. | Please consult the financial advisor before investing.

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 Life Insurance Limited is only the name of the Life Insurance Company and Bajaj Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01) are only the name of the unit linked insurance contracts 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. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajlifeinsurance.com ) carefully before concluding a sale.

Nifty 500 Multicap Momentum Quality 50 Index Fund is available Bajaj Life Future Wealth Gain IV - A Unit- linked Non- Participating Individual Life Savings Insurance Plan (UIN:116L202V01), Bajaj Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01), Bajaj Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01), Bajaj Life Invest Protect Goal III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L205V01), Bajaj Life Magnum Fortune Plus III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L207V01), Bajaj Life Goal Based Saving III - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN:116L206V01) and Bajaj Life Smart Wealth Goal V - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01)

In addition to the already existing funds, Nifty 500 Multicap Momentum Quality 50 Index Fund is now available with the above mentioned products. Customer has an option to choose from other available funds apart from Nifty 500 Multicap Momentum Quality 50 Index Fund.

X
Terms & Conditions

I hereby authorize Bajaj Life Insurance Limited. 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, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, 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

X
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 Life Insurance Limited is only the name of the Life Insurance Company and  Bajaj Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) is only the name of the unit linked insurance contracts 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. 

$Subject to Section 10 (10D) conditions i.e. aggregate annual premium for ULIP policies issued on or after 1st February 2021 does not exceed Rs. 2.5 Lakhs.

2Source: https://economictimes.indiatimes.com/investments-marts/eight-crucial-numbers-to-ensure-financial-success/10-times-the-annual-income-is-your-life-insurance/slideshow/16699748.cms. Subject to availability in Bajaj Life Insurance ULIP Plans. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajlifeinsurance.com ) carefully before concluding a sale.

1Minimum premium mentioned is applicable for Bajaj Life Goal Assure IV - A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) and is subject to policy terms and conditions.

Bajaj Life Insurance Limited (Formerly known as Bajaj Allianz Life Insurance Company Limited) | IRDAI Reg no. 116

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I hereby authorize Bajaj Life Insurance Limited. 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, including via Voice over Internet Protocol & WhatsApp, SMS or WhatsApp messages, 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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*Premium increase is applicable to the Bajaj Life eTouch II Life Shield and Life Shield Plus variants across all policy term, premium payment term, and sum assured combinations

 

^Above illustration is for Bajaj Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V09) considering Male aged 22 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 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,012. 2nd Year onwards premium is Rs. 6,517. Total Premium is Rs. 1,95,005 | 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 Online Discount only, no other discounts have been considered and exclusive of any extra premium and is for illustrative purpose only.

 

#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.

© Copyright 2025. Bajaj Life Insurance Limited. All Rights Reserved.
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.
IRDAI Public Notice on Spurious calls
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Bajaj Life Insurance Limited (Formerly known as Bajaj Allianz Life Insurance Company Limited). All Rights Reserved. | IRDAI Reg. No. 116 | An ISO 27001:2013 Certified IT Department
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Sales: 022 6124 1800 | Service: 020 6712 1212

Email: customercare@bajajlife.com

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Bajaj Insurance House, Airport Road, 

Yerwada, Pune, Maharashtra - 411006

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© Bajaj Life Insurance Limited (Formerly known as Bajaj Allianz Life Insurance Company Limited). All Rights Reserved. | IRDAI Reg. No. 116 | An ISO 27001:2013 Certified IT Department

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

Email: customercare@bajajlife.com | Customer Care No.: 020 6712 1212

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 Life Insurance Limited is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo.

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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 Life Insurance 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

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