Saving plan

Easy to insure | 100% Paperless | Smooth claim process
Saving plan
Easy to insure | 100% Paperless | Smooth claim process

alt-text You can also compare and buy Future Generali India Life Insurance plans to ensure your family’s financial security in your absence or fulfil your financial goals. To know more about their insurance plans and buy, please visit the official website of Future Generali India Life Insurance

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Fast, transparent, and stress-free claims.

What is a savings plan?

A savings plan in life insurance is a financial product that combines the benefits of insurance protection and savings growth. It ensures the life assured's loved ones are financially secure in case of untimely death, while also allowing for wealth accumulation over time. These plans are ideal for achieving long-term financial goals while offering risk coverage.

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Feature HDFC Life Guaranteed Savings Plan Bajaj Allianz POS Goal Suraksha
Plan Type Non-linked, non-participating savings life insurance plan Non-linked, non-participating individual life insurance savings plan
Premium Payment Options Single Pay, Limited Pay (5 or 7 years) Limited Pay (5, 6, 7, 8, 10, or 12 years)
Policy Term Options For Single Pay: 5, 10, 15 years
For Limited Pay: 10, 15 years
10, 12, 15, or 20 years
Minimum Premium ₹5,000 per year ₹3,000 per year
Sum Assured on Maturity Guaranteed and disclosed upfront Guaranteed (110% of PPT × Annualized Premium)
Death Benefit Higher of:
• 10x Annualized Premium
• 105% of Total Premium Paid
Higher of:
• 10x Annualized Premium
• 105% of Total Premium Paid

What are the different types of savings plans in life insurance?

Life insurance savings plans offer varying features and benefits based on individual needs.

  • Endowment plans:

    Endowment plans offer a lump-sum payout at maturity or on the policyholder’s death, blending savings with insurance coverage.

  • Money-back plans:

    Provide periodic payouts during the policy term, ensuring liquidity while also offering a final lump sum at maturity.

  • Whole life plans:

    These provide coverage for the policyholder's entire lifetime, with a savings component that grows over time, often used to leave a financial legacy for heirs.

  • Guaranteed return plans:

    Offer a guaranteed return along with life cover, ideal for those seeking secure, stable growth of savings without market risks.

Each type of plan caters to different financial objectives, offering flexibility, risk protection, and investment opportunities.

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Why do you need a savings plan?

A life insurance savings plan offers the dual benefits of wealth growth and risk coverage.

  • Financial security:

    It ensures that your family remains financially protected in case of any unforeseen event, with a death benefit providing income support. 

  • Long-term savings:

    These plans help you accumulate savings systematically over time, which can be used to meet major financial goals like retirement, children’s education, or home purchase. 

  • Tax benefits:

    Most savings plans offer tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, thereby one can claim tax benefits. 

  • Disciplined saving:

    Regular premium payments enforce saving discipline, ensuring you stay on track towards achieving long-term financial goals. 

What is the ideal investment duration for a life insurance savings plan?
The ideal investment duration for a life insurance savings plan depends on your financial objectives. For long-term goals such as retirement or funding your child’s education, income duration of 10 to 20 years is recommended. Shorter plans, income duration around 5 to 10 years, are suitable for immediate financial needs, while longer terms often provide better returns and benefits.

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Why is it necessary to choose the right savings plan?

Choosing the right life insurance savings plan ensures that your financial goals and risk appetite are adequately met.

  • Goal-specific planning:

    The right plan aligns with your long-term financial objectives, such as retirement, children’s education, or property purchase. 

  • Flexible payouts:

    Some plans offer periodic payouts, while others give lump sums at maturity. Picking the right plan ensures your liquidity needs are met when required. 

  • Tax efficiency:

    Choosing a plan that offers maximum tax benefits ensures you not only grow your wealth but also save more through reduced tax liabilities.

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Policy key exclusions

Suicide exclusion

In case of death of a life assured due to suicide within 12 months from the date of commencement of risk or the date of latest revival of the policy, whichever is later, then the nominee or beneficiary of the policyholder shall be entitled to receive, the higher of 80% of the total premiums paid or the surrender value as on the date of death, provided the policy is in force.

Total premiums paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly. Please note that GST and cess, if any, will be collected over and above the premium under the policy.

How to raise a claim

Below are the steps you may follow to raise a claim with the insurer:

  • Step 1 - Register your claim request

    Register the claim request with the insurer through their website, e-mail or by calling their claim assistance contact number.

    Contact No.: 1800-209-7272

  • Step 2 - Submit the required documents

    Submit the necessary documents along with the duly filled claim form online. You can also submit it to the nearest branch of the insurer. 

  • Step 3 - Claim settlement

    The insurer will assess the claim request. The claim initiator will receive the status via e-mail and SMS. The claim initiator can also check it online on the insurer’s website.

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Documents required for raising a claim request

Following are the documents you will need to raise a claim with the insurer:

  • Photograph of the proposer

  • Age proof, such as PAN card, passport, voter’s ID, birth certificate.

  • Address proof, such as passport, driving licence, voter ID card, Aadhaar card, etc.

  • Identity proof such as Aadhaar card, passport, driving licence, etc.

  • Income proof such as form-16, salary slips, ITRs, etc.

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Frequently asked questions

What is a savings plan in life insurance?

A savings plan in life insurance is a policy that combines a life cover with a savings or investment component. It helps individuals build a financial corpus over time while also providing death benefits to beneficiaries in case of the policyholder's demise.

How does a savings plan differ from a regular life insurance policy?

Unlike term life insurance, which only provides a death benefit, a savings plan also helps in wealth accumulation. It may provide guaranteed returns and often includes a maturity benefit paid at the end of the policy term.

What are the maturity and death benefits in a savings plan?
  • Maturity benefit: A lump sum payout is made to the policyholder if they survive the policy term.

  • Death benefit: In the event of the life assured’s death during the term, the beneficiary receives a sum assured or accumulated savings amount, depending on the policy type.

Are savings plans tax-free?

Premiums paid for savings plans often qualify for tax deductions, and the maturity proceeds may also be tax-exempt, depending on the policy and tax laws.

How do I choose the right savings plan for my goals?

Consider factors like your financial goals, risk tolerance, time horizon, and whether you prefer guaranteed or market-linked returns. Consulting with a financial advisor may also help.

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Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third-party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.

**Above illustration considering Male | Standard Life | Premium Amount ₹834 | Premium Payment mode - monthly mode | Age 18 years | Sum assured is 10 times of Annualized premium. | Policy term 20 years| Premium payment term 10 years| Sum Assured on Death (at inception of the Policy) ₹ 1,00,080 | Premium shown above is exclusive of any extra Premium, rider Premium, Goods & Service tax/any other applicable tax levied, subject to changes in tax laws if any | Assuming the policy holder survived till end of policy term.

***Get ₹ 1 lakh sum assured starting Rs. 646 monthly

Healthy male, age 18 years, Premium excl. tax. This is for PPT: 7 & PT: 15.

1 lakh sum assured is the guaranteed maturity benefit at the end of 15 years after paying all the premiums for 7 years.

1 lakh death benefit if the customer dies during the policy tenure while the policy is in active status.

1Provided all due premiums have been paid and the policy is in force

2Conditions Apply-The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details please refer to sales brochure.

3Tax benefits as per prevailing tax laws in India. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

`Above illustration is for Bajaj Allianz Life LongLife Goal III is A Unit-linked Non-Participating Whole Life Insurance Plan (UIN:116L203V01) considering Male aged 25 years | Standard Life | Policy term (PT) - 20 years | Premium Payment Term (PPT) - 10 years | Maturity Age- 85 |  Total premiums paid Rs. 3,00,000 | Monthly Premium Payment Mode | Sum Assured Rs. 2,10,000 | Incase of unfortunate death during the 7th policy year, death benefit payable at 4% and 8% will be Rs. 2,56,878. This illustration is considering investment in "Pure Stock Fund - ULIF02721/07/06PURESTKFUN116” through Investor Selectable Portfolio Strategy and Goods & Service Tax (GST) of 18%.

LongLife Goal III

Assumed investment return on 20nd Policy Year CAGR*

Rs. 3,65,12,889 @ 8%*

Rs. 1,70,40,944 @ 4%*

*`To be paid as a perentage of annualized premium and is paid at the end of every 5years starting from 10th policy year.

``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

^Returns less than or equal to 1 year are absolute. Returns greater than 1 year are compounded annualised growth rate (CAGR), Past performance is not indicative of future performance

^^ Above illustration is for Bajaj Allianz Life Goal Assure IV is A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L204V01) considering Male aged 25 years | Standard Life | Policy term (PT) - 20 years | Premium Payment Term (PPT) - 20 years | Total premiums paid Rs. 50,40,000 | Monthly Premium Payment Mode | Sum Assured Rs. 25,20,000 | Incase of unfortunate death during the 7th policy year, death benefit payable at 4% and 8% will be Rs. 25,20,000. This illustration is considering investment in "Pure Stock Fund - ULIF02721/07/06PURESTKFUN116” through Investor Selectable Portfolio Strategy and Goods & Service Tax (GST) of 18%.

Goal Assure IV

Assumed investment return on 20nd Policy Year CAGR*

Rs. 1,01,94,963 @ 8%*

Rs. 66,47,741 @ 4%*

`^ Above illustration is for Bajaj Allianz Life Bajaj Allianz Life Smart Wealth Goal V is A Unit-linked Non-Participating Individual Life Savings Insurance Plan (UIN: 116L201V01) considering Male aged 25 years | Standard Life | Policy term (PT) - 32 years | Premium Payment Term (PPT) - 20 years | Total premiums paid Rs. 24,00,000 | Monthly Premium Payment Mode | Sum Assured Rs. 12,00,000 | Incase of unfortunate death during the 7th policy year, death benefit payable at 4% and 8% will be Rs. 12,00,000. This illustration is considering investment in "Pure Stock Fund - ULIF02721/07/06PURESTKFUN116” through Investor Selectable Portfolio Strategy and Goods & Service Tax (GST) of 18%.

Assumed investment return on 32nd Policy Year CAGR*

Rs. 1,02,38,401 @ 8%*

Rs. 42,75,402 @ 4%*