Thinking of purchasing a life insurance plan but not sure how a life cover works? Find out how different types of life insurance work and benefit you in this article. Disclaimer: By using above SMS services kindly note that you would be authorizing to receive call (s) / SMS from Bajaj Allianz Life Insurance Co. Ltd through its representatives on your tele-contact no with respect to the query for which you have requested call back even if it is registered under NCPR/NDNC registry with your telecom operator. Life insurance savings plans offer a loan facility wherein you can take a loan up to a specified part of the policy’s surrender value. This loan gives you the necessary funds for your needs without having to exit the policy.