Bajaj Allianz Term Insurance
Bajaj Allianz Life Insurance Co. Ltd. is a joint venture of Bajaj Finserv (India), a financial asset management company & Allianz SE (Switzerland), an insurance company. Started their general insurance business in India on 2nd May 2001.
Bajaj Allianz serves millions of customers through its 611 branches, with 1.25 lakh employees working day and night to fasten the claim settlement process and stand with the families of the policyholders in tough times.
The company can be a good option as your insurer due to their affordable premiums with high Sum assured, 4.49 crore policies sold, partnership with several banks, vast product portfolio including pure protection, wealth creation, and retirement plans, and collaboration with numerous banks such as Axis, Bandhan, and IDFC First.
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Bajaj Allianz Term Insurance Plans
Bajaj Allianz Term Insurance Review 2023
Why should you choose Bajaj Allianz term insurance?
Since its establishment in 2001, the company has received numerous awards and honors. The insurer strives to do their best to provide comprehensive life cover at affordable premiums. Here are the key features of the company demonstrating its performance:
Annual Premiums
Bajaj term plans have recorded annual premiums of Rs.15,427 crores in the year 202-22 directly indicating the trust and confidence that citizens have in the company.
Solvency Ratio
The solvency ratio defines the company’s long-term financial performance in tough times. The recently published report by the IRDAI (2021-2022) shows Bajaj Allianz term insurance has a solvency ratio of 6.1 which is considered the best in the industry.
** IRDAI sets up strict guidelines for maintaining a solvency ratio above 1.5**
Operating Network
Bajaj Allianz Insurance has an excellent operating network all over India; more than 511 branches and more than 1.25 lakh employees work 24/7 to support their customers in tough times
Good Claim Settlement Ratio
The claim settlement ratio refers to the total number of claims settled in one financial year; with a CSR of 99.04%, Bajaj Allianz’s term plans showcase proof of loyalty toward customers.
Product Variety
Bajaj Allianz term plans have a wide range of products to meet the diverse needs of the customers and provide crucial riders like critical illness and accidental disability riders, aiming to provide more support to customers in tough times.
1-Day Claim Approval
Claim settlement is a lengthy process; multiple documents are required at every stage. Bajaj Allianz Co. claims to 1-day Claim approval, with support at every step of the policyholder.
Tax Benefits
Like other term insurers, Bajaj term insurance also provides tax benefits under sections 80C and 80D of the Income Tax Act 1961.
Types of Death Covered by Bajaj Term Plans
Every insurer sets guidelines for what is covered and what is uncovered in their insurance plans. The reasons for death covered and uncovered in Bajaj Allianz term insurance plans are:
Covered Uncovered Natural death Death due to intoxicants Accidental Death Death Due to HIV/AIDS Deaths due to natural disasters Death due to illness withheld from the insurer Death due to illnesses Suicides within year Suicide(After 12 month of plan purchase) Homicides
Four common types of riders offered by Bajaj Allianz term plans
Bajaj Allianz Term Insurance Plans come with the following riders for wholesome and customized coverage
Accidental death benefit rider
Under the Accidental death benefit rider, if the policyholder dies by accident, an additional sum assured will be paid to the nominee apart from the base sum assured.
Let’s us understand by an example:
Suppose Rahul has a term plan of a sum assured of 1 crore. He also takes an accidental death benefit rider worth 20% of the basic Sum assured.
Now, if Rahul passes away due to accidental death, the total claimable amount by the nominee would be one crore and 20 lakhs.
Critical illness rider
Under this rider, if the policyholder is diagnosed with any critical illnesses listed in the plan, they will be paid a lump sum for treating the disease. So the policyholder can focus on improvement without worrying about the financial obligations.
Waiver of Premium Benefit Rider
Under this rider, if the policyholder suffers from permanent disability then all the future premiums of the term plan will be waived off after 180 days.
Accidental Permanent Total/Partial Disability rider
Under this rider, a part of the sum assured will be paid if the policyholder meets with an accident that leads him to permanent disability and is unable to earn to complete their life expenses.
Bajaj Allianz Best Life Term Insurance Plans
To secure your family’s needs, Bajaj Allianz offers 9-term insurance plans via online and offline channels, from which you can choose a well-suited plan for yourself.
Standard Plan
Bajaj Allianz Life Saral Jeevan Bima
A simple easy to understand pure protection term plan which comes in affordable premiums and provides death benefit to the family of the policyholder.
Unique Features
Future Proofing Benefit
100 % Death Benefit
Max Sum Assured 25 Lakh
Spouse Cover
Max Sum Assured 25 Lakh
Available for Online Buying
No Survival Benefit
No Surrender Benefit
No Maturity Benefit
Saral Jeevan Bima (Other Benefits)
Avail Tax Benefits
Easy Claim Settlement Process
Flexible-Premium Payment term
Saral Jeevan Bima (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 65 Years
Minimum Sum Assured – 5L
Maximum Maturity Age – NA
Premium Payment Term – RP/SP/LP (5&10 Years)
Comprehensive plan
The plan provides pure term and health coverage, providing whole life cover and accidental total permanent disability.
Unique Features
Waiver of Premium(WOP)
Accelerated Critical Illness(ACI)
4 variants
eTouch Online Term (Pros)
Shield
Shied Plus
Shield Supreme
eTouch Online Term (Cons)
No Loans Allowed
No Surrender Benefit
No Maturity Benefit
eTouch Online Term (Other Benefits)
Max Sum Assured 2 Cr
Sheild Super
High Sum Assured Rebate (HSAR)
eTouch Online Term (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 65 Years
Minimum Sum Assured – 50 L
Maximum Maturity Age – 75 Yrs
Premium Payment Term – 10 to 40 Yrs
Comprehensive Plan
Bajaj Allianz iSecure Plan
A comprehensive term life insurance plan that offers level life cover at an affordable cost.
Unique Features
Joint Life Cover Option
Non-Smokers Discount
Flexible Premium Payment
No Suicide Cover
Healthy Lifestyle Incentives
Customizable Options
No Maturity Benefit
Limited Rider Options
Limited Availability for POS Channel
iSecure Plan (Other Benefits)
Tax Benefits
Premium Payment Options
High Sum Assured Rebate (HSAR)
iSecure Plan (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 65 Years
Minimum Sum Assured – 2.5 L
Maximum Maturity Age – 85 Yrs
Premium Payment Term – 10 to 25 Yrs
Critical Illness Plan
The comprehensive plan offers death coverage, accidental death coverage, Cancer cover benefits, and Waiver of Premium on Critical Illness Benefits.
Unique Features
(ROP) as Maturity Benefit
Whole Life cover
Waiver of Premium Benefit
Smart Protection Goal (Pros)
Critical Illness Benefit
Accidental Death Benefit (ADB)
Accidental Total Permanent Disability Benefit
Smart Protection Goal (Cons)
No Loans Allowed
180 Days WP For Critical Illness
No Rebate for SA above 3 cr
Smart Protection Goal (Other Benefits)
Suicide Cover After 12 Months
Female Life Rebate
High Sum Assured Rebate (HSAR)
Smart Protection Goal (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 65 Years
Min Sum Assured – 5 L
Max Maturity Age – 75 Yrs(ROP)
Premium Payment Term – RP/SP/LP
Specialized Plan
A pure-risk life insurance plan designed exclusively for Type 2 diabetics with HbA1c level <=8% and pre-diabetics.
Unique Features
Diabetics & Pre-Diabetics Cover
‘Keep Fit’ Benefit
Health Management Services
Diabetic Term Plan Sub 8 HbA1c (Pros)
Premium Reduction on Renewal
Good Health Premium Discounts
Health Management Services.
Diabetic Term Plan Sub 8 HbA1c (Cons)
No Maturity Benefit
No Surrender Value
Limited Coverage With Hba1c Level Above 8%
Diabetic Term Plan Sub 8 HbA1c (Other Benefits)
Tax Benefits Available
Flexible Sum Assured Options
Multiple Premium Payment Frequencies
Diabetic Term Plan Sub 8 HbA1c (Eligibility Criteria)
Entry Age -30 Years
Max Entry Age- 6 Years
Minimum Sum Assured – 25 L
Maximum Maturity Age – 75 Yrs
Premium Payment Term – LP
Comprehensive plan
Bajaj Allianz iSecure More
An increasing life cover term plan which comes with rebates on sum assured. Gives the option of payout in instalments.
Unique Features
Spouse Cover
5% Increase SI Annually
Death Benefit
Convert to Joint Life Cover
Enhanced Cover with Riders
Option for Disbursement In Monthly Installments
No Loans Allowed
No Surrender Benefit
No Maturity Benefit
iSecure More (Other Benefits)
Tax Benefit
Premium Payment Options
High Sum Assured Rebate (HSAR)
iSecure More (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 60 Years
Minimum Sum Assured – 2.5 L
Maximum Maturity Age – 70 Yrs
Premium Payment Term – 10, 15, 20 & 25 years
Specialized Plan
Bajaj Allianz iSecure Loan
A pure protection loan repayment term plan which comes with riders, tax benefits and limited premium payment term.
Unique Features
Death Benefit
Flexible Loan Rates
Flexible policy Term
Suicide Cover
Tax benefits
Policy Revival within 5 Years
No Survival Benefit
No Surrender Benefit
No Discount Benefit
iSecure Loan (Other Benefits)
Accidental Death Benefit Rider
Waiver of Premium Benefit Rider
Accidental Permanent Total/Partial Disability Rider
iSecure Loan (Eligibility Criteria)
Entry Age -25 Years
Max Entry Age- 60 Years
Minimum Sum Assured – 3 L
Maximum Maturity Age – 65 Yrs
Premium Payment Term – 10, 15, 20 & 25 years
Comprehensive Plan
Bajaj Allianz Life Secure
A pure term plan that comes with female discounts, death benefit and a high sum assured for more protection.
Unique Features
Three Coverage Options
100 Years Life Cover
4 Premium Payment Terms
Surrender Benefit
Suicide Cover
Choose your Sum Assured
No Survival Benefit
No Thyroid Cancer Cover
No Maturity Benefit
Life Secure (Other Benefits)
Death Benefit
Accelerated Critical Illness
Waiver of premium Benefit
Life Secure (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 65 Years
Minimum Sum Assured – 20 L
Maximum Maturity Age – NA
Premium Payment Term – 5, 7, 10 and 15 years
Comprehensive plan
A pure-risk plan that provides level cover term assurance and accelerated terminal illness benefit. The plans gives an option of regular income or lump sum.
Unique Features
Rebate on high sum assured
Discounts for Female
No Medical Examination
Family Cover
Choose your Policy Term (PT)
Inbuilt Accelerated Terminal Illness
No Loans Allowed
No Surrender Benefit
No Maturity Benefit
LifeStyle Secure (Other Benefits)
Suicide Cover
Easy Claim Settlement
Policy revival Within 5 Years
LifeStyle Secure (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 50 Years
Minimum Sum Assured – 3L
Maximum Maturity Age – 60 Years
Premium Payment Term – 5/ 7/ 10/ 15/ 20 Yrs
How To Buy Bajaj Allianz Term Insurance Plans?
Bajaj Allianz Life Insurance allows you to buy a term insurance plan via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of the buying process.
Buy from the Company Buy through PolicyX.com
Steps to buy from Bajaj Allianz Life Insurance company
Visit the official website of Bajaj Allianz Life Insurance Company.Click on ‘Buy Term Plan’ on the navigation bar and select ‘Term Insurance Plans’.Click on the ‘Buy Now’ button and fill in the required details.Tap on ‘Next’ and select a plan as per your requirements.Select the cover option you want and make your payment.
**Once the payment is made, you will get a payment confirmation at your registered email address.
Steps to buy from PolicyX.com
Fill out the form given at the top of this page with the necessary details.Select your income and city. Click on ‘Proceed’.Update your education and occupation details.Choose your preferred plan and click on ‘Buy this plan’.Select policy term, premium period, and riders (if required) and then proceed to do the payment.
**Once the payment is made, you will get a payment confirmation at your registered email address.
How to File Bajaj Allianz Term Insurance Claims?
Filing a claim for Bajaj Allianz Term Plan is a simple and hassle-free task. You can easily fill and submit their claims online or offline. To file a claim for Bajaj Allianz Term Plan, you need to follow the below-mentioned steps.
1. Claim Intimation
Inform the company about the incident via various channels- by writing an email at balic.healthclaims@healthindiatpa.com, calling on the toll-free number (1860 209 7272), filling the online claim form on its website, or by visiting the nearest branch. The following details have to be provided during the intimation of your claim:
Name of the policyholderPolicy numberDate of death/event of the life assuredNominee nameCause of deathContact details
A claim reference number/intimation number will be provided to you upon successful registration of the claim.
2. Document Submission
Submit the necessary documents requested by the company to process the claim. In the case of natural death-
Death claim form.Death certificate.Original policy documents.Claimant’s identity & residence Proof.Medical records at the time of death & past illnesses.Account details of the nominee.
In the case of unnatural death (Accidental death/Murder/Suicide)-
Death claim form.Death certificate.Original policy documents.Claimant’s identity & residence proof.FIR, police inquest report & panchanama.Post mortem report.Account details of the nominee.
3. Claim Settlement
After receiving all the documents and claim forms, the company will verify the details as per their norms. On successful completion, the claim will be settled and the amount will be transferred to the nominee’s bank account and the same will be communicated to him/her over a call or an email.
Bajaj Allianz Term Insurance: FAQs
1. Are deaths due to coronavirus covered by Bajaj Allianz Life Term Insurance Plans?
Death claim due to COVID-19 is covered under all policies of Bajaj Allianz Life and shall be processed as per the terms and conditions of the policy.
2. How to renew Bajaj Allianz Term Insurance?
There are two ways of renewing your policy: online and offline.
Online Renewal
Visit the official website of the insurer and log in to your account.Once you are on the website or customer portal page of the respective company, you will get an option to pay the premium.Provide details like the policy number and your date of birth. After the information is entered, the page will display the amount that has to be paid for renewal.Use the mode of payment provided to pay the premium amount needed to renew the policy. The Receipt number will be displayed on successful payment.
Offline Renewal
Get in touch with the agent who sold the policy or visit a branch of the insurer.Provide details like name, policy number, and date of birth for the insurance company to fetch the details of renewal.The insurer’s executive will inform you about the premium you will have to pay to renew the policy.After you pay the renewal amount, you will be issued a premium payment receipt stating the renewal of the policy. The receipt can be used to avail tax benefits.
3. How is Bajaj Allianz Term Plan?
Bajaj Allianz Term Plans have multiple benefits like, on death or terminal illness of the insured during the policy tenure, the Sum Assured is given in equated monthly installments for such time which will be equal to the term of the plan chosen.
4. What is the procedure of reporting a death claim in Bajaj Allianz term insurance when there is no nomination or in case of the nominee’s death?
In the above situations, you have to submit a proof of title/succession certificate issued by a competent court. In case you have not submitted the proof, the company will hold the money till the proof is submitted and pay interest as directed by the Insurance Regulatory and Development Authority of India.
5. How can I track the claim status for my Bajaj Allianz Term Insurance plan?
For the same, you have to visit the official website of the company and log in to your account. There, you can check the details of the plan and claim status as well.
6. Can we revive a lapsed policy due to non-payment of premium?
Bajaj Allianz’s term insurance plans have the feature of the revival of the policy. Under this feature, a lapsed policy can be further reinstated or revived with respect to the completion of the following conditions-
The revival application must be submitted within two years starting from the date of the first unpaid premium date.All the premiums due till the date of revival must be paid in addition to interest levied due to procrastination in payment.Display the credibility by giving evidence of health status, where the health check-up expenses should be carried by the policyholder.The proposal of revival is acceptable by Bajaj Allianz if it is conveyed by the policyholder only.The revival of policy will be done in regard to the terms and conditions that are timely revised and rely on the existing board-approved underwriting process.
7. How long does it take for Bajaj Term Insurance to settle a health insurance claim?
The claim settlement time may vary depending on the complexity of the claim and the availability of required documents, typically within 15 to 30 days from the submission of all necessary documents.
8. Can I track the status of my health insurance claim online with Bajaj Allianz Term Plan?
Yes, you can check the claims online from the official website. All you have to do is log in using your credentials and search for the health insurance claim section.
9. Are pre-existing conditions covered under Bajaj Allianz term insurance plans?
It totally depends upon the plan you opt for, pre-existing conditions may have certain waiting periods before they are covered under Bajaj Allianz term insurance plans.
10. What happens if I become disabled due to an accident and cannot pay the premiums for my Bajaj Allianz term plan?
Bajaj term insurance plans offer the ‘Waiver of Premium Benefit’ rider. If you become disabled due to an accident and are unable to pay the premiums, this rider ensures that your policy remains active and your coverage continues without the burden of premium payments.
11. Can I customize my Bajaj Allianz term insurance plan to suit my specific needs?
Yes, the company offers flexible term insurance plans that can be customized to meet your individual requirements. You can choose optional riders like critical illness cover, accidental disability cover, and waiver of premium benefits to enhance your coverage.
12. Are there any tax benefits offered by Bajaj Allianz Term Plans?
Term insurance premium up to Rs 1.5 lakh in a year is eligible for tax deduction under Section 80C of the Income Tax Act, 1961. Additionally, any amount received from a term plan is tax-exempt under Section 10 (10D) of the Income Tax Act, 1961. However, these exemptions and deductions are subject to the provisions stated in the Income Tax Act, 1961.
13. Is Bajaj Allianz a good investment?
A high value for money with a high sum assured and dedicated customer service.
14. Does Bajaj Allianz’s term insurance contain a “Free-Look Period”?
Yes, all the plans contain the feature of a Free-Look Period of 15 days, where the life assured is given the opportunity to cancel the policy if (s)he is not satisfied with the policy’s terms and conditions.
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