Bajaj Allianz Life Insurance
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  • Accidental Death Cover
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Bajaj Allianz Life Insurance

Started its operations in 2001, Bajaj Allianz Life Insurance company is the joint venture between- Bajaj Finserv Limited, one of India's most diversified non-banking financial institutions, and Allianz SE, one of the world's leading asset managers and insurers.

Bajaj Allianz Life Insurance company ensures to look after your insurance needs by offering Term Insurance plans, Unit-linkes plans, savings plan, investment plan, retirement plan and many more.

The company offers customized products with transparent benefits and ensures to make life insurance easy for every individual. With several years of hard work, the company is able to achieve several awards and accolades.

Let's take a look at some of the company's achievements:

awards
  • Bajaj Allianz Life has won the "Achromic Point Anti-Fraud Award" at the 4th Annual Anti-Fraud Conclave & Awards 2022.
  • Bajaj Allianz Life has won the "Best Risk Management Initiative - Life Insurance" at the InsureNext Awards & Summit 2022
  • "Best Use of Innovation to enhance Customer Experience" at the Customer FEST Leadership Awards 2021
  • "Best Digital Customer Experience Initiative" at the Customer FEST Leadership Awards 2021
  • #SAMMIE Award for the "Best Social Media Brand" at the Best Social Media Brands Award 2020
  • Red Hat APAC Innovation Awards 2020
  • "Most Innovative Best Practice in Customer Experience" at the CII DX Summit & Awards 2020
  • "Best Fraud Intelligence" award at the 5th Annual Insurance India Summit & Awards 2020
  • Awarded as Leading Life Insurance Company 2017 by Golden Globe Tiger
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What are the Key Features of Bajaj Allianz Life Insurance Company?

Buying a Life insurance policy without doing proper research can cause stress and tension at the time of claim settlement. Thus it is always important for you to check the important parameters like Annual Premium, and Claim Settlement Ratio which shall provide insights into its business volume, financial soundness etc.

In the below section we have evaluated Bajaj Allianz Life Insurance Company Ltd. on the factors mentioned above. These factors will assist you to make an informed decision and will help you to choose an ideal Baja Allianz Bajaj Life insurance policy.

1 Bajaj Allianz Life Insurance Annual Premium

Bajaj Allianz Life Insurance company has witnessed growth in their Annual Premium. In FY 2019-20, the Annual Premium of the company was 9,752.53 crores, whereas, in the FY 2020-21, the annual premium is 12,024.84 Crores.

Annual Premium Of Bajaj Allianz Life Insurance Company for FY 2018-2021

Annual Premium Of Bajaj Allianz Life Insurance for FY 2018-2021

*Data from IRDAI Annual Reports

2 Bajaj Allianz Life Insurance Solvency Ratio

The solvency ratio measures the ability of a company to meet its debt and other obligations by determining the actual cash flow rather than the net income. IRDAI has mandated to maintain a solvency ratio of 1.5 for every life insurer. The solvency ratio of Bajaj Allianz Life Insurance is 7.16, indicating its financial soundness.

3 Bajaj Allianz Life Insurance Claim Settlement Ratio

CSR is a very crucial element of an insurance company as it shows the number of claims settled, out of the total claims received by the insurer. This ratio helps assess the insurer's reliability in settling claims.

As per IRDAI Annual Report 2020-21, the Claim Settlement Ratio of Bajaj Allianz Life Insurance company is 98.48%.

Claim Settlement Ratio of Bajaj Allianz Life Insurance (2018-2021)

Claim Settlement Ratio Of Bajaj Allianz Life Insurance

*Data from IRDAI Annual Reports

4 Bajaj Allianz Life Insurance Company Operating Network

Bajaj Allianz Life has in less than two decades expanded its presence in PAN India and serves millions of customers through its 509 branches, 96,000+ agents, and a comprehensive set of trusted partners via its online sales channel.

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Annual PremiumRs. 12,024.84 Crores
Solvency Ratio7.16
Claim Settlement Ratio98.48%
Operating Network509 Branches

Bajaj Allianz Life Insurance Plans

Bajaj Allianz Insurance Company comes with a range of plans that allow the customers to choose their ideal plan as per their and their family's requirement. The company ensures to offer a plan for everyone. Bajaj Allianz Life Insurance offers life insurance products to protect you and your family against uncertainties in life. From ULIP plans to child plans, the company provides coverage for every stage of life.

Here's a quick lay down of all the plans mentioned under different categories offered by the Bajaj Allianz Life Insurance company:

Product CategoriesNames of Plans
ULIP PlansBajaj Allianz Goal Assure
Bajaj Allianz Smart Wealth Goal
Bajaj Allianz Future Gain
Bajaj Allianz Fortune Gain
Bajaj Allianz Future Wealth Gain
Term InsuranceBajaj Allianz Smart Protect Goal
Bajaj Allianz eTouch Online Term
Bajaj Allianz Saral Jeevan Bima
Bajaj Allianz iSecure
Savings planBajaj Allianz Flexi Income Goal
Bajaj Allianz Guaranteed Saving Goal
Bajaj Allianz POS Goal Suraksha
Bajaj Allianz Guaranteed Income Goal
Investment PlansBajaj Allianz Assured Wealth Goal- Wealth creation
Bajaj Allianz Invest Assure
Bajaj Allianz Elite Assure
Retirement PlansBajaj Allianz Guaranteed Pension Goal
Bajaj Allianz LongLife Goal
Bajaj Allianz Retire Rich
Bajaj Saral Pension
Child Insurance PlansYoung Assure
Lifelong Assure
Assured Wealth Goal- StepUp Income
Group Insurance PlansBajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana
Bajaj Allianz Life Group Superannuation Secure
Bajaj Allianz Life Group Sampoorna Suraksha Kavach
Bajaj Allianz Life Group Credit Protection Plus
Bajaj Allianz Life Group Employee Care
Bajaj Allianz Life Group Term Life
Bajaj Allianz Life Group Employee Benefit
Bajaj Allianz Life Group Sampoorna Jeevan Suraksha

Why Choose Bajaj Allianz Life Insurance?

  1. Secure and Transparent Methodology:

    Bajaj Allianz Life Insurance is accredited with CARE AAA (IS), which shows that the company offers the highest degree of safety regarding timely servicing of financial obligations.

  2. Enhanced protection with Multiple Add-ons:

    Bajaj Allianz Life Insurance provides the option of adding riders to the insurance policy to increase the life cover. In the event of a financial emergency, riders give additional advantages. Critical Illness Rider, Accidental Death/Total Permanent Disability Rider, Waiver of Premium Rider, and more riders are available via Bajaj Allianz Life.

  3. Excellent Customer Service:

    Bajaj Allianz Life provides digital customer support 24 hours a day, seven days a week, and the insurance firm has a strong customer service department both online and offline, that is constantly available to answer clients' questions, allowing them to provide the finest service possible.

  4. One Day Claim Approval

    As per the records, 95.49% of non-investigative individual claims were approved in one working day for FY 2021-22.

  5. Award-Winning Services:

    Bajaj Allianz Life has received several awards for providing unparalleled services. At the Annual Insurance India Summit and Awards 2020, Bajaj Allianz Life received the prize for 'Best Fraud Intelligence.' At the Customer Fest Leadership Awards 2020, the firm won 'The best Digital Customer Experience Initiative.' and many more

How To File a Claim Under Bajaj Allianz Life Insurance Company?

Bajaj Allianz Life Insurance offers a simple and hassle-free claim process. To file the claim for your Bajaj Allianz Life online take a look at the detailed procedure. Steps to file a Bajaj Allianz Life Insurance are mentioned below-

  • Visit the official website of the Bajaj Allianz Life Insurance Company Ltd.
  • Take the cursor to 'Customer Service' and click on 'Claim Assistance'.
  • Scroll down and take your cursor to 'Step1' and click on 'Read more'.
  • Fill in the basic details such as Policy Number, Name, Pin Code, E-mail ID, and Phone Number.
  • Click on the tab 'Proceed to Download Form'.
  • Attach the required documents and submit them to the nearest branch office.
  • The team will analyze the details and keep you updated via SMS at each stage.
  • The company might contact you through a call or a letter in case of any additional document.
  • After analyzing, the company will settle or reject the claim within 30 days.
  • In case of approval, the company will transfer the claim amount to the registered bank account.
Claim For Bajaj Allianz Life Insurance

Documents Required to file a claim under Bajaj Allianz Life Insurance?

To file a claim for your Bajaj Allianz Life Insurance Policy, you will need to submit the below-mentioned documents:

  • Policy papers
  • Attested copy of death certificate
  • Death claim intimation form
  • NEFT mandate
  • Nominee's photo identity & address proof like a copy of Passport, Voter identity card, Aadhar (UID) card, etc
  • Any other documents requested by the company
Documents Required to File a Claim Under Bajaj Allianz Life Insurance

How To Contact Bajaj Allianz Life Insurance Company?

Corporate Office Address: Bajaj Allianz House , Airport Rd, Yerawada, Pune, Maharashtra - 411006.

Contact Number: 1800 209 7272.

E-mail Address: customercare[at]bajajallianz[dot]co[dot]in

Bajaj Allianz Life Insurance: FAQs

1. How to report death claims when there is no nomination or in case of a beneficiary's demise?

In such a case, you have to provide proof of the title/succession certificate issued by a court. If the company has accepted the claim and is waiting for the proof, it will hold the money as directed by the IRDAI.

2. Can NRIs purchase term insurance plans?

Yes, an NRI can invest in a term insurance policy in India by abiding by the applicable underwriting guidelines of the company and other applicable laws.

3. When can I remove or add riders from the base policy?

You are allowed to add or remove riders only on policy anniversaries, or at the time of renewing the policy.

4. Are there any tax exemptions on benefits received?

Yes, life insurance policies are also liable for tax deductions under Section 10(10D) of the Income Tax Act, 1961.

5. How can I get the Bajaj Allianz Life Insurance premium receipt?

You have to visit Bajaj Allianz's portal to download Bajaj Allianz Life Insurance Premium Receipt. You can also visit the insurer's mobile app.

6. What are the documents you need to submit for policy surrender?

  • Policy surrender form
  • A self-attested copy of your ID proof
  • Policy bond
  • Any canceled cheque/bank attested bank statement/bank attested passbook copy

7. What are the different reasons behind claim rejection?

Claims can be rejected because of a few reasons such as:

  • Withholding information
  • Fraud
  • If the claim is linked with any exclusion
  • Losses which are not liable to get the cover under the plan
  • Lapsed policies

8. How can someone check policy details under Bajaj Allianz Life Insurance?

The policy document has all the details related to your Bajaj Allianz Life Insurance. You can check the document for any information you may need.

9. What Are The Different Riders available under Bajaj Allianz Life Insurance Company?

The riders available under Bajaj Allianz Life Insurance Policy are:

  • Bajaj Allianz Traditional/ULIP Waiver of Premium Benefit Rider
  • Bajaj Allianz Traditional/ULIP Family Income Benefit Rider
  • Bajaj Allianz Traditional/ULIP Accidental Death Benefit Rider
  • Bajaj Allianz Traditional/ULIP Critical Illness Benefit Rider
  • Bajaj Allianz Traditional/ ULIP Accidental Permanent Total/Partial Disability Benefit Rider

10. How can I pay my Bajaj Allianz Life Insurance Premium?

To pay your Bajaj Allianz Life Insurance Premium, you need to follow the below steps:

  • Visit the official website, and click on the "Pay Premium" button available on the top menu.
  • Once done, you can choose to pay your premium online through Debit Card (Maestro/ Visa/ Master/ RuPay), Credit Card (Visa/ Master/ Maestro/ Diners/ Amex), Netbanking, Unified Payment Interface (UPI), e-Wallets, and EMIs from selected cards.
  • After selecting the mode of payment, fill in your details such as the policy number, policyholder's Date of Birth, mobile number, and email id
  • Click the 'Pay Premium' option and your policy details will be emailed to you.

11. Is there any special feature offered by the company that will help me to calculate my investments?

Yes, Bajaj Allianz Life offers a Life Insurance Calculator for every Life Goal. Along with the investments calculator, the other calculators available are:

  • Child Education Planning Tool
  • Term Calculator
  • ULIP Calculator
  • Power of Compounding
  • Retirement Calculator
  • Investment Calculator
  • Child Plan Calculator
  • Tax Calculator
  • Savings to Life Goals Convertor
  • BMI Calculator
  • Covid 19 Optimism Score Tool
  • Immunity Score Calculator
  • Immunity Score Calculator
  • Investment Age Calculator

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.9/5 (28 Total Rating)

October 6, 2021

Kaneeka Joshi

Chandigarh

good service during claims settlement recently. Now bought another cover from Bajaj for their service

October 5, 2021

Shubham Sharma

Delhi

grateful! good plans! I m planning to renew my policy now with them. the features are pretty impressive

October 5, 2021

Saksham Patani

Bhopal

it s a good company. i was offered a term plan and the premiums in my budget! Also thankful to policyx for their inputs and suggestions

October 4, 2021

Kopil Dev

Mumbai

amazing service! like truly amazing! i mean I have always been so skeptical about insurance...but Bajaj was so professional and dealt with my queries wonderfully!

October 4, 2021

Sanam Makheeja

Chandigarh

good team the company has created...very very helpful and quick with query resolution! I am grateful to be a customer of this company!

Last updated on March, 2022

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