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Term Insurance Plans are helpful at the time of unexpected events that may turn the life of loved ones into a financial catastrophe. Term Insurance is useful only when the assured get timely settlement of claim to combat the rising liabilities and live the prevailing lifestyle. With respect to this point, Bajaj Allianz is a good choice.
Bajaj Allianz is a customer-centric insurance company that offers unprecedented term insurance plans to its target customer. The only objective of Bajaj Allianz Term Insurance is to provide uninterrupted protection to the family entire life after the death of a responsible person.
Bajaj Allianz correctly anticipates the requirements of its customer which is why it has introduced six term insurance plans that provide utmost benefits as highlighted below-
Quick and Hassle Free Claim Settlement Process
With the introduction of online media, the claim processing has now become easy, convenient and less time-consuming when you purchase Bajaj Allianz Term Insurance plans.
Gives you the freedom to choose sum insured, policy term, premium paying term and premium paying frequency as per your requirements while buying a coverage.
Coverage for Spouse/children
Bajaj Allianz gives you the option to include your spouse/ children/ business partners in the coverage under joint life plan.
Enjoy the benefit of being a non-smoker as Bajaj Allianz term plans give you discounts on premium by staying away from addictions. Also, a non-smoker who endeavors to maintain a healthy lifestyle during the term of the policy will receive preferred discounts on the prevailing rates of premium.
Receive benefit under section 80C and Section 10(10D) of the Income Tax Act on the payment of premium. The benefit received will be a deduction in the payment of annual tax on annual income every year till the policy is in function.
Cheap and Affordable Rates of Premium
You will be in profit if you choose a higher sum assured. The premium applicable for higher values is much more affordable and cheap due to reduction in the premium amount through discounts.
Doubles the Sum Assured
Most of the plans under Bajaj Allianz term insurance covers this benefit of increasing the coverage amount to the twice of sum assured the iSecured More term plan. Whereas the coverage will get an increment of 5% every year on the anniversary of the policy.
|Bajaj Allianz Term Insurance Plans||Life eTouch Online Term plan||iSecure Plan||iSecure More Plan||iSecure Loan Plan||Life Secure Plan||LifeStyle Secure|
|Minimum Age of Entry||18 years||18 years||18 years||18 years||25 years||18 years|
|Maximum Age of Entry||65 years||60 years||60 years||60 years||55 years (for option 1 and 2), 50 years (for option 1 and 2)||50 years|
|Minimum Age of Maturity||28 years||28 years||28 years||28 years||28 years||23 years|
|Maximum Age of Maturity||75 years||70 years||70 years||65 years||65 years||60 years|
|Term of the Policy||10 years to 40 years||10/ 15/ 20/ 25/ 30 years||10/ 15/ 20/ 25 years||10/ 15/ 20/ 25 years||10 years to 40 years||5/ 7/ 10/ 15/ 20 years|
|Minimum Sum Assured||Rs 50 lakhs||Rs 2.5 lakhs||Rs 2.5 lakhs||Rs 3 lakhs||Rs 20 lakhs||Rs 3 lakhs|
|Maximum Sum Assured||No limitations||No limitations||No limitations||No limitations||Rs 15 lakhs||No limitations|
|Premium Paying Term||Same as base policy||Same as base policy||Same as base policy||2/3rd of the policy term||100 minus Entry Age||Same as base policy|
|Premium Paying Frequency||Yearly/ Half Yearly/ Monthly/ Quarterly||Yearly/ Half Yearly/ Monthly/ Quarterly||Yearly/ Half Yearly/ Monthly/ Quarterly||Yearly/ Half Yearly/ Monthly/ Quarterly||Yearly/ Half Yearly/ Monthly/ Quarterly||Yearly/ Half Yearly/ Monthly/ Quarterly|
This term plan of Bajaj Allianz promises complete protection to family when uncertainties arrives with huge amount of sum insured along with financial assistance at the time of illness, accident or disability.
iSecure insurance plan rewards for living a healthy lifestyle and protects you and your family future uncertainties at reasonable rate of premiums for a high value of sum assured.
This is an extension to iSecure term plan that eliminates the financial insecurities of you and your family by giving high coverage which can be increased to meet the developing inflation rate in the economy.
When you think of protection from future loans and liabilities then think of iSecure Loan which assists the policyholder in meeting the debt on time and simultaneously securing the family.
Bajaj Allianz Life secure plan pays the death benefit along with accidental death benefit, waiver of premium benefit and critical illness benefit on the event of death or before as the situation may be
This plan keeps your family, as well as their lifestyle secure even after your death by settling death benefit amount along with other accumulated benefits.
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1. Waiver of Premium (WOP) Benefit: Life assured will get waiver of premium in the near future if any of below specified event takes place-
|Minimum Age of Entry||18 years|
|Maximum Age of Entry||50 years|
|Minimum Age of Maturity||65 years|
2. Accidental Death Benefit: During the term of the policy, if the life assured has suffered an untimely death due to confrontation with an accident, then the whole sum assured will be paid as compensation to his family/ nominee to continue living current lifestyle without getting financially impacted by the death of an earning member.
3. Critical Illness Benefit: The life assured on the investigation of critical illnesses will get limited amount of sum assured as decided during the purchase of policy. The future premiums will be reduced and the remaining sum assured will be paid after death. This benefit is available in Life eTouch Online Term and will become active when first 90 days are passed from the starting of risk. The critical illness that gets due coverage are-
4. Accidental Permanent Total Disability: The disability due unforeseen accidents that shows its never-ending traces on the body and makes it paralyzed for permanently will be covered under Bajaj Allianz Term Insurance plans. The life assured will get complete and continuous support through minimized rate of premium due to financial incapability of life assured to pay higher amount of premiums as the earning capacity is greatly affected.
A person is declared as permanently disabled if he/ she accomplished any of the conditions pointed below.
Suicides that occur within 12 months from the date of inception of the policy or date of revival of the policy, will not get the entire sum assured but only 80% of the premium paid till the date of death.
Bajaj Allianz with its untarnished presence in the insurance sector by providing due attention to the demands of valuable customers which have greatly attracted a lot of business in the past as well as present years. Bajaj Allianz is the outcome of joint endeavors by Bajaj Finserv Limited and Allianz SE.
Bajaj Allianz has received a bunch of awards and accolades in the insurance namely, "Best customer experience award", "Top-75 Most Valuable Indian Brands 2018", "ASSOCHAM Insurance Company of the Year Award 2017".
Bajaj Allianz with good claim settlement ratio and innovative term insurance plans have achieved the trust of millions of people who are relaxing with no tensions and pressure from eventualities.
Yes, death benefit will be paid if an uninvited and unexpected death occurs due to any natural disasters and the family will remain financially secure.
Yes, the claimant has full freedom to reapply claim to the Bajaj Allianz Claims Review Committee for the re-evaluation of the claim and the communication address is written in Rejection Letters when claims got rejected.
Yes, all the plans contain the feature of Free Look Period of 15 days where the life assured is given the opportunity to cancel the policy if they are not accomplished with it after attentively reading and analyzing all the policy’s term and conditions mentioned given in the policy brochure.
Think of the time when you forgot to pay the upcoming payment of premium on the due date due to ignorance or untimely attention and then regrets about it.
When this situation arises, then grace period becomes acts like a lifesaver where life assured is allowed an extra time period of 30 days to pay the due premium to keep the policy active.
Even if the life assured fails to submit premium in the specified time limit then the policy is stated as lapsed or ceased. No benefit will be payable in such cases.
Bajaj Allianz term insurance plans have the feature of revival of policy. Under this feature, a lapsed policy can be further reinstated or revive with respect to completion of following conditions-
Last updated on 05-09-2019