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Bajaj Allianz Term Insurance
  • Comprehensive Online Term Plan
  • Flexible Premium Payment Options
  • Comprehensive Protection
  • Solvency Ratio of 582% *
  • Tax Benefit Under 80C & 10D

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Bajaj Allianz Term Insurance

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 Term Insurance Benefits

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.
  • Flexibility
    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.
  • Attractive Discounts
    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.
  • Tax Benefits
    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.
  • Coverage for spouse/ children
    Bajaj Allianz gives you the option to include your spouse/ children/ business partners in the coverage under joint life plan.
  • 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.

Eligibility Criteria of Bajaj Allianz Term Insurance Plans

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

Types of Bajaj Allianz Term Insurance Plans

1. Life eTouch Online Term plan

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.

Special Feature:

  • Get coverage up to a maximum of Rs 10 crores to provide higher protection to family.
  • Death benefit can be received either in lumpsum or in regular monthly income.
  • Discounts in Premium for living healthy by not consuming tobacco.
  • Life eTouch contains four variants namely-
    1. Shield - Includes life benefit with waiver of premium in case any permanent disability happened due to an accident.
    2. Shield Plus - Covers death benefit, accidental permanent total disability and reduces the premium on permanent disability.
    3. Shield Super - Includes life benefit with waiver of premium, accidental permanent total disability, and accidental death benefit.
    4. Shield Supreme - provides coverage for life benefit with Accidental Total Permanent Disability, Accelerated Critical Illness and waives of the premium paid.

2. iSecure Insurance Plan

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.

Special Feature:

  • The minimum premium starts from Rs 1,000 per year (for less than 20 lakhs) and Rs 2,000 (for more than Rs 20 lakhs of sum assured).
  • Discount on premium amount if the life assured is from non-smoker category.
  • Freedom to cover spouse/ children/ business partner by selecting Joint Life cover.
  • 5% discount if you are less than 40 years of age an opts for higher coverage.
  • Option to take death benefit either in lumpsum or in regular monthly installment for 5 or 10 years continuously through acknowledgment to the company about the event.
  • Increase the protection level by opting rider benefits such as Accidental Permanent Total, Accidental Death Benefit and Waiver of Premium Benefit.

3. iSecure More Term Insurance Plan

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.

Special Feature:

  • The minimum annual premium for iSecure More is Rs 1,500 p.a.
  • Higher discount up to 25% on opting sum assured more than 20 lakhs.
  • Options to purchase either an Individual cover or Joint Life cover based on type of coverage you want.
  • Include your spouse or children under joint life cover.
  • 5% annual increase is provided on the base sum assured bought on commencement of policy. The increase is imposed till the sum assured gets double.
  • Death benefit is payable in monthly installments of increased sum assured on the date of death for 5 or 10 perpetual years as chosen.
  • Modify the premium paying frequency at any time during the term of the policy. Like, if you have opted for monthly payment of [premium, and want to switch to annual premium payment method then you can easily request the company by stating a reason.

4. iSecure Loan Insurance Plan

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.

Special Feature:

  • Basic premium starts from 1,500 annually.
  • The loans which are included on the plan are home loan, personal Loan, motor loan, credit card dues and other loans.
  • Get special rebates if you choose a higher sum assured.
  • You can also cover your family under the option of joint life cover.
  • Select sum assured and tenure of the policy corresponding to loan amount.
  • Option to modify the premium paying frequency at any point in time.

5. Life Secure

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

Special Feature:

  • Rebate on choosing a higher sum assured like discounted premium rates.
  • Guaranteed Surrender Benefit is paid on regular payment of first two or three years premium with respect to policy tenure.
  • You can switch to other premium paying frequency in between the policy tenure.
  • Death benefit is payable through the option is chosen at time of inception-
    1. Option 1 - The company will pay the sum assured as a death benefit, following this, the policy will end.
    2. Option 2 - Company shall pay the total sum assured either on the death or accidental death (before attaining 65 years) whichever comes first.
    3. Option 3 - Company will pay 50% of the sum assured on detection of Critical Illness where the upcoming premium will be reduced by a certain percentage. The remaining coverage will be paid on death of the life assured

    6. LifeStyle Secure

    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.

    Special Feature:

    • Minimum basic premium value start from Rs 1,466 per year.
    • Discounts on higher sum assured and also to non-smoker category.
    • Special discounts for women in the rate of premium for female.
    • Enjoy inbuilt Accelerated Terminal Illness that pays coverage on event of terminal illness.
    • Death or terminal illness benefit is paid in the form of equal monthly installments or lumpsum as the situation demands.
    • Can change the premium paying frequency at any point of time during the policy period.

Benefits Bajaj Allianz Term Insurance

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-

  • First diagnosis of Critical Illness
  • Accidental Permanent Total Disability
  • Death of the assured

Eligibility Criteria:

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-

  • Major Burns
  • Blindness
  • Angioplasty
  • Brain surgery
  • Cardiomyopathy
  • Apallic Syndrome
  • Aplastic Anaemia
  • Benign Brain Tumor
  • Alzheimer's Disease
  • Heart Valve Surgery
  • Cancer of special nature
  • Last stage Liver disease
  • Stroke (permanent signs)
  • Deafness
  • Loss of Limbs
  • Loss of Speech
  • Open Chest CABG
  • Parkinson’s Disease
  • End Stage Lung Disease
  • Permanent Paralysis of Limbs
  • Loss of Independent Existence
  • Coma (for particular severity)
  • First Heart Attack of Specified Severity
  • Kidney Failure (need continuous dialysis)
  • Poliomyelitis
  • Surgery to Aorta
  • Major Head Trauma
  • Muscular Dystrophy
  • Multiple Sclerosis
  • Motor Neurone Disease
  • Medullary Cystic Disease
  • Major Organ/ Bone Marrow Transplant
  • Primary Pulmonary Arterial Hypertension
  • Systematic Lupus Eryth with Renal Involvement

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.

  • Inability to see from both the eyes due to complete loss of eyesight
  • Removal of limbs (both hands or above the wrist)
  • Removal of limbs (both feet or above the ankles)
  • Removal of one hand or above the wrist) and one foot or above the ankle.
  • Blindness that is Irrecoverable and cannot be fixed for the whole life by any medical professional surgeon or doctor.

Exclusions

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.

Review of the Bajaj Allianz Term Insurance

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.

FAQs

1. What documents need to be submitted for Death Claim settlement?

  • Claim Intimation Form/Letter from the claimant/nominee.
  • KYC documents of the claimant like ID proof and address proof.
  • Policy documents issued at the time of purchase containing all the terms and conditions.
  • Death certificate of life assured attested by local municipal body.
  • Bank details of the nominee/claimant such as canceled cheque showcasing the name on the cheque leaf, photocopy of nominee’s Passbook and ECS/ EPM duly signed by the bank manager.

2. What documents are required for Death due to accidents?

  • First Information Report ( FIR)
  • Post-Mortem report (PMR)
  • Viscera/Chemical Analysis report
  • Police Final report /Inquest report
  • Judicial Magistrate Final Verdict on Police Final Report (in case opinion on cause of Death is mentioned as pending in the PMR.
  • Cutting of News Paper that depicts the incident.

3. What is the claim settlement process?

  • First, step is to inform Bajaj Allianz Life Insurance about the death or any other related claim.
  • Then, gather all the documents and claim form required for further claim settlement process.
  • After verification of claim, the company will communicate the acceptance of claim in writing (like a letter or SMS).
  • The company in a designated period of time will settle the payment of the claim to the claimant.
  • The claim may get rejected or delayed if the company found provided information is deceptive or not sufficient.

4. Are deaths due to natural disasters such as floods, earthquakes, cyclones, tsunami etc?

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.

5. Can I re-apply an older claim which was not satisfactory for the company?

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.

6. Do Bajaj Allianz term insurance contains “Free Look Period”?

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.

7. What is grace period in Bajaj Allianz Term insurance plans?

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.

8. Can we revive a lapsed policy due to non-payment of premium?

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-

  • The revival application must be submitted within two years starting from the date of first unpaid premium date.
  • All the premiums due till the date of revival must be paid in addition with 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.
  • Revival of policy will be done in regard to the terms and conditions that are timely revised and rely on existing Board approved underwriting process.

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