Bajaj Allianz Term Insurance
Bajaj Allianz Term Insurance
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Bajaj Allianz Term Insurance

Bajaj Allianz Life is one of the leading private life insurance companies in India. The company is a partnership between two powerful and successful entities- Bajaj Finserv Limited, one of India's most diversified non-banking financial institutions, and Allianz SE, one of the world's leading insurers. It serves millions of customers with the help of a wide range of effective insurance products.

Bajaj Allianz is a customer-centric insurance company that offers unprecedented term insurance plans to its target customers. The only objective of Bajaj Allianz Term Insurance is to provide uninterrupted protection to the family's financial future after the death of the policyholder.

Types of Bajaj Allianz Term Insurance Plans

1. Smart Protect Goal

It is a non-linked and non-participating pure life term insurance plan. It offers the option to get back the entire premium at the time of maturity. The plan carries multiple variants to meet different needs of the people.

Key Features

  • Comprehensive Cover: It is a comprehensive product with several add-ons that are structured to deal with the multiple needs of customers.
  • Whole Life Cover: It offers a whole life cover till the age of 99 years. However, the Return of Premium option is not available if you opt for a whole life plan.
  • Covers 55 Critical Illnesses: The plan offers financial protection against several minor and major critical illnesses.

Eligibility Criteria

Entry Age

18 years to 65 years

Maturity Age

With ROP - 75 years

Without ROP - 85 years

Whole Life - 99 years

Sum Assured 

Minimum Sum Assured- 50,00,000

Maximum Sum Assured- As per Board Approved Underwriting Guidelines

**Last Updated on 16-09-2020

2. Bajaj Allianz iSecure

Bajaj Allianz iSecure is a non-participating term insurance plan. The plan offers required financial security to your family. It provides a life cover at a low premium with the option to receive the death benefit in installments to meet financial needs.

  • Rebate For High Sum Assured: If you opt for a high sum assured, iSecure offers decent rebates on premium.
  • Life Cover To Your Spouse: The plan offers the flexibility to cover your spouse in the same policy (at the time of inception) and get a joint-life rebate on the total gross premium.
  • Payouts in Installments: The nominee has the option to receive the death benefit payout in equal monthly installments for five or ten years.
  • Multiple Options For Policy Terms: It allows you to choose a policy term of 10, 15, 20, 25 or 30 years (depending on your requirement).
  • Avail Tax Benefit: The premium paid is eligible for tax benefit under Section 80C and death benefit is eligible for tax benefits under Section 10(10D) of the Income Tax Act, 1961.

Eligibility Criteria

Entry Age 

18 years to 60 years

Maturity Age

28 years to 70 years

Sum Assured

Minimum Sum Assured

`250,000 for general category and

`20,00,000 for the categories split by Preferred Non-Smoker, Non-Smoker & Smoker

Maximum Sum Assured

No limit

**Last Updated on 16-09-2020

3. Bajaj Allianz iSecure More

Bajaj Allianz iSecure More is a non-participating increasing cover term insurance plan. It offers a smart way of ensuring that the dreams and aspirations of your family remain on track.

Key Features

  • Life Cover Increases Annually: 5% annual increase is provided on the base sum assured bought on commencement of the policy. The increase is imposed until the sum assured is double.
  • Convert To Joint Life Cover: The plan allows you to include your spouse in the existing policy or at a later stage (in case you are single).
  • Rebate on High Sum Assured: On opting a high sum assured of Rs. 5 lakhs and above, the plan offers attractive rebates on premium.
  • Multiple Options For Policy Terms: The plan comes out with the option of the four policy terms 10, 15, 20, and 25 years depending on your needs.
  • Receive Payouts in Installments: The beneficiary can opt to receive the death benefit payout in equal monthly installments for five or ten years.

Eligibility Criteria

Eligibility Criteria

18 years to 60 years

Maturity Age

28 years to 70 years

Sum Assured

Minimum Sum Assured: Rs. 250,000

Maximum Sum Assured- No limit

**Last Updated on 16-09-2020

4. Bajaj Allianz iSecure Loan

Bajaj Allianz iSecure Loan is a non-participating mortgage cover term assurance plan. It will offer coverage to your family (in your absence) against loan liability.

Key Features

  • Lower Cost of Insurance: With time, the outstanding loan reduces and hence the cost of your term insurance plan is low, as the life cover is linked to the loan dues.
  • Rebate on High Sum Assured: If you opt for a high sum assured of Rs.5 lakhs and above, iSecure Loan offers good rebates on premium.
  • Multiple Options For Policy Terms: To align your insurance to your loan term, you can select from various policy terms - 10, 15, 20, and 25 years.

Eligibility Criteria

Entry Age 

18 years to 60 years

Sum Assured

Minimum Sum Assured is Rs. 3,00,000

Maximum Sum Assured is No Limit

Premium Payment Term 

2/3rd of the policy term chosen; rounded down in years

Maturity Age

Minimum Maturity Age:28 years

Maximum Maturity Age:65 years

**Last Updated on 16-09-2020

5. Bajaj Allianz Life Secure

Bajaj Allianz Life Secure is a non-linked whole life term plan. It is a whole life term insurance plan that offers accidental death cover and accelerated critical illness cover plus waiver of premium benefit, depending on the chosen coverage option.

Key Features

  • Insurance Cover For Life: Life Secure is a whole life insurance plan that offers life cover up to 100 years.
  • Limited Premium Payment Terms: With this plan, you just need to pay the premium for a limited tenure. You can choose amongst the four premium paying terms - 5, 7, 10 or 15 years.
  • High Sum Assured Rebate: Life Secure provides a rebate on premium for each additional Rs. 1 lakh sum assured purchased over and above the minimum sum assured of Rs. 20 lakh.

Eligibility Criteria

Entry Age

Minimum entry age is 25 years


Maximum entry age-

Coverage Option I & II: 55 years

Coverage Option III: 50 years

Policy Term

(100 minus Age at Entry) years

Premium Payment Frequency

Yearly, Half Yearly, Quarterly and Monthly*


(*Monthly premium payment frequency will be available under salary deduction scheme & ECS.)

**Last Updated on 16-09-2020

6. Bajaj Allianz eTouch Online

This term plan of Bajaj Allianz promises complete financial protection to the policyholder's family when (s)he is a victim of an uncertainty- illness, accident, or disability.

Key Features

  • Four Variants: It comes with four options (Shield, Shield Plus, Shield Super and Shield Supreme) to choose from depending on your needs.
  • Option To Receive Benefits in Installments: The beneficiary will have the option to take the life benefit/the Accidental Death benefit/both (either in a lump sum or in monthly installments).
  • Lower Premium For Maintaining a Healthy Lifestyle: This term plan rewards the policyholder with lower premiums for leading a healthy lifestyle (no smoking/tobacco).
  • Flexible Premium Payment Options: You can select from multiple payment options- monthly, quarterly, half-yearly, and annually.

Eligibility Criteria

Entry Age

18 years to 65 years

Maturity Age

28 years to 75 years

Policy Term

10 years to 40 years

Minimum Sum Assured

Rs. 50,00,000

**Last Updated on 16-09-2020

7. Bajaj Allianz Lifestyle Secure

Bajaj Allianz Lifestyle Secure is a non-linked term assurance plan. It offers financial assistance in the time of need and makes sure that financial hurdles don't come in the way of your loved ones and their aspirations.

Key Features

  • Regular income: In case of earlier occurrence of death or terminal illness of the policyholder, the benefit is paid in equal monthly installments up to 240 months depending upon the policy term chosen.
  • Inbuilt Accelerated Terminal Illness Cover: If you are diagnosed with a terminal illness and you have a life expectancy of fewer than six months, you are liable to receive the entire sum assured as an accelerated benefit.
  • No Medical Examination/tests Required: You don't have to undergo any test or medical examination before buying the plan.
  • Option To Take Death/TI Benefits in a Lump sum: With this plan, you will receive an option to discontinue the monthly installment (anytime) and receive the death or terminal illness benefit as a lump sum amount.

Eligibility Criteria

Entry age 

18 years to 50 years

Maturity age

23 years to 60 years

Policy term

5/ 7/ 10/ 15/ 20 years

Sum Assured

3 lakhs-15 lakhs

**Last Updated on 16-09-2020

Types of Bajaj Allianz Riders

Bajaj Allianz Life Insurance Company comes out with a wide range of riders that help you to enhance the basic term insurance plan.

  • Bajaj Allianz Waiver of Premium Benefit Rider: With this rider, all future premiums under the policy are waived off in case of an unfortunate event (like the earlier occurrence of death, accidental permanent total disability, or diagnosis of 11 specified critical illnesses in the policyholder).
  • Bajaj Allianz Family Income Benefit Rider: This rider provides the benefit of 1% of the rider sum assured that would be payable monthly for the remaining rider tenure or 10 years (whichever is higher), in case of the earlier occurrence of death, accidental disability or critical illness.
  • Bajaj Allianz Accidental Death Benefit Rider: In case of death of the life assured due to accident, the additional rider sum assured is paid to the beneficiary.
  • Bajaj Allianz Critical Illness Benefit Rider: In case of the first diagnosis of any of the 11 specified critical diseases in the policyholder, the rider sum assured is paid (depending upon the rider terms and conditions).
  • Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider: This rider offers a lump sum amount to the policyholder in case of accidental permanent total or partial disability (depending upon the rider terms and conditions).

How To Buy Bajaj Term Insurance Plans?

Buy via Bajaj Allianz Life Insurance Company

  • Visit the official website of the Bajaj Allianz Life Insurance Company.
  • Click on the tab 'Buy Term Plan Now'.
  • Scroll down and submit the details under 'Smart Protect Goal Calculator'.
  • Click on the tab 'Proceed'.
  • Submit some more details such as your gender, education, occupation, and annual income.
  • Click on the tab 'Proceed'.
  • Analyze the details and click on the tab 'Buy Now'.
  • Choose the variant of cover, premium frequency, and mode of pay among others.
  • Click on the tab 'Proceed'.
  • Click on the tab 'Buy Now'.
  • Confirm the details and click on the tab 'Pay Now'.
  • Make the payment using available payment modes.
  • The company will share the policy documents on your registered mail Id. It will also send a hard copy on your address.

The rest of the Bajaj Allianz term insurance plans are not available online. You have to visit the nearest branch of the company to invest in the same.

Buy Via PolicyX.com

  • Scroll up to the 'Get Bajaj Allianz Term Insurance Quotes Online' section present at the top-right corner of this page.
  • Submit the required details such as your phone number, name, and D.O.B. Click on the tab 'Continue'.
  • Enter your Income, City, and then click on 'Proceed'.
  • Please provide your education details and occupation type.
  • Check quotes and choose the Bajaj Allianz term insurance plan.
  • Click on 'Buy this plan' under the chosen term insurance plan.
  • Check the details. Add relevant riders if needed.
  • Click on the tab 'Save & Continue'.
  • Click on the tab 'Pay Now'. It will redirect you to Bajaj Allianz's website.
  • Submit details and make the payment using available payment options.
  • The company will share the policy documents on the registered email address.

What Is The Claim Process of Bajaj Allianz Term Insurance?

To file the Bajaj Allianz Term Insurance claim, you have to visit the nearest branch.

  • Discuss with the representative and collect the claim form. (You can also download the claim form from the official website of the company).
  • Submit the required documents along with the claim form.
  • The company will access your documents. They will keep you updated via SMS in each stage of claim processing.
  • After checking and analyzing all the details, the company will approve or reject the claim.
  • If it gets accepted, then the company will transfer the amount directly to the registered bank account.
  • In case of rejection, the company will convey the same over call/text/email.

Documents Required To Register the Bajaj Allianz Term Insurance Claim

  • Claimant Statement/Claim intimation form duly filled and attested by the claimant.
  • Death certificate (original as well as a photocopy) issued by the Local Municipal body located in your area.
  • Identity proof and address proof of the nominee/claimant.
  • Cancelled cheque or the photocopy of the passbook (of the nominee).

FAQs

1. What is the procedure of reporting a death claim in Bajaj Allianz term insurance when there is no nomination or in case of 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.

2. How to track Bajaj Allianz Term Insurance claim status?

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.

3. Does Bajaj Allianz's term insurance contain "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.

4. 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.

**Last Updated on 16-09-2020