Bajaj Allianz Term Insurance

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About Bajaj Allianz Term Insurance

Bajaj Allianz Life Insurance company started its operations in 2001. This company offers several insurance products such as ULIP, Term, Savings, Investment, Retirement, and Group Insurance plans.

The company offers term insurance plans, which provide financial protection to the family of the policyholder after his/her sudden demise.

Features of Bajaj Allianz Term Insurance

Flexible Policy TermsOnline Availability of PlansOptional Riders Provide Additional CoverMaturity BenefitFree Look Period of 15 days

Benefits of Bajaj Allianz Term Insurance

Premium Payment Flexibility

Premium Payment Flexibility

The company offers flexibility in the payment frequency of premiums. Insured is allowed to pay premiums on a monthly, quarterly, half-yearly, or annual basis as per the T&Cs of the insurance company.

Death Benefit

Death Benefit

In case of an unfortunate event such as the death of an earning member, the sum assured is paid by the company as a lump sum amount in installments.

Coverage for Critical Illness

Coverage for Critical Illness

The critical illness cover pays a lump sum amount on the diagnosis of critical illnesses mentioned in the brochure.

Grace Period

Grace Period

In case of dissatisfaction or if the insured fails to pay a premium on time, the company before cancelling the policy offers a grace period of 15 days.

Disability Cover

Disability Cover

Bajaj Allianz Term Insurance ensures that in case of partial or total disability, a lump sum amount is paid to the policyholder.

Tax Benefits

Tax Benefits

Get the tax benefits on paid premiums under Section 80C of the Income Tax Act,1961.

Claim Settlement Ratio of Bajaj Allianz Life Insurance

Claim Settlement Ratio determines the number of claims settled out of the complete claims obtained by the insurance company. Before buying a term insurance policy, CSR is one of the factors that should be considered. IRDAI in its Annual Report of 2019-20 published the claim settlement ratio of Bajaj Allianz Life Insurance as 98.02%.

In the graph below, we have illustrated the yearly trend of the CSR of Bajaj Allianz Life Insurance, over the past four years.

Claim Settlement Ratio of Bajaj Allianz Life Insurance from 2016-2020

Claim Settlement Ratio of Bajaj Allianz Life Insurance from 2016-2020

Types of Bajaj Allianz Term Insurance Plans

S.NoPlan NameWho Should Buy?
1.Bajaj Allianz Life - Smart Protect GoalThis term plan is ideal for customers who want to opt for life cover for a longer-term period and get back their entire premium at the time of maturity.
2.Bajaj Allianz iSecureThis term insurance plan is for those customers who want to have a life cover at a low premium rate along with an option to receive the death benefit in installments.
3.Bajaj Allianz iSecure MoreThis policy comes with an increasing life cover option and is suitable for customers who want to provide adequate financial protection to their family members in accordance with rising inflation.
4.Bajaj Allianz iSecure LoanThis is a mortgage cover term assurance plan, designed to help the family of the insured in covering any loan liability after his/her absence.
5.Bajaj Allianz Life SecureThe plan is suitable for individuals who wish to opt for appropriate coverage options and rebates.
6.Bajaj Allianz Life eTouch Online TermThis insurance plan is designed for customers who want to protect their families against any financial distress caused due to critical illness, accidental disability, and death.
7Bajaj Allianz Life Style SecureThis plan is suitable for customers who wish to invest in a plan that provides them with a level cover term assurance with accelerated terminal illness benefit.
8Bajaj Allianz Life Saral Jeevan BimaThis is a simple term insurance plan that is suitable for people who want to provide financial protection to their families with comprehensive coverage at an affordable cost.

Let’s discuss the above-listed plans in detail. Read below.

  1. Bajaj Allianz Smart Protect Goal

    Bajaj Allianz Smart Protect Goal is a non-linked and non-participating pure life term insurance plan. It provides an option to return the entire premium at the end of the policy (maturity time).

    Key Features

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

    Eligibility Criteria

    Eligibility conditionMinimumMaximum
    Entry age18 years65 years
    Maturity age-With ROP - 75 years, Without ROP - 85 years, Whole Life - 99 years
    Sum Assured50,00,000As per Board Approved Underwriting Guidelines
  2. Bajaj Allianz iSecure

    Bajaj Allianz iSecure is a non-participating term insurance plan that offers financial protection to your family.. The plan comes out with life cover at low premium rates along with the option to receive the death benefits in installments to meet financial needs.

    Key Features

    • High Sum Assured: In case a policyholder opts for a high sum assured, then iSecure plan offers decent rebates on premium prices.
    • Life Coverage for Spouse: The plan offers the flexibility to cover the policyholder’s spouse under the existing policy at the starting of the policy. You can also get a joint-life rebate on the total gross direct premium.
    • Payouts in Installments: The plan offers nominees an option to receive the payout of the death benefit in equal installments (monthly) for 5-10 years.
    • Policy Term Options: The plan allows an insured to choose a policy term of 10, 15, 20, 25, or 30 years as per your requirement.
    • Tax Benefit: Get the tax benefit on premium paid under Section 80C and death benefit is eligible for tax benefits under Section 10(10D) of the Income Tax Act, 1961.

    Eligibility Criteria

    Eligibility conditionMinimumMaximum
    Entry age18 years60 years
    Maturity age28 years70 years
    Sum AssuredRs. 250,000 for the general category, Rs 20,00,000 for the categories split by Preferred Non-Smoker and SmokerNo limit
    Policy term10, 15, 20, 25, and 30 years
  3. Bajaj Allianz iSecure More

    Bajaj Allianz iSecure More is a non-participating increasing cover term insurance plan.

    Key Features

    • Life Cover Increases Annually: 5% annual increase is provided on the sum assured bought on commencement of the policy. The increase is imposed until the sum assured is doubled.
    • Joint Life Cover Conversion: The plan allows you to include your spouse in the existing policy or at a later stage if in case you are single.
    • High Sum Assured: The plan offers rebates on premium prices if you opt for a high sum assured of Rs 5 Lakhs.
    • 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 conditionMinimumMaximum
    Entry age18 years60 years
    Maturity age28 years70 years
    Sum AssuredRs. 250,000No limit
    Policy term10, 15, 20, and 25 years
  4. Bajaj Allianz iSecure Loan

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

    Key Features

    • Low Insurance Cost: The plan offers you the benefit from low insurance costs based on reducing loan liabilities.
    • Rebate on High Sum Assured: iSecure Loan offers attractive rebates on premium rates if you are opting for a high sum assured of Rs.5 lakhs and above.
    • Multiple Options For Policy Terms: To align your insurance to your loan term, you can select from various policy term potions - 10, 15, 20, and 25 years.

    Eligibility Criteria

    Eligibility conditionMinimumMaximum
    Entry age18 years60 years
    Maturity age28 years65 years
    Sum AssuredRs. 3,00,000No limit
    Policy term10, 15, 20, and 25 years
  5. Bajaj Allianz Life Secure

    Bajaj Allianz Life Secure is a non-linked whole life term plan. That offers an accidental death benefit and critical illness cover along with the premium waiver benefit., depending on the chosen coverage.

    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: The plan offers you the option 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

    Eligibility conditionMinimumMaximum
    Entry age25 yearsCoverage Option I & II: 55 years, Coverage Option III: 50 years
    Sum AssuredRs. 20,00,000No limit
    Policy term(100 minus Age at Entry) years
    Premium Payment FrequencyYearly, Half Yearly, Quarterly, and Monthly
    Premium Paying Term5, 7, 10, and 15 years
  6. Bajaj Allianz Life eTouch Online Term

    eTouch Online 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: The plan comes with four options:
    • Shield
    • Shield Plus
    • Shield Super
    • and Shield Supreme
    • Choose plans depending on your needs.
    • Premium Payment Option: The plan offers flexible and multiple payment options: monthly, quarterly, half-yearly, and annually.
    • Receive Benefits in Installments: The beneficiary will receive the lifetime benefits and Accidental death benefits or both either in a lump sum amount or in form of installments.
    • Affordability: This term plan offers the policyholder with lower premiums for leading a healthy lifestyle (no smoking/tobacco).

    Eligibility Criteria

    Eligibility conditionMinimumMaximum
    Entry age18 years65 years
    Maturity age28 yearsFor Shield- 99 years, Shield Plus, Shield Super, and Shield Supreme - 75 years
    Sum AssuredFor Shield, Shield Plus & Shield Super - Rs. 50,00,000, For Shield Supreme - Rs. 25,00,000No limit
    Premium Payment FrequencyYearly, Half Yearly, Quarterly, and Monthly
  7. Bajaj Allianz Lifestyle Secure

    Bajaj Allianz Lifestyle Secure is a non-linked term assurance plan that provides financial security in the time of need.

    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.
    • Terminal Illness Cover: In case the insured is diagnosed with a terminal illness with a life expectancy of fewer than 5 months, the insurer will pay the entire sum assured as an accelerated benefit.
    • No Medical Examination: Plan does not require undergoing any test or medical examination before buying the plan.
    • Optional Death/TI Benefits: Insured 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

    Eligibility conditionMinimumMaximum
    Entry age18 years50 years
    Maturity age23 years60 years
    Sum AssuredRs. 3,00,000Rs. 15,00,000
    Policy term5/7/10/15/20 years
    Premium payment frequencyYearly, Half-yearly, Quarterly, and Monthly
  8. Bajaj Allianz Life Saral Jeevan Bima

    Bajaj Allianz Saral Jeevan Bima is a simple term insurance plan that offers pure life cover to protect the financial future of the policyholder’s family. This policy provides for payment of the sum assured amount in a lump sum to the nominee in case of the Life Assured's unfortunate death during the policy term.

    Key Features

    • Life Cover: The plan offers a life cover for a term period of up to 40 years which helps in protecting the insured’s family members in case of an unfortunate event of his/her death.
    • Multiple Premium Payment term: Customers have the flexibility benefit to opt for Single, Limited or Regular premium payment terms as per their convenience.
    • High Sum Assured Rebate: This plan also offers special discounts in premium amounts for every additional Rs. 1 lakh sum assured purchased over and above the minimum sum assured of Rs. 5 lakh.

    Eligibility Criteria

    Eligibility conditionMinimumMaximum
    Entry age18 years65 years
    Maturity age-70 years
    Sum AssuredRs. 5,00,000Rs. 25,00,000
    Policy term5 years40 years
    Premium payment modeSingle/Yearly/Half-yearly, Monthly

Buying Process of Bajaj Allianz Term Insurance Plans

There are two methods by which customers can purchase Bajaj Allianz Term insurance plans. These methods include buying the plan from either:

Buy via Bajaj Allianz Life Insurance Company
Buying Process Of PolicyX website

Note: After receiving the payment, the company will share the policy documents on your registered mail Id. It will also send a hard copy to your registered address.

Claim Process of Bajaj Allianz Term Insurance

1

Visit the official website of Bajaj Allianz Life Insurance Company.

2

Click on "Customer Service" and then select "Claim Assistance".

3

Scroll your cursor to the 'Read More' section.

4

Fill in all the required personal details such as Name, Address, Pincode, Email-ID, Policy number, and Phone number.

5

Then, proceed to Download Form.

6

Submit all the required documents to the nearest office branch.

7

After analyzing all the documents and information provided by you, the insurer will send you the approval via SMS, or email.

8

If information is found to be incorrect, the company can reject the claim within 30 days.

9

Once the claim is approved, the company will transfer the claim amount to the registered bank account.

Documents Required For A Smooth Claim Process

Documents Required to File a Claim Under Bajaj Allianz Life Insurance

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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 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.

2. 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.

3. 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.

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.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.8/5 (18 Total Rating)

1 days ago

Disha Padukone

Jalandhar

It was a pleasure associating with policyx for my term insurance. The company is professional and offers good solutions that will actually help people

September 22, 2021

GK Bhushan

Pune

happy with the service received...the agent carefully listened to my needs and gave me a good choice! So thanks!!

September 22, 2021

Faizal

Chandigarh

I believe my claims were settled in less than 2 weeks by Bajaj team...will definitely recommend the company for being reliable

September 21, 2021

Tanisha Deshmukh

Dehradun

went to buy term insurance at my father s behest... needed to compare plans and bajaj website was really helpful in comparing premiums...the talk later with one of their agents was also helful

September 20, 2021

Pushpak Ratra

Hyderabad

I m 60 and this is probably the last time im buying insurance...went to policyx for help and they were kind enough to smoothen the process for me! Thanks guys

Last updated on 09-07-2021

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