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Bajaj Allianz Life Insurance Co. Ltd. is a joint venture of Bajaj Finserv (India), a financial asset management company & Allianz SE (Switzerland), an insurance company. Started their general insurance business in India on 2nd May 2001.
Bajaj Allianz serves millions of customers through its 611 branches, with 1.25 lakh employees working day and night to fasten the claim settlement process and stand with the families of the policyholders in tough times.
The company can be a good option as your insurer due to their affordable premiums with high Sum assured, 4.49 crore policies sold, partnership with several banks, vast product portfolio including pure protection, wealth creation, and retirement plans, and collaboration with numerous banks such as Axis, Bandhan, and IDFC First.
Bajaj Allianz Term Insurance Plans
Bajaj Allianz Term Insurance Review 2023
Since its establishment in 2001, the company has received numerous awards and honors. The insurer strives to do their best to provide comprehensive life cover at affordable premiums. Here are the key features of the company demonstrating its performance:
Every insurer sets guidelines for what is covered and what is uncovered in their insurance plans. The reasons for death covered and uncovered in Bajaj Allianz term insurance plans are:
Covered | Uncovered |
---|---|
Natural death | Death due to intoxicants |
Accidental Death | Death Due to HIV/AIDS |
Deaths due to natural disasters | Death due to illness withheld from the insurer |
Death due to illnesses | Suicides within year |
Suicide(After 12 month of plan purchase) | Homicides |
Bajaj Allianz Term Insurance Plans come with the following riders for wholesome and customized coverage
Under the Accidental death benefit rider, if the policyholder dies by accident, an additional sum assured will be paid to the nominee apart from the base sum assured.
Let's us understand by an example:
Suppose Rahul has a term plan of a sum assured of 1 crore. He also takes an accidental death benefit rider worth 20% of the basic Sum assured.
Now, if Rahul passes away due to accidental death, the total claimable amount by the nominee would be one crore and 20 lakhs.
Under this rider, if the policyholder is diagnosed with any critical illnesses listed in the plan, they will be paid a lump sum for treating the disease. So the policyholder can focus on improvement without worrying about the financial obligations.
Under this rider, if the policyholder suffers from permanent disability then all the future premiums of the term plan will be waived off after 180 days.
Under this rider, a part of the sum assured will be paid if the policyholder meets with an accident that leads him to permanent disability and is unable to earn to complete their life expenses.
To secure your family's needs, Bajaj Allianz offers 9-term insurance plans via online and offline channels, from which you can choose a well-suited plan for yourself.
Standard Plan
A simple easy to understand pure protection term plan which comes in affordable premiums and provides death benefit to the family of the policyholder.
Unique Features
Comprehensive plan
The plan provides pure term and health coverage, providing whole life cover and accidental total permanent disability.
Unique Features
Comprehensive Plan
A comprehensive term life insurance plan that offers level life cover at an affordable cost.
Unique Features
Critical Illness Plan
The comprehensive plan offers death coverage, accidental death coverage, Cancer cover benefits, and Waiver of Premium on Critical Illness Benefits.
Unique Features
Specialized Plan
A pure-risk life insurance plan designed exclusively for Type 2 diabetics with HbA1c level <=8% and pre-diabetics.
Unique Features
Comprehensive plan
An increasing life cover term plan which comes with rebates on sum assured. Gives the option of payout in instalments.
Unique Features
Specialized Plan
A pure protection loan repayment term plan which comes with riders, tax benefits and limited premium payment term.
Unique Features
Comprehensive Plan
A pure term plan that comes with female discounts, death benefit and a high sum assured for more protection.
Unique Features
Comprehensive plan
A pure-risk plan that provides level cover term assurance and accelerated terminal illness benefit. The plans gives an option of regular income or lump sum.
Unique Features
Bajaj Allianz Life Insurance allows you to buy a term insurance plan via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of the buying process.
**Once the payment is made, you will get a payment confirmation at your registered email address.
**Once the payment is made, you will get a payment confirmation at your registered email address.
Filing a claim for Bajaj Allianz Term Plan is a simple and hassle-free task. You can easily fill and submit their claims online or offline. To file a claim for Bajaj Allianz Term Plan, you need to follow the below-mentioned steps.
1. Claim Intimation
Inform the company about the incident via various channels- by writing an email at balic.healthclaims@healthindiatpa.com, calling on the toll-free number (1860 209 7272), filling the online claim form on its website, or by visiting the nearest branch. The following details have to be provided during the intimation of your claim:
A claim reference number/intimation number will be provided to you upon successful registration of the claim.
2. Document Submission
Submit the necessary documents requested by the company to process the claim. In the case of natural death-
In the case of unnatural death (Accidental death/Murder/Suicide)-
3. Claim Settlement
After receiving all the documents and claim forms, the company will verify the details as per their norms. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over a call or an email.
Death claim due to COVID-19 is covered under all policies of Bajaj Allianz Life and shall be processed as per the terms and conditions of the policy.
There are two ways of renewing your policy: online and offline.
Online Renewal
Offline Renewal
Bajaj Allianz Term Plans have multiple benefits like, on death or terminal illness of the insured during the policy tenure, the Sum Assured is given in equated monthly installments for such time which will be equal to the term of the plan chosen.
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.
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.
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 claim settlement time may vary depending on the complexity of the claim and the availability of required documents, typically within 15 to 30 days from the submission of all necessary documents.
Yes, you can check the claims online from the official website. All you have to do is log in using your credentials and search for the health insurance claim section.
It totally depends upon the plan you opt for, pre-existing conditions may have certain waiting periods before they are covered under Bajaj Allianz term insurance plans.
Bajaj term insurance plans offer the 'Waiver of Premium Benefit' rider. If you become disabled due to an accident and are unable to pay the premiums, this rider ensures that your policy remains active and your coverage continues without the burden of premium payments.
Yes, the company offers flexible term insurance plans that can be customized to meet your individual requirements. You can choose optional riders like critical illness cover, accidental disability cover, and waiver of premium benefits to enhance your coverage.
Term insurance premium up to Rs 1.5 lakh in a year is eligible for tax deduction under Section 80C of the Income Tax Act, 1961. Additionally, any amount received from a term plan is tax-exempt under Section 10 (10D) of the Income Tax Act, 1961. However, these exemptions and deductions are subject to the provisions stated in the Income Tax Act, 1961.
A high value for money with a high sum assured and dedicated customer service.
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.
See More Term Insurance Articles
See More Term Insurance Articles
Read what our customers have to say about Bajaj Allianz term insurance company
Prerna Negi
Chennai
April 8, 2024
I bought a Bajaj Allianz Life Insurance through PolicyX, and I must say the level of communication and assistance I have received has been truly impressive.
Anupam yadav
Bhopal
February 16, 2024
Excellent customer service of policyx.com They guided me through the entire process of bajaj allianz life insurance and found me the best plan with good coverage under my budget
Somesh
Agra
December 9, 2022
I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.
Kaneeka Joshi
Chandigarh
October 6, 2021
good service during claims settlement recently. Now bought another cover from Bajaj for their service
Shubham Sharma
Delhi
October 5, 2021
grateful! good plans! I m planning to renew my policy now with them. the features are pretty impressive
Saksham Patani
Bhopal
October 5, 2021
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
Kopil Dev
Mumbai
October 4, 2021
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!
Sanam Makheeja
Chandigarh
October 4, 2021
good team the company has created...very very helpful and quick with query resolution! I am grateful to be a customer of this company!
Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.
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