Bajaj Allianz Term Insurance Plans

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

• Visit the official website of the insurer and log in to your account.
• Once you are on the website or customer portal page of the respective company, you will get an option to pay the premium.
• Provide details like the policy number and your date of birth. After the information is entered, the page will display the amount that has to be paid for renewal.
• Use the mode of payment provided to pay the premium amount needed to renew the policy. The Receipt number will be displayed on successful payment.

Offline Renewal

• Get in touch with the agent who sold the policy or visit a branch of the insurer.
• Provide details like name, policy number, and date of birth for the insurance company to fetch the details of renewal.
• The insurer's executive will inform you about the premium you will have to pay to renew the policy.
• After you pay the renewal amount, you will be issued a premium payment receipt stating the renewal of the policy. The receipt can be used to avail tax benefits.

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.

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.

A high value for money with a high sum assured and dedicated customer service.

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.

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.

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.