Bajaj Allianz Term Insurance commenced its operations in 2001 and in less than two decades expanded its presence across the country. It serves millions of customers through its 509 branches, 96,000+ agents (as of 31 March 2022), and a comprehensive set of trusted partners via its online sales channel.
Bajaj Allianz Life Insurance offers a wide range of innovative insurance solutions - Term Insurance, Child, Retirement, Investments, Savings, and Health Insurance plans along with riders to provide extra protection. They have also introduced the revolutionary RoMC (Return of Mortality Charges), a feature in some of its new-age ULIPs, thereby becoming the first company to do so.
There are several factors that make Bajaj Allianz a leader in the insurance industry like a healthy claim settlement ratio, hassle-free and quick claim settlement process, a good solvency ratio, and over 2 crore lives covered by their insurance solutions.
Key Features of Bajaj Allianz Term Insurance Company
Bajaj Allianz Term Insurance offers multiple economical ways to secure your family under any unforeseen circumstances. Let's have a look at some of the brilliant features of the policy making it one of the best available term insurance plans in the domain.
Annual Premium: As per the IRDAI report 2021-22, Bajaj Allianz Life Term Insurance recorded an annual premium of Rs. 16,127.05 Crores.
Solvency Ratio: The solvency ratio of the company helps an individual ascertain the company's ability to meet its long-term financial obligations. The Solvency Ratio of Bajaj Allianz Life Term Insurance company for 2021-22 is 6.14 (As per the IRDAI, it is mandatory for every life insurer to maintain a solvency ratio of 1.5).
Claim Settlement Ratio: The company has a good and reliable claim settling process with a CSR of 99.04%. (CSR as per IRDAI report of the year 2021-22). The Bajaj Allianz Term Insurance holds one of the highest claims settlement ratios amongst all the insurance companies.
Operating Network: Bajaj Allianz Life Insurance Company has 509 branches, 96,000+ agents (as of 31 March 2022), and a comprehensive set of trusted partners via its online sales channel.
Find all the details of Bajaj Allianz Term Insurance in one go!
There are multiple reasons why people trust and rely on Bajaj Allianz Term Plans. We have mentioned below the benefits offered when investing in Bajaj Allianz term insurance plans.
Healthy Claim Settlement Ratio : Bajaj Allianz Term Plans are reliable and a CSR of 99.04% is proof of their unwavering commitment to their customers.
1-Day Claim Approval : A delay in the settlement can be taxing for the family members of the policyholder. Bajaj Allianz Life offers 1-Day claim approval on eligible policies.
Product Variety : Bajaj Allianz term insurance offers an extensive range of products, that are designed to meet the diverse needs of the customers. They cover a very vast dimension such as lifelong coverage, critical illness rider, waiver of premium benefits, and accidental disability. With a multitude of features, the company ensures that the customer can select the plan according to their needs. Bajaj Allianz term insurance has a wide range of products, in order to meet the diverse needs of the customers. Critical illness Rider, accidental disability benefit The plans cover almost every situation that can arise in a lifetime, such as critical illness
Tax Benefits: Tax Benefits can be availed for premium payments of Bajaj Allianz Term Plans under sections 80C and 10 (10D) of the income tax act 1961.
Vast Network : The company has an extensive nationwide network with 509 branches. With their robust physical presence, they stand amongst the larger insurance providers. If the customers seek personalized assistance, they can visit the nearby branch, this will give convenience to the customer. Bajaj Allianz also provides its services online with a user-friendly portal.
Trustworthy Brand : Bajaj Allianz term insurance company is counted among the most effective insurance provider in the nation. Their services and products have created a great deal of confidence in the policyholder. They have a good record of delivering good insurance solutions.
Value-Added Services : Bajaj term insurance goes beyond insurance coverage and offers many add-on services such as customer support, online policy management, and personalized assistance.
Flexible Plans : Bajaj Allianz term plan allows the policyholder to choose the duration of the coverage that aligns with his/her needs. The span may vary from 10 to 40 years.
Bajaj Allianz Best Life Term Insurance Plans
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
Bajaj Allianz Life Saral Jeevan Bima
A simple easy to understand pure protection term plan which comes in affordable premiums and provides death benefit to the family of the policyholder.
A pure term plan that comes with female discounts, death benefit and a high sum assured for more protection.
Unique Features
Three Coverage Options
100 Years Life Cover
4 Premium Payment Terms
Life Secure (Pros)
Surrender Benefit
Suicide Cover
Choose your Sum Assured
Life Secure (Cons)
No Survival Benefit
No Thyroid Cancer Cover
No Maturity Benefit
Life Secure (Other Benefits)
Death Benefit
Accelerated Critical Illness
Waiver of premium Benefit
Life Secure (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 65 Years
Minimum Sum Assured - 20 L
Maximum Maturity Age - NA
Premium Payment Term - 5, 7, 10 and 15 years
Comprehensive plan
Bajaj Allianz LifeStyle Secure
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
Rebate on high sum assured
Discounts for Female
No Medical Examination
LifeStyle Secure (Pros)
Family Cover
Choose your Policy Term (PT)
Inbuilt Accelerated Terminal Illness
LifeStyle Secure (Cons)
No Loans Allowed
No Surrender Benefit
No Maturity Benefit
LifeStyle Secure (Other Benefits)
Suicide Cover
Easy Claim Settlement
Policy revival Within 5 Years
LifeStyle Secure (Eligibility Criteria)
Entry Age -18 Years
Max Entry Age- 50 Years
Minimum Sum Assured - 3L
Maximum Maturity Age - 60 Years
Premium Payment Term - 5/ 7/ 10/ 15/ 20 Yrs
Bajaj Allianz Term Insurance Riders
Accidental Death Benefit (ADB)
Under this rider, if the policyholder loses his/her life in an accident, an additional sum that is assured under the rider is paid out over and above the base policy sum assured.
The accidental partial/total permanent disability benefit protects against partial/total permanent disability caused due to an accident. Permanent total disability can cause a loss of livelihood and the rider works as an income replacement. The riders become active only if the disability is caused due to an accident.
Critical Illness Cover
It pays a lump-sum amount on the diagnosis of a critical illness. The rider covers all the major critical illnesses like heart, liver, and kidney diseases. Depending on the term insurance policy, the base life cover terminates or may even continue after the payment of the lump-sum amount. The details of the critical illness term rider are provided in the policy document. One should read the policy document carefully.
Waiver of Premium Benefit
The waiver of premium rider ensures that all the pending premiums are waived off if the policyholder is unable to pay due to a critical illness or accidental total permanent disability. The rider guarantees the continuation of the cover irrespective of the payment of the premiums.
How To Buy Bajaj Allianz Term Insurance Plans?
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.
Steps to buy from Bajaj Allianz Life Insurance company
Visit the official website of Bajaj Allianz Life Insurance Company.
Click on ‘Buy Term Plan' on the navigation bar and select ‘Term Insurance Plans'.
Click on the ‘Buy Now' button and fill in the required details.
Tap on 'Next' and select a plan as per your requirements.
Select the cover option you want and make your payment.
**Once the payment is made, you will get a payment confirmation at your registered email address.
Steps to buy from PolicyX.com
Fill out the form given at the top of this page with the necessary details.
Select your income and city. Click on 'Proceed'.
Update your education and occupation details.
Choose your preferred plan and click on 'Buy this plan'.
Select policy term, premium period, and riders (if required) and then proceed to do the payment.
**Once the payment is made, you will get a payment confirmation at your registered email address.
How to File Bajaj Allianz Term Insurance Claims?
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:
Name of the policyholder
Policy number
Date of death/event of the life assured
Nominee name
Cause of death
Contact details
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-
Death claim form.
Death certificate.
Original policy documents.
Claimant's identity & residence Proof.
Medical records at the time of death & past illnesses.
Account details of the nominee.
In the case of unnatural death (Accidental death/Murder/Suicide)-
Death claim form.
Death certificate.
Original policy documents.
Claimant's identity & residence proof.
FIR, police inquest report & panchanama.
Post mortem report.
Account details of the nominee.
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.
How to Contact Bajaj Allianz Life Insurance Company?
HealthIndia Insurance TPA Services Pvt. Ltd., Office No. 406-412, Fourth Floor, Neelkanth Corporate IT Park, Kirol Road Opp. Vidyavihar Railway Station (W) Mumbai – 400086.
customercare@bajajallianz.co.in
1800 2201 02 (24*7)
Bajaj Allianz Term Insurance: FAQs
1. Are deaths due to coronavirus covered by Bajaj Allianz Life 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.
2. How to renew Bajaj Allianz Term Insurance?
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.
3. How is Bajaj Allianz Term Plan?
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.
4. 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.
5. 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.
6. 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.
7. How long does it take for Bajaj Term Insurance to settle a health insurance claim?
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.
8. Can I track the status of my health insurance claim online with Bajaj Allianz Term Plan?
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.
9. Are pre-existing conditions covered under Bajaj Allianz term insurance plans?
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.
10. What happens if I become disabled due to an accident and cannot pay the premiums for my Bajaj Allianz term plan?
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.
11. Can I customize my Bajaj Allianz term insurance plan to suit my specific needs?
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.
12. Are there any tax benefits offered by Bajaj Allianz Term Plans?
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.
13. Is Bajaj Allianz a good investment?
A high value for money with a high sum assured and dedicated customer service.
14. 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.
Read what our customers have to say about Bajaj Allianz term insurance company
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!
Alisha Merchant
Pune
October 4, 2021
The policy covers me for 40 years and I think the amount will be sufficient for my family if anything were to happen to me! thanks for the help
Junev DSouza
Agra
September 30, 2021
good portfolio of products at the company! i m pleased to be buying from them...hopefully it will be a fruitful journey
