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Bajaj Term Insurance: Overview
Bajaj Life Insurance is a joint venture between Bajaj Finserv Limited and SE (Societas Europaea), a global insurance partner. It is a reliable insurer in India, providing strong financial protection through term insurance plans.
It offers a wide range of insurance products to cater to the needs of its customers, including term insurance plans, ULIPs, child plans, NRI plans, and savings plans. Bajaj term insurance plans offer a financial safety net to your loved ones in case of your unfortunate demise during the policy term.
Bajaj term plans are affordable and can be purchased online from the comfort of your home. There are various term insurance plans offered by Bajaj that you can choose from.
Benefits of Bajaj Term Insurance
What are some of the benefits that set them apart?
- Death benefit payout options
- Flexible policy tenure
- Additional riders to choose from
- Shield against death, terminal illness, and disability
- Varied sum assured options
- Tax-saving benefits
- Discounts on premiums
Healthy Claim Settlement Ratio
Bajaj Term Plans are reliable and have a claim settlement ratio of 99.33%, which is proof of their unwavering commitment to their customers. Learn more at /term-insurance/articles/claim-settlement-ratio/
1-Day Claim Approval
A delay in claim settlement can create unnecessary hurdles for the family members of the policyholder. Bajaj Life Insurance offers 1-day claim approval for eligible term insurance policies.
Product Variety
Bajaj term insurance offers an extensive range of products designed to meet the diverse needs of customers.
Tax Benefits
Bajaj offers term insurance tax benefits under Section 80C of the Income Tax Act, 1961, for up to 1.5 lakhs of the total premium paid in the same financial year. Learn more at /term-insurance/articles/term-insurance-tax-benefits-under-section-80c-and-80d/
Vast Network
The company has an extensive nationwide network with 576 branches. With their robust physical presence, they stand among the largest life insurance providers.
Trustworthy Brand
Bajaj Term Life Insurance Company is counted among the most trusted insurance providers in the nation.
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.
Critical Illnesses Covered Under Bajaj Term Insurance
Following are the critical illnesses covered under Bajaj Term insurance plans:
- Cancer
- First heart attack
- Open chest CABG (Coronary Artery Bypass Graft)
- Coma
- Kidney failure
- Stroke
- Major organ transplant
- Paralysis
- Multiple sclerosis
- Benign brain tumour
- Blindness or deafness
- Motor neurone disease which causes permanent symptoms
Eligibility Criteria of Bajaj Term Insurance Plans
To purchase a Bajaj term insurance plan in 2025, certain eligibility criteria must be met. Let's understand the eligibility criteria in detail.
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Age
A person between the ages of 18 and 65 is eligible to apply for a term life insurance plan. The policyholder’s age is a key factor in the term insurance plan’s premium.
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Health Condition
Since a Bajaj term insurance plan insures the policyholder’s life, most insurance providers require a policyholder to undergo a health examination to determine their current health condition and the inherent risks for the insurer. Be completely honest about your health condition and medical history to avoid issues during claim settlement.
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Income
A Bajaj term insurance plan has no specified minimum income requirement. However, they might ask you for your bank statement copies and salary slips to determine the coverage on your term plan.
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Smoking Habits
If you smoke or have been a smoker in the past, you must disclose this information to the insurer. This is because smokers are exposed to severe health hazards like lung cancer.
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Citizenship
Indian citizens can buy a Bajaj term insurance plan in India in their name. However, NRIs or PIOs can also leverage the benefits of a term insurance plan in India.
Additional Benefits Offered By Bajaj Plans
Bajaj Term Insurance Plans offer various additional benefits to the policyholders.
Premium Holiday Option
Some Bajaj term plans, such as Bajaj e-Touch, offer you the option to skip your premiums for 1, 2, or 3 years in case of any uncertainty.
Health Management Services
Bajaj term plans, such as Bajaj Life Diabetic Term Plan II Sub 8 HbA1c, offer health management services through webinars, medical consultations, etc.
High Sum Assured Rebate
Bajaj Term Plans offer discounts to policyholders on choosing a high sum assured with their plan.
Joint Life Cover
Bajaj term insurance plans, such as Bajaj Life iSecure, offer a joint life cover option so that you can cover your spouse under a single plan.
Female Life Rebate
Some Bajaj term plans, such as Bajaj Life Saral Jeevan Bima, offer special discounts to female policyholders.
Types of Bajaj Term Plans
There are various Bajaj term plans based on their features, policy tenure, benefits, etc. You can choose the one that best suits your requirements.
Basic Term Plan
Plan Name: Bajaj Saral Jeevan Bima
These plans only provide a sum assured to the nominee in case of the death of the policyholder. No survival benefits are included.
Term Plan with Return of Premium
Plan Name: Bajaj e-Touch Term Plan
These plans give the premium amount back to the policyholders only if they survive the policy term.
Term Insurance with Monthly Income
Plan Name: Bajaj Life Smart Protect Goal
These plans offer monthly income to the policyholder’s dependents in case of the policyholder’s demise.
Term Insurance with Critical Illness
Plan Name: Bajaj Life Secure
These plans offer inbuilt coverage against critical illnesses.
Term Insurance with Accidental Disability & Death Cover
Plan Name: Bajaj Lifestyle Secure
These plans offer inbuilt coverage against accidental disability and death cover.
Riders You Can Avail With Bajaj Term Insurance Plans
You can avail of the following riders with Bajaj term insurance plans.
| Name of the rider | Benefits |
|---|---|
| Bajaj Waiver of Premium Benefit Rider | Future premiums are waived in case of the policyholder’s demise due to accidental death, disability, or any of the 11 critical illnesses mentioned. |
| Bajaj Family Income Benefit Rider | 1% of the sum assured is offered for a rider term or 10 years as family income in case of accidental death, disability, or diagnosis of any of 11 critical illnesses. |
| Bajaj Accidental Death Benefit Rider | In case of the policyholder’s demise due to an accident, an additional payout is given to the nominee along with the base sum assured. |
| Bajaj Accidental Permanent Total/Partial Disability Benefit Rider | Additional payout is offered in case of total or partial disability of the policyholder due to an accident. |
| Bajaj Critical Illness Rider | Benefits are offered to the nominee in case of the policyholder’s demise due to any of 11 listed critical illnesses. |
Documents Required to Buy Bajaj Term Insurance Policy
Here are the documents required to buy a Bajaj Term Insurance Policy:
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Photo ID Proof
Photo ID Proof (Any one) - Passport, Aadhaar card, PAN card, Driving license.
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Age Proof
Age Proof (Any one) - Passport, Aadhaar card, PAN card, Driving license.
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Address Proof
Address Proof (Any one) - Utility bill, Passport, Voter ID, Ration card.
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Medical Records
Medical Records of the policyholder if requested.
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Income Proof
Income Proof (Any one) - Bank statement, Last three months' salary slips (if you are salaried).
Calculate Premiums
You can use the PolicyX Term Insurance Calculator to get your premium amount. Visit /term-insurance/calculator/
- Step 1
Visit the official website of Bajaj Life Insurance Company.
- Step 2
Click on ‘Buy Term Plan' on the navigation bar and select ‘Term Insurance Plans'.
- Step 3
Click on the ‘Buy Now' button and fill in the required details.
- Step 4
Tap on 'Next' and select a plan as per your requirements.
- Step 5
Select the cover option you want and make your payment.
How to File a Bajaj Term Insurance Plan Claim
Filing a claim for the Bajaj Term Plan is a simple and hassle-free task. You can easily fill and submit your claims online or offline. To file a claim for the Bajaj Term Plan, you need to follow the below-mentioned steps.
Online Process
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Claim Reporting
Inform the company about the incident via any of these channels: by writing an email at [email protected], calling the toll-free number (020-66026773), filling out the online claim form on its website, or visiting the nearest branch.
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Claim Review
Bajaj’s customer support staff will review your claim form and assist you at every step. Their staff will next evaluate your claim and notify you if any papers are still pending.
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Claim Approval and 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. The same will be communicated to him/her over a call or an email.
Offline Process
You can also report a Bajaj Term Insurance claim by visiting their nearest branch office. For details of your nearest branches, you can visit the 'Contact Us' section on their official website. You have to carry all your essential documents to the branch so that your claim can be processed smoothly.
Port Your Policy
- Step 1
Fill out the form at the top of this page with the necessary details.
- Step 2
Select your income and city. Click on 'Proceed'.
- Step 3
Update your education and occupation details.
- Step 4
Choose your preferred plan and click on 'Buy this plan'.
- Step 5
Select the policy term, premium period, and riders (if required), and then proceed to make the payment.
