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Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance Company is a joint venture between Bajaj Finserv Limited and Allianz SE, the world’s leading insurance company. Founded in 2001, currently it enjoys a Pan-India presence in more than 638 cities and towns.

It has been adjudged as the leading Life Insurance Company of the Year by Golden Globe Tigers Award 2017

Allianz SE’s comprehensive solutions to all life insurance needs, technical expertise and experience blends with the goodwill of the brand name in India which is backed with an in-depth knowhow of the Indian market. With a commendable claim settlement ratio of 92.04% for the year 2017-18, which is one of the best in private sector, insurance policies from Bajaj Allianz Life cater to every segment and age-income profiles with different products from ULIPs to Child Plans.

Interesting Facts About Bajaj Allianz Life Insurance

  • 92.04% for the year 2017-18 claim settlement ratio for life insurance

  • Claim deposits via electronic transfer which makes process faster

  • No delay in claim settlement. With delay in every single day beyond 30 days, Bajaj Allianz pays 8.75% interest

  • Received ‘Best Life Insurance Company of the Year’ by Golden Globe Tigers Award 2017

Benefits of Bajaj Allianz Life Insurance Policies

  • Financial Protection - Provides financial protection to your family.

  • Customised solutions - A wide range of insurance plans tailor-made to meet the unique requirements of policyholders

  • Instant services - Seamless issuance and renewal of policies

  • Flexibility - Flexibility in paying premiums and payouts

  • Claim Settlement - Quick claim settlement services through 24*7 assistance

  • Instant claims - Assistance and SMS services on motor claim status through our 24x7 customer service centre

  • Transfer of No Claim Bonus - Hassle-free transfer of prevailing No Claim Bonus from any insurance company ranging from 20% - 50%

  • Easy accessibility - Presence in over 800 locations in India to ensure it is reachable to a wide section of the populace

  • Digitally-driven - Enhances accessibility and betters customer-centricity through digital payment of premiums

  • Cashless claims - Cashless claims at more than 4000 garages at convenient locations for your car. It also offers the advantage of 75% on account payment when cashless facility is not available.

  • Inspection services - Offers hassle-free inspection on motor insurance policies

Types of Bajaj Allianz Life Insurance Plans

Bajaj Allianz Life insurance offers a range of life insurance products along with variants to provide financial protection against life’s uncertainties.

Documents Required to Apply for Bajaj Allianz Life Insurance Policies

Documents needed while applying for an insurance plan from Bajaj Allianz are:

  • Proposal Form

  • Age Proof

  • Identity Proof

  • Address Proof

  • Income Proof

Documents for Settlement of Claims

Bajaj Allianz offers fast claim process and deposits claim within 30 days, provided the required documents are submitted well in time, beyond which Bajaj Allianz pays 8.75% interest for every day of delay.

Essential Documents

Necessary documents for settlement of claims are:

  • Photo ID proof and Address Proof of the policyholder - (Self-attested Copy)

  • PAN Card

  • Bank Documents for NEFT - Copy of cancelled cheque of policyholder (with name and IFSC Code is printed) or copy of Printed Bank Passbook.

  • Foreign Account Tax Compliance Act (FATCA) Form (In case of NRI policies)

  • Annuity Form (In case of Pension Products)

Claim Registration

  • Intimate Bajaj Allianz Life Insurance on their Toll-Free number - 1800 - 209 - 7272

  • Provide Death Certificate in case of a death of the insured

  • KYC of the nominee

  • Bank Details of the nominee

  • Original policy document

  • Policyholders have to register their phone number, email ID, mailing and permanent address before the maturity date to receive the maturity amount directly in their registered bank account.

Other Claim Documents

Death Claim:

  • Copy of Death Certificate issued by Municipal Authorities

  • Cancelled Cheque with NEFT details

  • Employer's Certificate - In case Life Assured is Employed

  • Medical Attendant Certificate

  • ID proof and Address proof of the nominee

If Death is unnatural:

  • FIR

  • Post-mortem report

  • Police final or inquest report

Claim Process of Bajaj Allianz Life Insurance

The life insurance claim process is as under:

  • Step 1 - Claim Registration The claimant or nominee will have to visit any branch office with – claim intimation form/letter, death certificate, KYC of nominee, bank details of nominee and original policy bond.
  • Step 2 - Claim Scrutiny and Decision Additional Requirements will be communicated and a dedicated team will follow up. Once all the necessary documents are received and assessments are complete, genuine claims will be settled. The claim decision will be notified to the claimant via SMS and a detailed letter shall be mailed.
  • Step 3 - Claims Review In the event the claimant is unhappy with the decision, the individual can write to the Claims Review Committee asking for the claim to be reviewed.

Bajaj Allianz Claim Settlement Ratio: Bajaj Allianz Life Insurance settled 13176 claims during the year 2017-2018. It had a claim settlement ratio of 92.04%.

Checking Bajaj Allianz Policy Status

There are two modes by which you can track your application - online and offline.

  • Checking Policy Status Online: To track your policy application online, click on ‘Track Your Application’ that appears on the webpage. Enter Application Number or 'Proposal Number' and Life Assured Date of Birth, and finally press on ‘Submit’. You will be able to track your application.
  • Checking Policy Status Offline: To check your policy status via the offline mode, you can contact the insurance company's customer service team by dialling 1800 233 7272 or 1800 209 7272. You can also visit any nearby branch office and enquire about the status of your application.

Other Details of Bajaj Allianz Life Insurance

Bajaj Allianz Online Premium Payment:

To make premium payments online, click on 'Pay Your Premium' button that appears on the company's webpage. Individuals can pay their premiums online through the following modes - Credit card (Visa/Maestro/ Master/Amex/Diners accepted), Debit card (Visa/Maestro/Master/Rupay accepted), Netbanking, e-Wallets, Unified Payments Interface (UPI) and EMIs on select cards. After selecting the mode of premium payment, enter policy number, DOB of Life Assured, email ID and mobile number. Click on ‘Pay Premium’ once all the necessary details are entered.

Bajaj Allianz Premium Calculator: Individuals who would like to avail a life insurance policy from Bajaj Allianz can make use of the insurer’s life insurance premium calculators. These facilities will help users determine the cost of achieving their life goals. The premium calculators available on the company website are as under:

  • Bajaj Allianz Life Tax Calculator
  • Bajaj Allianz Child Future Calculator
  • RightInsure Calculator
  • Right Invest Calculator
  • RetireRich Calculator
  • Fortune Calculator
  • Power of Compounding Calculator

Riders Offered by Bajaj Allianz

You can now customise your Bajaj Allianz Life Insurance Plan with optional paid Riders.

  • Accidental Death Benefit Rider: In the case of an accidental death of the life insured within 180 days of the occurrence of an accident, Bajaj Allianz will pay a rider sum assured to the nominee. It is subject to the maximum rider benefit of Rs.1 crore.

  • Accidental Permanent Total/Partial Disability Rider: If accident causes total or partial disability, Bajaj Allianz will pay rider sum assured. The benefit will be depending on the bodily injury.

  • Critical Illness Benefit Rider: Under this rider, 11 critical illnesses are covered. The rider can be claimed on the first diagnosis of any of the specified 11 critical illnesses, subject to a maximum of Rs.50 lakh as rider benefit.

  • Family Income Benefit Rider: On the first diagnosis of any one of the enlisted 11 critical illnesses, death, or accidental total disability, the policyholder can avail 1% of the sum assured as rider.

  • Waiver of Premium Benefit Rider: In case of accidental total disability, first diagnosis of any critical illness or death of the proposer, the future premiums will be waived. The rider benefit is subject to a maximum of Rs.50 lakh.

  • Bajaj Allianz ULIP Waiver of Premium Benefit Rider: A sum equal to future premiums shall be infused in the funds under the base plan, at regular intervals, subject to a maximum of Rs. 50 lakhs, under all policies put together with the insurer, on the earlier occurrence of:
    • Accidental permanent total disability or first diagnosis of critical ailment of the rider life assured.
    • Death or accidental permanent total disability or first diagnosis of critical ailment of rider life assured.
  • Bajaj Allianz ULIP Accidental Permanent Total/Partiality Benefit Rider: This rider will pay out a benefit if the rider life assured suffers permanent disability as a result of an accident. The benefit is only payable if the life assured becomes disabled within 180 days from the date of an accident. Bajaj Allianz ULIP Accidental Death Benefit Rider: In the event of death due to an accident, the rider sum assured chosen shall be paid.
  • Bajaj Allianz ULIP Critical Illness Benefit Rider: On the first diagnosis of any one of the 11 listed critical ailments of the rider life assured, the rider sum assured shall be payable.
  • Bajaj Allianz ULIP Family Income Benefit Rider: On the first occurrence of accidental permanent total disability, first diagnosis of any of the 11 listed critical ailments or death of the Rider Life assured, 1% of the rider sum assured shall be payable on a month-on-month basis for a period of the rider term subject to a minimum of 10 years.

Group Riders:

  • Bajaj Allianz Life Group Accidental Permanent Total/Partial Disability Benefit Rider: This is a non-participating, non-linked group rider that provides coverage to members in the event of any Accidental Permanent Total or Partial Disability.
  • Bajaj Allianz Life Group Accidental Death Benefit Rider: If the cause of death is due to an accident an amount equal to the rider sum assured chosen shall be paid. The benefit is only payable if the demise occurs within 180 days from the date of the accident.

  • Bajaj Allianz Life Group Accelerated Critical Illness Rider: On the diagnosis of any of the 11 listed critical ailments of member or the first of the joint members, a sum that is equal to the Rider Sum Assured becomes payable.

Awards & Recognitions of Bajaj Allianz Life Insurance Company

The following are the prestigious awards received by Bajaj Allianz in the last five years:

  • AON Best Employers India 2018 by AON
  • Customer Loyalty & Experience Awards 2018
  • SKOCH Inclusion Award for Micro Insurance 2018
  • Marketer of the Year 2018 at 3rd Annual Insurance India Summit & Awards
  • Tapan Singhel, MD & CEO of Bajaj Allianz, won the award for CEO of the Year 2018 at the 3rd Annual Insurance India Summit & Awards
  • India's Leading Insurance Company (Non-life Private) - Dun & Bradstreet - BFSI Awards 2017
  • India's Most Trusted CEOs 2017 - WCRC Leaders Asia
  • Personality of the Year - Annual Insurance Summit & Awards
  • Fintelekt Insurance Awards 2017
  • Today's Traveller Award 2017
  • Asia's Most Promising Brand 2017 – WCRC
  • LinkedIn Power Profile 2017
  • India's Most Trusted Power Brand 2017 by Planman Media
  • Technology Initiative of the Year 2017 at Asia Insurance Industry Awards
  • Digital Insurer of the Year 2017 at Asia Insurance Industry Awards
  • National Awards for Excellence in Insurance 2017 by World HRD Congress
  • Most Influential Business Leader in Asia 2017 by Economic Times
  • Most Policy Holder and Broker Friendly Insurer 2017 by IBAI
  • HR Team of the Year - The Guild & Hindustan Times Mint Connect
  • Aon Best Employer 2016
  • ASSOCHAM Award 2016
  • iAAA Rating by ICRA
  • BFSI Digital Pioneer Award by the Indian Express Group
  • General Insurance Company of the Year 2016
  • Associated Chambers of Commerce and Industry Leadership Award
  • New Insurance Product of the Year by ABF Insurance Asia Awards 2016
  • Domestic General Insurer of the Year India by ABF Insurance Asia Awards 2016
  • CEO of the Year by ABF Insurance Asia Awards 2016
  • Best Non-Life Insurance Provider - Outlook Money Awards 2016
  • Best General Insurance Company 2015 - ABP News BFSI Awards
  • Allianz Global Innovation Award 2015
  • Best General Insurance Company 2015 - Vijayavani BFSI Excellence Awards 2015
  • Insurer Claims Team of the Year 2015 by Claims Award Asia
  • The Silicon Valley Business Award 2015
  • Pharma Leaders Power Brand Awards 2015
  • Outlook Money Awards 2015
  • Economic Times Best Corporate Brand Award 2015
  • Best Insurance Company in the Private Sector - 2014 by ABP News BFSI Awards
  • Golden Peacock Award 2014
  • Allianz Global Innovation Awards 2014
  • Best Travel Insurance Company by CNBC AWAAZ Travel Awards 2014
  • Lokmat Banking, Financial Services and Insurance Awards 2014
  • Financial Inclusion and Payment Systems Awards 2014
  • Best General Insurance Company of the Year, by Asia Insurance Industry Awards 2014
  • Insurer Claims Team of the Year at the Claims Awards Asia 2014
  • Best in Diversity Award - TA Annual Leadership League Award 2014
  • General Insurance Provider of the Year award - Money Today FPCIL Awards 2014
  • Innovations in the BFSI sector - Finnoviti 2015 awards
  • Certificate of Appreciation from the Karnataka High Court - National Lok Adalat
  • Admired Brand of India 2014-2015
  • Legend in Insurance Industry by Brand Vision India Awards 2014-15
  • Personal Lines Growth Leadership Award Year 2013
  • General Insurance Company of the Year - Indian Insurance Awards 2013
  • Claims Awards Asia 2013
  • Allianz Global Innovation Awards 2013
  • General Insurer of the Year - Private Sector 2011 & 2012
  • Best General Insurance Provider- Private Sector at the CNBC TV18 India Best Bank and Financial Institution Award FY 11 and 12
  • General Insurance Provider of the Year - Money Today FPCIL Awards 2012
  • Best Leading Private Player- Non Life
  • General Insurer of the Year - Private Sector 2011 & 2012
  • Best General Insurance Provider- Private Sector at the CNBC TV18 India Best Bank and Financial Institution Award FY 11 and 12
  • General Insurance Provider of the Year - Money Today FPCIL Awards 2012
  • Business Leader in General Insurance by NDTV Profit
  • Best Travel Insurer awarded by CNBC 2010 and 2011
  • Best Contribution on Investor Education and Category Enhancement
  • Bloomberg UTV Financial Leadership Award 2011
  • Best Insurer - General Insurance by India Insurance Review, 2011
  • ISO 27001:2005 Certification to the IT Department by DNV
  • Claims Department has received the ISO 9001:2008 Certification
  • Customer Responsiveness Award by Avaya Global Connect, 2007

Contact Details

To know more about General Insurance Plans from Bajaj Allianz, you can get in touch with Coverfox at 1800-209-9970.

Bajaj Allianz Life Insurance Co. Ltd. Address: Policy Servicing Department, 3rd Floor, Bajaj Finserv Building, Survey No 208/1-B, Behind Weikfield IT Park, Viman Nagar, Pune – 411014

Toll Free Number - 1800-209-5858

FAQs of Bajaj Allianz Life Insurance policy

How do I renew my Bajaj Allianz Life Insurance policy?

You can renew your Bajaj Allianz Life Insurance policy through any one of these payment options:

  • Online payment: Payment through Debit/Credit Card, Netbanking, e-Wallets, etc.

  • Auto Debit/Auto Pay: Payment through your Credit Card, Netbanking

  • Walk-in to Balic Office: Payment through Direct Debit Facility, Credit Card, DD, Cheque or Cash

  • Walk-in to Bank: Payment at registered Bank Branches

  • Other Outlets: Suvidhaa, Common Service Centres and CAMPSRep

For further clarifications or assistance, you can get in touch with Coverfox at 1800-209-9970.

How do I cancel my Bajaj Allianz policy online?

Only if you have bought your Bajaj Allianz Insurance policy online, you can surrender it online from your policy profile within 30 days of opting for the policy. If 30 days have lapsed since the start of your policy term, you will have to visit your nearest Bajaj Allianz outlet with the necessary documents.

However, the cancellation is subject to several other factors, which vary for every insurance plan. For further assistance and clarifications, you can get in touch with Coverfox at 1800-209-9970.

How can I check my claim status?

You can check your claim status online by visiting the official website of Bajaj Allianz Life Insurance or by clicking on the link here: sales.baliconline.in/SalesPortal2/icZone/ClaimStatus.jsp

For further assistance, you can get in touch with Coverfox at 1800-209-9970.

Are there any tax exemptions on benefits received?

Yes, you will be eligible for tax deductions under Section 80 C and Section 10 (10D) of the Income Tax Act, 1961 for Life Insurance Products. Section 80D of Income Tax Act, 1961 for all health insurance plans and health related riders.

What is sum assured in Bajaj Allianz?

The sum assured levels will differ depending on which Bajaj Allianz life insurance plan you have availed.

Is death by natural calamities covered?

Certain natural calamities are covered under Bajaj Allianz’s life insurance policies. Before availing a policy, make sure to go through the list of exclusions to find out what kind of disasters are not covered.

Does Bajaj Allianz Life Insurance offer maternity benefit?

Maternity benefit falls under the health insurance segment and not covered under life insurance plans.

Is coverage available during foreign travel and stay?

Yes. If the life assured passes away in a foreign country, benefits will be paid depending upon the country and purpose of travel.