- About Coverfox
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.
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
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
Documents needed while applying for an insurance plan from Bajaj Allianz are:
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.
Necessary documents for settlement of claims are:
Photo ID proof and Address Proof of the policyholder - (Self-attested Copy)
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)
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
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:
Police final or inquest report
The life insurance claim process is as under:
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%.
There are two modes by which you can track your application - online and offline.
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:
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 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.
The following are the prestigious awards received by Bajaj Allianz in the last five years:
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
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.