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Bajaj Allianz Term Insurance Company

Bajaj Allianz Life Insurance Company Limited (IRDA Reg. No 113) is one of the most trusted and sought after names in the insurance industry in India. Bajaj Allianz Life insurance is a result of a joint venture between Bajaj Finserv Limited and Allianz SE. Both the companies are respected insurance vendors and are known for their integrity, professionalism, vision and expertise in the health insurance domain. It began its operations in 2001.

Customer delight is the guiding principle at Bajaj Allianz Life Insurance Company

Bajaj Allianz has been a vendor on the insurance circuit for quite some time and has acquired more than its fair share happy and loyal customers. Bajaj Allianz offers customized term insurance products as per your requirement. They have a variety of pension plans, child plans, savings and investment plans.

Benefits of Buying Bajaj Allianz Term Insurance

  • Cost: Bajaj Allianz term insurance plans are quite cheap. They are pocket-friendly rates for every product under the term insurance category which makes them the most preferred term insurance company.
  • Rebate: Certain term insurance plans offers rebate in premium if you choose a higher range of sum assured.
  • Variety: Bajaj Allianz term insurance offers huge variety of online and offline term insurance plans.
  • Death benefits: You have an option to choose death benefit in regular intervals which is monthly. Offers loan protection too.
  • Increase in cover: You can increase your insurance cover depending on the policy term. Offers liberty to choose both joint and single life cover. Provides accelerated terminal illness risk cover.
  • Customer Service: This Company has an excellent team of customer service that offers good and hassle-free pre-sales as well as post-sales services.
  • Tax benefits: Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Types of Bajaj Allianz Term Insurance Plans

Bajaj Allianz i-Secure Term Plan

This plan can be bought only through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 60 and the maturity age is 70 years
  • The minimum sum assured is 2 Lakhs for smokers and 20 lakhs for non-smokers and there is no limit for the maximum sum assured
  • You can buy this plan on a single and joint life basis for your spouse
  • If the insured passes away, the sum insured is paid to the nominee under the single life option
  • During the first death under the joint life option, the insurance company pays the sum assured and the plan still continues. During the death of the second life, the insurance company pays an additional sum assured. Both the cases the death has to occur during the policy term
  • The death benefit can be taken in instalments over 5 or 10 year period
  • Offers rebate in premium if you opt for a high sum assured
  • Offers special premiums for non-smokers and preferred non-smokers

Bajaj Allianz i-Secure More Term Insurance Plan

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 60 and the maturity age is 70 years
  • The minimum sum assured is 2.5 Lakhs and there is no limit for the maximum sum assured
  • You can buy this plan on a single and joint life basis for your spouse
  • This is an increasing coverage term plan where the sum assured increase by 5% up to maximum of 200% and then it ceases
  • If the insured passes away, the sum insured is paid to the nominee under the single life option
  • During the first death under the joint life option, the insurance company pays the sum assured and the plan still continues. During the death of the second life, the insurance company pays an additional sum assured. Both the cases the death has to occur during the policy term
  • The death benefit can be taken in instalments over 5 or 10 year period
  • Offers rebate in premium if you opt for a high sum assured of Rs.5 lakh and above
  • Offers special premiums for non-smokers and preferred non-smokers
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Bajaj Allianz iSecure Loan

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 60 and the maturity age is 65 years
  • The minimum sum assured is 3 Lakhs and there is no limit for the maximum sum assured
  • You can buy this plan on a single and joint life basis for your business partner, spouse or child
  • The plan has to be bought according to your outstanding loan amount. This amount would form your sum assured too
  • If the insured passes away, the sum insured is paid to the nominee under the single life option
  • During the first death under the joint life option, the insurance company pays the sum assured and the plan still continues. During the death of the second life, the insurance company pays an additional sum assured. Both the cases the death has to occur during the policy term
  • The death benefit can be taken in instalments over 5 or 10 year period
  • If you buy the plan online, you would be eligible to earn 5% discount on your premiums
  • Offers rebate in premium if you opt for a high sum assured of Rs.5 lakh and above
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Bajaj Allianz Life Secure Term Insurance Plan

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 25 years and maximum age in option 1 and 2 is 55 years and in option 3 is 50 years
  • The minimum sum assured is 20 Lakhs and no maximum limit
  • It is a whole life plan that offers 3 options. 1st option is death benefit wherein the nominee gets paid the sum assured only after the insured’s death
  • 2nd option is death benefit plus accidental death benefit wherein the nominee gets paid the sum assured only after the insured’s death. If death occurs before 65 years and due to an accident, an additional sum assured is paid which is equal to the sum assured on death @ 2 crores maximum
  • 3rd option is death benefit or accelerated critical illness plus waiver of premium benefit wherein the nominee gets paid the sum assured only after the insured’s death. If the insured suffers from any critical illness before 65 years and during the first 30 years of the policy period, then 50% of the sum assured is paid to the nominee @ maximum of Rs.50 lakhs. Any future premiums are further waived off. After this term if death occurs, then the balance 50% sum assured is paid to the nominee after death of the insured.
  • If the insured survives the maturity period or say lives till 100 years, then under option 1 & 2, the sum assured is paid. Under 3rd option, the sum assured is paid minus the critical illness expenses.
  • Offers rebate in premium if you opt for a high sum assured of Rs.20 lakh and above
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.
  • Offers special discounts on premiums to the females.

Bajaj Allianz Life Style Secure Term Insurance Plan

This plan can be bought through the website. The features of this plan are mentioned below:

  • The minimum entry age is 18 years and maximum age is 50 years and the maturity age is 60 years
  • The minimum sum assured is 3 Lakhs and maximum sum assured is 15 lakhs
  • This plan mainly focuses on death benefits and terminal illness
  • If the insured suffers death or gets diagnosed with terminal illness, the sum assured is paid off in monthly installments during the entire policy period
  • Offers rebate in premium if you opt for a high sum assured of Rs.3 lakh and above
  • Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Exclusions of Bajaj Allianz Term Insurance Plans

The claims would not be admitted under the below exclusions:

  • Suicide - If the insured commits suicide within the first year of the plan, then 80% of the premium paid till date is given to the nominee.

Claim Process of Bajaj Allianz Term Insurance

The claim can be filed in a simple and hassle-free process. Mentioned are the steps for claim process

Claim Registration

The nominee of the insured needs to intimate the claim to the insurance company by filling a claim form completely. Necessary documents needs to be attached along with the claim form. They are mentioned below:

  • Terminal illness claim form
  • Critical illness claim form
  • Accidental disability form
  • Natural/Accidental death form

The nominee needs to ensure that the form is filled based on the type of claim and submitted to the Bajaj Life Insurance office along with the other documents. The insurance company registers the claim and provides an acknowledgement to the claimant with a set of other claims documents for further processing of the term claim.

Documents Submission

The nominee can either visit the Bajaj Allianz Life Insurance head office or any of its branch to register a term insurance claim. The below documents would be required

  • Intimation letter
  • Death certificate
  • KYC of the nominee
  • Bank details of the nominee
  • Original Policy bond

Claim Scrutiny and Decision

The insurance company communicates the claimant the other requirement. A dedicated claims team follows up and help the claimants. This team further understands the genuineness of the claims, scrutinizes the claim and further takes a decision for claim payments.

Fund Value Payment

After scrutinizing the claim, the fund value of the plan is paid to the nominee of the policy. This process happens only during death claim.

Settlement Payout

The insurance company would verify the documents once received. In case of any more documentation, the verification process would be complete after receiving the same. The clauses and riders if any would also be examined. If all the documents are found right as per the requirement, then the funds would be released in the nominee’s favor. The payment is done via NEFT (National Electronic Fund Transfer) to the nominee. The insurance company ensures complete transparency to reduce any possible frauds and financial discrepancy.

Note: If the claim is delayed (which is very rare with Bajaj Allianz) beyond 30 days, they pay their customers a good interest @8.75% for every day’s delay.

Review of Bajaj Allianz Term Insurance

When it comes to claim settlement ratio, Bajaj Allianz has a very healthy record. That’s strikingly encouraging for their potential customers. Pricing wise, their products perform quite well in comparison to their counterparts from competitors.

Backed by the array of top-notch insurance professionals and a trustworthy brand, Bajaj Allianz insurance company delivers unbeatable services to their customers. Their commitments about stringent response times for service delivery and claims undeniably reserves one of the top slots for them in insurance domain in India.

FAQs on Bajaj Allianz Term Insurance

What happens if I start consuming alcohol or start smoking after buying the term insurance policy from Bajaj Allianz Insurance Company?

Your base cover won’t be affected if you start consuming alcohol or start smoking after buying the term insurance policy from Bajaj Allianz Insurance Company. Any accidental injuries suffered if found under the influence of alcohol that further resulted into death or disability would not be covered. Only disability claim and the Accidental death benefit part from the death claim payout would not be paid.

Smoking consumption won’t actually be affected even if the habits commences after the policy issuance.

What would be reasons for my claim getting rejected?

  • If the policy gets lapsed on the date of the incidence of the claim.
  • If a particular loss is not covered as mentioned in the policy terms and conditions,
  • Any incident falling under the exclusion category won’t be approved for claim.

What is the right age to buy a Term plan?

There really is no right age for making an investment when it comes to Term Insurance. Like any other insurance plan, the earlier you opt for it, the better. If you do manage to buy the plan at an early age:

  • The premiums will be relatively lower. Now that's a win-win situation!
  • Your liabilities are at a low hence you might not require to insure a big sum which will eventually result in lesser premiums.
  • As health risks largely depend on the age, getting covered is easier and hassle-free. Who doesn't like that?

How does Bajaj Allianz Term Insurance Work?

Term life insurance is one of the most traditional forms of insurance. To understand how it functions, read the below mentioned steps:

  • Purchase a policy: You don’t have to keep thousands of rupees aside from your savings every year to invest in a good term plan. For instance, if you are a non-smoking 30-year-old woman, your annual premium would be somewhere close to Rs. 8,000 to Rs. 10,000 annually for a sum assured of up to Rs.1 crore. But, remember, the premium would differ basis different insurer and the type of plan.

  • Pay premiums on time: You only need to make sure that you make the payments of the premium on time at a frequency chosen by you at the time of purchasing the policy. The premiums can be paid monthly, quarterly, half-yearly or annually.

  • Reaping out the benefits: There are no maturity benefits of the term insurance plan except term plans with return of premium option. The main motive of term plans is to provide life cover. Only on death of the policyholder, a nominee or beneficiary of the policy receives the sum assured.

The simple funda of term insurance plans is that they are pure protection plans. You pay the premium regularly as per the frequency chosen and your family gets the sum assured in case something happens to you.

How much term insurance can a non-working women be eligible for?

  • A married non-working women can be offered 50% of her husband’s cover or 25 lakh whichever is minimum
  • A widow who is non-working would not be offered any term insurance
  • An unmarried or a divorced non-working woman won’t be offered any term insurance coverage.

Bajaj Allianz Term Insurance