About Bajaj Allianz Life Insurance

Bajaj Allianz is a collaboration between Bajaj Finserv Limited and Allianz SE. Both companies enjoy a global reputation in terms of expertise, constancy, and forte. When the comprehensive life insurance solutions and technical expertise of Allianz SE blend with in-depth market knowledge of Bajaj, Bajaj Allianz Life wins the trust of its customers and has made its presence among the leaders within a very short span of time.

Human life is full of Ifs and one has to plan accordingly to secure the financial future of his/her family. Purchasing life insurance should be on the list of one’s life goals, which helps to realise the sense of security. With a life insurance policy, one can mitigate the financial burden in case of an unfortunate event that may lead to loss of income. It protects the financial wellbeing of the loved ones in case of a sudden absence of the breadwinner of the family.

Bajaj Allianz life insurance plans are designed to cater to every segment and income profile irrespective of age. Bajaj Allianz has come up with a strong life insurance portfolio by offering various plans to serve its customers.

Started in the year 2001, the insurer has its pan-India presence with 638 branches.

Why Choose Bajaj Allianz Life Insurance?

The below are the reasons to choose Baja Allianz life insurance:

  • The company has approx. Rs. 50,000 crore Assets under Management (AUM) as on May 2017
  • To ensure fastest claim settlement, the insurer believes in claim deposit through electronic transfer
  • It is one of the leading company with a solvency ratio of 582%
  • The Economic Times awarded the company a Best Corporate Brand in the segment of life insurance in the year 2016
  • ABP News recognised it as the best life insurance company in the year 2015.
  • Economic Times Promising Brand in the year 2015 and so on
  • Life insurance plans of Bajaj Allianz are cost effective and also protects the family of insured fully

Eligibility Criteria to Buy Bajaj Allianz Life Insurance

  • The minimum eligibility criterion to buy Bajaj Allianz life insurance plans is 18 years.
  • The insurance seeker’s age should not exceed 60 years
  • Any salaried person, self-employed or any professional can apply for Bajaj Allianz life insurance plans.

Types of Plans Offered by Bajaj Allianz Life Insurance

Bajaj Allianz offers an array of life insurance product collection ranging from Investment plans to child plans to fulfill the different requirements of the individual. Let’s gather some detailed knowledge of these plans-

Bajaj Allianz Term Insurance Plans

Bajaj Allianz term insurance plans offer complete protection against the financial implication caused by an unfortunate event that can’t foresee. These plans offer pure risk cover, sometimes with the maturity benefits and sometimes without this. These plans can be availed at an affordable rate and these help in mitigating the outstanding dues such as home loan, mortgage etc. Term insurance plans of Bajaj Allianz include:

Plan Name Entry Age Policy Tenure Sum Assured
eTouch Online Plan Minimum: 18 years

Maximum: 65 years

10/40 years Rs. 50,00,000

Maximum: no limit (life benefit),

Rs. 2 crore (ADB/ATPDB),

Rs. 75,00,000 (ACI Benefit)

iSecure Minimum: 18 years

Maximum: 60 years

10/15/20/25/30 Minimum: 2,50,000 (general category),20,00,000(preferred non-smokers, Non-Smoker and Smoker)

Maximum: No Limit

Bajaj Allianz Life Insurance ULIP Plans

ULIPs plans of Bajaj Allianz offer both investment and insurance benefits which help a person to create and grow his/money. These plans directly linked with the stock market, bonds or mutual funds where the policyholder can choose a fund from multiple fund options as per its risk appetite. These plans include:

Plan Name Entry Age Policy Tenure Sum Assured Tax Benefit
Goal Assure Minimum:0

Maximum: 60 years

5/10/15/20 years Less than 45 years age Higher of 10 times AP

0.5xPTxAP

Tax free returns on investment/life cover
Greater than or equal to 45 years Higher of 10 times AP

0.25xPTxAP

Future Gain Minimum:1 year

Maximum: 60 years

10/15/20/30 years Less than 45 years age Higher of 10 times AP

0.5xPTxAP

Available as per the prevailing Income Tax Act
Greater than or equal to 45 years Higher of 7 times AP

0.25xPTxAP

Principal Gain Minimum:7 years

Maximum: 60 years

7-15 years 10 times of annual premium Available as per the tax law

Bajaj Allianz Life Insurance Investment Plans

Bajaj Allianz offers a variety of investment plans that help the policyholder to meet the various life goals. On the other hand, they also offer a financial shield to the family in case of a sudden demise of the policyholder. These plans offer partial withdrawals in case of an emergency and the insured can choose from multiple fund options. These plans include:

Plan Name Entry Age Policy Tenure Sum Assured Tax Benefit
Elite Assure Minimum: 0 years

Maximum: 55 years

15/20/25/30 years 10 times of annual premium Available as per the Income Tax law
Fortune Assure Minimum: 1 years

Maximum: 63 years

7/30 years Age at Entry < 45 years: 1.25 times single premium

 

Age at Entry >= 45 years: 1.1 times single premium if

Premium paid is tax exempted
Invest Assure Minimum: 0 year (silver plan),18 years(gold plan)

Maximum: 50 years

Silver Variant – 17 years, Gold Variant – 15 years

Maximum: 40 years

Rs. 1,00,000 Available

Bajaj Allianz Life Insurance Savings Plans

A traditional life insurance policy only offers financial protection to the family in case of an unfortunate demise of the insured. But life insurance can be way more than this. Every individual has a set of life goals to be achieved like buying a house, owning a car, save for retirement days etc. One can make these dreams come true with a plan, combined of the life protection and investment to grow the money. These savings plans help to insured to develop the habit of savings and protect the family during an unforeseen event. Bajaj Allianz Savings Plans include:

Plan Name Entry Age Policy Tenure Sum Assured Tax Benefit
Super Life Assure Minimum: 0 (Life)/18 years (Super)

Maximum: 55 years (Life), 50 years (Super)

12-20 years Minimum: 1,00,000 (super), 50,000 (life)

Maximum: no limit

Available under Section 80C  and 10(10 D)of Income Tax Act
Save Assure Minimum: 1 years

Maximum: 60 years

15/17 years Rs. 1,00,000-no limit Available under Section 80C  and 10(10 D)of Income Tax Act
Guarantee Assure Minimum: 9 years

Maximum: 60 years

7,8,9 years Rs. 1,00,000-no limit Available under Section 80C  and 10(10 D)of Income Tax Act

Bajaj Allianz Life Insurance Retirement Plans

Bajaj Allianz retirement plans are tailor-made to cater to the needs of a senior citizen. Many a times retirement comes with a concern as the inflow of income comes to a halt and financial barrier may occur. With the growing lifestyle, the more one saves lesser it is. Therefore, with an adequate retirement plan, one can live those golden days worry less. These plans help an individual to retire with laughter lines, not worry lines, without compromising on his/her living standard. Bajaj Allianz retirement plans include:

Plan Name Entry Age Policy Tenure Sum Assured Tax Benefit
Pension Guarantee Minimum:37 years

Maximum: 80 years

Rs. 25,000-no limit Available under Section 80C  and 10(10 D)of Income Tax Act
Retire Rich Minimum:30 years

Maximum: 73 years

7/30 years Available under Section 80C  and 10(10 D)of Income Tax Act

Bajaj Allianz Life Insurance Child Plans

Most of the parents start saving for their children as soon as he/s becomes the part of their lives. That’s why one must invest in something that offers optimum returns and ensure a secured future for the child. In this regard, Bajaj Allianz Child plans are the best option that worth the money. These plans allow the parents to invest year after year and save a huge chunk of money. The saved money can be further use for child education, marriage, job or business.

So, the benefits of a child plan are manifold. This plan comes with multiple payment options and policy terms options, Guaranteed Maturity Benefit, instalment of cash option, inbuilt Total Disability Benefit etc. Child Plans of Bajaj Allianz include:

Plan Name Entry Age Policy Tenure Sum Assured Tax Benefit
Lifelong Assure Minimum:10 years

Maximum: 55 years

100 minus age at entry Rs. 1,00,000-no limit Available under Section 80C  and 10(10 D)of Income Tax Act
Young Assure Minimum:18 years

Maximum: 50 years

10/15/20 years 10 times of annual premium Available under Section 80C  and 10(10 D)of Income Tax Act

Bajaj Allianz Life Insurance Claim Process

In order to register a claim and enjoy the policy benefits, the following steps are required to be followed:

  • The insurance provider has to be informed about the loss without a delay. The beneficiary can call on the toll-free number or can write on the official email id. Or one can visit the nearest branch as well.

To register a claim with Bajaj life insurance, the insured or the nominee has to provide the following details:

-Life insurance policy number

-Name of applicant

-Name of the life assured

-Date of death/disability of the life assured

-Cause of death/disability

-Contact details

  • Upon claim registration, a reference number will be provided for future reference.
  • In case of a death claim, the insurer needs to be informed as soon as possible and the nominee is required to submit the claim form timely.
  • After receiving the duly filled claim form along with the documents, the insurer verifies the documents and finally settles the amount. The settled amount is transferred to the beneficiary account through NEFT.
  • Documents required to be submitted for both death and maturity claim may vary. That’s why one is recommended to refer the policy document to avoid future consequences.

Documents Required to Purchase Bajaj Allianz Life Insurance

To avail life insurance from Bajaj Allianz, one will need

  • Application Form
  • Age Proof
  • Identity Proof
  • Address Proof
  • Income Proof

Bajaj Allianz Life Insurance FAQs

Is there any rider covers available with the Bajaj Allianz life insurance plans?

Ans-: Yes, you can opt for rider covers. Rider covers are basically bought for increasing the basic policy coverage and these covers can be availed at an extra premium. The various riders offered by Bajaj Allianz Life Insurance are:

  • Waiver of Premium Cover
  • Income Benefit Rider
  • Personal Accidental Cover
  • Critical Illness Cover
  • ULIP Accidental Permanent Total/Partial Disability benefit
  • ULIP Waiver of Premium Rider
  • ULIP Accidental Death Benefit

*For detailed information kindly refer Bajaj Allianz official website

Is maternity covered under Bajaj Allianz life insurance?

Ans-: yes, unless it isn’t in the permanent exclusion list or the claim fall under an exclusion clause of the insurer or the policy comes with a pregnancy clause, the same will not be covered.

How can I check Bajaj Allianz life insurance policy status?

Ans-: Bajaj Allianz life insurance policy status can be checked online or offline. To check online, visit Bajaj Allianz’s official website and log into the customer portal. The current policy status of the existing policy will appear once you logged in. also, by sending an email, one can ask for the current policy status.

What are the grounds on which the insurer may reject a claim?

Ans-: A claim may be rejected on the grounds that:

  • If the claim for something is in the exclusion list of the insurer
  • The claim arises when the policy has lapsed
  • If provide withholding information
  • In case of fraud
  • Claim with an insufficient supporting document will not be entertained

What is the procedure of cancelling Bajaj Allianz life insurance plans?

Ans-: You can cancel a policy by filling up a surrender request form and submit the same with the insurer along with the relevant information.

How can I renew life insurance policy offered by Bajaj Allianz?

Ans-: in order to enjoy the policy benefits uninterruptedly, one has to renew the policy time to time. A life insurance policy can be renewed online or offline. However, the online process is the most convenient and hassle-free. To renew a policy online:

  • Visit the official website of the insurer
  • Go to the policy renew option available on the homepage
  • Choose the type of plan you want to renew
  • Provide some information life policy number, name, contact details etc.
  • Calculate the premium online. Also, compare the premium with other available options
  • If satisfied with the current insurer, pay the premium online by using various online payment modes such as credit/debit card/net banking/NEFT etc.

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