Bajaj Allianz Traditional Plans

4.5 / 5 based on 24 User Reviews
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Bajaj Allianz Life Insurance Company is a joint venture between Bajaj Finserv Limited and Allianz SE. A leader in the insurance market, Bajaj Allianz Company offers different types of insurance products to cater to the various needs of the customers. The wide range of life insurance products offered by the company include Protection plans in the form of term plans as well as Savings and Investment Plans , Child Plans and pension plans that are available in both traditional or non-traditional (unit-linked) forms. The company is famous for providing world class products at competitive rates. Bajaj Allianz is a company that proudly boasts of a strong foundation of sales force that fuels the increase of the company’s market share in the insurance sector. The efficient after-sales support is another great asset of the company.

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

  • These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
  • In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
  • The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
  • The plans may be issued either as Endowment Plans or Money Back Plans

Bajaj Allianz Traditional / Investment Plans

Bajaj Allianz Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.

Bajaj Allianz Save Assure

A traditional non-participating Endowment Assurance plan which has the following features:

  • The premium is paid for a limited tenure only
  • On death or maturity, 115% of the chosen Sum Assured is paid to the nominee or the policyholder respectively
  • The maturity or the death benefit can also be availed in monthly instalments over a period of 5 or 10 years where each monthly instalment will be (1.04*maturity or death benefit)/60 or (1.08*maturity or death benefit)/120 for 5 or 10 years respectively
  • Loan can be availed under the plan up to a maximum of 90% of the Surrender Value
  • The plan also promises rebates in premiums for choosing a higher Sum Assured level of Rs.1 lakh and above.
  • The premium payment frequency chosen at inception can be changed anytime.
  • Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

1 year

60 years

Maturity Age

18 years

75 years

Policy Term

15 or 17 years

Sum Assured

Rs.1 lakh

No limit

Annual Premium Amount

For 15 years’ term – Rs.8140

For 17 years’ term –Rs.6620

No limit

Premium Payment Term

Plan term – 5 years

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

Bajaj Allianz Guarantee Assure

A non-participating Endowment Assurance plan which has the following features:

  • The plan has a limited premium paying term which is fixed for a period of 5 years
  • Guaranteed Additions are added every year as a percentage of the chosen Sum Assured depending on the plan tenure chosen
  • On death, higher of 5 times the annual premium or 105% of all premiums paid till death or the chosen Sum Assured is payable to the nominee which also includes the accrued Guaranteed Additions
  • On maturity, the Sum Assured and the accrued Guaranteed Additions are paid to the policyholder
  • The maturity or the death benefit can also be availed in monthly instalments over a period of 5 or 10 years where each monthly instalment will be (1.04*maturity or death benefit)/60 or (1.08*maturity or death benefit)/120 for 5 or 10 years respectively
  • The instalments can also be taken in lump sum at a discounted value
  • Loan can be availed under the plan up to a maximum of 90% of the Surrender Value
  • The plan also promises rebates in premiums for choosing a higher Sum Assured level of Rs.1 lakh and above and also for female lives.
  • The premium payment frequency chosen at inception can be changed anytime.
  • Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

9 years

60 years

Maturity Age

18 years

69 years

Policy Term

7, 8 or 9 years

Sum Assured

Rs.1 lakh

No limit

Annual Premium Amount

Rs.23, 839

No limit

Premium Payment Term

5 years

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

Bajaj Allianz Cash Assure

A participating money-back plan which provides funds at regular intervals. The features of the plan are as follows:

  • Survival Benefits are paid @ 15% - 30% of the Sum Assured depending on the plan tenure chosen.
  • On maturity, 40% of the Sum Assured, vested bonus and any Terminal Bonus is paid
  • On death of the insured during the plan tenure, higher of 10 times the annual premium paid or the chosen Sum Assured subject to a minimum of 105% of all premiums paid till death is payable along with the vested bonuses and any Terminal Bonus.
  • The plan promises five additional riders which can be taken for a more comprehensive coverage. The riders available are:
    • Bajaj Allianz Accidental Death Benefit Rider
    • Bajaj Allianz Accidental Permanent Total / Partial Disability Benefit Rider
    • Bajaj Allianz critical Illness Benefit Rider
    • Bajaj Allianz Family Income Benefit Rider
    • Bajaj Allianz Waiver of Premium Benefit Rider
  • Discount in premium is allowed for female lives and for choosing higher Sum Assured levels of Rs.1 lakh and above
  • Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

0 years

54 years

Maturity Age

18 years

70 years

Policy Term

16, 20, 24 or 28 years

Sum Assured

Rs.1 lakh

No limit

Annual Premium Amount

Rs.6500

No limit

Premium Payment Term

Plan term - 5 years

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

Bajaj Allianz Elite Assure

A participating Endowment Assurance plan where premiums can be paid regularly or for a limited tenure. The features of the plan are as follows:

  • Guaranteed Loyalty Additions are paid under the plan ranging from 3% - 15% of the Guaranteed Maturity Benefit depending on the plan tenure and the premium paying tenure
  • On maturity, the Guaranteed Maturity Benefit along with the Guaranteed Loyalty Additions, vested bonuses, interim bonus and any Terminal Bonus is paid
  • On death of the insured during the plan tenure, higher of the Guaranteed Maturity Benefit or the Sum Assured along with the Guaranteed Loyalty Additions, vested bonuses, interim bonus and any Terminal Bonus is paid
  • The plan promises five additional riders which can be taken for a more comprehensive coverage. The riders available are:
    • Bajaj Allianz Accidental Death Benefit Rider
    • Bajaj Allianz Accidental Permanent Total / Partial Disability Benefit Rider
    • Bajaj Allianz critical Illness Benefit Rider
    • Bajaj Allianz Family Income Benefit Rider
    • Bajaj Allianz Waiver of Premium Benefit Rider
  • Discount in premium is allowed for choosing higher Guaranteed Maturity Benefit levels of Rs.5 lakhs and above
  • The premium payment frequency can be changed anytime
  • Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

0 years

55 years

Maturity Age

18 years

70 years

Policy Term

15 years

30 years

Sum Assured

10 times the annual premium

Guaranteed Maturity Benefit

Rs.5 lakhs

No limit

Premium Payment Term

Equal to plan term or 7 or 10 years

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

Bajaj Allianz Invest Assure

A participating Endowment Assurance plan which has the following features:

  • The premium under the plan is payable for a limited tenure
  • The plan comes in two variants of Gold and Silver with different eligibility criterion as regards to the entry and exist age, plan term and the premium paying term
  • On death of the insured during the tenure of the plan, higher of 10 or 7 times the annual premium or 105% of all premiums paid till death or 1.25 or 2 times the chosen Sum Assured is payable to the nominee along with the vested bonus, interim bonus and any Terminal Bonus
  • On maturity, the Sum Assured along with the vested bonus, interim bonus and any Terminal Bonus is paid
  • The maturity or the death benefit can also be availed in monthly instalments over a period of 5 or 10 years where each monthly instalment will be (1.04*maturity or death benefit)/60 or (1.08*maturity or death benefit)/120 for 5 or 10 years respectively
  • Loan can be availed under the plan up to a maximum of 90% of the Surrender Value
  • The plan also promises rebates in premiums for choosing a higher Sum Assured level of Rs.1 lakh and above.
  • The premium payment frequency chosen at inception can be changed anytime.
  • Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

Silver – 0 years

Gold – 18 years

50 years

Maturity Age

18 years

Silver – 70 years

Gold – 65 years

Policy Term

Silver – 17 years

Gold – 15 years

40 years

Sum Assured

Rs.1 lakh

No limit

Annual Premium Amount

Rs.5000

No limit

Premium Payment Term

5 years

30 years

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

Other Plans

  • Bajaj Allianz Lifelong Assure – a traditional whole of life plan which features in the category of child plans and which provides coverage till the age of 100 years. The premium is payable for a limited tenure of 10, 15 or 20 years while the plan continues till the age of 100 years. There is a cash bonus payable under the plan from the end of the 6th year of the plan while guaranteed cash backs are payable from the end of the premium paying term. The plan promises a guaranteed death benefit which can go as high as 300% of the Sum Assured depending on the premium paying term chosen. Moreover, premium rates are lower for female lives and discounts in premium are also allowed for choosing a higher Sum Assured levels. There is also a provision of availing additional coverage through a choice of five riders.
  • Bajaj Allianz Young Assure –a traditional savings plan for the welfare of the child. The plan participates in the profits of the company by way of earning bonuses and premiums are payable for a limited tenure. In case of death of the insured, the Sum Assured is immediately paid and the policy is converted to a fully paid-up policy under which bonuses accrue. At the end of the plan tenure, maturity benefit is also payable. In case of maturity, the policyholder has the option to choose from a range of 3 money back options as per his requirements. Moreover, premium rates are lower for female lives and there is also a provision of availing additional coverage through a choice of five riders.
  • Bajaj Allianz Pension Guarantee – an immediate annuity plan where the annuity payments start immediately from the next chosen frequency (monthly, quarterly, half-yearly or annually) after the payment of the single premium. The annuity can be chosen to be received either on a single life basis or on a joint life basis. The annuity promises multiple annuity options which are:
    • A - Life annuity
    • B - Lifetime Annuity with Return of Purchase Price
    • C - Life Annuity guaranteed for 5/10/15 or 20 years and thereafter payable for life
    • D - Lifetime Annuity with Return of Purchase Price on death of last survivor
    • E - Joint Life Last Survivor with 50% annuity to the spouse
    • F - Joint Life Last Survivor with 100% annuity to the spouse

Applying for a Traditional / Investment Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

  Bajaj Allianz Traditional Plans - FAQs

1. How to pay premium? What are the modes of payment available?

You can pay premium from ANY of these approved methods

ECS

NEFT

Cash/Cheque Payments

2. How can I check policy status for Bajaj Allianz traditional plans?

As a registered user, you must log into Bajaj Allianz website with your valid User Id and password. On the homepage of your e-portal click “Policy Status” to know.

3. What is the policy renewal process for Bajaj Allianz traditional plans?

You can authorize your premium payments online through Bill Junction service, available on the insurer’s website. You need to register yourself at Bill Junction and follow the policy renewal instructions.

4. What is the company’s process to settle claim for Bajaj Allianz traditional plans?

Bajaj Alliance Life Insurance aims to provide faster claims settlement service. You must submit the valid documentation along with suitable claims form and submit it to the nearest branch in you city. Upon receiving the documents and processing it, your claims is settled within 30 days. The claim amount is directly deposietd in your bank account.

However, if a claim settlement is delayed beyond 30 days, the company pays an 11% interest for every day's delay

5. What is the policy cancellation process for Bajaj Allianz traditional plans?

Bajaj Alliance Life Insurance policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. The value of their refund will be calculated based on the current NAV value, if the documents are submitted before 3:00 PM, else the next day’s market rates will be applicable.

Bajaj Allianz Traditional Plans Reviews

TOTAL REVIEWS (24)
Arun
Raj_nagar
July 15, 2016

Investment plan

The traditional plan of mine is good and the premium is less. Policy cover maximum expenditures and scenarios. Service is quick and good behaviour of the staff is nice. Online service is quite good actually which gives an option to renew the policy.

Mayank
Sonipat
March 22, 2016

Great Deal

Traditional policy plan i purchase from bajaj allianz life insurance. The policy plan is great and the coverage is 92% with claiming part is easy due to fast service provided by the executives. The returning amount is approx. 70 L at the end of the policy. I like it.

Prashant
Jalpaiguri
March 22, 2016

Damn Good

My traditional policy plan is with bajaj allianz life insurance. The service you provide is awesome guys. Policy coverage and claims are high but the premiums are low. The return amount is approx. Rs.74 L. The investment is ~90 K per year. This policy safe good range of taxes also. Fantastic work.

Tarun
Pune
March 22, 2016

Perfect Policy

I own traditional policy plan which i buy from bajaj allianz life insurance. The policy coverage is high ~92% and the premiums are low ~35 K thrice per year. The payback money is high around 66 L. The services are fast and the behaviour of the executives are nice with policy owners.

Hemant
Ahmedabad
March 22, 2016

Good Service

My bajaj allianz traditional policy plan is good in services. The policy coverage is good and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.50 L.

Sumeet
Siddharthnagar
March 08, 2016

Awesome Policy Plan.

I finally buy bajaj allianz life insurance traditional policy plan. Policy covers almost all cases and the amount of returns is around 19K. Service provided is fast and on time. Good work guys, keep it up.
Plan Name: Future Gain
Agent Code: BBE04737

Sanjay
Thane
February 25, 2016

Poor services

I have bajaj allianz life insurance traditional policy plan which is really nice. Policy coverage is awesome. Claims are high ~Rs.24 lakhs, even premiums are low ~Rs.4799. But the only thing is the service you provided is really very bad. Slow like sneal. Please improve it.
Plan Name: Future Gain
Agent Code: BPW00249

Amit
Pune
February 18, 2016

"Okay Plan"

My policy is with bajaj allianz life insurance and policy is traditional plan. Services you provide is good and on correct time, nice job whole team. Claims and policy coverage is also high but the thing is premium is low. Happy...
Plan Name: Future Gain
Agent Code: BPW00249

Robin
Mandla
February 18, 2016

Fair policy plan.

I have bajaj allianz life insurance traditional plan. Policy coverage is nice around 80% and the premium is Rs.4399. Claims are high ~Rs.27 lakh and the claims easily sanctioned due to fast service provided by executives and team.
Plan Name: Future Gain
Agent Code: BPW00249

Sandeep
Bhubaneswar
February 18, 2016

"Good plan"

I have bajaj allianz traditional plan which is really nice with low premiums. Policy coverage is 80% and claim is Rs.21.3 lakhs. Claiming procedure is easy and it complete very quickly due to the service provided by the executive members.
Plan Name: Future Gain
Agent Code: BBE06895

Ullas
Pune
February 16, 2016

"Nice"

I gifted bajaj allianz traditional plan policy to my wife. The policy coverage is 89% and the claims are Rs.29 Lakhs. Services provided by the company is really very good with online facility to do all things. My wife is happy with this policy, so m i...
Plan Name: Future Gain
Agent Code: BPW00249

Nabajyoti
Guwahati
February 16, 2016

nice plan..!

I have bajaj allianz traditional plan. The plan has good policy coverage ~80%. Claim is of Rs.27 lakh, and even the premium is Rs.2999. The service is really very good with regular updates of policy via. mails and texts.
Plan Name: Future Gain
Agent Code: BPW00249

Subrata
Kolar
February 08, 2016

Policy coverage is good.

I have policy plan and the coverage is really good 89%. Bajaj allainz provide the best plans. The service is fast and daily updates mailed and texted. Claim is Rs.23 lakh. Nice policy with premium Rs.2500 per month.
Plan Name: Future Gain
Agent Code: BPW00249

Mohamed
Delhi
February 08, 2016

Nice insurance.

My life insurance is with bajaj. Policy coverage is 80% and the claim is Rs.19 lakh. Service is fast enough to do work at correct time. The premature policy claim around 5-9 lakh.
Plan Name: Future Gain
Agent Code: BPW00249

Sarin
Rajahmundry
February 05, 2016

"Trustworthy"

Bajaj insurance provide fine deal with huge benefits like policy coverage, claims, cashless garages, and the best is customer service which accessed in seconds. The premium is low and the claims are high about 80%.
Plan Name: Future Gain
Agent Code: BPW01312

Prajakta
Mumbai
February 05, 2016

"Fine Sevices With Low Primeum"

The policy i have is fair enough in services and benefits which i took by bajaj allainz. The claims are high as policy coverage too about 70-89% of the amount before the policy ends. Cashless garages are good in service with high number in quantity.
Plan Name: Future Gain
Agent Code: BPW01312

DEV
Bilaspur
February 05, 2016

"Perfect"

Recently buy traditional plans and like everyone else policy provide the great deals but really works. Policy coverage is good and claims are very easy to get with very fast service provided by the policybazaar.
Plan Name: Future Gain
Agent Code: BBE06002

Sheetal
Delhi
February 05, 2016

"Real Plan"

Bajaj insurance is better then others. Purchase life insurance traditional plan policy and it feel's good because of great benefits like policy coverage, claiming process, cashless garages an many more. The service is very fast and on time.
Plan Name: Future Gain
Agent Code: BBE06002

Sanket
Aurangabad
February 04, 2016

"Good"

Recently buy life insurance from Bajaj Allianz Life Insurance. They provide great service with very good policy coverage. The claim is very easy to get with very good amount around 80-90%. I'm luvin it.
Plan Name: Future Gain
Agent Code: BBE06765

Nitin
Ajmer
February 04, 2016

"Excellent"

I purchase life insurance from Bajaj Allianz Life Insurance. It is costly but the services are really great. The claims are really high, and easily processed without any paperwork. The coverage are almost (70-80)%. Happy I have it.
Plan Name: Future Gain
Agent Code: BBE06765

Baljeet
Delhi
February 04, 2016

"Great Experience"

Very few company gave plan like I got from Bajaj Allianz Life Insurance. Policy coverage is around 85% and the services are five out five star. Claims are 90% with extra benefits like ambulance charges. Really happy with policy :)
Plan Name: Future Gain
Agent Code: BPW01312

Raghuram
Noida
February 04, 2016

"Fantastic"

Bajaj Allianz Life Insurance provide me good policy. Number of benefits are there in single policy. The policy coverage is high with low premiums. Service is good and on time, no delay in any case. Claims are also easily manageable.
Plan Name: Future Gain
Agent Code: BBE06895

Piyush
Jammu
February 04, 2016

"Fair Enough Deal"

I got a life insurance like everyone else, from Bajaj Allianz Life Insurance. The Policy coverage is good. The services you provided is really awesome. The claiming experience is nice and easily to get in short time period. The number of cashless garages is enough.
Plan Name: Future Gain
Agent Code: BBE03914

Saurabh
Mathura
February 04, 2016

"Average"

I have life insurance policy from last year from Bajaj Allianz General Insurance. The experience is great and the service you provide was marvelous. The premium is high but the return Paybacks are also really very high. Secure future, I'm happy with you.
Plan Name: Future Gain
Agent Code: BBE06002