Bajaj Allianz Life Insurance

Bajaj Finserv is a financial service provide in India and currently provides services in life insurance, finance, and general insurance. Allianz SE is a life insurance provider serving customers in more than 70 countries. This joint venture Company incorporates global expertise with local experience.

Mr. Tarun Chugh is the MD & Chief Executive Officer of Bajaj Allianz Life Insurance Company Ltd and Mr. Sanjiv Bajaj is the Chairman of the company. Bajaj Allianz Life Insurance has been awarded for "Best Life Insurance Company in the Private Sector" in BFSI Awards 2015.

The company has also been awarded the "SKOCH Financial Inclusion & Deepening Award 2014" in the Platinum Category, for their Excellence in the Life Insurance Industry. The company has a total asset under management of Rs.51, 970 Crore as on 31^st March’2018.

Bajaj Allianz Life Insurance Plans

Product Portfolio

• Bajaj Allianz Term Plans:

  The cheapest yet most vital of life insurance products which provide a lump sum amount to your family in the unfortunate event of your death. Add riders with the term plan to increase financial security.

  • iSecure Plan: It is a non-participating term insurance plan that offers the following key benefits:
    • The plan provides a rebate for the policyholders with high sum assured.
    • The plan also provides life cover for the spouse of the policyholder.
    • The policyholder can do the payouts in installments.
    • For non-smokers and medically fit people, the plan offers discounted rates.
  • iSecure More Plan: It is a non-participating term insurance plan that provides increasing cover. The key benefits offered by this plan are:
    • The plan provides increasing life insurance cover.
    • Provides rebate on the high sum assured.
    • The plan also offers joint life cover wherein the spouse of the policyholder can be included in the plan.
    • Provides the option to get death benefits in installments.
  • iSecure Loan Plan: It is a non-participating term insurance plan that provides mortgage cover as well. The key benefits of this plan are:The plan provides coverage for loans.
    • It also offers joint life insurance coverage for the spouse of the policyholder.
    • The plan provides a rebate for high sum assured policyholders.
    • It is a decreasing term insurance policy wherein the Sum Assured decreases every year.
  • eTouch Online Term: It is an online pure term insurance plan. The key benefits associated with this plan are:
    • The plan provides life cover.
    • It also offers accidental cover.
    • The option of waiver of premium.
    • This plan also offers critical illness cover.
  • Life Secure: It is a non-linked whole life term insurance plan. The key benefits of this plan are:
    • The plan provides life cover till the policyholder becomes 100 years old.
    • Offers rebate for high sum assured.
    • The plan offers three coverage options to select from.
    • Provides choice of premium payment terms.
  • LifeStyle Secure: It is a non-linked term insurance policy with the following key features:
    • The plan provides financial security to the family of the policyholder by offering regular income.
    • No medical certificate is needed.
    • The plan has in-built accelerated risk cover for terminal illness.
    • The policy offers a rebate on high sum assured.

• Bajaj Allianz ULIP Plans:

  These are unit linked insurance plans which invest your money in variable proportion in equity, debt, money market instruments, bank deposits etc.

  • Investment Plan – Future Gain: It is a unit-linked endowment plan with the following key features:
    • This plan provides life cover.
    • It offers maximum premium allocation.
    • Provides unlimited free switches.
    • Offers two strategies of investment.
  • Investment Plan - Fortune Gain: It is a non-participating unit-linked life insurance policy with the following key features:
    • This plan provides fund allocation of up to 99.5%.
    • Offers loyalty additions.
    • Unlimited free switches with the option of seven funds.
    • The switching option is very systematic.
  • Investment Plan – Goal Based Saving: This is a new age ULIP plan that provides a return of life cover. The key benefits of this plan are:
    • The plan provides different options of premium payment, which are single premium, limited, and regular payment.
    • The policyholder has the option to make partial payments from his/her funds.
    • The plan gives options of settlement with the return enhancer.
    • Upon maturity, the plan returns the mortality charges in the cases of Limited/ Regular Premium policies.
  • Investment Plan – Goal Assure: It is a new age ULIP plan with the following key benefits:
    • A tax saver plan.
    • The plan offers maturity in installments.
    • Gives four choices of investment strategies.
    • This ULIP also returns the charges of the life cover.
  • Investment Plan – Principal Gain: A ULIP plan that offers guaranteed maturity. The key features of this plan are:
    • The plan provides the protection of the principal.
    • Offers guaranteed loyalty additions at the time of maturity.
    • It has the potential for high returns.
    • The plan provides the option to get the benefits of maturity in installments.
  • Investment Plan – Future Wealth Gain: It is an endowment unit-linked plan. The key features of this plan are:
    • Upon maturity, the plan provides fund booster.
    • The plan also offers accelerated cancer cover.
    • Loyalty additions are given periodically.
    • This plan offers high life insurance cover.
  • Investment Plan – LongLife Goal: It is a non-participating, unit-linked, whole life insurance policy with the following key features:
    • The plan offers retired life income.
    • It offers a complete life cover.
    • Life cover is returned periodically.
    • This plan as well provides loyalty additions.
    • The tax benefits are provided as per Section 80C and 10D of the Income Tax Act, 1961.

• Bajaj Allianz Pension Plans:

  Pension plans help you to save for your old age so, that you maintain the same life style even after you retire.

  • Bajaj Allianz Life Pension Guarantee Plan: This plan is for those who want an immediate annuity. The key features of this plan are:
    • The plan gives the option of purchase price return.
    • It provides six annuity options to select from.
    • This pension plan gives an option wherein the policyholder can cover his/her spouse.
    • Multiple frequencies to get annuity are offered.
  • Bajaj Allianz Life Retire Rich: It is a unit-linked pension plan that provides the following key features:
    • The plan offers guaranteed benefits of vesting.
    • It provides the option to pay a premium as single pay, limited, or regular pay.
    • Builds pension fund.
    • Offers different top-up options.
  • Bajaj Allianz Life LongLife Goal: It is a non-participating, whole life, a unit-linked insurance plan with the following key features:
    • Provides retired life income.
    • Offers loyalty additions.
    • Provides whole life insurance cover.
    • Provides periodical life insurance cover.
    • The plan offers tax benefits under Section 10D and 80C of the Income Tax Act, 1961.

• Bajaj Allianz Child Plans:

  Child plans helps you accumulate good amount of money which you can earmark for your child’s future be it education or marriage.

  • Bajaj Allianz Young Assure:  It is a traditional savings plan for children. The features of this plan are:
    • The plan offers guaranteed additions and guaranteed maturity benefits.
    • This plan provides multiple policy terms and premium payment options.
    • There are basically 3 cash installment options.
    • A policyholder can avail various rider benefits in order to enhance the coverage.
  • Bajaj Allianz Lifelong Assure: A child insurance plan that provides non-linked whole life coverage. The key benefits of this plan are:
    • The plan provides guaranteed cash back till the policyholder reaches to the age of 99 years.
    • It is a whole life insurance plan.
    • The plan offers a cash bonus that starts at the end of the sixth policy year.
    • The death benefit is also offered in this plan which is equivalent to 300% of the total sum assured.
  • Bajaj Allianz Young Assure Plus Solution: A child insurance plan that helps the policyholders to meet the needs of their children. The key features of this plan are:
    • The plan offers maturity benefits.
    • The plan provides death benefits to its policyholders.
    • There are various additional rider benefits provided by this plan to enhance its coverage.
    • This plan as well offers accidental permanent total disability advantage.
    • The tax benefits are also offered under Section 80C of the Income Tax Act, 1961.
    • The plan also provides the option of a premium rebate.
    • It also offers lump-sum maturity benefit.

• Bajaj Allianz Investment Plans:

  These are low risk investment plans which provides guaranteed amount on maturity.

  • Bajaj Allianz Invest Assure:  It is an endowment plan that is non-linked in nature. The key features of this plan are:
    • The plan is available in two variants – Gold and Silver.
    • There is a rebate for high sum assured.
    • The plan offered limited options for premium payment.
    • The plan also offers policy benefits in installments.
  • Bajaj Allianz Life My Wealth Goal: The key benefits associated with this plan are:
    • The plan provides coverage for lifelong.
    • It provides advantages of two products in one plan.
    • The plan provides lifelong income.
    • This investment plan provides the potential for high returns.
    • It offers multiple fund options and portfolio strategies.
  • Bajaj Allianz Fortune Gain: It is a non-participating unit-linked life insurance policy with the following key features:
    • The plan offers seven fund options with unlimited switches.
    • This plan provides fund allocation of up to 99.5%.
    • It also provides benefits of loyalty additions.
    • The plan has a very systematic switching option.
  • Bajaj Allianz Elite Assure: It is an endowment plan that is non-linked in nature. The key benefits of this plan are:
    • The plan provides life cover with a good return on investment options.
    • It offers various rider benefits.
    • The plan provides guaranteed loyalty addition benefits.
    • The option of limited and regular payment terms.

• Bajaj Allianz Savings Plans

  The savings plans help an individual to build a corpus in the long-term in order to meet his/her life goals and as well financially protects the future of the family in the absence of the policyholder.

  • Bajaj Allianz Save Assure: It is a traditional endowment policy with the following features:
    • The plan offers guaranteed benefits on maturity.
    • The premium payment terms are limited.
    • The plan provides a rebate for the high sum assured policyholders.
    • It offers rider benefits as well.
  • Bajaj Allianz Guarantee Assure: It is a non-linked endowment policy with the following features:
    • It offers multiple policy terms.
    • The plan provides guaranteed additions of a maximum of 63% of the sum assured upon maturity.
    • The premium payment term is short and is only five years.
    • The policy provides a rebate on high sum assured.
  • Bajaj Allianz Cash Assure:  It is one of the traditional money back plans with the following unique features:
    • The plan provides a rebate on high sum assured.
    • As money back it offers a maximum of 150% of the sum assured.
    • It provides multiple rider benefits.
    • The plan gives the option to change the frequency of premium payment.
  • Bajaj Allianz Super Life Assure: It is a traditional endowment plan with the following benefits:
    • This plan offers income benefits with sum assured.
    • Offers rebate on high sum assured.
    • Provides multiple terms options.
    • It gives the option to select waiver of premium advantage rider.
  • Bajaj Allianz Income Assure: It is a guaranteed monthly income plan of Bajaj Allianz that has the following features:
    • The plan assures a monthly income for 144 months.
    • It has a limited premium payment term.
    • This plan offers a choice of two life covers – Assure and Income.
    • The plan also offers bonuses in order to enhance savings.
  • Bajaj Allianz POS Goal: It is a non-linked and non-participating life insurance policy with the following key features:
    • The plan provides guaranteed maturity benefits.
    • It has a limited term of premium payment.
    • Gives the option to take a loan against the policy.
    • The policyholder has the right to alter the mode of premium payment.

• Bajaj Allianz Life Group Insurance Plans

  The group insurance plans of Bajaj Allianz offer insurance solutions for a group of people for securing their life and retirement. As the name suggests, the group of people is covered under one policy. The plans offered in this category are:

  • Bajaj Allianz Life Jan Suraksha Yojana: It is a micro term insurance plan of a group that provides adequate life coverage at a low price. This plan is non-participating, non-linked, single premium, and regular group term insurance plan.
  • Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana: It is a non-participating, non-linked, renewable in one-year term insurance plan for Indian Government's ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’.
  • Bajaj Allianz Life Group Term Life Insurance Plan: It is a traditional group term insurance policy that gives its members and their loved ones an assurance of financial care.
  • Bajaj Allianz Group Employee Care: It is a plan which is non-participating and non-linked in nature. The plan is basically a fund based group insurance plan that is taken by the employer to manage its employees' benefits such as gratuity, leave encashment, employee welfare funds, and post-retirement medical benefits.
  • Bajaj Allianz Life Group Employee Benefit Plan: It is a unit-linked group insurance policy that offers various benefits to its employees as a part of employee welfare or statutory requirement.
  • Bajaj Allianz Group Term Care: It is a group term insurance plan that provides adequate life cover at a low rate. The premiums not only provide protection but also give maturity benefits.
  • Bajaj Allianz Life Group Superannuation Secure: It is a traditional group plan that provides non-linked, non-participating insurance plan which is taken by the employer for its employees. This scheme basically manages the pension fund of the employees and helps them to build a good retirement fund. In this way, it ensures a secure and regular income flow post-retirement.
  • Bajaj Allianz Life Group Annuity Plan: It is a group plan that assures a post-retirement income for the members of the policy.
  • Bajaj Allianz Group Credit Protection Plus: It is a plan with a traditional group insurance feature. The plan provides financial protection to the family of the plan member in case if his/her untimely demise.
  • Bajaj Allianz Life Super Gain Group Superannuation Scheme: It is a ULIP plan for the group. The plan is really affordable and provides good returns for the post-retirement life of an individual.
  • Bajaj Allianz Group Sampoorna Suraksha Kavach: An insurance plan that not only provides life insurance cover to its members but also covers their outstanding amount in case of the sudden demise of the member of the plan.
  • Bajaj Allianz Group Income Protection: A group income protection plan that provides regular income as death benefit and annuity in the situation of the unfortunate demise of the policyholder.

• Bajaj Allianz Life Micro Insurance Plans

  The microinsurance plans of Bajaj Allianz offer insurance solutions to the underprivileged society of India. The insurance plans under this category are of low cost yet provide disciplined savings. The microinsurance plans provided by Bajaj Allianz Life Insurance Company are:

  • Bajaj Allianz Life Bima Dhan Suraksha Yojana: It is a micro term insurance plan that provides a return of premium. This plan is a non-participating, non-linked, regular, and single premium payment micro insurance term plan that provides a return of premium at the time of maturity.
  • Bajaj Allianz Life Bima Sanchay Yojana: It is a micro variable term insurance policy that aims to secure the financial future of the family of the policyholder. The plan offers financial protection at an affordable price.
  • Go to the ‘Pay Your Premium’ option
  • You’ll be required to provide some information like policy number, date of birth of the insured etc.
  • After submitting the relevant details, the premium details will appear on the screen.
  • Pay the premium by applying various payment modes like credit card, debit card, net banking, bill junction etc. and enjoy policy benefits uninterruptedly.

  Offline:

  • To renew your policy offline, you need to visit a branch office or Bajaj Allianz Life Insurance and pay the due premium. Otherwise, you may contact your insurance agent to renew your policy.

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