Bajaj Allianz Life Insurance

Bajaj Allianz is the joint venture of Bajaj Finserv and Allianz SE of Germany. Registered in 2001, Bajaj Allianz Life Insurance Company has become one of the top life insurance brands in India. The head office of the company is located in Pune. For the financial year 2010-2011, Bajaj Allianz has been ranked the second best insurance company of India in terms of number of issued insurance policies and fourth on basis of new business premium.

Bajaj Finserv is one of the top financial service providers in India and currently provides services in life insurance, finance, and general insurance. Allianz SE is a leading 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.

Documents Required for Purchasing Bajaj Allianz Life Insurance Policies

The documents needed for applying/purchasing Bajaj Allianz Life Insurance plan are:

• Age Proof: Voter Id card or passport can be used as age proof.
• ID Proof: ID proof can be the PAN card, passport, Voter ID, etc.
• Proof of Income: The recent pay-slips from the current employer can be submitted as income proof.
• Address Proof: Utility bills or passport can be submitted as address proof.
• PAN Card Number: The PAN number mentioned on the PAN card is used.

Claim Process of Bajaj Allianz Life Insurance

The claim process of the life insurance policy of Bajaj Allianz is as follows:

• Step 1: The nominee or claimant has to approach a branch of Bajaj Allianz Life Insurance Company or its head office with the below documents:
  • Death Certificate
  • Intimation Letter
  • Nominee’s KYC
  • Original documents of the policy
  • Nominee’s bank details
• Step 2: As soon as the claim gets registered, the nominee or the claimant is given another set of documents that are needed for the process of claim.
• Step 3: A team dedicated for the same follows up with the nominee or claimant. As soon as this team gets all the needed documents, it starts performing the assessment. After this, the claim is settled for the payments.
• Step 4: The decision of whether the claim is settled or not is communicated to the nominee of the policyholder or claimant by a detailed letter and SMS.
• Step 5: If the claimant or nominee is not satisfied with the decision of the company regarding the claim, he/she can approach the Committee for Claim Review to review the decision. This committee of Bajaj Allianz is most of the times headed by the retired judges of the civil court and thus it reviews each claim in an unbiased manner.

For Death Claim: The process to file the death claim with Bajaj Allianz is as follows:

• Step 1: For filing the death claim, the nominee of the policyholder has to visit the nearest branch of Bajaj Allianz with all the necessary documents.
• Step 2: Upon submission of all the required documents, the claim is initiated in Bajaj Allianz Life Insurance Company’s branch by its branch assistant.
• Step 3: The claim forms with a bar code are generated, which are to be filled by the assignee/ nominee/ appointee.
• Step 4: The claim is forwarded for further processing as soon as all the documents are submitted.
• Step 5: To see the status of the claim, the claimant can visit the website of the Bajaj Allianz and go to the ‘Claim Status’ section.
• Step 6: The nominee can also contact at 1800 – 209 – 7272 to clarify various queries.

How to Check the Status of the Policy?

All the customers of Bajaj Alliance Life Insurance can check the status of their life insurance plan by the following process:

• For Checking the Status Online: Follow the below steps to check the status online:
  • Upon logging into the website of Bajaj Allianz, the policyholder can check the status via the corresponding menu option.
  • An email can also be sent to the customer care of the Bajaj Allianz with the name of the policyholder, mobile number, policy number, and address. The status of the policy will be sent to the customer via an email. The email id of Bajaj Allianz is customercare@bajajallianz.co.in.
  • The customers can also use the option of live chat with the customer care representative of the Bajaj Allianz at their website. The customer care representative can provide an update on the status of the policy.
• For Checking the Status Offline: The customer has to follow the below steps to check the status of his/her Bajaj Allianz Life Insurance policy offline:
  • The policyholder can walk de 2018 own to the nearest branch of Bajaj Allianz Life Insurance office and get to know about the status of the policy.
  • Alternatively, a policyholder can also call on the toll-free number of the Bajaj Allianz, which is 1800 209 7272 for any clarification.
  • The customer can also use the SMS facility of the insurer as well to get the status of his/her policy.

Awards and Recognitions of Bajaj Allianz Life Insurance

• Award for Experience and Customer Loyalty in 2018: Bajaj Allianz Life Insurance Company is awarded as the ‘Best Digital Customer Experience Initiative’ for its portal for Life Assist Customer at the Customer Fest Show’s 11^th edition ‘Customer Loyalty and Experience Awards’ in the year 2018.
• Vision Award for Annual Report Competition in the Year 2016 – 17: The company was honored with one of the most esteemed awards – ‘2016 – 17 Vision Awards for Annual Report Competition’ through the League of American Communications Professionals (LACP). The company was ranked as one of the top 100 Annual Reports of the world for the Fiscal Year 2016 – 2017. The company has also received the Gold Award for excellence in the industry for the development of the annual report.
• For 2018’s Micro Insurance the SKOCH Inclusion Award: The company was awarded for the SKOCH Order of Merit for the Claim Settlement Process (Digital), Micro Insurance Segment Leadership, and Initiating Digital Customer Services.
• ASSOCHAM Insurance Excellence Award: This award is given for excellent performance in the field of insurance.
• Fintelekt Insurance Award in the Year 2017: The Company has also won the award for great customer services in the year 2017 with the name of ‘Life Insurance Claims Service Leader of the Year’ in private sector insurance companies.
• SKOCH Resilient India Award in June 2017: The Company was awarded in the Micro Insurance category for the leadership in the aforementioned segment.

Benefits of Bajaj Allianz Life Insurance Policies

The benefits of having Bajaj Allianz Life Insurance policy are as follows:

• The option of Plan Customization: Bajaj Allianz Life Insurance Company provides a vast range of life insurance plan that can be tailor-made for meeting the needs of the policyholder.
• A Financial Shield for Policyholder’s Family: The life insurance plans of Bajaj Allianz provide a great financial shield to its policyholder's family.
• Fast Claim Settlement Process: The company provides 24x7 assistance to its customers and thus offers fast claim settlement service.
• Premium Payment Flexibility: Most of life insurance plans of Bajaj Allianz offer flexible premium payment options.
• Digitally Driven Processes: The company is known for its digitally driven premium payment processes.
• Easily Reachable: The Bajaj Allianz Company has its more than 800 branches across India that makes it easily reachable.

Bajaj Allianz Women Insurance Plans:

Women Insurance Plan caters to the needs of women like medical solutions, savings, retirement solution and investment benefits.

Women Life Insurance

Compare all Bajaj Allianz life insurance plans from other life insurance companies in India to get the best insurance plan that suits you most.

Claims Ratio of Bajaj Allianz Life Insurance Company

Market Share of Bajaj Allianz Life Insurance Company

Bajaj Allianz Distribution Network:

Since its inception in 2001, Bajaj life insurance has come a long way in penetrating Indian market. Bajaj Allianz has pan India presence with 1090 offices across the country. Bajaj Allianz products are also available online through their website and insurance aggregators.

Bajaj Allianz Life Insurance - Latest News

New Individual Cyber Safe Policy Launched By Bajaj Allianz

Always a step ahead of its peers, Bajaj Allianz General Insurance has recently launched its cyber-protection product for the individuals who fall prey to cases of cyber crimes such as cyber stalking, cyber extortion, cyber bullying, cyber attacks, social media liability, etc.

The ‘Individual Cyber Safe Policy’ launched by Bajaj Allianz will cover the individuals against any financial loss, IT theft loss, prosecution cost, defence cost, restoration cost, etc., caused by cyber crime.This policy works exactly like any other policy, where you are required to pay premium instalments at periodic intervals and you receive an insurance cover in return. The ‘Individual Cyber Safe Policy’ can be availed of by any individual above 18 years of age. The range of sum assured in this policy is from Rs 1 Lakh to Rs 1 crore.

Bajaj Allianz Seeks Rs. 3, 000 crore New Business

Bajaj Allianz Life Insurance is expecting Rs. 3000 crore new business in the current financial year while focusing on increasing its own share in the company to 50 percent, which slipped over to 32 percent in the past a few years. Subrat Mohanty, head of marketing, Bajaj Allianz said that the company aims at a profit of Rs. 3, 000 crore in the FY’16 and we have already made it to Rs. 1, 672 crore by the end of Q3 of FY’15, which is a 6 percent annual growth. The company now has switched to a three-year recovery plan to get back to the individual share of 50 percent. To accomplish this goal, the insurance company is about to form multiple dedicated sales teams that will be offering products to the audience who specifically need them, thereby pushing retail customers for them along with the other measures.

Bajaj Allianz Life Insurance introduces Bajaj Allianz Life Principal Gain

One among the top private life insurance companies in India, Bajaj Allianz Life Insurance has launched a ULIP that offers assured returns. The newly launched product has been named as Principal Gain.

The new plan provides assured returns equal to at least 101% of the total premiums paid regardless of the ups and downs of the market. The plan also ensures a guaranteed loyalty bonus for the ones who keep the investment till the policy gets matured. The maturity benefit from the plan is the higher amongst the Fund Value on the date of maturity along with an assured loyalty bonus or 101% of the total premiums paid.

As a benefit of Guaranteed Loyalty Addition feature one can receive higher returns. This is because a growth at the rate of 4% is applied on one year’s premium at the time of maturity, if the duration of the policy is about 10 years and if the term of the policy is over 10 years the growth rate applied is 15 %.

Every single premium will be guaranteed with Bajaj Allianz Life Insurance

January 27, 2016:We all think about our family as a great deal and wish to guarantee their money related security in the most ideal way in case we're abruptly not around to satisfy our obligations towards them. A suitable disaster protection arrangement is a perfect approach to secure our family's future. Bajaj Allianz Life Insurance has dispatched a conventional taking an interest protection arrangement called Young Assure with components to offer one some assistance with ensuring enough reserve for his or her kid's future. Bajaj Allianz Young Assure accompanies an in-fabricated premium waiver highlight if there should be an occurrence of a disastrous occasion. With this element, on death or incidental lasting aggregate handicap of the life guaranteed, every single future premium will be waived and the arrangement will proceed till the development date. Additionally, on the passing of the life guaranteed demise advantage will be paid. The arrangement offers a chance to choose least ensured development at the season of purchasing furthermore gives ensured increases to the development sum and material reward, in this way guaranteeing higher return toward the end of the strategy term.

Low Internet Literacy causes Lesser Online ‘Term Policy’ Sales, Says Bajaj Allianz Life Official

January 19 ,2016 : Term insurance plans are no longer the typical term plans, as the insurance companies have been wooing their customers by providing them exactly the features they ever wanted a term insurance policy to bring to them. Term plans nowadays provide policyholders with the options that protect them against inflation with an assurance to increase the Sum Assured at certain intervals. The same is also applicable to the maturity amount that is to be paid in installments. Term Plans – Offline vs. Online Insurance agents are responsible for selling term plans; however, they have to deal in a competitive environment where prices are different for both online and offline plans. A considerable share of the audience still prefers going online. Offline term plans still have hopes to survive in some cities of the country, which is all because of the less Internet penetration. People choose term insurance plans since they are comparatively easier to understand and purchase. However, the number of people purchasing term insurance policies online still lags behind the term insurance policies sold/purchased offline, the reason being the lack of awareness of the Internet and authenticity issues.

Bajaj Allianz Life Insurance Conducts Jan Jagruti Roadshow in Haryana

Bajaj Allianz Life Insurance recently conducted a roadshow in Haryana, in the name of creating insurance awareness, calling it Jan Jagruti in Haryana. Aiming at making people aware of how beneficial life insurance can be in an unforeseen event, the insurance company conducted a similar roadshow last year as well. Life Insurance is an essential of everyone today and people are still not aware of the benefits such policies bring to them. People in India lack the key information about life insurance policies, which they need in order to protect themselves and their families. Subrat Mohanty, Marketing Head, Bajaj Allianz Life Insurance said, “We are hopeful that such a road show will be able to spread awareness on the importance of having life insurance.” The company has many more roadshows yet to be conducted in multiple cities and towns of Haryana within the first week of February

Bajaj Allianz Parent Company To Sell Upto 26% Stake

Bajaj Capital, a leading financial services company which is the parent company of Bajaj Allianz Insurance Company, plans to sell its stakes upto 26 per cent so as to raise funds for achieving growth in the financial products distribution undertaking, as disclosed by the company’s official spokesperson. They have roped in Avendus Capital as their advisor. In addition, other global insurance organizations and private equity investors have expressed interest. The company is expecting a valuation of about Rs. 1, 200 crore including its stake in Bajaj Allianz Insurance Company. It further added that the process is at a very nascent stage and would consider companies with a sound technological backing to dilute its stake. With the Insurance Amendment Act enabling insurance intermediaries to share the same space with insurance companies under the FDI sphere, a foreign direct investment of upto 49 per cent will be allowed in both intermediaries and insurance companies. Currently Bajaj Capital holds74% stake in Bajaj Allianz Insurance Company, which it may consider selling to the minority stake holder Allianz at a later date.

Bajaj Allianz Life got a new corporate agent to sell life insurance products

Bajaj Allianz Life Insurance has been a partner of Dhanlaxmi bank since the year 2009. They have done business together which has fetched them a profit of nearly Rs.400Crores. Now they have decided to make their bond stronger. Consequently, they have signed a long-term agreement in October 2015. As per the agreement, Bajaj Allianz and Dhanlaxmi bank will continue to be partners for next nine years and Dhanlaxmi bank will be selling the life insurance products offered by Bajaj Allianz Life Insurance.

Bajaj Allianz is one of the leading players in Indian insurance industry while Dhanlaxmi is a private sector bank operating across Kerala, Karnataka, Tamil Nadu, Delhi, Gujarat, Maharashtra and West Bengal. This business tie-up between these two financers will also be beneficial for the customers of Dhanlaxmi bank as all the Bajaj Allianz life insurance products will be easily available for them from now on.

Bajaj Allianz Introduces its First Online Term Plan ‘e-Touch’

Gurugram, India, 15 Dec, 2016: Bajaj Allianz Life Insurance has come up with its first online term plan ‘eTouch’. This plan offers four variants i.e. Shield, Shield Super Shield Plus and Shield Supreme. Under the Shield Supreme variant, an inbuilt premium waiver rider is offered, which is applicable in case of accidental total and permanent disability or on the diagnosis of a critical illness (the policy covers 34 critical illnesses). Bajaj Allianz eTouch online term plan offers the combined benefits of both term and health insurance as the insured gets the life coverage along with the add-on benefits such as accidental death cover, total permanent disability cover, and critical illness cover till the age of 75.

Mr. Vineet Patni, the president and chief business officer of Bajaj Allianz Life Insurance has stated that people want a one-stop solution and a tension-free protection plan in today’s uncertainties of life. The eTouch online term plan is a customizable plan with 3-in-1 protection benefits that cover all the 3Ds of life – death, disease and disability, and that too at a competitive price and pliability to choose from a 40-year long tenure.

FAQs - Bajaj Allianz Life Insurance

Q. Does Bajaj Allianz Life Insurance offers maternity benefit?

A. No. Maternity benefit is not offered by any Life Insurance plan by Bajaj Allianz unless specified in a particular policy.

Q. What is the process of renewing Bajaj Allianz Life Insurance policy?

A. You can renew Bajaj Allianz life insurance in two ways - Online and Offline.

Online:

• To renew online, visit the official website of the insurer
• 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.

Q. What is the procedure for changing my address?

A. To change your address in Bajaj Allianz life insurance policy:

• Visit the customer portal of Bajaj Allianz
• Go to the ‘Change Policy Details’
• Provided policy number and click on ‘Change in Address ‘option
• Provide the required changes and update the new address

Q. What add-on covers are available with Bajaj Allianz Life Insurance policies?

A. The following riders are available for traditional individual plans:

• Bajaj Allianz Critical Illness Benefit Rider
• Bajaj Allianz Waiver of Premium Benefit Rider
• Bajaj Allianz Accidental Death Benefit Rider
• Bajaj Allianz Accidental Permanent Total/Partial Disability Rider
• Bajaj Allianz Family Income Benefit Rider

For ULIPs

• Bajaj Allianz ULIP Accidental Death Benefit Rider
• Bajaj Allianz ULIP Family Income Benefit Rider
• Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider
• Bajaj Allianz ULIP Waiver of Premium Benefit Rider
• Bajaj Allianz ULIP Critical Illness Benefit Rider

For Group Life Insurance

• Bajaj Allianz Life Group Accelerated Critical Illness Rider
• Bajaj Allianz Life Group Accidental Death Benefit Rider
• Bajaj Allianz Life Group Accidental Permanent Total/Partial Disability Benefit Rider

Q. When can riders be added to or removed from the base policy?

A. You can add or remove riders at the time of policy renewal.

Q. How can I check my claim status?

A. You can check your claim status by visiting the official website of Bajaj Allianz and entering the claim reference number provided at the time of claim registration.

Q. What are the reasons for claim rejection in Life Insurance?

The main reasons for claim rejection are:

• If someone presented false information and the insurer knows about it later
• If someone forgets to pay the life insurance premium on time and if the policy lapses
• If the situation is not covered by the policy for which the claim was made
• In case the name of the nominee was not updated in the policy

Q. Is death by natural calamities covered?

A. Coverage is offered for both basic death and accidental death, including when caused by natural calamities.

Q. Is coverage available during foreign travel and stay?

A. No. if the eventuality occurs in a foreign land, the policy does not cover you for the losses.

Q. Can I reclaim if I’m not satisfied with the decision or the amount that is paid by the insurer?

A. Yes, you can re-claim for the same case, in case you’re not satisfied with the decision of the insurer. The case can be taken up to the Claim Review Committee of the insurer again.

Q. Can I avail any tax exemption for the benefits received?

A. As per the Section 10(10D) of the Income Tax Act, 1961, the benefits received are exempted from your tax liability.

Q. If I lose my policy bond, will it affect my claim settlement?

A. No, the claim can be processed with other documents as well.

Q. How do I cancel my Bajaj Allianz policy online?

A. The insurer offers a free-look period of 15 days within which you can cancel your policy, in case you do not find it adequate. If there is no claim, then the insurer will refund your premium on a pro-rata basis.

Q. How to Check Bajaj Allianz Life Insurance Policy Status Online?

A. The process of checking the status of your Bajaj Allianz Life Insurance Policy online is as follows:

• For tracking the status of the policy online, click the 'Track Your Application' option that is present on the website of the company. Enter the number of the application or the ‘Proposal Number’ and Date of Birth of the policyholder, and then press the ‘Submit’ button. By following these steps one can easily track the status of the application online.

Q. How to Check Bajaj Allianz Policy Status Offline?

A. A policyholder can easily perform the status check of his/her Bajaj Allianz policy offline by following the below steps:

• One can visit any branch of the Bajaj Alliance Life Insurance Company and can enquire about the current status of his/her policy.
• Policyholders can as well call on the toll-free number of Bajaj Alliance Life Insurance Company and check the status of the policy from there.
• The company has as well introduced the service of SMS for checking the status of the policy and other details as well. The insured can place an SMS after which the company representative gives a call and addresses their issues.

Q. How to Surrender Bajaj Allianz Life Insurance Policy?

A. If an insured wants to surrender his/her Bajaj Allianz Life Insurance policy, he/she has to follow the below steps:

• The reasons to surrender a life insurance policy with the below-mentioned list of documents should be submitted at the nearest branch of Bajaj Allianz Life Insurance.
  • Original documents of the policy.
  • Canceled cheque with the name of the policyholder on it.
  • If the canceled cheque does not contain the account number, pre-printed name, or the account number of a new account is mentioned over the cheque, then the copy of the passbook or bank statement with the account number and the pre-printed name is required.
  • Cancellation or policy-surrender form.
  • ID proof (Aadhar card, PAN card, Driving License, Passport, or Voter ID).
  • Latest contact details.
  • Statement of NRE bank reflecting any paid premiums from the NRE account.

The below-mentioned options can be used for connecting with Bajaj Allianz Life Insurance Company:

• Call: 1800-209-5858 (BSNL), 1800-22-5858 (TATA), 1800-102-5858 (Bharti), 020-30305858 (Other)
• Telephone Number: +91 020 66026666 (Here the standard rates of STD applied).
• Fax: +91 020 66026667
• Email ID: bagichelp[at]bajajallianz.co.in
• Mailing Address: Bajaj Allianz House, Airport Road, Yerawada, Pune – 411006.

Q. How to Pay Bajaj Allianz Life Insurance Premium?

A. For making payments of the premium online, a policyholder has to click the button saying ‘Pay Your Premium’ that appears on the website of the company. One can pay the premium online through any of the following modes – Debit Card (Maestro/ Visa/ Master/ RuPay), Credit Card (Visa/ Master/ Maestro/ Diners/ Amex), Netbanking, Unified Payment Interface (UPI), e-Wallets, and EMIs from selected cards. After one selects the premium payment mode, enter the policy number, policyholder’s Date of Birth, mobile number, and email id. Once all the details are entered, click the 'Pay Premium' option.

Q. How to Link Aadhar with Bajaj Allianz Life Insurance?

A. As per the guidelines, it is now compulsory for a policyholder to update his/her Aadhar number against the life insurance policy that he/she has taken. Here are the steps to link the Aadhar with Bajaj Allianz Life Insurance policy:

• Step 1: Visit the official website of Bajaj Allianz Life Insurance company, which is www.bajajallianzlife[dot]com
• Step 2: Click the option of live chat that is seen on the bottom right of the screen and then select ‘boing’.
• Step 3: Out of the options (three) that appear, select ‘Customer Service’. After this, click Update PAN/ Aadhar’.
• Step 4: An individual is then asked to provide his/her aadhar number and policy number. Mentioned the details that are required to link the aadhar successfully.