Bajaj Allianz Life Insurance

About Bajaj Allianz Life Insurance

Bajaj Allianz Limited is a partnership between Bajaj Finserv Limited and Allianz SE. It's a renowned name in the insurance industry, providing a variety of life and general insurance products along with outstanding service and post-sales assistance. Bajaj Allianz Life Insurance offers a broad range of affordable insurance solutions tailored to individual requirements.

Let’s learn more about the Bajaj Life Insurance policy offered by the company.

Why Should You Buy Bajaj Allianz Life Insurance Plans?

Below are the reasons why you should consider buying a Bajaj Life Insurance policy:

• Financial Protection: Bajaj Allianz Life Insurance offers pure life insurance cover to protect you and your loved ones in case of unexpected events like illness, disability, or death.

• Wealth Creation: Along with the pure life insurance cover, Bajaj Allianz also provides wealth creation benefits that allow you and your family to fulfill all your financial goals in the long run.

• Flexible Death Benefit Payout Mode: You can choose to receive the maturity benefit of your Bajaj Life Insurance policy as a lump sum payment or in installments, depending on what suits you best.

• Affordable Premiums: Affordable Premiums: Bajaj Allianz Life Insurance offers comprehensive plans, such as term life insurance plan, at very affordable premium rates, so that you can financially secure your family without any hassle.

• High Claim Settlement Ratio (CSR): Bajaj Allianz Life Insurance has one of the highest Claim Settlement Ratios among all insurers of the country. This implies that the insurer was able to settle a very high number of claims in that year.

• Tax Benefits: Buying a Bajaj Life Insurance policy can also provide you with tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Therefore, you can not only secure your financial future but also enjoy the tax benefits, making Bajaj Allianz Life Insurance a smart choice for your insurance needs.

What Are The Various Life Insurance Policies Offered By Bajaj Allianz Life Insurance?

The various life insurance policies in multiple segments offered by Bajaj Allianz Life Insurance are as follows: 

• Term Insurance Plans

• ULIP Plans

• Savings Plans

• Investment Plans

• Retirement Plans

• Child Plans

What Are The Bajaj Allianz Life Insurance Plans?

Below mentioned are the Bajaj Life Insurance Policy:

Bajaj Allianz Term Insurance Plans

Bajaj Allianz Term Insurance Plan offers financial security and protection for your loved ones through affordable premiums and customisable life insurance coverage options. You can use a term insurance premium calculator to check the applicable Bajaj term insurance premiums for your profile. Below mentioned are the Bajaj Allianz Term Insurance plans:

1. Bajaj Allianz Diabetic Term Plan Sub 8 HbA1c

   • Provides financial stability and cover against 55 critical illnesses.

   • Choose from various premium payment frequencies.

   • Option to cover your child’s education as well

   • Health management services offered, including medical consultations and webinars to help manage diabetes and health.

   • Low premium rates for non-tobacco users.

   • Enjoy tax benefits as per the Income Tax Act, 1961.

2. Bajaj Allianz Smart Protection Goal

   • This plan provides a death benefit, which is the amount given to your dependents if you pass away.

   • The policy offers basic coverage and additional rider benefits, allowing you to customize the plan according to your specific needs.

   • The policy is available at competitive premium rates and includes features that meet your insurance requirements.

   • If you select the Critical Illness cover, the policy offers protection against various minor and major critical ailments.

   • This term insurance provides tax savings under sections 80C and 80D.

3. Bajaj Allianz eTouch

   • Bajaj Allianz Life eTouch plan offers 3 plan options: Life Shield, Life Shield Plus, and Life Shield ROP.

   • You can choose to pay premiums throughout the policy duration, for a limited period, or until you turn 60.

   • At policy maturity, you will receive 105% or 120% of the total premiums paid.

   • Female customers are eligible to claim health management services upto 36.5K, including cancer screenings, diabetic and thyroid tests, psychologist consultations, nutrition and dietician consultations, OPD consultations, and medicine discounts.

   • Additional payout is given in case of accidental death.

   • You can choose to receive the insurance benefit as a lump sum or a combination of lump sum and monthly income.

   • Early exit is possible, and you will receive the premiums paid.

4. Bajaj Allianz iSecure

   • You get a cost-effective level term cover, particularly for larger sum assured.

   • You enjoy special premium rates as a non-smoker with a healthy lifestyle, if applicable.

   • You get extra benefit from attractive rebates for selecting a higher sum assured.

   • There is the flexibility to choose your policy term and alter premium payment frequency.

   • You can add your spouse to the policy and can secure them for the future.

   • You can also opt for installment payments to meet recurring expenses for your loved ones.

   • You can enhance your coverage with additional rider benefits.

5. Bajaj Allianz Saral Jeevan Bima

   • The policy covers accidental death only after a waiting period of 45 days from the start date.

   • If the policyholder dies for any reason other than an accident during the waiting period, only the premiums received (excluding taxes) will be paid, and the sum assured will not be given.

   • Lump sum death benefit for accidents during or after the waiting period.

   • Policy lapses if premium is unpaid after the grace period, except for policy cancellation value.

   • Policy cancellation value applicable for certain conditions and timings.

   • Flexibility to change premium payment frequency on policy anniversaries.

*Note: It is suggested that you first know what is term insurance and what its key features are before you buy term plan from Bajaj Allianz Life Insurance.

Bajaj Allianz ULIP Plans

Bajaj Allianz ULIP Plans provide a combination of investment and insurance, allowing you to grow your wealth while securing your family's future. Below mentioned are the Bajaj Allianz ULIP plans that help you provide life insurance cover:

1. Bajaj Allianz Invest Protect Goal ULIP Plan

   • Loyalty Advantage: Reward for regular premium payments with extra units at specific policy years.

   • Return of Premium Allocation Charge: Charges added back after 10th policy year for regular/limited premiums.

   • Return of Mortality Charge: Mortality charges returned during the policy term.

   • Fund Maintenance Booster (FMB): FMB added to Regular Premium Fund Value if Total Fund Value falls below one Annualized Premium from 4th policy year.

   • Death Benefit: Paid upon policyholder's death - Sum Assured, Total Fund Value, or Guaranteed Benefit.

   • Maturity Benefit: Paid if policyholder survives until maturity date - Total Fund Value at that time.

2. Bajaj Allianz Goal Assure II ULIP Plan

   • Death Benefit: Lump sum payout upon policyholder's death - Higher of Sum Assured% or Fund Value.

   • Return of Mortality Charge (ROMC): Total mortality charges deducted added back at policy term end.

   • Fund Booster: Added to Regular Premium Fund Value at maturity, subject to all premiums paid.

   • Loyalty Additions: From 6th year onwards, Loyalty Additions to Regular Premium Fund Value.

   • Surrender Benefit: Option to surrender policy anytime.

   • Portfolio Strategies: The plan offers four unique portfolio strategies that you can choose from when starting your policy:

     • Investor Selectable Portfolio Strategy

     • Wheel of Life Portfolio Strategy

     • Trigger Based Portfolio Strategy

     • Auto Transfer Portfolio Strategy

3. Bajaj Allianz Smart Wealth Goal III ULIP Plan

   • Loyalty Benefits with Periodical Money Backs:

     • Fund Boosters

     • Return of Allocation Charge (ROAC)

   • Return of Mortality Charge (ROMC)

   • Option to receive Maturity Benefit or Death Benefit in installments with Return Enhancer

   • Choice of five (5) investment portfolio strategies

   • Choice of thirteen (13) Funds

   • Option to reduce the Premium

   • Option to increase Premium paying term

   • Tax benefits may apply as per prevailing tax laws

4. Bajaj Allianz Future Gain II ULIP Plan

   • Max premium allocation: Maximize investment growth with a significant portion of payment.

   • 2 investment strategies: Choose from 2 approaches with unique risks.

   • 15 funds to invest: Pick from 15 funds with various objectives and risks.

   • Partial withdrawals allowed: Withdraw from funds for emergencies.

   • Top-up premiums: Add extra premiums for more savings and coverage.

5. Bajaj Allianz Goal Based Saving II

   • Return of Mortality Charges at Maturity (ROMC): For Regular/Limited Premium policies.

   • Settlement Option with Return Enhancer: Choose this option for added benefits.

   • Partial Withdrawals: Access funds through partial withdrawals.

   • Top-Up Premium: Option to pay additional premiums.

   • Premium Reduction: Choose to reduce your premium.

   • Fund Choices: Select from 15 different funds.

   • Payment Options: Choose between regular, limited, and single premium payments.

   • Premium Payment Term Flexibility: Option to change your premium payment term.

*Note: In case you have any doubt regarding your term plan, you can contact the insurance advisor to solve your queries.

Bajaj Allianz Savings Plans

Bajaj Allianz provides a variety of savings plans that help customers get their required life insurance cover and protect their loved ones.

1. Bajaj Allianz Life Assured Wealth Goal Platinum

   • Financial protection for your family

   • The guaranteed death benefit on the death of the policyholder

   • Liquidity begins in 2nd policy year

   • Tax benefits as per the prevailing tax laws

2. Bajaj Allianz Life ACE

   • Choose if you want income in a lump sum, monthly benefit, or both

   • Get protection for up to 100 years

   • Pay premiums for a limited period of 5 - 12 years

   • Claim tax benefits as per prevailing tax laws

   • Choose the frequency and duration of the income

3. Bajaj Allianz Flexi Income Goal - Income Benefit

   • 150% of the Sum Assured as a Guaranteed Benefit

   • Survival Benefits:

     • 100% of the Sum Assured as Guaranteed Monthly Income (GMI) from the end of PPT till Policy maturity

     • Get 50% of Sum Assured as a booster at maturity

   • Choose to receive or accumulate Survival Benefits with Investment Return

   • Option for Joint Life insurance Cover

4. Bajaj Allianz Guaranteed Saving Goal

   • Choose from 2 sum assured options

   • Option to choose from multiple policy terms

   • Larger maturity benefit for female customers

   • Get Guaranteed Maturity Benefits, including Guaranteed Enhancer

   • Claim tax benefits as per prevailing tax laws

5. Bajaj Allianz Super Life Assure

   • Choose from 2 plan variants: Super and Life

   • Special rates for female customers

   • Enhance cover with rider benefits

   • Get bonuses year after year to enhance savings

   • Income benefit provides monthly income in case of unfortunate death

Bajaj Allianz Investment Plans

Bajaj Allianz Investment & Savings Plans offer opportunities to grow your savings while ensuring financial security for your future goals. Below mentioned are the Bajaj Allianz Investment and Savings plans:

1. Bajaj Allianz Flexi Income Goal - Enhanced Benefit

   • 250% sum assured as a guaranteed benefit 

   • Survival Benefits:

     • 50% of Sum Assured at the end of PPT as Lumpsum

     • 100% of Sum Assured as Guaranteed Monthly Income (GMI) from the end of PPT till Policy maturity

   • Receive 100% of sum assured on maturity as lump sum

   • Equity exposure upto 40%

   • Choose joint life insurance cover to cover your spouse

2. Bajaj Allianz Invest Assure Investment Plan

   • Choose 1.25 times or 2 times Sum Assured as life cover

   • Compound reversionary bonus and terminal bonus included

   • Limited premium payment term

   • High sum assured rebate (HSAR) for better value

   • Option to enhance coverage with rider benefits

   • Option to receive death benefit as monthly installments

3. Bajaj Allianz Elite Assure Investment Plan

   • Ideal balance of life insurance cover and excellent ROI

   • Accrued Guaranteed Loyalty Additions up to 315% of Guaranteed Maturity Benefit, based on premium payment term

   • Choice of 4 policy terms: 15, 20, 25, and 30 years

   • Option for regular and limited premium payment terms

   • Option to enhance coverage with rider benefits

4. Bajaj Allianz My Wealth Goal 

   • Lifelong Coverage: Continuous insurance protection for life.

   • Lifelong Income: Steady income throughout retirement.

   • Multiple Portfolio Strategies/Fund Choices: Diverse investment options.

   • Tax Benefit under ITA 1961: Tax advantages for enhanced returns.

5. Bajaj Allianz Capital Goal Suraksha

   • Guaranteed Returns along with Life Insurance Coverage

   • Easy Application Process

   • Potential for Improved Returns

   • Choice of Limited Premium Payment Term

   • Eligibility for Tax Benefits under ITA 1961

Bajaj Allianz Retirement Plans

Bajaj Allianz Retirement Plans help you build a secure financial nest for your retirement years, ensuring a comfortable and stress-free future. Below mentioned are the Bajaj Allianz Retirement plans:

1. Bajaj Allianz Guaranteed Pension Goal Retirement Plan

   • Guaranteed lifetime income with flexible payout intervals.

   • Various annuity options to match your lifestyle goals.

   • Choose when your annuity starts.

   • Secure your family's financial future with joint life annuity options.

   • Option to receive the purchase price back upon death or as a survival benefit.

2. Bajaj Allianz Life LongLife Goal

   • The plan offers whole life insurance coverage

   • Choose from 2 plan variants: LongLife Goal without Waiver of Premium & LongLife Goal with Waiver of Premium

   • You get the option of reducing your premiums

   • Periodical return of life insurance cover and waiver of premium charges

   • Loyalty Additions every year from 5th Policy Year till 25 Policy Year

3. Bajaj Allianz Retire Rich Retirement Plan

   • Guaranteed Vesting Benefit: 101% of total premiums paid

   • Guaranteed Death Benefit: 105% of total premiums paid

   • Option for regular, limited, or single premium payment

   • Flexibility to change premium payment term

   • Option for top-up premium

   • Choice to receive death benefit in installments (Settlement option)

4. Bajaj Allianz Saral Pension Retirement Plan

   • Lifelong guaranteed regular income

   • Flexibility in annuity payments: Monthly, quarterly, half-yearly, or annually

   • Legacy protection: Purchase Price (ROP) paid to nominee on death

   • Family-oriented option: Joint life option for regular income for both lives

   • Easy liquidity through loan access

   • Additional benefit: Liquidity on diagnosis of Critical Illness

Bajaj Allianz Child Insurance Plans

Bajaj Allianz Child Insurance Plans safeguard your child's future by providing financial support for their education and other life milestones. Below mentioned are the Bajaj Allianz Child Insurance plans:

1. Bajaj Allianz Life Assured Wealth Goal Plan

   • The plan offers a life insurance cover for your family’s financial protection

   • You can easily select the dates you want to receive the payouts

   • Choose from 6 variants of the plan as per your and your family’s needs

   • Flexible income period for you to choose when you want to recevie the Regular Guaranteed Payouts

   • All the benefits offered under the plan are guaranteed

2. Bajaj Allianz Young Assure Child Insurance Plan

   • Flexible premium payment and policy term choices to meet financial needs for events like child's education or marriage.

   • Guaranteed Maturity Benefit (GMB), Guaranteed Additions (GA), and bonuses for attractive returns.

   • 3 Cash Installment Options for future financial needs.

   • Comprehensive coverage for death or accidental disability.

   • Ability to boost coverage with rider benefits.

   • Special rates available for female policyholders.

3. Bajaj Allianz Life long Assure Child Insurance Plan

   • Cash Bonus (if any) starting from 6th year

   • Guaranteed Cash Back starting from the end of Premium Payment Term

   • Life insurance cover up to age 100

   • Guaranteed Death Benefit up to 300% of Sum Assured based on chosen PPT

   • Option for death benefit in monthly installments

   • Choice of 3 Premium Payment Terms: 10, 15, and 20 years

   • High sum assured rebate for more value

   • Premium rebate for female policyholders

   • Option to enhance coverage with rider benefits

How to Check Bajaj Allianz Life Insurance Policy Details?

You can check the Bajaj Allianz life insurance policy details in the following ways:

• Log in to the Official Website

  You can login to your policy account online and access the Bajaj Allianz policy details on the go.

• Request a Callback

  You can check your Bajaj Allianz policy details by requesting a callback from the company’s customer support by going to the official website and submitting your name and phone number.

• Call the Customer Service

  You can give a call on the company’s customer service helpline number: 1800-209-7272 and get the latest information on the Bajaj Allianz Life insurance policy details.

• Visit the Nearest Branch

  You can look up the nearest company branch to get check your Bajaj Allianz policy details offline.

What Are The Exclusions In Bajaj Allianz Life Insurance?

Here are the exclusions in the Bajaj Life Insurance Policy:

Suicide: If the policyholder commits suicide within 12 months of buying the policy, his/her nominees will not be able to claim the Bajaj Life Insurance death benefit.

How To Buy Bajaj Allianz Life Insurance From Policybazaar?

Below are the steps to buy Bajaj Allianz Life Insurance:

Step 1: Visit the official Policybazaar website and go to the life insurance page.

Step 2: Select the type of insurance you want to buy and provide your name, contact details, gender, and date of birth.

Step 3: Enter the information regarding your job type, yearly income, educational qualifications, and smoking/tobacco consumption habits.

Step 4: Choose Bajaj Allianz Life Insurance term plans from the list of term insurance plans that appears.

Step 5: Pay using your preferred mode to complete the process.

*Note: You can use the term insurance calculator to calculate your term insurance premium amount of your chosen Bajaj Allianz Life Insurance plan.

Steps Involved In Claim Process Of Bajaj Allianz Life Insurance

The claim process of Bajaj Allianz Life Insurance follows the death of the policyholder, after which the nominee/claimant can go ahead to claim the death benefit. Below mentioned are the detailed steps that determine the processing of the claim:

1. Intimation of Claim

   After the policyholder's death, the nominee can initiate the claim process by submitting the required documents to the head office/bank branches/nearest offices or by Email, together with a proof of identification and the address proof of the nominee. The death form can be found in both online and offline mode from the company’s website and branch offices respectively.

2. Document Submission

   The nominee also needs to submit the necessary documents along (as requested by the insurer) with the death claim form to verify the information provided to the insurance company regarding the death of the policyholder.

3. Settlement of Claim

   After receiving all of the required documents and forms, the claim starts getting processed. Bajaj Allianz Life Insurance also checks and verifies the documents in accordance with the requirements, makes a decision (subject to T&C), and communicates the same to the claimant/nominee.

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