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 This email address is being protected from spambots. You need JavaScript enabled to view it..
  • 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. 

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