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 has a CSR of 99.02% in the financial year 2021-22 and offers a broad range of affordable insurance solutions tailored to individual requirements.

Let’s learn more about Bajaj Allianz Life Insurance and the plans offered by the company here.

Why Should You Buy Bajaj Allianz Life Insurance Plans?

Below are the reasons why you should consider buying Bajaj Allianz Life Insurance plans:

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

• Return Of Premiums: The Bajaj Allianz Life Insurance plan also provides the return of premiums in situations such as policy maturity, terminal illness diagnosis, or as a death benefit.

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

• Tax Benefits: Bajaj Allianz Life Insurance provides tax benefits which helps you in saving up to Rs. 1.5 Lakhs per year.

• 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, i.e. 99.02% in financial year 2021-22. This implies that the insurer was able to settle a very high number of claims in that year.

• Tax Benefits: Choosing Bajaj Allianz Life Insurance plans 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

• Investment and Savings Plans

• ULIP Plans

• Retirement Plans

• Child Plans

What Are The Bajaj Allianz Life Insurance Plans?

Below mentioned are the Bajaj Allianz Life Insurance Plans:

Bajaj Allianz Term Insurance Plans

Bajaj Allianz Term Insurance Plan offers financial security and protection for your loved ones through affordable premiums and customizable coverage options. Below mentioned are the Bajaj Allianz Term Insurance plans:

1. Bajaj Allianz Diabetic Term Plan Sub 8 HbA1c

   • Provides financial stability to your loved ones.

   • Choose from various premium payment frequencies.

   • 'Keep fit benefit' rewards you with premium discounts after completing a policy year.

   • 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.

   • 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.

6.  Bajaj Allianz LifeStyle Secure

   • Family Security: Provides regular income for your family's well-being.

   • Accelerated Terminal Illness (TI) Cover: Includes TI risk cover as standard.

   • Easy Risk Cover: Simple procedure to obtain risk cover.

   • No Medical Tests: No need for medical examinations.

   • Monthly Installments: Plan benefits paid in monthly installments.

   • Value for Money: High Sum Assured Rebate offers more value.

   • Discounts for Women: Attractive rates available for female policyholders.

7. Bajaj Allianz Life Secure

   • Coverage Choices: Select from three coverage options:

     • Death Benefit

     • Death Benefit plus Accidental Death Benefit

     • Death Benefit or Accelerated Critical Illness plus Waiver of Premium Benefit

   • Life Cover to Age 100: Coverage extends up to age 100.

   • Premium Payment Terms: Choose from 4 Premium Payment Terms: 5, 7, 10, or 15 years.

   • Value for Money: Benefit from High Sum Assured Rebate for added value.

   • Discounts for Women: Attractive premium rates offered to female policyholders.

*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:

1. Bajaj Allianz Magnum Fortune Plus ULIP Plan 

   • Life insurance cover: Protect your loved ones financially throughout the policy term.

   • Wide range of funds and portfolio strategy: Choose from various funds and strategies to meet your savings goals.

   • Loyalty additions: Your savings get a boost with fund additions from the 10th policy year.

   • Maturity booster: Enjoy extra maturity value as an existing customer and for selecting auto pay.

   • Return of mortality charges: Get back your mortality charges by staying invested until maturity.

   • Choice of multiple premium bands: Select from three premium bands to suit your savings needs.

   • Liquidity: Easily access funds through partial withdrawals after 5 years.

   • Tax benefits: Benefit from tax advantages on premiums paid and benefits received, as per prevailing tax laws.

2. 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.

3. Bajaj Allianz Goal Assure 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

4. Bajaj Allianz Smart Wealth Goal 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

5. Bajaj Allianz Future Gain ULIP Plan

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

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

   • 7 funds to invest: Pick from 7 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.

6. Bajaj Allianz Fortune Gain ULIP Plan

   • Up to 99.5% Premium allocation for Single Premium of 10 lacs and above

   • Loyalty Additions of 3% of Single Premium based on chosen term

   • Choice of seven (7) funds

   • Option for partial withdrawals

   • Top-up premiums up to Single Premium value

   • Decrease Sum Assured option

   • Systematic switching option

   • Death and maturity benefit in installments

7. Bajaj Allianz Future Wealth Gain ULIP Plan

   • High life insurance cover

   • Accelerated Cancer Cover with Income Benefit (in "Wealth Plus Care" variant)

   • Choice of 2 investment portfolio strategies

   • Loyalty Additions every 5 years from 10th policy year

   • Fund Booster for higher maturity returns

8. Bajaj Allianz LongLife Goal Plan

   • Choose between 2 plans: LongLife Goal with or without Premium Waiver

   • Select from 4 investment portfolios

   • Periodical return of Premium Waiver charges

   • Pick from 13 funds

   • Option to lower your premium

   • Enjoy whole life insurance coverage

   • Income throughout your retired life until age 99 with a return enhancer

   • Periodic return of life cover charges

   • Loyalty additions every year from the 5th policy year until the 25th policy year

9. Bajaj Allianz Goal Based Saving

   • 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.

   • Decrease in Sum Assured: Available for Single Premium policies.

   • Premium Reduction: Choose to reduce your premium.

   • Fund Choices: Select from 8 different funds.

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

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

10. Bajaj Allianz Principal Gain

    • Triple Benefit: Combines principal protection, potential for high returns, and life cover.

    • Guaranteed Loyalty Additions: Assured loyalty additions at maturity.

    • Flexible Options: Choose from different policy terms and premium payment terms.

    • Installment Benefits: Opt for installment payments for death and maturity benefits using the Settlement Option.

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

Bajaj Allianz Investment & Savings 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 Investment Plan

   • 250% of Sum Assured as Guaranteed Benefit

   • Survival Benefits:

     • 50% of Sum Assured at end of PPT as Lump sum

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

   • At Maturity, 100% of Sum Assured as Lump sum plus Compound Reversionary Bonus (CRB) & Terminal Bonus

   • Choose to receive or accumulate Survival Benefits with Investment Return

   • Equity exposure up to 40%

   • Option for Joint Life Cover

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 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 Assure Goal

   • 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

6. Bajaj Allianz Capital Goal Suraksha

   • Guaranteed Returns: This policy of Bajaj Allianz Life Insurance offers fixed returns for financial security.

   • Life Cover: Includes life insurance for your loved ones.

   • Simple Application: Hassle-free application process.

   • Potential for Better Returns: Opportunity for higher returns.

   • Limited Premium Term: Choose a term that suits you.

   • Tax Benefits under ITA 1961: Eligible for tax benefits under the Income Tax Act, 1961.

7. Bajaj Allianz Flexi Income Goal - Income Benefit 

   • Guaranteed Benefit: You're guaranteed to receive 150% of the Sum Assured, inclusive of any Cash Bonus and Terminal Bonus (if applicable) in this plan of Bajaj Allianz Life Insurance.

   • Survival Benefits: Enjoy benefits while you're alive:

     • Cash Bonus starts from the first month.

     • Guaranteed Monthly Income (GMI), equal to 100% of the Sum Assured, from the Premium Payment Term (PPT) end until policy maturity.

     • At maturity, receive a 50% Maturity Booster of the Sum Assured.

   • Flexibility: Manage Survival Benefits as you prefer:

     • Choose to accumulate them for potential investment returns.

     • Add a Joint Life Cover for extra protection for your spouse or partner.

8. Bajaj Allianz Guaranteed Savings Goal Savings Plan

   • Guaranteed Maturity Benefit: Receive a guaranteed maturity benefit, which includes Guaranteed Enhancer in this plan of Bajaj Allianz Life Insurance.

   • Choice of two Sum Assured options: Choose from two different Sum Assured options, giving you flexibility in selecting the coverage amount.

   • Option to choose from multiple Policy Terms: Select from various policy terms, allowing you to tailor the policy duration according to your needs.

   • Higher Maturity Benefit for female lives: Female policyholders will receive a higher maturity benefit, providing them with added advantages in the policy.

9. Bajaj Allianz POS Goal Suraksha Savings Plan

   • Guaranteed Maturity Benefit: Assured payout at the end of the policy term of this plan by Bajaj Allianz Life Insurance.

   • Limited premium payment term: You can complete premium payments within a specific period.

   • Option to take a policy loan: You have the choice to take a loan against the policy if needed.

   • Offers Guaranteed Additions at maturity: Additional benefits are guaranteed to be provided upon maturity.

   • Option to alter premium payment mode: You can change the mode of premium payment as per your preference.

10. Bajaj Allianz Guaranteed Income Goal Savings Plan

    • Option to extend your Life Cover beyond your Policy Term: You have the choice to continue your life coverage even after the policy term expires, providing extended protection.

    • Choice of 5 Riders to Enhance Cover: Select from five different riders to add extra coverage and enhance your policy benefits.

    • Multiple Policy Terms & Premium Payment Terms to choose from: You can choose from a variety of policy terms and premium payment terms, allowing you to customize the policy to suit your needs and preferences.

    • Guaranteed Increasing Income under Income Benefit: Assured and gradually increasing income payments will be provided under the Income Benefit option.

    • Choice of 2 Variants depending on your Life Goal: You can choose between two variants - Income Benefit and Lump Sum Benefit, depending on your life goals and preferences.

11. Bajaj Allianz Cash Assure

    • Regular Money Backs: Receive money back at regular intervals during the policy term.

    • Guaranteed Money Back: Get up to 150% of the Sum Assured, based on your chosen policy term.

    • Flexible Policy Terms: Choose from 4 policy terms: 16, 20, 24, or 28 years.

    • Shorter Premium Payment Term: Enjoy the benefit of a shorter premium payment term.

    • Value for Money: Receive high sum assured rebate, maximizing the value of your policy.

    • Special Rates for Women: Female policyholders can benefit from special rates.

12. Bajaj Allianz Super Life Assure

    • Financial Milestones: Achieve your financial goals with flexible policy term options at Bajaj Allianz Life Insurance.

    • Plan Variants: Choose from Super and Life variants for family security.

    • Income Benefit: Provides monthly income in case of unfortunate death.

    • Yearly Bonuses: Yearly bonuses enhance your savings.

    • Rider Benefits: Customize your coverage with optional rider benefits.

    • Special Rates for Women: Exclusive rates available for female policyholders.

13. Bajaj Allianz Income Assure

    • Life Cover Options: Choose between Income and Assure variants, and also get guaranteed monthly income.

    • Policy Term Flexibility: Select from 4 policy terms to align with your financial goals.

    • Potential Bonuses: May offer bonuses to boost savings.

    • Rider Benefits: Customize your coverage with additional riders.

    • Discounts for Women: Lower premium rates available for female policyholders.

14. Bajaj Allianz Save Assure

    • Guaranteed Benefits: You'll get guaranteed maturity and death benefits of 115% of the sum assured.

    • Policy Term Options: Choose from 15 and 17-year policy terms.

    • Premium-Free Final 5 Years: No premiums in the last 5 policy years.

    • Value-Added: High sum assured rebate for more value.

    • Flexible Payouts: Opt for monthly installments over 5 or 10 years.

    • Rider Benefits: Enhance your coverage with optional riders.

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 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)

3. 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 LongLife Goal Plan

   • Choose between 2 plans: LongLife Goal with or without Premium Waiver

   • Select from 4 investment portfolios

   • Periodical return of Premium Waiver charges

   • Pick from 13 funds

   • Option to lower your premium

   • Enjoy whole life insurance coverage

   • Income throughout your retired life until age 99 with a return enhancer

   • Periodic return of life cover charges

   • Loyalty additions every year from the 5th policy year until the 25th policy year

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 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

What Is The Claim Settlement Process Of Bajaj Allianz Life Insurance?

Here is the claim settlement process of Bajaj Allianz Life Insurance:

• Claim Intimation: To initiate the life insurance claim process of Bajaj Allianz Life Insurance after the death of the life assured, the nominee should submit the Death Claim Form to the head office, bank branches, nearest offices, or via Email. Additionally, you need to attach an attested proof of identification and address proof of the nominee along with the claim form.

• Document Submission: For document submission, the nominee/claimant must provide documents, like the Original documents of the policy, Copy of the original death certificate, Application Form for Death Claim (Form C), Canceled Cheque with NEFT details, Nominee/claimant's ID and address proofs, etc. to Bajaj Allianz Life Insurance.

• Claim Settlement: After receiving all the necessary documents and forms of the Bajaj Allianz Life Insurance policy, the company initiates the claim processing. They verify the documents as per their requirements and then make a decision (subject to terms and conditions). The company communicates the claim status to the nominee/claimant accordingly.

What Are The Exclusions In Bajaj Allianz Life Insurance?

Here are the exclusions in the Bajaj Allianz Life Insurance:

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

Step 2: 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.

FAQ's