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Bajaj Allianz Term Insurance Plans

Bajaj Allianz Limited is formed between Bajaj Finserv Limited and Allianz SE. The company has been a leader in the insurance market with world-class products, efficient service and after-sales support. The company has been offering various types of life insurance plans both in the Life Insurance category and General Insurance category. Bajaj Allianz Life Insurance is among the market leaders in insurance sector offering a wide range of products at competitive rates. Moreover, the company boasts of a strong foundation of sales force which helps to increase the company’s market share in the insurance sector. The range of products offered by Bajaj Allianz include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individual’s insurance related requirement at a single source.  

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Bajaj Allianz Term Plan

Bajaj Allianz offers a range of term plans to suit the needs of every individual whether it is for pure protection purposes or for securing loans. Let us consider the range of term plans offered by Bajaj Allianz Life Insurance Company and the aspects of each.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Age 50
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Bajaj Allianz Term Plan - iSecure

A term insurance plan which is available only through the website of the company. The Bajaj Allianz term plan features are mentioned below:

    • The plan is available on a single life and also on joint life basis for the spouse
    • Under the single life option, Sum Assured is paid in case of the policyholder’s death during the term
    • Under the joint life option, in case of the first death, the Sum Assured is paid and the plan continues. If the second life also dies during the term, an additional Sum Assured is again paid.
    • Death benefit can be taken in instalments spread over a 5 or 10 year period. The value of each instalment will be (1.04*Sum Assured)/60 or (1.08*death benefit)/120 respectively
    • Discounts in premium are allowed for non-smokers and preferred non-smokers
    • Rebates in premiums is also allowed for choosing a higher Sum Assured level

Eligibility Details

 

Minimum Maximum
Entry Age 18 years 60 years
Maturity Age 28 years 70 years
Policy Term 10 years 30 years
Sum Assured Rs.2 lakhs for smokers Rs.20 lakhs for non-smokers and preferred non-smokers No limit
Annual Premium Amount Rs.3000 No limit
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly, half-yearly, quarterly or monthly
 

Bajaj Allianz Term Plan - iSecure More

An online term insurance with increasing coverage. The features of this Bajaj term plan are as follows:

  • The plan is available on a single life and also on joint life basis for the spouse
  • The Sum Assured increases every year @ 5% up to a maximum of 200% of the original Sum Assured after which it stops.
  • Under the single life option of the plan, the Sum Assured is paid to the nominee in case of death of the policyholder during the term of the plan
  • Under the joint life option of the plan, in case of the first death, the Sum Assured is paid and the plan continues. If the second life also dies during the term, an additional Sum Assured is again paid.
  • The death benefit can be taken in instalments over a period of 5 or 10 years. The value of each instalment will be (1.04*Sum Assured)/60 or (1.08*death benefit)/120 respectively
  • Discounts in premium are allowed for non-smokers and preferred non-smokers and also for availing a joint life coverage
  • Rebates in premiums is also allowed for choosing a higher Sum Assured level of Rs.5 lakhs and above
  • The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

  Minimum Maximum
Entry Age 18 years 60 years
Maturity Age 28 years 70 years
Policy Term 10 years 25 years
Sum Assured Rs.2.5 lakhs No limit
Annual Premium Amount Rs.1500 No limit
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly, half-yearly, quarterly or monthly

Bajaj Allianz Term Insurance -  iSecure Loan

A term insurance plan offered for loan protection. The features of the plan are as follows:

  • This Bajaj Allianz term plan is available on a single life and also on joint life basis for the spouse, business partner or child
  • The Sum Assured is equivalent to the outstanding amount of loan against which the plan is bought
  • Under the single life option of the plan, the Sum Assured is paid to the nominee in case of death of the policyholder during the term of the plan
  • Under the joint life option of the plan, in case of the first death, the Sum Assured is paid and the plan continues. If the second life also dies during the term, an additional Sum Assured is again paid.
  • The death benefit can be taken in instalments over a period of 5 or 10 years. The value of each instalment will be (1.04*Sum Assured)/60 or (1.08*death benefit)/120 respectively
  • Discount in premium @5% is allowed for buying the plan online
  • Rebates in premiums is also allowed for choosing a higher Sum Assured level of Rs.5 lakhs and above
  • The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

  Minimum Maximum
Entry Age 18 years 60 years
Maturity Age 28 years 65 years
Policy Term 10 years 25 years
Sum Assured Rs.3 lakhs No limit
Annual Premium Amount Rs.1500 No limit
Premium Payment Term 2/3rd of the policy term
Premium Payment Frequency Yearly, half-yearly, quarterly or monthly


Bajaj Allianz Term Paln - Life Style Secure

A term plan with enhanced benefits on death and terminal illnesses. The features of This Bajaj Allianz term plan are as follows:

  • On death or terminal illness of the insured during the policy tenure, the Sum Assured is given in equated monthly instalments for such time which will be equal to the term of the plan chosen.
  • Rebates in premium for choosing higher levels of coverage above Rs.3 lakhs
  • The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

  Minimum Maximum
Entry Age 18 years 50 years
Maturity Age 23 years 60 years
Policy Term 5 years 20 years
Sum Assured Rs.3 lakhs Rs.15 lakhs
Annual Premium Amount Rs.1466 Rs.20, 458
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly, half-yearly, quarterly or monthly

Bajaj Allianz Term insurance - Life Secure

A whole of life plan which covers the individual for his entire lifetime. The features of This Bajaj Allianz term plan are as follows:

  • There are three types of options to choose from namely – Death Benefit, Death Benefit plus Accidental Death Benefit and Death Benefit or Accelerated Critical Illness plus Waiver of Premium benefit
  • Under Option I, the Sum Assured  on death is paid
  • Under Option II, the Sum Assured on death is paid on death of the insured. If the insured dies due to an accident before attaining age 65 years, an additional Sum Assured is payable which is equal to the Sum Assured on death subject to a maximum of Rs.2 crores
  • Under Option III, Sum Assured on death is paid in case of death of the insured. If the insured suffers from a critical illness before attaining 65 years of age and during the first 30 years of the plan, 50% of Sum Assured is paid subject to a maximum of Rs.50 lakhs and all future premiums are waived off. Post this, if the insured faces death, the remaining 50% of the Sum Assured on death is paid
  • On maturity if the insured survives till 100 years of age, under Options I and II, the Sum Assured is paid and under Option III the remaining Sum Assured less the amount paid on critical illness is paid
  • The Sum Assured on death is higher of the Sum Assured, 10/7 times the annual premium or 105% of the total premiums paid till death of the insured.
  • Rebates in premium for choosing higher coverage levels of Rs.20 lakhs and above
  • Female lives are offered differential rates of premiums
  • The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

  Minimum Maximum
Entry Age 25 years Options I & II - 55 years Option III – 50 years
Maturity Age 23 years 60 years
Policy Term 100- entry age
Sum Assured Rs.20 lakhs No limit
Annual Premium Amount Rs.36, 720 No limit
Premium Payment Term 5, 7, 10 or 15 years
Premium Payment Frequency Yearly, half-yearly, quarterly or monthly
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Bajaj Allianz Term Insurance Plans Reviews & Ratings

4.6 / 5 (Based on 9 Reviews)
(Showing Newest 9 reviews)
Isha
Delhi, September 02, 2021
Average Benefits
I have taken term insurance policy of Bajaj Allianz from policy bazaar and it was referred by one of my relative. I am paying monthly premium of Rs.3000 through online as well have enabled auto debit option. The benefits are average. I need to pay the premium till MAY 2022 and it was taken in the year of 2016. Happy to be their customer.
Niharika
Barapalli, April 05, 2021
Claim is easy
It is very easy to file for a claim for the term plan of bajaj Allianz. I bought this plan from the website of the policybazaar. The assistance given by the team of policybazaar and bajaj Allianz is good. They helped my friend in getting claim and that’s why I bought this plan from them. Thanks team.
Dinesh
Qadian, March 30, 2021
Get online updates
For my term insurance plan which I bought of bajaj Allianz, I got various updates at one place. I got to know about my plans and details regarding the same. It is convenient to use and understand. Thank you so much policybazaar.
Bhanu
Bagha Purana, March 30, 2021
Claim is easy
It is very easy to file for a claim for the term plan of bajaj Allianz. I bought this plan from the website of the policybazaar. The assistance given by the team of policybazaar and bajaj Allianz is good. They helped my friend in getting claim and that’s why I bought this plan from them. Thanks team.
Deepanshu
Asifabad, March 23, 2021
Get online updates
For my term insurance plan which I bought of bajaj Allianz, I got various updates at one place. I got to know about my plans and details regarding the same. It is convenient to use and understand. Thank you so much policybazaar.
Renu
Dabugam, February 16, 2021
Satisfied and happy
I am one of the happiest customer of policybazaar. I bought the bajaj Allianz term insurance plan 2 years back and having a good experience. Thanks team.
Lakshya
Baarod, February 16, 2021
Easy to pay
It is really easy to make the payment for the premium amount of the term insurance plan. I bought it online and has been making the payment on online basis. It is easy and hassle free. I bought the bajaj Allianz term plan from policybazaar.
Bhanu
Chapra, August 16, 2016
Term plan
The bajaj allianz term insurance policy of mine is good. The policy has low premium investments and the output is high. Claiming is simple and sanctioning amount is easy due to quick service given by the company members. Easy renewals through online portal service.
Abhinav
Ahmednagar, July 15, 2016
Good Service
My term insurance plan is fantastic and i bought it from bajaj life insurance. The service is fast and on time. Policy coverage is high and claims are even better. The internet portal is very simple to use and anybody can access it easily.
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