Bajaj Allianz Term Insurance Plans

Bajaj Allianz Term Bajaj Allianz Life Insurance Company 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.

What is a Term Insurance Plan?

The cheapest plan available in the market, term plans offer the customer a benefit only if he dies during the policy period and there is no maturity benefit under the plan. The plan is bought for a specified period for any amount of Sum Assured and if the insured suffers death during that stipulated time period, the claim will be made under the purview of the plan.

Why Term Plans?

A good amount of coverage is needed by every individual so that his family is taken care of financially in his absence. Affording a good coverage under other types of insurance plans is an expensive affair and so term plans prove useful by granting a sufficient cover option at very low premium rates, something which can be easily afforded by the customer. Though the plans pay only the death benefit, being a low rate plan providing good benefits, they are popular among the masses.

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.

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

 

Bajaj Allianz Term Insurance Plans - FAQs

1. How to pay premium? What are the modes of payment available?

You can pay premium from ANY of these approved methods

• ECS
• NEFT
• Cash/Cheque Payments

2. How can I check policy status for Bajaj Allianz term insurance plans?

As a registered user, you must log into Bajaj Allianz website with your valid User Id and password. On the homepage of your e-portal click “Policy Status” to know.

3. What is the policy renewal process for Bajaj Allianz term insurance plans?

You can authorize your premium payments online through Bill Junction service, available on the insurer’s website. You need to register yourself at Bill Junction and follow the policy renewal instructions.

 

4. What is the company’s process to settle claim for Bajaj Allianz term insurance plans?

Bajaj Alliance Life Insurance aims to provide faster claims settlement service. You must submit the valid documentation along with suitable claims form and submit it to the nearest branch in you city. Upon receiving the documents and processing it, your claims is settled within 30 days. The claim amount is directly deposietd in your bank account.

However, if a claim settlement is delayed beyond 30 days, the company pays an 11% interest for every day's delay

 

5. What is the policy cancellation process for Bajaj Allianz term insurance plans?

Bajaj Alliance Life Insurance policyholders must attach all the relevant policy documents along with a duly filled surrender form at any of the branch locations in their city. The value of their refund will be calculated based on the current NAV value, if the documents are submitted before 3:00 PM, else the next day’s market rates will be applicable.