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Bajaj Allianz Term Insurance

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Bajaj Allianz Term Insurance
Highlights
Claim Settlement Ratio98.48%
Customer Care9:00 AM to 7:00 PM
Death Benefit Paid For11,887 Policies
Inception2001
Presence759 Branches
Total Death Benefit PaidRs. 310.71 Crore

Term Life Insurance Premium Calculator

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Choose required coverage to secure your family’s future

50L
1Cr
1.5Cr
2Cr
Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Best Bajaj Allianz Term Insurance Plans

1 Crore
1.5 Crore
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.51%
Starting From 706/Month
24hr Claim Settlement
Key Features:
  • Special Exit
  • Terminal Illness
  • Nominee's Choice payout
  • Voluntary Top Up
  • Tax Benefits
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.7%
Starting From 787/Month
24hr Claim Settlement
Key Features:
  • Tax Benefits
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 97.84%
Starting From 857/Month
24hr Claim Settlement
Key Features:
  • Waiver of Premium on Disability
  • Terminal Illness
  • Life Stage Benefit
  • Tax Benefits
See More Plans

About Bajaj Allianz Term Insurance

Bajaj Allianz Term Insurance plans will protect your loved ones against uncertainties. The nominees of term life insurance plans receive a death benefit in the event of the demise of the life assured. Individuals who plan to secure the future of their dependents can buy term plans from Bajaj Allianz Life Insurance.

Key Features of Bajaj Allianz Term Insurance

Features

Coverage

Claim settlement ratio

98.48%

Branch offices

759

Founding year

2001

Claim assistance

9:30 am to 6:30 pm (Mon- Sat)

Add-on cover

Available

Benefits of Bajaj Allianz Term Insurance Plan

Bajaj Allianz Life Insurance is one of India's best life insurance companies. The company serves its policyholders with unique features and benefits. Here’s a list of some of the benefits of Bajaj Allianz Term Plans:

  • Hassle-Free Claim Settlement: Bajaj Allianz provides a quick and seamless claim settlement process to its policyholders. You can settle claims for your term insurance plans within a day if you provide all the documents thoroughly.
  • Enhanced Coverage: The policyholders of the Bajaj Allianz Term Plans can provide comprehensive protection to their loved ones. This means you can buy various add-ons such as a critical illness rider, a premium of waiver rider, and others with your term life insurance plans. However, the policyholders may have to pay an additional premium to buy term insurance riders.
  • Wide Network: Bajaj Allianz Life Insurance has a nationwide network. In case of any offline assistance related to claims, policy documents, renewals, and others, the policyholders can visit the branch office of the company. At present, there are over 500 branch offices of Bajaj Allianz Insurance.
  • Multiple Payout Options: A nominee or beneficiary of Bajaj Allianz Term Plans are eligible for a death benefit in case of the policyholder’s demise. Therefore, a nominee has the option to select a death benefit payout option. You can either receive the benefit in a lump sum or regularly as a monthly payout.
  • Tax Benefits: A premium paid by the policyholders against term insurance plans is tax-free under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Bajaj Allianz Term Insurance Premium Calculator

Bajaj Allianz term insurance premium calculator is an online tool used to calculate the estimated premium you may have to pay against your term life insurance plan. To determine a premium, policyholders may have to provide certain information like coverage, riders, profession, medical history, number of dependents, and more.

Types of Bajaj Allianz Term Insurance Plans 2023

Bajaj Allianz provides a wide variety of term life insurance plans to its policyholders. The table below highlights some of the best term plans in which you can invest to secure the future needs of your loved ones.

Term Insurance Plan

Entry Age

(in years)

Maturity Age

(in years)

Policy Tenure

(in years)

Sum Assured (Min)

Bajaj Allianz i-Secure Term Plan

18- 60 years

28- 70 years

10- 30 years

Rs. 2 lakhs- no limit

Bajaj Allianz Life Saral Jeevan Bima

18-65 years

N/A- 70 years

5 years- 40 years

Rs. 5 lakhs- Rs. 25 lakhs

Bajaj Allianz Life e-Touch Online Term Plan

18- 65 years

28- 99 years

10- 80 years minus the entry age

Rs. 50 lakhs- no limit

Bajaj Allianz Smart Goal Protect Term Plan

18- 65 years

85 years- 99 years

10- 85 years minus the entry age

Rs. 50 lakh- N/A

Riders Available Under Bajaj Allianz Term Insurance Plans

Riders are add-on benefits that term insurance companies provide to their policyholders. You can buy these riders with your base term plan to enhance its coverage. Here’s a list of some rider options available under Bajaj Allianz Term Insurance Plans:

  • Accidental Death Benefit Rider: In case of the accidental death of the policyholder, a term insurance company will pay an additional benefit along with a regular sum assured to the nominee.
  • Accidental Partial or Total Disability Rider: If the policyholder is partially or totally disabled due to an accident, this rider will provide regular income benefits to them. In simple terms, this rider will financially help you during uncertain times like total or partial disability.
  • Critical Illness Cover: This rider benefit provides financial protection against critical illnesses like cancer, kidney diseases, heart attack, and others. You can claim your critical illness cover add-on if you get diagnosed with any critical illness during the policy tenure.
  • Premium of Waiver Rider: The policyholder pays a premium in exchange for insurance cover to the policyholder. With this rider, the Bajaj Allianz Term Insurance company will waive off all the future premiums that need to be paid if the life assured dies during the policy tenure.

Factors Affecting Bajaj Allianz Term Insurance Premium

Following are the factors that affect premiums for Bajaj Allianz Term Insurance Plans:

  • Age: It is one of the most crucial factors that you need to consider when purchasing Bajaj Allianz Term Insurance Plans. Generally, a premium for older individuals is higher than for young individuals.
  • Medical History: Another important factor is the medical history of the policyholder. Individuals with pre-existing diseases may have to pay a higher premium in comparison to healthy ones.
  • Lifestyle Habits: Unhealthy lifestyle habits like smoking or alcohol consumption severely affect the premium for your Bajaj Allianz Term Insurance Plan. Since policyholders who follow this lifestyle are more vulnerable to diseases, they might have to pay a higher premium.
  • Policy Tenure: The policy tenure directly impacts the premium for your term insurance plan. Select the policy tenure that provides enough coverage to the dependents upon the policyholder’s unfortunate demise.
  • Occupation: Your profession and occupation significantly impact the premium for your Bajaj Allianz Term Life Insurance Plan. If you are involved in high-risk professions, such as Indian Army, you will have to pay a higher premium.

Tips to Buy Best Term Insurance Plan

Since a term insurance plan ensures financial security for your loved ones, it is crucial that you purchase the right plan. Here are some healthy tips to make a smart purchasing decision:

  • Consider your number of dependents. Ensure that you purchase the right sum-assured term plan to financially secure your loved ones.
  • Term insurance should not affect your existing financial budget. Therefore, analyze your existing financial needs carefully and select the plan that is right for you.
  • Another important tip that you should consider is the claim settlement ratio of the company. To ensure peace of mind for your loved ones, opt for an insurer with a high claim settlement ratio.
  • Check for the term insurance riders that your term insurance company has to offer. Riders will enhance the coverage of your policy.

Inclusions and Exclusions Under Bajaj Allianz Term Insurance Plans

Following are the losses or damages that are covered and not covered under Bajaj Allianz Term Plans:

What is Covered?

Bajaj Allianz Term Life Insurance Plans provide coverage against accidental or natural death and disability for the policyholder. The company pays the sum assured to the nominee or beneficiary of the policy as a death benefit upon the policyholder’s demise.

What is Not Covered?

Bajaj Allianz Term Life Insurance Plans come with some exclusions. This includes the death of the policyholder due to suicide. An insurance company will pay 80% of the premium paid by the life assured to date.

Process to Buy Bajaj Allianz Term Insurance Plans

You can easily buy Bajaj Allianz Term Insurance Plans online. Here’s a step-by-step guide that you can follow:

  • Visit the official website of InsuranceDekho.
  • Click on “Term Plans” under the “Term Insurance” Section.
  • Hit the “buy now” tab.
  • Fill in the required details.
  • Click the “Next” button to view a list of term life plans.
  • Select the term plan that you want to purchase.
  • Customize your plan as per your specific needs.
  • Make a premium payment online to complete the purchase.

Documents Required to Buy Bajaj Allianz Term Insurance Plans

Anyone who wants to buy Bajaj Allianz Term Insurance Plans will require the following documents:

  • ID proof
  • Income proof
  • Address proof
  • Recent passport-size photographs
  • Age proof

Why Purchase Bajaj Allianz Term Insurance Online?

Here are some reasons to buy a Bajaj Allianz Term Insurance policy online:

  • Hassle-Free Claim Process: Bajaj Allianz term plan policyholders can claim their policy without any hassle. All you have to do is fill out the claim policy application form and submit a few documents to ensure a seamless claim settlement process.
  • Less Paperwork: You can buy Bajaj Allianz Term Plans online with ease. The policy can be purchased with minimal documentation in the comfort of your home.
  • Quick Policy Issuance: Unlike traditional processes for purchasing term life insurance, policyholders can now get insured in a few minutes through an online process.
  • Easy Comparison: When you purchase insurance online, you can compare the features and benefits of numerous Bajaj Allianz Term Plans and select the one that best suits your financial needs.

Bajaj Allianz Term Insurance Plans Claim Settlement Process

The Bajaj Allianz Term Insurance claim settlement process is quick and easy. The high claim settlement ratio of 99.04% of the company makes it recognized as the best-term insurance company in India. Continue reading to find a detailed guide on claiming Bajaj Allianz term plans.

Documents Required To Claim Bajaj Allianz Term Insurance

  • Intimation letter
  • Death certificate
  • KYC of the nominee
  • Bank details of the nominee
  • Original policy document
  • FIR copy in case of accidental death
  • Post-mortem report (if happened)
  • Medical and other diagnosis reports

Steps You Should Follow To Claim Bajaj Allianz Term Insurance

  • Inform Bajaj Allianz Insurance about the happenings of the event.
  • Submit all the necessary documents requested by the insurance company.
  • The insurer will verify the documents that you submit. In some cases, an investigating officer might visit the hospital to verify the information you provided.
  • Once this process is completed, Bajaj Allianz will either settle the claim or reject it in case of dissatisfaction.

The policyholders of Bajaj Allianz Term Plans can contact the customer support team online or offline. For online assistance, you can visit the official website of the company. And, in case of offline customer support, you can either write to customercare@bajajallianz.co.in or call the toll-free number 1800209 7272.

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Claim Process at Bajaj Allianz Term Insurance

  • 1

    Claim Intimation

    In the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
  • 2

    Submission of Documents

    Claim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
  • 3

    Claim Evaluation

    Once the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
  • 4

    Claim Settlement

    If claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.
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FAQ About Bajaj Allianz Term Insurance

  • What benefits will I get if I buy term insurance?

    Some of the benefits that you get on buying term insurance include affordable premium, return of premium option, flexibility in premium payment, death benefit, flexible policy terms and more. 

  • Why should I buy term insurance from Bajaj Allianz?

    You should choose Bajaj Allianz to buy a term insurance plan to make the most of benefits like high CSR (98.02%), vast network across the country, large product variety with excellent features, prompt claim settlement and more. 

  • Can I buy a joint term insurance plan with my spouse?

    Yes! You can choose Bajaj Allianz Life Smart Protect Goal policy that will help you avail the benefit of joint cover for you and your spouse.

  • Which are some of the Bajaj Allianz term insurance plans that I can buy online?

    Life Smart Protect Goal, eTouch Online Term, and iSecure are some of the Bajaj Allianz term insurance plans that you can easily buy online. 

  • What is the toll-free number of Bajaj Allianz Life Insurance?

    Toll-free number of Bajaj Allianz Life Insurance is 1800-209-7272.

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