Paisawiki is a Part of Logo

Bajaj Allianz Life Insurance

Claim Settlement Ratio - 97.28%*
*Data according to IRDA Annual Report (2018-19)
  • Choose From

    20+ Insurers

  • Plans Starting at

    ₹ 490/month*

  • Tax Benefit

    Upto Rs. 75000

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Please note that the quotes shown will be from our partners

Bajaj Allianz Life Insurance has a range of plans that provide financial support to the nominee in the case of sudden demise of the policyholder. Life coverage plan protects against critical illness hospitalization, accidental death, and covers for partial and permanent disability of the policyholder. Bajaj Allianz Life insurance also has wealth creation plans, policies with guaranteed income, loan facilities, and tax benefits.

What is Bajaj Allianz Life Insurance?

Bajaj Allianz has customized plans to meet the various needs of the customer. Some policies are only meant to cover the life of the policyholder, whereas other policies are bought as an investment. Other plans are bought, keeping in mind retirement or for securing the child's future. Let's take a look at the various types of policies Bajaj Allianz Life Insurance offers:

  • Term Insurance Plan

    These plans are bought for a fixed period. As they do not have any maturity benefit, these are cheaper. The plan secures only the life of the policyholder.

  • Endowment Policy

    The plan secures the life of the policyholder as well as provides maturity benefit on survival.

  • Unit Linked Insurance Plan

    These plans provide extra benefits to the policyholders in addition to providing life security. It is ideal for customers with risk-taking capacity.

  • Money-Back Endowment Policy

    Similar to the endowment plan, this policy has many survival benefits.

  • Pension Plan

    The amount collected through premium is given to the policyholder in the form of monthly income or lump sum.

Why should one choose Bajaj Allianz Life Insurance?

The reasons for choosing Bajaj Allianz Life Insurance are:

  • Financial Shield - Bajaj Allianz Life Insurance policy provides a financial shield, i.e., death benefits to support the nominee in case of policyholder’s death
  • Fast Claim Settlement Feature - The insurance provider provides 24 x 7 assistance to customers for claim settlement process which helps in faster processing

  • Flexible Payment Of Premium - Most of the life insurance policies provided by Bajaj Allianz have flexible payment options

  • Digitally Driven Processing - For premium payment processing, the insurance company has a digitally driven process
  • Higher Risk Coverage - The insurance policy provider offers higher risk coverage plans as compared to other policy provider companies
  • Riders - Bajaj Allianz has various riders which cover hospitalization expenses, critical illness treatment, and accidental covers
  • Saving and Investment - There are specific policies which provide a lump sum amount when the policy matures
  • Loan facilities - The policy provider, has loan facilities available for its customers
  • Easily Reachable - Bajaj Allianz has more than 800 branches which make it easily accessible
  • Customized Plans - There are various plans available for customers according to their needs
  • Tax Benefits - There are tax benefits available for policyholders

Types of Plan Available In Bajaj Allianz Life Insurance

The following types of policies available are

  • Elite Assure Plan
  • Fortune Gain Plan
  • iSecure Plan
  • Super Life Assure Plan
  • Guarantee Assure Plan
  • Life Principal Gain
  • Retire Rich Plan
  • Lifelong Assure Plan

Bajaj Allianz - Elite Assure Plan

Bajaj Allianz Elite Assure Plan is a non-linked participating investment plan. The plan comes with regular & limited premium options.

  • The benefits of the policy are

    The following types of policies available are

    • The assured sum  is ten times the annualized premium
    • Maturity Benefit - Maturity benefit is equal to lump sum amount guaranteed at maturity + guaranteed loyalty additions + interim bonus + vested & terminal bonus
    • Vested bonus starts from the first policy year
    • Death benefit - The death benefit is equal to the assured sum  at death + guaranteed loyalty additions + interim bonus + vested & terminal bonus
    • The assured sum  at death will be the highest of Guaranteed Maturity Benefit, or Sum Assured
    • Frequency of payment: Yearly, half-yearly, quarterly or monthly
    • Surrender Value: The surrender value of the policy is highest of Guaranteed Surrender Value, or Special Surrender Value Loan option available after the policy has acquired a surrender value
  • Eligibility of the Plan

      • Minimum Entry Age - 0 years
      • Maximum Entry Age - 55 years
      • Minimum Maturity Age - 18 years
      • Maximum Maturity Age - 70 years
      • Policy term - 15, 20, 25 or 30 years
      • Premium Payment Term - 7 years or 10 years or equal to the policy term.

Bajaj Allianz - Fortune Gain Plan

Bajaj Allianz Fortune Gain Plan is a non-participating single unit-linked endowment plan by Bajaj Allianz. The plan provides benefits for investments like:

  • The benefits of the policy are

    The following types of policies available are

    • Maturity benefit - Maturity benefit is equal to the sum of single premium fund value + premium fund value
    • Death benefit - Lump sum amount will be paid to the nominee in case of unfortunate death of the policyholder
    • Loyalty addition - The policyholder will get loyalty additions for a premium above Rs 10,000 for a policy term between 10 to 30 years
    • Surrender benefit - On surrendering the policy after a lock-in period of 5 years, the policyholder will get single premium value + premium fund value
    • Loan option available after the policy has acquired a surrender value
  • Eligibility of the Plan

      • Minimum Age - 1 year
      • Maximum Age - 63 years
      • Minimum Maturity Age - 18 years
      • Maximum Maturity Age - 70 years
      • Policy Term - 7 to 30 years
      • Premium Payment Type - Single Premium

Bajaj Allianz - iSecure Plan

Bajaj Allianz iSecure Plan is a non-participating and non-linked regular premium plan. The plan assures high sum at a low premium. The policy can be bought for an individual or as a joint policy.

  • The benefits of the policy are

    For Individual policy -

    • Death benefit - The assured sum will be paid to the nominee on the unfortunate death of the policyholder
      For joint policy -
    • The death benefit will be paid on the death of each life
    • On the death of either of the policyholder, the policy will continue at a reduced premium depending on the age, premium frequency and sum assured
      For both policies:-
    • The assured sum  will be paid to the survivor policyholder or the nominee
    • The policy terminates after the death of the survivor policyholder
    • Maturity Benefit - No maturity benefit is available
    • Survival Benefit - No survival benefit is available
    • Installment benefit - Nominee, can receive the death benefit in monthly installments for 5 to 10 years.
  • Eligibility of the Plan

      • Minimum Entry Age - 18 years
      • Maximum Entry Age - 60 years
      • Minimum Maturity Age - 28 years
      • Maximum Maturity Age - 70 years
      • Minimum Sum assured - Rs 20 lakh for preferred nonsmoker or smoker category. Rs 2.5 lakh for the general category.
      • Policy Term - 10, 15, 20, 25 and 30 years
      • Premium Rebates- less than or equal 40 years of age, the rebate is 5% of the total premium
      • From 41 to 50 years of age, the rebate is 3% of the total premium
      • For age greater than 50 years, the rebate is 1% of the total premium
      • These rebates are available in the joint-life policy.
      • Non-smokers get lower premium rates

Bajaj Allianz - Super Life Assure Plan

Super Life Assure is participating, non-linked regular premium savings plan. The plans have two variants available.

  • The benefits of the policy are

    For Individual policy -

    • Maturity benefit - The policyholder on the maturity of the policy gets: sum assured, vested bonus and terminal bonus
    • Death Benefit - On the death of the policyholder, the nominee gets:-
    • The death benefit will be higher of the assured sum  with vested and terminal bonus
    • 105% of the total premium paid
    • Sum assured is 10 times the annualized premium
    • The loan option available after the policy has acquired a surrender value.
  • Eligibility of the Plan

      • Minimum Entry Age - For super variant - 18 years or For life variant - 0 years.
      • Maximum Entry Age - For super variants - 50 years or For life variant - 55 years.
      • Minimum age at maturity for both variants: 30 years.
      • Maximum age at maturity for both variants: 70 years.
      • Minimum sum assured - Rs 1 lakh.
      • Policy term - 12-20 years of the policy term

Bajaj Allianz - Guarantee Assure Plan

Bajaj Allianz Guarantee Assure Plan is a non-participating, and non-linked individual premium policy. The plan has guaranteed additions, which can be up to 63% of the assured sum  at maturity.

  • The benefits of the policy are

    For Individual policy -

    • The customer can choose the assured sum  and policy term
    • Maturity Benefit - When the policy matures, the policyholder gets assured sum and guaranteed additions that are accumulated like maturity benefit
    • Death Benefit - On the death of the policyholder, the nominee gets the assured sum  and accrued guaranteed additions
    • Surrender Value - On surrendering the policy, the surrender value is the highest of Guaranteed Surrender Value or Special Surrender Value
    • Early Termination Value - If the premium for at least 1 year is paid, but the following premiums are unpaid for the next two years, then policy acquires early termination value. If policyholder terminates the policy early then, the amount paid is equal to 10% of the total premiums paid till policy terminates + 10% guaranteed additions accrued.
    • The loan option available after the policy has acquired a surrender value.
  • Eligibility of the Plan

      • Minimum Entry Age: 9 years
      • Maximum Entry Age: 60 years
      • Minimum Maturity Age: 18 years
      • Maximum Maturity Age: 69 years
      • Policy Term: A policy term of 7, 8 or 9 years can be chosen
      • Premium Payment Term: 5 years
      • Minimum Sum Assured: 1 lakh

Bajaj Allianz - Life Principal Gain

Bajaj Allianz Life Principal Gain is a unit-linked term plan with capital protection and assured returns on maturity. Guaranteed loyalty additions ensure higher returns.

  • The benefits of the policy are

    For Individual policy -

    • Maturity Benefits: On maturity of the policy, the policyholder gets the assured sum  inclusive of guaranteed loyal additions, or guaranteed maturity benefit amounting to 101% of total premiums paid
    • Death Benefits: On policyholder's death, the nominee gets higher if Sum Assured, or Fund Value, or 105% of the premiums paid
    • There are various funds in which policyholder can invest in the following funds: Balanced Equity Fund or Builder Bond Fund
  • Eligibility of the Plan

      • Minimum Entry Age - 7 years
      • Maximum Entry Age - 60 years
      • Minimum Maturity Age - 18 years
      • Maximum Maturity Age - 70 years
      • Policy Term in Years - 7 to 15 years
      • Frequency of Payment - Monthly and Yearly
      • Minimum Amount for Yearly Premium - Rs 15,000
      • Maximum Amount for Yearly Premium - Rs 1 lakh
      • Minimum Amount for Monthly Premium - Rs 2000

Bajaj Allianz - Retire Rich Plan

Bajaj Allianz Retire Rich Plan is a plan designed to fulfill the post-retirement expenses of the policyholder.

  • The benefits of the policy are

    For Individual policy -

    • Death Benefit - On the death of the policyholder, the nominee gets higher of the - Total fund value, or Guaranteed death benefit which is 105% of the assured sum  of the total premiums paid The nominee can get the assured sum  either in a lump sum or in monthly installments
    • Vesting Benefit - Vesting benefit is the higher value of Guaranteed Benefit, or Total fund value, or The guaranteed benefit is 101% of the sum of premiums paid.
    • Surrender Benefit - Policy can be surrendered at any time. If the policy is surrendered during the lock-in period, then the death benefit will not be given.
  • Eligibility of the Plan

      • Minimum Entry Age - 30 years
      • Maximum Entry Age - 73 years
      • Minimum Age at Vesting - 37 years
      • Maximum Age at Vesting - 80 years
      • Premium frequency - Single, monthly, quarterly, half-yearly, and yearly.
        Policy Term
      • Minimum Term - 7 years
      • Maximum Term – 30 years
      • Deferment period available: 7 – 30 years
      • Policy Type - Unit-linked pension plan

Bajaj Allianz - Lifelong Assure Plan

Bajaj Allianz Lifelong Assure Plan is an individual participating plan with a endowment for the whole life. The policy is valid for up to 100 years.

  • The benefits of the policy are

    For Individual policy -

    • Maturity Benefit - When the policy matures, the policyholder will get maturity benefit as well as terminal bonuses if any
    • If the premium paying term is
      10 years, the policyholder gets 200% of sum assured
      15 years, the policyholder gets 250% of sum assured
      20 years, the policyholder gets 300% of sum assured
    • Death Benefit - On the death of the policyholder, the death benefit paid is as follows:
      If the policyholder is less than 45 years of age, the higher of the following will be paid:
      Ten times the annual premium, or
      105% of the premiums paid till the death of the policyholder, or
      200%, 250% or 300% of the assured sum will be paid depending on premium paying term
    • If the policyholder is above 45 years of age, the higher of the following will be paid:
      Seven times the annual premium, or
      105% of all the premiums paid till date, or
      Depending on the premium paying term, 200%, 250% or 300% of the assured sum will be paid
    • Survival Benefit: From the 3rd of the policy, the policyholder will be paid, a guaranteed 3% cashback on the assured sum every year till the age of 99 years
    • The policyholder will also be paid cash benefits, if any, from the 6th year till 99 years of age
  • Eligibility of the Plan

      • Minimum Entry Age: 10 years
      • Maximum Entry Age: 55 years
      • Maturity age: 100 years
      • Minimum Sum Assured: Rs 1 lakh
      • Premium Paying Term: 10 years, 15 years or 20 years
      • Premium Paying Frequency: Annually, Semi-annually, Quarterly and Monthly

Riders, Inclusions, and Exclusions of Bajaj Allianz Life Insurance Plan 

  • Inclusions

    A loan amounting to 90% of the surrender value can be availed by the policyholder. The loan can be taken only after the policy has acquired surrender value.

  • Riders

    Bajaj Allianz Family Income Benefit - It offers a 1% benefit on the rider assured sum if the policyholder is rendered permanently disabled or passes away.

    Bajaj Allianz Critical Illness Benefit - It covers the cost of hospitalization due to critical illness.

    Bajaj Allianz Accidental Death Benefit - It covers the death of the policyholder due to unfortunate accidents. The rider will provide an additional sum assured.

    Bajaj Allianz Rider for Accidental Permanent or Partial Disability - If the policyholder is rendered total or partially disable, then the rider offers the additional sum assured.

  • Exclusion

    If the policyholder commits suicide within one year of policy commencement date or policy renewal date, then the nominee is given 80% of the total premiums paid with no other benefit.

Benefits of Bajaj Allianz Life Insurance

The benefits of Bajaj Allianz Life Insurance are:-

  • Bajaj Allianz Life Insurance has various plans customized according to the needs of customers
  • There is an option in some of the policies which provide a loan of 90% on the surrender value of the policy
  • Tax benefits can be availed under section 80C and 10(10D) on life insurance policies
  • Bajaj Allianz gives a grace period of 30 days for paying premiums
  • There are multiple premium options like single pay premium, limited premium, and regular pay
  • There are multiple rider options available as policy add-ons which add more value to the life insurance policy
  • Premiums can be paid quarterly, monthly, annually or semi-annually
  • All Bajaj Allianz policies have a free look period of 15 days
  • The insurance provider provides 24x7 quick claim settlement support
  • Bajaj Allianz provides instant services and fast renewal of policies
  • The insurance provider has over 800 centers across India which ensure easy accessibility for the customer
  • Bajaj Allianz has lower premiums compared to other insurance provider plans

Required Documents To Apply For Bajaj Allianz Life Insurance

The documents required are:-

  • Age Proof: School/College Certificate, Birth Certificate, PAN card, Adhaar Card, Voter Card, Passport, and Driving License
  • Photo Identity Proof: Voter ID, Aadhar Card, PAN Card, Passport or Driving License.
  • Address Proof: Electricity Bill, Ration Card, Bank A/C statement, Utility Bill, Passport, Telephone Bill, Postpaid Bill/Letter from Recognised Public Authority
  • Recent passport size photograph
  • Medical Health Record is required
  • Income Proof: Form 16, Salary Slip, ITR/ Employers Certificate/ Assessment Order
  • Medical tests are also conducted

Claim Process For Bajaj Allianz Life Insurance

The following steps need to be followed to claim the insurance plan:

  • Step 1: The nominee should visit any Bajaj Allianz branch office with claim intimation letter, death certificate of the policyholder, KYC of the nominee, bank details of the nominee, and original policy bond
  • Step 2: Once the claim process is registered, the insurance provider will notify the nominee about any other documents required for completion of the claim settlement process
  • Step 3: The claim decision will be notified through registered mail or SMS

Bajaj Allianz takes 30 days to process the claim. If it takes more than 30 days, the insurance provider pays 12.75% on the assured sum per day as compensation.

Renewal Process For Bajaj Allianz Life Insurance

For the policy renewal process, the policyholder can visit the Bajaj Allianz center with

  • A letter for life insurance policy renewal
  • Current health records
  • The amount calculated due to unpaid premiums

The amount can be paid online too.

How to buy For Bajaj Allianz Life Insurance?

To buy Bajaj Allianz Life Insurance policy, visit its website and select the plan for life insurance.

  • Using a premium calculator will help in planning for the policy term and premium amount & it's the frequency
  • Select the policy and click on 'Buy Now.'
  • Fill up the KYC details
  • Upload the necessary documents asked
  • Pay the premium amount.

If the process is successfully completed, the policyholder will receive a message through registered mail and contact number.

For the offline process, visit the nearest Bajaj Allianz branch.

Bajaj Allianz Life Insurance - FAQ

Written By: Paisawiki - Updated: 20 July 2020
Disclaimer: Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)