life insurance company
Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is a combined undertaking between Bajaj Finserv Limited (India) and Allianz SE, (European Finance company). It is a private insurance company offering a plethora of insurance schemes for monetary preparation and protection to all citizens of India.

Bajaj Allianz Life Insurance Company Limited Profile

TypePrivate
IndustryInsurance services
Commenced Operations2001
HeadquartersPune, India
Area servedWorldwide
Key peopleTarun Chugh (MD & CEO)
Parent organizationsBajaj Finserv Ltd. Allianz SE
Claim Settlement Ratio98.48%
Solvency ratio666%
No. of lives covered2.36 crore
Net worthRs. 10,735 crore 
Fist year premium (Up to 31st March, 2021)6312.94
No. of policies (Up to 31st March, 2021)427241
No. of lives covered (Up to 31st March 2021)23160619
Sum assured (Up to 31st March 2021)293070.26 crores
Growth in gross written premium (FY20-21)23%

Types of Bajaj Allianz Life Insurance Plans

1. Bajaj Allianz Unit Linked Insurance (ULIP) Plans

i. Bajaj Allianz Future Gain Plan

With this plan, you are assured that every penny you invest goes towards enhancing returns, so whatever your life goals are, you are closer to them.

Key Features

  • Two investment strategies – Choose to either use your personal choice and invest among seven different funds.
  • Partial withdrawal – After the 5th year, you have the option to make partial withdrawals, subject to terms and conditions.
  • Alter premium frequency – You can change your premium frequency anytime from your current one to monthly, quarterly, half-yearly, or yearly.
Basic Sum Assured

Minimum:

For age less than 45 years: 10 times Annualized Premium

Greater than or equal to 45 years: 7 times Annualized

Premium

Maximum

X * Annualized Premium, where X depends on the age at entry and policy term.

Age at Entry (min/max)1 year to 60 years
Age at Maturity (min/max)18 years to 70 years
Minimum policy term 10 years
Maximum policy term 

PPT 5 or 6 years: 10, 15 to 20 years

Other PPTs: 10, 15 to 30 years

Premium payment term 5 years to 30 years

ii. Bajaj Allianz Fortune Gain Plan

This plan is one of the best ways to utilize any ‘one-time’ lump-sum amount you receive or possess.

Key Features: 

  • Multiple fund options – Depending on your risk appetite and financial goals, you can choose from seven different fun options.
  • Maturity benefits – You have the option to receive maturity benefits in installments over a five-year period, either monthly, quarterly, half-yearly, or annually.
  • Maximum allocation – For the allocation, the charges are as less as 0.5% for a premium amount of over Rs. 10 lakh.
  • Systematic switching – By opting for systematic switching where your premium is distributed between a fund of your choice and a liquid fund, you can easily optimize returns in the volatile market.
Basic Sum Assured

Minimum:

1.25 times the single premium (Age at Entry is less than 45 yrs)

1.1 times single premium (Age at Entry equal or more than 45 yrs)

Maximum:

X * single premium, where X depends on the age at entry and policy term.

Age at Entry (min/max)1 year to 63 years
Age at Maturity (min/max)18 years to 70 years
Policy term Minimum is 7 years and the maximum is 30 years
Premium payment frequency Single

iii. Bajaj Allianz Life Principal Gain Plan

This is the perfect plan if you’re looking for a way of investing in a disciplined manner towards your life goals plus, gives you life cover as well.

Key Features:

  • The potential of high returns – By investing in a builder bond and balanced equity fund, you can promote capital appreciation along with protecting your capital.
  • Protection of principal – With thus ULIP, you get minimum maturity benefits of 101% of the total premium paid.
  • Maturity benefits – You have the option to receive maturity benefits in installments over a five-year period, either monthly, quarterly, half-yearly, or annually.
Basic Sum Assured10 times of annual premium
Age at Entry (min/max)7 years to 60 years
Age at Maturity (Age calculated is age as at last birthday)18 years to 70 years
Premium payment term (5 to Policy Term Chosen) years
Policy term 7 years to 15 years
Premium 

Frequency

Yearly: The minimum is Rs. 15,000 and the maximum Rs. 1,00,000 annual premium

Monthly: The minimum is Rs. 2,000 and the maximum Rs. 1,00,000 annual premium

Premium payment frequency Monthly and yearly

iv. Bajaj Allianz Life Future Wealth Gain Plan

With your passing age, your goals in life change and so does your investment plan. With this plan, you get the benefits of growth and protection so you can plan for life in a disciplined and holistic manner.

Key features: 

  • Fund booster – A certain perfect of your annual premium is added to the value of the fund at the time of maturity thereby boosting your overall amount of maturity.
  • Two portfolio strategies – One strategy is to pick from eight different fund options and in the other strategy, you can keep changing your investment in different funds on the basis of years to maturity. You can also change between strategies so as to keep up with your changing needs, the risk appetite of life stages.
Basic Sum Assured

Wealth Plus plan

Minimum: 7 times Annualized Premium

Maximum:

0 – 25 years – 40

26 – 35 years – 30

36 – 40 years – 20

41 – 44 years – 15

45 years and above – 10

Wealth Plus Care plan 

Minimum: 7 times Annualized Premium

Maximum: 10 times Annualized premium

Age at Entry (min and max)

Wealth Plus plan

0 to 65 years

Wealth Plus Care plan 

Minimum: 18 years

Maximum: 53 for Policy Term / Premium Payment Term Combination of 10 / 5 years

55 years for all other combinations

Age at Maturity (min and max)

Wealth Plus plan

18 years to 75 years

Wealth Plus Care plan

28 years to 70 years

Policy term Wealth Plus plan and Wealth Plus Care plan: 10, 15, 25 years
Premium payment terms 

Wealth Plus plan

10-year policy – 5, 7, and 10

15 to 25-year policy – 5, 7, 10, and 15

Premium payment frequency Yearly, Half-yearly, Quarterly, and Monthly
Premium 

Minimum monthly – Rs. 5,000

Minimum quarterly – Rs. 15,000

Minimum half-yearly – Rs. 30,000

Annual – Rs. 5,0000

v. Bajaj Allianz Life Goal Assure Plan

Smart financial planning helps you reach your life goals as well as creates a safety net for you. And this plan does exactly that.

Key Features:

  • Fund booster – A certain perfect of your annual premium is added to the value of the fund at the time of maturity thereby boosting your overall amount of maturity. This is payable when the policy term is 10 years or more.
  • Return of morality charges – The entire life cover charges or mortality charges that are deducted throughout the term of the policy are returned during maturity.
  • Return enhancer – You can avail of the maturity or death amount in installments while you continue to stay invested and increase your returns.
  • Portfolio strategies – You have the option to choose from four different portfolio strategies and a choice of eight funds according to your needs.
Basic Sum Assured

Minimum: 10 times Annualized Premium

Maximum: X * single premium, where X depends on the age at entry and policy term

Age at Entry (min and max)0 to 60 years
Age at Maturity (min and max)The maximum age of maturity is 75 years
Policy term 5, 10, 15, and 20 years
Premium payment terms 5, 7, 10, 15, and 20 years
Premium payment frequency Yearly, Half-yearly, Quarterly and Monthly

vi. Bajaj Allianz Life Goal Based Saving Plan

This plan comes with the best investments or goal-based solutions to make your hard-earned money in your favor.

Key Features: 

  • Withdrawals – You have the option to make partial withdrawals from the fund.
  • Premium payment term -You have the option to change the premium payment terms based on your needs and goals.
  • Return of morality charges – The entire mortality charges that are deducted throughout the term of the policy are returned during maturity for regular and limited premium policies.
  • Fund choices – You can pick from eight different fund options based on your requirements.
Basic Sum Assured

Regular/limited premium option

10 times Annualized Premium

Single premium option

Less than or equal to 50 years: 10 times Annualized Premium

Greater than 50 years: The minimum is 1.25 times of Single Premium and the maximum is 5 times of Single Premium

Age at Entry (min and max)

Regular/limited premium option

0 to 60 years

Single premium option

3 years to 60 years

Age at Maturity (min and max)

Regular/limited premium option: The minimum age if 18 years and the maximum age of maturity is 75 years.

Single premium option: The minimum age if 18 years and the maximum age of maturity is 65 years.

Policy term 

Regular/limited premium option: 5, 10, 15, and 20 years

Single premium option: 

For 3 to 40 years, the minimum is 5 years and the maximum is 15 years

For 41 to 44 years, the minimum is 5 years and the maximum is 10 years

For 45 to 60 years, the minimum is 5 years and the maximum is 5 years

Premium payment terms 

Regular/limited premium option: 5, 7, 10, and 15 years

Single premium option: 5, 7, 10, and 15 years

Premium payment frequency Both regular/limited premium option and single premium option: Yearly, Half-yearly, Quarterly, and Monthly

vii. Bajaj Allianz Life Long Life Goal Plan

During the time of your retirement, when your regular income stops, you want to have some income to fall back on. This plan helps with that. You invest your money for the long-term and over the years accumulate a hefty corpus.

Key Features: 

  • Income for the long-term – Opt for retired life income to meet retirement goals. Get Retired Life Income till age 99 years with Return Enhancer
  • Portfolio strategies – You have the option to choose from four different portfolio strategies and a choice of eight funds according to your needs.
  • Loyalty additions – Get your hands on loyalty additions every year from the fifth year of the policy will the 25th year of the policy.
Basic Sum Assured10 times Annualized Premium (Age calculated is age at the last birthday)
Age at Entry (min and max)

-For life assured is 0 years to 65 years

– Policyholder (LongLife Goal with Waiver Of Premium) is 18 years to 65 years

– Policyholder (LongLife Goal without Waiver Of Premium) is 18 years to no limit

Age at Maturity (min and max)The minimum and the maximum age of maturity is 99 years
Policy term 99 minus Age at Entry of Life Assured
Premium payment terms (PPT)10 years to 25 years
Minimum premium

Monthly – Rs. 2,500

Quarterly – Rs. 6,250

Half-yearly – Rs. 12,500

Yearly – Rs. 25,000

Maximum premium No limit
Premium payment frequency Yearly, Half-yearly, Quarterly and Monthly

viii. Bajaj Allianz Life Smart Wealth Goal Plan

This plan is loaded with features that help with faster wealth creation along with different investment strategies to build a desirable corpus.

Key Features: 

  • Return of morality charges – The entire life cover charges that are deducted throughout the term of the policy are returned at the end of the term of the policy provided all your premiums are paid up-to-date.
  • Multiple investment strategies – Opt for 5 different strategies based on your risk profile and life needs. You also get to pick from eight different fund options.
  • Reduce premium – You can reduce the limited premium or the prevailing premium to up to a maximum of 50% after the 5 years of the policy.
  • Money backs – throughout the term of the policy, you can make systematic partial withdrawals
Basic Sum Assured10 times the annualized premium
Age at Entry (min and max)

Wealth option: 0 to 60 years

Child Wealth option: 18 years to 55 years

Joint life wealth option:

0 years to 70 years

Age at Maturity (min and max)

Wealth & Joint life wealth option:

The minimum age at maturity is 18 years

The maximum age at maturity is 85 years

Child Wealth option: 

The minimum age at maturity is 33 years

The maximum age at maturity is 85 years

Policy term 

Wealth option:

The minimum term of the policy is 10 years

The maximum term of the policy is 30 years

Child Wealth option:

The minimum term of the policy is 15 years

The maximum term of the policy is 30 years

Joint life wealth option:

The minimum term of the policy is 7 years

The maximum term of the policy is 30 years

Premium Paying Term

Wealth & Child Wealth option:

The minimum PPT is 5 years

The maximum PPT is equal to the policy term

Joint life wealth option: Single premium

Minimum premium

Wealth option:

Monthly – Rs. 1,000

Quarterly – Rs. 3,000

Half-yearly – Rs. 6,000

Yearly – Rs. 12,000

Child Wealth option:

Monthly – Rs. 4,000

Quarterly – Rs. 12,000

Half-yearly – Rs. 24,000

Yearly – Rs. 48,000

Joint life wealth option:

The minimum Premium is Rs 1,00,000.

Maximum premium For all wealth option, child wealth option and joint life wealth option: No limit
Premium payment frequency For all wealth option, child wealth option and joint-life wealth option: Yearly, Half-yearly, Quarterly, and Monthly

2. Bajaj Allianz Term Insurance Plans

i. Bajaj Allianz Life Smart Protect Goal Plan

This is a comprehensive term plan with an all-encompassing life cover. It’s a plan with new-age features that are aligned with your evolving needs.

Key Features:

  • Competitive Premium – You pay a premium that’s competitive and aligned with your requirements.
  • Comprehensive cover – An all-around cover, including multiple add-ons, which are meticulously structured to meet your one-of-a-kind requirements.
  • Critical illness – Your plan covers 55 listed illnesses so you can stay safe and secure.
  • Return of premium – If no claim is made then at the end of the policy term, during maturity, your premiums are returned.
Basic Sum Assured

Life cover option: Minimum of Rs. 50,00,000 and maximum limit is based on approval

Child education extra cover variant, Life cover with joint life variant, and Increasing life cover variant: Minimum of 50,00,000 and maximum limit is based on approval

Age at Entry (min and max)Life cover option, child education extra cover variant, Life cover with joint life variant, and Increasing life cover variant: 18 years to 65 years
Age at Maturity (min and max)

Life cover option:

With ROP – 75 years

Without ROP – 85 years

Whole life option – 99 years

Child education extra cover variant, Life cover with joint life variant, and Increasing life cover variant: 

The maximum age at maturity is 85 years

ii. Bajaj Allianz iSecure Plan

With this plan, you can give your family the financial security they need so they can realize their life goals even in your absence.

Key Features:

  • Pay regular or limited premiums – You can pay premiums as per your convenience for a limited period or on a regular basis.
  • Alter premium payment frequency – The premium payment frequency can be changed during the term of the policy, subject to the minimum premium limits under the plan
  • Life cover for your spouse – You can include your spouse at marriage or at a later date in your existing policy if you are single at present
Basic Sum AssuredMinimum Sum Assured Rs. 25,00,000 and maximum sum assured is Rs. 50,00,000
Age at Entry (min and max)

18 years to 65 years

For POS channel: Maximum Age is 55 years

Age at Maturity The minimum age is 28 years and the maximum age at maturity is 85 years
Premium payment terms 

Regular: The minimum 10 years and maximum is (85-Entry Age)

Limited: The minimum is 5 years and the maximum is either 25 or (85-Entry Age)

iii. Bajaj Allianz iSecure More Plan

This plan is a smart way to secure the future of your family when you are not around.

  • Enhance coverage with riders – The riders currently available with Bajaj Allianz iSecure More are: Bajaj Allianz Accidental Death Benefit Rider, Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider, and Bajaj Allianz Waiver of Premium Benefit Rider
  • Life cover increases annually – An increasing cover of 5% increase in sum assured at every policy anniversary up to a maximum of twice the sum assured at policy inception.
  • Receive payout in installments – You have the option in writing at the time of filing the death claim form to take the death benefit in equal monthly installments over a period of 5 or 10 years from the date of intimation of death.
Basic Sum AssuredMinimum Sum Assured Rs. 250,000 and maximum sum assured limit is set on approval
Age at Entry (min and max)18 years to 60 years
Age at Maturity The minimum age is 28 years and the maximum age at maturity is 70 years
Policy term 10, 15, 20 & 25 years

iv. Bajaj Allianz iSecure Loan Plan

Sometimes, you need a little assistance in terms of a loan to help reach your financial goals. This plan helps cover any loan liability in your absence so your family can live a stress-free life.

Key Features: 

  • Enhance coverage with riders – You can enjoy extra coverage by choosing the optional rider benefits at the inception of the policy, at a nominal extra cost.
  • Lower cost of insurance – Lower cost of insurance based on your reducing loan liabilities
  • Create your own schedule – You can customize the plan to suit your requirement
  • Option for joint life cover – You have the option to cover yourself or jointly with your spouse, child or business partner, provided insurable interest can be established.
Basic Sum AssuredMinimum Sum Assured Rs. 3,00,000 and maximum sum assured limit is set on approval
Age at Entry (min and max)18 years to 60 years
Age at Maturity The minimum age is 28 years and the maximum age at maturity is 65 years

v. Bajaj Allianz Life Secure Plan

This whole life term insurance plan helps you leave a legacy for your dependants.

Key Features: 

  • Multiple coverage options – Options to suit your need ranging from death benefit alone or with added accidental death, critical illness rider, or waiver of premium
  • Limited premium payment terms – Four premium paying terms 5,7,10 15 years
  • Insurance cover for life – Provides life cover up to 100 years. Sum assured will be paid back if death benefit has not been availed.
Basic Sum AssuredMinimum Sum Assured Rs 20,00,000 and maximum sum assured limit is set on approval
Age at Entry (min and max)

The minimum age is 25 years

The maximum age:

Coverage Option I and II: 55 years

Coverage Option III: 50 years

vi. Bajaj Allianz Life eTouch Online Term Plan

This term plan is the perfect protector for you and your family during financial distress. It will ensure your family achieves goals and realize their dreams even when you’re not around.

Key Features: 

  • Receive benefits in installments – 50% of the benefit in a lump-sum or 100% of the benefit in Level or Increasing monthly installments
  • Lower premium for a healthy lifestyle – For non-tobacco consumers, the premiums are lower
  • Comprehensive cover – Life cover combined with the option of added death benefits and waiver of premium.

Eligibility 

Basic Sum Assured

Shield Variant: The minimum Rs. 50,00,000 and max varies based on different details

Shield Plus, Shield Super and Shield Supreme: The minimum for Shield, Shield Plus & Shield Super is Rs. 50,00,000, and Shield Supreme is Rs. 25,00,000

The maximum varies based on different factors.

Age at Entry (min and max)

Shield Variant: 18 years to 65 years

Shield Plus, Shield Super and Shield Supreme: 18 years to 65 years

Age at Maturity 

Shield Variant: 

Limited cover:

-Cover up to 99 years

-Cover not up to 99 years – 28 years to 85 years

Regular: 28 years to 85 years

Shield Plus, Shield Super and Shield Supreme:

Minimum: 28 years

Maximum: 75 years

Policy term 

Shield Variant: 

Limited:

Cover up to 99 years: Minimum – 99 Years minus age at entry and the maximum 99 Years minus age at entry

Cover not up to 99 years – minimum – 10 years & the maximum is 85 years minus age at entry

Regular: Minimum of 10 years and a maximum of 65 years

Shield Plus, Shield Super and Shield Supreme:

Minimum: 10 years

Maximum: 40 years

Premium payment terms 

Shield Variant: 

Limited premium: The minimum is 5 years and the maximum is 25 years

Regular premium: 10 years and 67 years

Shield Plus, Shield Super and Shield Supreme:

Limited premium: The minimum and maximum have no limit

Regular premium: The minimum is 10 years and the maximum is 40 years

Premium amount 

Shield Variant: 

Minimum: Rs 5,000 per annum

Maximum: As per the maximum sum assured

Shield Plus, Shield Super and Shield Supreme:

Minimum: Rs 5,000 per annum

Maximum: As per the maximum sum assured

Premium Payment FrequencyShield Variant, Shield Plus, Shield Super and Shield Supreme: Yearly, Half-yearly, Quarterly, and Monthly

vii. Bajaj Allianz LifeStyle Secure Plan

With this plan, you get level cover term assurance with accelerated terminal illness benefits. You can ensure your family members enjoy a worry-free life.

Key Features: 

  • Regular income – In case of early death or illness of insured, you get a benefit that is paid in monthly installments depending term of the policy you pick
  • No medical examination or tests – Before purchase, you do not need a test or medical exam.
  • Receive the death benefit in a lump sum – Monthly installment benefit can be discontinued at any time and receive the death benefit in lump sums.
Basic Sum Assured

Minimum Sum Assured Rs. 3,00,000

and maximum sum assured is Rs. 15,00,000

Age at Entry (min and max)18 years to 50 years
Age at Maturity 23 years to 60 years
Policy term 5/ 7/ 10/ 15/ 20 years
Premium 

Minimum and maximum premium:

Monthly: Rs. 1466 and Rs. 20,458

Quarterly: Rs. 748 and Rs. 10,434

Half-yearly: Rs. 381 and Rs. 5,319

Yearly: Rs. 132 and Rs. 1,841

Premium Payment FrequencyYearly, Half-yearly, Quarterly and Monthly

viii. Bajaj Allianz Saral Jeevan Bima

Your family comes first and with this term insurance plan, you can ensure their needs and wants are looked after in your absence.

Key Features: 

  • Life cover – Life cover up to a term of 40 years to protect your family in case of an unfortunate event of your death
  • Female life rebate – Premium rate applicable to female life will be based on the premium rate of 3 years younger male
  • Tax benefits – Premium paid, Death Benefit and Policy cancellation Value are eligible for tax benefits as per extant Income Tax Act.
Basic Sum Assured

Minimum – 5 lakhs.

Maximum – 25 lakhs

(in multiples of 50,000)

Age at Entry (min and max)18 years to 65 years
Age at Maturity The maximum age of maturity is 70 years
Policy termThe minimum is 5 years and the maximum is 40 years
Premium payment options 
  • Single Premium
  • Limited Premium for 5 years or 10 years
  • Regular Premium
Premium payment modes 

Single, Yearly, Half-yearly, and Monthly

Monthly is available only under ECS/NACH

3. Bajaj Allianz Child Plans

Bajaj Life Insurance Child Insurance Plans help you build a steady corpus that can be used to finance your child’s life goals and a life cover ensuring that the financial needs of your child are also taken care of, even if something happens to you.

i. Bajaj Allianz Young Assure Plan

Investing in this plan early on will ensure you help your child’s dreams come true.

Key Features: 

  • Guaranteed maturity benefits – Maturity benefits along with guaranteed addition
  • Bonus – Vested bonus and terminal bonus at maturity will be paid, if any
  • Cash installment options – Receive three cash installment benefits at 3, 5, 7 years at different milestones.
Basic Sum Assured10 times Annualized Premium
Age at Entry (min and max)18 years to 50 years
Age at Maturity The minimum age is 28 years and the maximum age at maturity is 60 years
Premium payment frequency 

Yearly, Half yearly, Quarterly and Monthly*

*Monthly premium payment frequency will be available under salary deduction scheme & ECS.

Policy term 10, 15, and 20 years

ii. Bajaj Allianz Lifelong Assure Plan

Is there a possibility for income and protection for your whole life? Yes, with this plan it’s possible. You can get income and protection till your 100 birthday so you can live a stress-free life.

Key Features: 

  • Enhance your coverage with riders – Choice of 1 or more riders at nominal extra cost from the 5 available
  • Life Cover up to the age of 100 years – Your policy will mature at the age of 100 years. On the maturity date, if all premiums are paid, the Maturity Value under your policy, will be paid and the policy will terminate.
  • Early termination value- If at least one full year’s premiums have been and twelve months have been completed but two full years’ premiums have not been paid, the early termination value will be available.
Basic Sum AssuredMinimum is Rs. 100,000 and maximum sum assured has no limit, based on approval
Age at Entry (min and max)10 years to 55 years
Policy term 100 minus Age At Entry
Premium paying term 10, 15, and 20 years
Premium amount 

PPT 10

Monthly: Minimum Rs. 2,000 and maximum no limit

Quarterly: Minimum Rs. 5,500 and maximum no limit

Half-yearly: Minimum Rs. 10,000 and maximum no limit

Yearly: Minimum Rs. 18,303 and maximum no limit

PPT 15

Monthly: Minimum Rs. 1,667 and maximum no limit

Quarterly: Minimum Rs. 4,625 and maximum no limit

Half-yearly: Minimum Rs. 8,500 and maximum no limit

Yearly: Minimum Rs. 13,401 and maximum no limit

PPT 20

Monthly: Minimum Rs. 1,417 and maximum no limit

Quarterly: Minimum Rs. 3,875 and maximum no limit

Half-yearly: Minimum Rs. 7,000 and maximum no limit

Yearly: Minimum Rs. 10,811 and maximum no limit

4. Bajaj Allianz Retirement Plans

Bajaj Allianz Life Insurance Retirement Plans are tax Saving Investment plans that provide you returns over the long term that can help you meet your life goals after you retire.

i. Bajaj Allianz Life Saral Pension Plan

Easily reach your retirement goals with this plan. You can get regular income and also a return on the purchase price on death.

Key Features: 

  • Legacy – Purchase price (ROP) paid to the nominee as a death benefit
  • Family protection – Joint life options with a regular income for both lives
  • Liquidity – Easy access of money through loans
Age at Entry (min and max)

Minimum age of 40 years (applicable for Single & Joint lives)

Maximum age of 80 years (applicable for Single & Joint lives)

ii. Bajaj Allianz Life Guaranteed Pension Goal Plan

You never know what is going to happen tomorrow and to have a guarantee and some backing, this plan comes into place. As per your choice and need, you can get a guaranteed income throughout life.

Key Features: 

  • Multiple annuity options to choose from – Different immediate annuity options in line with your needs
  • Return of purchase price – Receive your invested amount back as ROP on death or survival benefit
  • Joint life option – The spouse can be included in the annuity plan with 50% or 100% of the annuity payable to a spouse after the death of the insured.
Annuity Amount

Minimum:

Yearly: Rs. 12,000

Half-yearly: Rs, 6,000

Quarterly: Rs. 3,000

Monthly: Rs. 1,000

Maximum: No limit

Age at Entry (min and max)

Immediate Annuity: 30 years to 85 years

Deferred Annuity: 45 years to 85 years

Premium payment terms 

Single Premium(Immediate / Deferred Annuity) – Single Premium

Regular Premium (Deferred Annuity)

Minimum: 5 years and the maximum is 10 years

Minimum maturity amount 

Monthly: Minimum of Rs. 1,000 and no maximum limit

Quarterly: Minimum of Rs 3,000 and no maximum limit

Half-yearly: Minimum of Rs. 6,000 and no maximum limit

Yearly: Minimum of Rs. 12,000 and no maximum limit

5. Bajaj Allianz Investment Plans

Investment plans help you to make prudent investments decisions for wealth creation to enable you to meet your life goals.

i. Bajaj Allianz Invest Assure Plan

Assuring protection with financial benefits. When you promise to see your family through life, you need to make sure that you have planned for all the eventualities that may befall them.

Key Features:

  • Limited premium paying option – Avail all policy benefits from 15 to 40 years by paying a premium for a limited term
  • The death benefit in monthly installments – The nominees can take death benefits in monthly installments over a period of 5 – 10 years from the date of intimation of death
  • Bonus – During maturity, along with the sum assured the insured will also receive the bonus.
Basic Sum Assured

Basic sum assured: Minimum Rs. 1,00,000

Maximum No Limit

Age at Entry (min and max)

Minimum Entry Age

Silver Variant – 0 years, Gold Variant – 18 years

Maximum Entry Age – 50 years

Age at Maturity

Minimum Age at Maturity: 18 years

Maximum Age at Maturity: Silver Variant – 70 years, Gold Variant – 65 years

ii. Bajaj Allianz Elite Assure Plan

A traditional savings plan that offers the most attractive return while protecting your family, even in your absence.

Key Features:

  • Loan facility – You can avail of a loan of up to 90% of the surrender value.
  • Attractive returns – With bonuses, loyalty additions, and more, you get a lot with this plan, even life cover.
  •  Riders – Add riders to your plan at nominal rates to enhance protection.
Basic Sum AssuredBasic sum assured: 10 times of Annualized Premium
Age at Entry (min and max)0 to 55 years
Age at Maturity 18 years to 70 years

iii. Bajaj Allianz Life My Wealth Goal Plan

An insurance cum investment plan that combines a ULIP plan and a Non-Linked whole-life traditional plan – to ensure that you are able to build a healthy corpus and also receive a lifelong regular income.

Key Features: 

  • Potential for High Returns – invests part of your premium in the market for higher-earning returns
  • Life Long Cover – cover for 100 years by paying a premium for a limited term
  • Life Long Income – guaranteed cash back of 3% of sum assured every year after PPT until 99 year
Age at Entry (min and max)10 years to 55 years
Age at Maturity 18 years to 70 years

iv. Bajaj Allianz Life Capital Assure Goal Plan

A solution that diversifies your investment not only to secure your invested amount but also offers life cover with the potential of better returns.

Key Features:

  • Guaranteed returns – You are guaranteed the capital you invest at the time of maturity
  • Life Cover – The life assured gets a death benefit till maturity
  • Potential of better returns – You have the chance of better returns with the combo ULIP plan.
Age at Entry (min and max)8 years to 60 years
Age at Maturity 18 years to 70 years

v. Bajaj Allianz Life Capital Goal Suraksha Plan

This plan keeps the amount you invest securely by diversification plus ensures you get life cover and better returns.

Key Features: 

  •  Guaranteed returns – Guarantees the capital invested at maturity
  • Life Cover – Death benefit to the life assured till maturity
  • Potential for better returns – ULIP exposure provides potential for better returns
  • Option of Limited premium payment term – Policyholders can opt for limited PPT for 7 to 10 years.
Age at Entry (min and max)18 years to 55 years
Age at Maturity 28 years to 65 years

6.  Bajaj Allianz Life Savings Plans

Bajaj Allianz Savings Plans provide you returns over the long term that can help you meet your life goals Ito save in a systematic manner over the long term.

i. Bajaj Allianz Life Flexi Income Goal Plan

This plan gives you flexibility and liquidity so you can easily meet your changing needs as time changes. At maturity, you can receive the benefit as regular income or as a lump sum amount.

Key Features:

  • Equity exposure up to 40% – A portion of the premium is invested in equities for higher bonuses
  • Joint life cover – Spouse can be added to the plan which ensures you both are protected.
  • Riders – You can opt for riders that enhance coverage and protection
Basic Sum Assured

PPT – (5 – 11) years -Rs. 1,58,400 and max no limit

PPT – 12 years Rs. 2,01,600 and max no limit.

Age at Entry (min and max)

Minimum Age at entry

0 years and 18 years (joint life)

Maximum age at entry – 55 years

Age at Maturity 18 years to 80 years

ii. Bajaj Allianz Life Guaranteed Saving Goal Plan

With this plan, you can make a payment once and ensure that your goals are taking place rather than continued commitments over a long period.

Key Features: 

  • Single premium payment Term – Only one single premium has to be paid for this policy
  • Loan against the policy – If the policy has acquired a surrender value, you can avail of a loan during the policy term
  • Tax benefit u/s 80C & 10(10D) – Premium paid, Survival Benefit, Maturity Benefit, Death Benefit and Surrender Benefit may be eligible for tax benefits as per extant Income Tax Act.
Basic Sum Assured

1.5 times Single Premium

Enhanced Sum Assured: 10 times the Single Premium

Age at Entry (min and max)Depending on the sum assured option, premium, and PT the entry age varies. The minimum is 8 years and the maximum is 47 years.
Age at Maturity 

The minimum: 18 years

The maximum for sum assured is 70 years and enhanced sum assured is 57 years

iii. Bajaj Allianz Life Guaranteed Income Goal Plan

By taking your policy benefits either as a lump sum or in installments, this plan will help you reach your financial goals and support you too.

Key Features: 

  • Loan against policy – If the policy has acquired a surrender value you can avail of a loan during the policy term
  • Option to Extend Life Cover – You can choose to extend life cover beyond Policy Term
  • Choice of 2 variants – Depending on the life situation you can opt for maturity benefit as Income benefit over a period or Lump-sum benefit
Basic Sum AssuredMinimum sum assured: Rs 1,00,000 and maximum sum assured: based on board approved underwriting policy
Age at Entry (min and max)6 years to 60 years
Age at Maturity 

The minimum: 18 years

The maximum: 72 years

iv. Bajaj Allianz Cash Assure Plan

A money-back insurance plan that offers money-back savings at regular intervals. It helps you save in a disciplined manner over a period and then offers a money-back at predetermined intervals,

Key features:

  • Bonus – On maturity vested plus terminal bonus plus 60% sum assured
  • Money back – A percentage of sum assured at fixed intervals depending on policy tenure
  • Multiple rider options – Choose extra cover with the option of 5 riders at a nominal cost
Basic Sum Assured

Minimum Sum Assured is Rs. 1,00,000

Maximum sum assured is subject to underwriting

Age at Entry (min and max)0 to 54 years
Age at Maturity 

The minimum: 18 years

The maximum: 70 years

v. Bajaj Allianz Life Super Life Assure Plan

Regular premium payment endowment savings plan, bringing the dual benefits of savings and life cover in one policy.

Key Features

  • Multiple policy terms – Available in multiple tenures of 12 to 20 years
  • High sum assured rebate – Rebate of 25/- for every additional 10,000/-sum assured purchased above the minimum sum assured of 2L
  • Option to choose waiver of premium benefit rider – In the event of death, critical illness, and permanent total disability of the policyholder
Basic Sum Assured

Sum assured for:

Super – minimum is Rs. 1,00,000 and maximum has no limit

Life – Minimum is Rs. 50,000 and maximum has no limit

Age at Entry (min and max)

Minimum age is Super – 18 years and Life – 0 year

Maximum age is Super – 50 years and Life – 55 years

Age at Maturity 

Minimum age of maturity

Super – 30 years and Life – 18 years

Maximum age of maturity 70 years

vi. Bajaj Allianz Life Income Assure Plan

Think of this plan as a kitty that you can dip into when you need some extra cash without touching your savings. This plan ensures a monthly income comes in handy.

Key Features: 

  • Guaranteed monthly income – Once the premium payment, you will receive monthly income which is tax-free.
  • Bonus – To enhance your savings, an accumulated and terminal bonus at maturity or death of the policyholder will be paid, if any.
  • Multiple riders – Choose from a variety of riders to suit your financial life goals and enhance protection
Basic Sum Assured

Minimum: 144 x Minimum GMI chosen

Maximum: No limit, subject to approved underwriting guidelines

Age at Entry (min and max)0 to 50 years
Age at Maturity 

The minimum: 18 years

The maximum: 74 years

vii. Bajaj Allianz Life POS Goal Suraksha Plan

This plan secures you and your family against all odds with a guaranteed sum at maturity.

Key Features: 

  • Surrender the policy anytime – Surrender Benefit will be available under the policy if at least two (2) full years’ premiums have been paid
  • Option to take policy loan – You may avail loan of 75% of the surrender benefit under your policy, provided that your policy has acquired a surrender benefit.
  • Tax benefit – Premium paid, maturity benefit, death benefit, and surrender benefit may be eligible for tax benefits as per extant Income Tax Act.
Basic Sum AssuredMinimum of Rs 30,000 and maximum of Rs. 25 lakhs
Age at Entry (min and max)18 to 55 years
Age at Maturity 

The minimum: 28 years

The maximum: 65 years

viii. Bajaj Allianz Save Assure Plan

A savings plan not only secures your family but also guarantees 115% of your sum assured at maturity.

Key Features:

  • Guaranteed maturity benefit – Provided all premiums have been paid the plan guarantees a maturity death benefit of 115% of the sum assured
  • Rebate for high sum assured – For every 1000/- sum assured over 1 L, the plan offers rebate on the premium to a maximum rebate of 70,000/-
  • Rider benefits – Choose extra cover with the option of 5 riders at a nominal cost
Basic Sum Assured

Minimum is Rs. 1,00,000

No such limit on the maximum amount

Age at Entry (min and max)1 to 60 years
Age at Maturity 

The minimum: 18 years

The maximum: 75 years

Why Choose Bajaj Allianz Life Insurance?

  • Experienced Team – With a knowledgeable team, you can expect simple and fast services for issuing and renewal of insurance policies or all your needs 
  • Continuous Support – 24X7 round-the-clock support on all days for all your queries. 
  • Customer Service – Customer services are easily accessible making things easy for you with your Bajaj Life Insurance policy.
  • Valuable Brand – As per a BrandZ report by Kantar, Bajaj Allianz Life Insurance falls in the top 75 most valuable brands in 2020 for the third time in a row. 
  • Pan India Presence – With over 509 branches scattered throughout the country, Bajaj Allianz Life Insurance is accessible to everyone. 
  • High Claim Settlement Ratio – With a claim settlement ratio of 98.48%, you know your claims are in good hands.

Exclusions Of Bajaj Allianz Life Insurance Plans

No claim payment will be given if:

  • An error in the claim application can result in non-payment
  • In case the policy has lapsed
  • Death during war or due to a natural disaster or riot
  • If any incorrect information or fraud is discovered at the time of signing the policy eg claiming to be a non-smoker in order to avail discount in the premium
  • Life insurance policies won’t cover a suicide that occurs during the first year of having bought the policy.
  • Death as a result of alcohol abuse or participation in unlawful or perilous activities.
  • If the beneficiary murders the insured they will not receive the death benefit.
  • Other than accidental damage done to your natural teeth, any other type of dental procedure is usually excluded from health insurance plans.
  • The death benefit becomes difficult if you don’t have nominated beneficiaries or if they predecease you.
  • Death is a result of failure to seek or follow medical advice.

Riders Offered By Bajaj Allianz To Customize Life Insurance Plans

Riders are an add-on to the life insurance policy, which provides additional benefits at nominal extra cost.

  • ​​In the event of accidental death of the insured within a prescribed time period (180 days) after the accident, Bajaj Allianz will pay a rider sum assured to the nominee to the maximum of Rs.1 crore.
  • If the accident causes total or partial affliction or disability, Bajaj Allianz will benefit depending on the extent of impairment
  • 11 critical illnesses are covered and rider benefit sum can be claimed on the diagnosis to a maximum of Rs.50 lakh
  • When the insured can no longer attend work because of accidental permanent impairment the Family Income Benefit enables1% of the rider sum to the policyholder or the nominee on a monthly installment. to a minimum of 10 years.
  • In case of accidental complete disability, or diagnosis of any critical illness or death of the insured, the future premiums will be waived to a maximum of Rs.50 lakh.

Buying Bajaj Allianz Life Insurance Online

  • Visit the Bajaj Allianz website, and on the main page browse through the different plans and select one that fits your needs.
  • After selection, click on the buy now option. 
  • Fill the online application form providing essential personal information such as name, contact number, date of birth, etc.
  • Submit the application
  • Upload the required documents for validation.
  • You will be asked to pay the premium, through any online payment options.
  • Once the application is approved, the policy document is sent to your email.

Online Renewal Of Your Bajaj Allianz Insurance Policy

Online premium payment is simple and convenient.

  • Login on the Bajaj Allianz web portal.
  • Click on renewal, enter your policy number, date of premium expiry, and other such details
  • Make the premium payment using your internet banking, credit or debit card, or any online method.
  • You will receive an acceptance message of premium renewal.

Bajaj Allianz Life Insurance Claim Process

  • Submitting the claim: The claim applicant or beneficiary will visit a Bajaj Allianz branch office to fill the claim form and submit it with all the required documents, namely the death certificate of the insured, KYC, and bank details of the nominee claimant, and the original policy bond.
  • Claim validation: The Claim will be scrutinized and the claimant will be informed if any other documents are needed. Once assessments are complete, the claim will be settled and the branch will notify the claimant .within 30 days as mandated by the Insurance Regulation and Development Authority of India (IRDAI):
  • Review of Claim: If the claimant is not satisfied with the settlement decision, the individual can approach the Claims Review Committee Investigation should be completed within 90 days from the day the claim was filed and the revised claim will be settled within 30 days subsequently
  • Online Claim assistance – On the main website, click on ‘customer service’ on the home page and then ‘claims assistance.’ Follow the steps to either report, process or settle your claim.

Documents Required To File a Claim

Information about the claimant:

  • Current address and mobile number and email-id
  • Bank account details
  • ID proof (PAN, Adhar, etc)
  • A NEFT Form attested by the bank or a copy of the canceled cheque/ to transfer the claim money to your account

Information about the deceased insured person:

  • Original / Attested Copy of Death Certificate issued by local authorities
  • Original Policy Document
  • The medical cause of death
  • Attendant Physician Statement
  • All Medical records

In case of Suicide / Accident:

  • FIR
  • Post Mortem Report

Frequently Asked Questions

1. When I pay premiums for Bajaj Allianz Life Principal Gain Plan, how does it get utilized?

The ULIP premium gives the policyholder double advantage of investing in equity or debt funds (or both), at the same time making certain of a life insurance cover also so that loved ones are protected.

2. What happens if I live beyond the term life policy for Bajaj Allianz Life Smart Protect Goal Plan?

Since term plans do not offer maturity benefits, you will not receive benefits if you survive the policy. You can however opt for an ROP rider.

3. How can I check the status of my Bajaj Life Insurance policy online?

You can visit the Bajaj Allianz Life Insurance website. Log into your account and click on “Track Your Application”. Your status will be released.

4. What is Fund Switching with Bajaj Allianz ULIPs?

When you buy a Bajaj Allianz ULIP plan, you also select the funds that you want to invest in. This is called Fund Apportionment. However, during the policy period, you may want to change these investment amounts depending on the market performance. This action is called Fund Switching.

5. I have lost my policy document for my Bajaj Allianz Life Super Life Assure Plan. How can I get a duplicate copy?

You must make a request to Bajaj Allianz Life Insurance to issue a copy of the policy documents. The copy issued will have approval confirming its issuance after the loss or destruction of original policy documents.

6. I do not wish to continue with my Bajaj Allianz Life Flexi Income Goal Plan. How do I cancel it?

You can surrender your policy profile within 30 days of buying it. This is called the Free Look period. Post this, you will need to contact customer support and enquire about the procedure.

7. Is Bajaj Allianz Life insurance coverage available during foreign travel and stay abroad?

Yes. If the insured person passes away in a foreign country, death benefits will be paid to his nominee depending upon the country and purpose of travel.

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