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
| Type | Private |
| Industry | Insurance services |
| Commenced Operations | 2001 |
| Headquarters | Pune, India |
| Area served | Worldwide |
| Key people | Tarun Chugh (MD & CEO) |
| Parent organizations | Bajaj Finserv Ltd. Allianz SE |
| Claim Settlement Ratio | 98.48% |
| Solvency ratio | 666% |
| No. of lives covered | 2.36 crore |
| Net worth | Rs. 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 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 Assured | 10 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 Assured | 10 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 Assured | 10 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
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 Assured | Minimum 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) |
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 Assured | Minimum 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 |
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 Assured | Minimum 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 |
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 Assured | Minimum 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 |
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 Frequency | Shield Variant, Shield Plus, Shield Super and Shield Supreme: Yearly, Half-yearly, Quarterly, and Monthly |
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 Frequency | Yearly, 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 term | The minimum is 5 years and the maximum is 40 years |
| Premium payment options |
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| 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.
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 Assured | 10 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 |
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 Assured | Minimum 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) |
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.
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 |
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 Assured | Basic 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 |
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 |
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 |
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.
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 |
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 Assured | Minimum 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 |
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 |
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 |
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 |
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 Assured | Minimum 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 |
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
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.
You can visit the Bajaj Allianz Life Insurance website. Log into your account and click on “Track Your Application”. Your status will be released.
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.
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.
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.
Other Plans
- Bajaj Allianz Life Retire Rich Policy
- Bajaj Allianz Health Care Goal Plan
- Bajaj Allianz Flexi Income Goal - Income Benefit Plan
- Bajaj Allianz Life Group Credit Protection Plus
- Bajaj Allianz Group Term Life Insurance Plan
- Bajaj Allianz Life Diabetic Term Policy Sub 8 HbA1c
- Bajaj Allianz Life iSecure Term Assurance Policy
Life Insurers
- Aditya Birla Sun Life Insurance
- Aegon Life Insurance
- Aviva Life Insurance
- Bajaj Allianz Life Insurance
- Bharti Axa Life Insurance
- Canara HSBC Life Insurance
- Edelweiss Tokio life Insurance
- Exide Life Insurance
- Future Generali Life Insurance
- HDFC Life Insurance
- ICICI Prudential Life Insurance
- Ageas Federal Life Insurance
- Indiafirst life Insurance
- Kotak Mahindra Life Insurance
- Life Insurance Corporation of India
- Max Life Insurance
- PNBMetlife India Insurance
- Pramerica Life Insurance
- Reliance Nippon Life Insurance
- SBI Life Insurance
- TATA AIA Life Insurance
