term insurance
Bajaj Allianz Term Life Insurance Plans

Bajaj Allianz Term Life Insurance

Term life insurance is simple and easily affordable, offering a life insurance safeguard for a determined period on paying a fixed premium for the term chosen by the policyholder. It guarantees monetary security to the recipient or nominee, of the sum assured as a death benefit if the insured person expires during the policy period. It takes care of financial security for the insured person’s family and expenses for education and the marriage of children. Critical illness and disability are also covered in some term insurance plans. However, term insurance does not provide maturity benefits on completion of the term.

Quick Look At Bajaj Allianz Life Insurance Company Limited

TypePrivate
IndustryInsurance services
Founded2001
HeadquartersPune, India
Areas servedWorldwide
Key PersonTarub Chugh (MD and CEO)
ParentBajaj Finserv, Allianz SE
Claim Settlement Ratio99.82%

Benefits and Features of Bajaj Allianz Term Insurance Plans

  • Bajaj Allianz term insurance ensures high coverage at low premiums.
  • Several Bajaj Allianz term insurance plans offer optional cover for partial or total disability.
  • Bajaj Allianz term insurance plans offer a choice from multiple options to receive the death benefit. Normally, term insurance plans pay the assured sum as a one-time amount, but many plans offer the option to receive the sum assured in installments.
  • With Bajaj Allianz, life coverage can be up to 99 years of age (long-term coverage) at a premium paid for a limited lesser number of years.
  • Bajaj Allianz term insurance plans can help your family pay off all the liabilities burden in case of your demise.
  • The premiums of Bajaj Allianz are entitled to a tax deduction of up to Rs 1.5 lakh in a year under Section 80C of the Income Tax Act, 1961. The amount received by a nominee on maturity, surrender, or on the death of the policyholder is exempted from tax under Section 10 (10D) of the Income Tax Act.
  • Bajaj Allianz allows the premiums to be paid monthly, quarterly, half-yearly, or annually. There is also the option of paying premiums for a limited-term, but the coverage continues for a longer period.
  • Bajaj Allianz term insurance allows the insured person complete flexibility to choose the tenure of the policy.
  • Bajaj Allianz offers online available for purchase and renewal of policies.

Bajaj Allianz Term Life Plans

Bajaj Allianz Life presents simple yet effective term plans to secure your family’s future aspirations and goals.

The popular Bajaj Allianz term insurance policies are: 

  1. Bajaj Allianz Life Secure
  2. Bajaj Allianz Life eTouch Online Term Plan
  3. Bajaj Allianz LifeSmart Protect Goal
  4. Bajaj Allianz Life Saral Jeevan Bima

1. Bajaj Allianz Life Secure

Bajaj Allianz Life Secure is an all-encompassing life insurance plan that offers term insurance coverage, accidental death safeguard, and critical illness protection, depending on your choice.

Eligibility:

FeatureDetails
Policy Term(100 minus age at entry) years
Premium Paying Term5, 7, 10, and 15 years
Premium Payment FrequencyYearly, half-yearly, quarterly, and monthly
Minimum Sum AssuredRs 20,00,000
Maximum Sum Assured

No limit

Sum Assured has to be opted for in multiples of 50,000

Minimum PremiumInstallments – yearly (Rs. 36,720), half-yearly (Rs. 18,727), quarterly (Rs. 9,547), or monthly (Rs. 3,305)
Maximum PremiumNo limit
Minimum Entry Age25 years
Maximum Entry Age55 years
Maturity age28 – 70 years


Key Avantages:

  • Three compensation options to choose from:
    • Option I – Death Benefit
    • Option II – Death Benefit as well as Accidental Death Benefit
    • Option III – Compensation in the event of death or serious illness plus exemption or waiver from the premium benefit.
  • Life safeguard up to 100 years
  • Choice of 4 Premium Payment Terms (PPTs), that is 5, 7, 10, or 15 years
  • Best value for money with High Sum Assured discount
  • Advantageous premium rates for women policyholders and non-smokers
  • Premium paid, survival and death benefit, and surrender benefit may be entitled to tax benefits as per the existing Income Tax Act.
  • You will have the option to surrender your policy provided at least the first two full years’ premiums have been paid
  • If your policy lapses due to non-payment of premium, you may revive it anytime during the revival period by paying the full lapsed premiums
  • If you have failed to make payment of the premium by the due date specified, you will still be allowed a grace period of 30 days for premium payment.
  • Within fifteen days you have the option to review the terms and conditions of the policy, and if you disagree you have an option to return the Policy stating the reasons for your objections (Free Look).

2. Bajaj Allianz Life eTouch Online Term

Bajaj Allianz Life eTouch Online Term is a non-linked, non-participating, life term insurance that protects against financial pitfalls caused by critical illness, accidental death, and disability.

Plan Variants

  • Shield – Lifetime warranty plus Waiver of premiums in the event of accidental total permanent disability
  • Shield Plus – Life Benefit plus total accidental permanent disability allowance and waiver of premiums (in the event of total accidental permanent disability
  • Shield Super – Life Benefit plus Accidental Death Benefit, Accidental Total Permanent Disability Benefit and Waiver of Premium (on the occurrence of Accidental Total Permanent Disability)
  • Shield Supreme – Life Benefit plus Accelerated Critical Illness, Accidental Total Permanent Disability Benefit and Waiver of Premium (on the occurrence of Accidental Total Permanent Disability or Critical Illness).

​​Eligibility:

Entry age18 to 65 years
Maturity age28 to 75 years
Policy term10 to 40 years
Premium paying term

10 to 40 years

equal to policy term chosen

Premium paying modeMonthly, quarterly, semi-annual, and annual
Sum assured

5L to no limit

ADB and ATPDB max, 2 Cr

Grace period30 days


Key Benefits:

  • The plan provides life cover combined with benefit on accidental death, accidental total permanent disability & critical illness and benefit of waiver of premium,
  • Comprehensive protection
  • The choice between four variant options to enhance your protection
  • Option to choose Limited or Regular Premium payment
  • Life cover up to 99 years
  • The choice for the recipient to be given the assured sum in a lump-sum amount or in monthly installments
  • Lower premium for non-tobacco users.

3. Bajaj Allianz Life Smart Protect Goal

Bajaj Allianz LifeSmart Protect Goal is an inclusive term plan. It offers the option to get back the entire premium at the time of maturity and also protects you against monetary debacles from several critical illnesses and other disasters.

​​Eligibility:

Entry age18 -65 years
Maturity age

With ROP – 75 years

Without ROP – 85 years

Whole life option – 99 years

Policy term

Without ROP:

6 years (limited pay)

5 years (regular pay)

5 to 40 years (single pay)

With ROP

10 years (limited pay)

10 years (limited pay)

10 to 40 years (single pay)

Premium paying term

Without ROP

5 to 30 years (limited pay)

5 to 67 years (limited pay)

Single premium (single pay)

With ROP

5 to 30 years (limited pay)

10 to 57 years (limited pay)

Single premium (single pay)

Premium paying modeAnnual, semi-annual, and monthly
Grace period30 days
Sum assured

50 lakh to no limit

With riders

5 L to 1 Cr (critical illness benefit)

5 L to 2 Cr (Accidental Death Benefit and Accidental Total Permanent Disability Benefit)


Key Advantages

  • All-inclusive coverage with a large number of features
  • Life Cover – for Self
  • Opportunity to choose the reimbursement of premiums (ROP) as a maturity benefit
  • Freedom to choose whole life coverage up to the age of 99
  • Add-on covers to choose from –
  • Accidental Death Benefit (ADB)
  • Accidental Total Permanent Disability Benefit (ATPDB)
  • Critical Illness Benefit (CIB) 2
  • Waiver of Premium Benefit (WOPB)
  • A choice of Single, Limited or Regular Premium
  • Eligible for tax benefits under 80C and 80D under the income tax Act of 1961

4. Bajaj Allianz Life Saral Jeevan Bima

Bajaj Allianz Life Saral Jeevan Bima is a non-linked, non-participating, individual pure risk premium life insurance plan, which provides for payment of Sum Assured in a lump sum to the nominee in case of the Life Assured’s unfortunate death during the policy term.

​​Eligibility:

Age at Entry18 years 65 years
Maximum maturity age70 years
Premium Payment optionsSingle/yearly/half-yearly, and monthly
Sum Assured

Minimum – 5 lakhs.

Maximum – 25 lakhs

(in multiples of 50,000)

Policy TermMinimum – 5 years and maximum – 40 years
Premium payment modesSingle-premium; limited premium for 5 years or 10 years or regular


Key Features:

  • Life cover to protect your family in case of an unfortunate event of your death
  • Life cover up to a term of 40 years
  • Choice of a single, limited, or regular premium
  • Free-lock (trial) period of 15/30 days
  • Tax exemption under 80C of the Income Tax Act 1961
  • This policy does not offer any maturity benefit.
  • No riders are available under this product.

Inclusions And Exclusions of Bajaj Allianz Term Life Policies

Inclusions

  • The nominee receives the entire assured sum on the death of the policyholder provided all premiums until the event are paid.
  • The tax benefits allowed under Section 80C and 10 (10D) of the Income Tax Act, 1961
  • Bajaj Allianz Life offers a variety of riders that can provide protection against specific emergencies and improve the coverage of a term policy.
  • Benefits like loan facilities are included in the terms and conditions as add ons

Exclusions

No recompense will be given if:

  • The policyholder lives beyond the policy term
  • 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
  • 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
  • In the event of suicidal death or due to sexually transmitted disease.
  • Death as a result of alcohol abuse or participation in unlawful or perilous activities.
  • The death is caused during childbirth, pregnancy, or other related complications

It is the duty and responsibility of the insured person to read the policy document carefully to notify themselves of the applicable exclusions.

Riders Offered With Bajaj Allianz Life Term Insurance

A term insurance policy pays compensation in the event of the life assured’s death. However, term Insurance cover can be improved at an additional extra cost to include different emergency circumstances besides death by availing of optional ‘riders’ or add ons. Bajaj Allianz offers the following riders.

  • Accidental Death Benefit (ADB) entitles the nominee to receive an additional amount over the sum assured in case of death by accident of the policyholder. The premiums for the accidental death rider remain fixed for the entire policy term.
  • Accidental Partial/ Total Permanent Disability Benefit (ATPDB) – This rider compensates for the occurrence of partial, total permanent disability as a result of an accident. The rider also works as an income substitute because permanent disability can cause a loss of employment

  • Critical Illness cover – The critical illness safeguard pays a substantial amount on the diagnosis of a critical illness covering all the major critical illnesses like heart, liver, and kidney diseases. 

  • Waiver of Premium Benefit – This rider ensures that all the pending premiums are not insisted on if the insured is unable to pay them due to a critical illness or accidental total permanent disability. In this way, it guarantees the maintenance of the safeguard regardless of the payment of the premiums.

Buy Bajaj Allianz Term Insurance Plans Online

Bajaj Allianz offers digital online services for convenient purchasing and renewal of its Term Life Insurance plans. This is not just cost-effective but saves time and paperwork and tiresome visits to branch offices.

To buy a Bajaj Allianz term insurance online:

  • Visit the Bajaj Allianz website and select the term insurance plan that suits you
  • Using the online term insurance calculator calculate the term insurance premium of the policy you have chosen to buy
  • Complete the online application form providing your basic details and KYC information.
  • Upload income proof and medical documents.
  • Select the available riders that enhance your safeguard cover.
  • The website will display the final premium using the online calculator
  • Review the application form and read the policy terms and conditions carefully
  • Make the premium payment through any suitable online mode
  • Your Bajaj Allianz term insurance plan will become active immediately.

​​Documents Needed To Buy A Bajaj Allianz Term Insurance Online

List of documents required to buy term insurance online.

  • Proof of age: Aadhar card, voter’s ID, driving license, PAN card, etc.
  • Proof of residential address: Any utility bill such as electricity or house tax bill, voter’s ID, Aadhar card, ration card, passport, etc.
  • Photo ID: Driving license, Aadhar card, voter’s ID, PAN card, etc.
  • Passport size photographs
  • Proof of income: salary slip, ITR, employer’s certificate, or Form 16
  • Medical Reports as per the company requirement.

Renewal of Bajaj Allianz Term Policies

Online renewal

  • Visit the Bajaj Allianz official website customer portal page and login
  • You will get an option to pay the premium.
  • Provide a policy number and your date of birth. After the information is entered, the page will display the amount that has to be paid for renewal.
  • Use the mode of payment provided to pay the premium amount needed to renew the policy. The Receipt number will be displayed on successful payment.
  • The receipt can be used for tax savings.

You can also renew your term insurance policy offline by visiting the Branch office or through an agent.

Claims Process For Bajaj Allianz Term Insurance Plans

Filing a claim for a term insurance plan is an extensive experience for the survivors of the expired person but Bajaj Allianz makes it a simple, considerate and straightforward procedure.

 The Insurance company should be informed immediately of the policy holder’s demise.

  • The death claim intimation form can be downloaded from the website or collected from the nearest Bajaj Allianz Life branch office.
  • Fill in the details in the form
  • Submit the form along with the compulsory documents at the nearest branch of Bajaj Allianz Life.
  • The company will authenticate the documents and calculate the claim.
  • You will be kept informed through messages and emails.
  • If the term insurance claim is genuine it will be settled within 30 days of submission of the documents.
  • If a re-examination is required, the investigation should be completed within 90 days and the claim will be settled within 30 days after it.

Documents Required For Making A Term Insurance Claim

The required documents are:

  • Authentic policy document
  • Genuine death certificate of policyholder issued by births and death registrar or a copy attested by municipal authorities.
  • Attested NEFT mandate form of canceled cheque leaf with payee name printed on it
  • Identity and address proof of the nominee.
  • Copy of the FIR and medical records depending on the type of death.

Frequently Asked Questions

1. What happens if the policyholder and nominee both die with Bajaj Allianz Term Life Insurance?

If both the policyholder and the nominee die, Bajaj Allianz allows the legal heir to claim the death benefits for all its policies.

2. What if I don’t pay my Bajaj term insurance premiums on time for Smart Protect Goal?

Bajaj Allianz like other companies grants a grace period usually of 30 days to make the payment. If you still do not pay the premium your policy will lapse, and you will have to pay up all the premiums to revive it.

3. I want to purchase Bajaj Allianz Life Smart Protect Goal. Can spouses take a joint term insurance policy?

Yes, Bajaj Allianz Life Smart Protect Goal, a term insurance plan, offers joint cover for both spouses.

4. Can I purchase both Bajaj Allianz Life eTouch Online Term and Bajaj Allianz Life Smart Protect Goal or several other term insurance policies together?

Yes. There are no limitations on having manifold term insurance policies but it is advisable to consider your requirements before you buy multiple policies.

5. Is it beneficial to increase the assured sum for Bajaj Allianz Life Secure?

Our insurance needs to change with our changing life situations, so yes it is worthwhile to restructure your term insurance plan and increase the sum assured, when required.

6. I am single. Do I need to buy a Bajaj Allianz term insurance policy?

Bajaj Allianz realizes that a single person may have student loans, business loans, home loans, and it is important to be insured for the loan amount to ensure your dependents are not stranded with the liability to repay the loan. So you can pick from Bajaj Allianz Life Secure or any other plans.

7. Why is it good to buy Bajaj Allianz term insurance at a younger age?

It is best to buy a term insurance plan when you are young. Bajaj Allianz premiums of term insurance are low when the individual being young has a lower chance of becoming inflicted with life-threatening diseases or being subject to death, therefore a lesser risk to the insurance company. 

8. Are there any maturity benefits in term plans with Bajaj Allianz?

No. Bajaj Allianz Term plans do not offer any maturity benefits. but, if you invest in a term plan with an (ROP) return of premium option rider, you will get back all the premiums paid when the term of the policy ends.

9. Does Bajaj Allianz Life Term Insurance cover death due to COVID-19?

Yes. Death claim due to COVID-19 is covered by all policies of Bajaj Allianz according to the terms and conditions of the policy.

10. What is meant by a Free Look Period?

Bajaj Allianz is totally customer-friendly. During the Free Look Period, you can cancel the policy without paying any penalty.

11. Why Buy Term Insurance Plans From Bajaj Allianz Life?

Bajaj Allianz Life provides a high claim settlement ratio and offers Prompt Settlement (1 Day Claim Approval).

12. Why does Bajaj Allianz offer discounts for women?

Women have a higher life expectancy as compared to men, which is why insurers charge lower premiums from female applicants.