Bajaj Allianz Life

Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance is one of the leading private life insurance companies in India. The Company is a partnership between two powerful and successful entities in their own right – Bajaj Finserv Limited, one of India’s most diversified non-banking financial institution and Allianz SE, one of world’s leading asset manager and insurer. Commencing its operations in 2001, Bajaj Allianz Life has in less than two decades expanded its presence across the country. It serves millions of customers through its 556 branches, 80,000+ agents (as on 31 May 2020), and comprehensive set of trusted partners and via its online sales channel including leading web aggregators. The Company’s brand promise of Life Goals Done drives it to launch innovative insurance solutions, including the revolutionary RoMC (Return of Mortality Charges), a feature in some of its new-age ULIPs, and thereby becoming the first company to do so.

The promoters include Bajaj Finserv Limited, which deals with financial services of the Bajaj Group. Its core businesses are spread across Lending, Insurance and Wealth Advisory and currently own 74% and The Allianz Group, which is a global financial services provider with services predominantly in the insurance and asset management business. 88 million retail and corporate clients in more than 70 countries rely on their knowledge, global presence, financial strength and solidity. In fiscal year 2017 over 140,000 employees worldwide achieved total revenues of 126.1 billion euros.

Bajaj Life Insurance had a claims settlement ratio of 99.47% in 2018-19, they also covered 343.53 lac lives during the year 2019-20 and had a 13th Month Persistency ratio of 63.38% (amongst the highest in the Life Insurance industry, as per the data provided by IRDAI as well as the Public Disclosures available on the company’s website.
Request a Call Back
Name is required
Email is required
Contact is required
Thank you for contacting us

Bajaj Allianz Life insurance review

Bajaj Allianz Life
Distribution - Number of branches pan India (March 2019)
604
Entry Age Minimum/Maximum (Years) - Term Plans
18/65
Sum Assured Minimum / Maximum - Term Plans
50 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
5/67
Solvency Ratio (FY 2018-19) *
8.04
Number of Policies Sold (Ind+Group) *
311,507
Number of Lives Covered (Ind+Group) **
34,353,869
Claims Settlement Ratio (Ind+Group) ***
99.47%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Bajaj Allianz Life Insurance Plans - review

  • Awards & Recognitions
  • Why Should we buy?
  • Key Features
  • Claims Process
  • Exclusions

Awards & Recognitions

Some of the awards received over the past years include:
  • Business Today-Money Today Financial Services Awards 2020 - Bajaj Allianz Life Goal Assure has been awarded the 'Best ULIP of the Year' second time in a row.
  • Bajaj Allianz Life was awarded the ‘Fraud Analytics Team of the Year’ at the Achromic Point Anti-Fraud Awards 2020 awarded in the domain of fraud management.
  • Bajaj Allianz Life won the ‘Best Digital Customer Experience Initiative' award and ‘Terragni Customer Centric Team of the Year’ at the Customer FEST Leadership Awards 2020 for its Digital Payment Ecosystem.
  • Bajaj Allianz Life won Silver in BFSI Creative category for outstanding TV campaign at e4m Prime Time Awards 2019. The award recognises Bajaj Allianz Life’s creative excellence for its Early Retirement TV campaign.
  • Bajaj Allianz Life won ‘Best Use of Experiential Marketing – Silver’ at the Indian Marketing Awards 2019 for #36SecPlankChallenge.
  • Bajaj Allianz Life was awarded the ‘Best Digital Transformation Initiative’ at the 9th BFSI Smart Tech Leadership Awards 2019 for its Digital Payments Eco-system.
  • Bajaj Allianz Life ranked amongst the Top 75 Most Valuable Indian Brands 2019, as per WPP and Kantar Millward Brown’s report as well as ranked 4th amongst the Top 10 Riser Brands Category, with a 24% increase in the brand valuation over the previous year.
  • Bajaj Allianz Life won the 'Networking Transformation Award’ at the Citrix Digital Transformation Awards 2019 for deploying Software Defined WAN (SDWAN) in its 500+ branches across India.
  • Bajaj Allianz Life was awarded the 'Best Alternative or Digital Payments Program of the Year' at the 7th Payments & Cards Summit 2019 for Online Mandate
  • Bajaj Allianz Life received an award for being the 'Most Visible Life Insurance Company' at the CMO Confluence and Corporate Awards 2019.

Why Should One Choose Bajaj Allianz Life?

Some of the key reasons why Bajaj Allianz Life is a strong insurance partner are:
  • Claim Settlement Ratio of 99.47% in 2018-19
  • Get 1 Day Claim Approval for Death Claims
  • AAA (In) Rating by CARE – Highest Claims Paying Ability
  • Total Assets Under Management (AUM) - ₹56, 085 cr
  • Solvency ratio of 745% as on March 31, 2020
  • One of the India’s most Trusted Brand across all industries

Benefits of Bajaj Allianz Life’s Term Plan

The financial security of your family hinges on the timely payment of the sum assured promised by the insurer. Bajaj Allianz Life stands committed to this promise as can be seen through its claim settlement ratio of over 90%, over the last five years. This proves that it is a trustworthy partner to ensure the financial stability and security of your loved ones in case life takes an untoward turn.
  • The company has a bouquet of innovative term insurance plans to suit all needs of policyholders.
  • Get Lump Sum payout on diagnosis of 55 Critical Illnesses up to age 80 years
  • Children’s Education Cover - Provides extra protection of 10-100% of the base cover, for the child’s educational expense in case of death of the life assured.
  • Option to choose Return of Premium - Receive the total premiums paid towards the policy at the time of maturity provided, no claim is made
  • Avail cover till the age of 99 years by paying for a limited term only. Return of Premium option is not available if you opt for a whole life plan.
  • Multiple add-ons like Accidental Death Benefit, Accidental Total Permanent Disability Benefit, Critical Illness cover and Waiver of Premium Benefit, for comprehensive coverage
  • Cover your spouse / additional cover for spouse - This variant allows the life assured to add his/her spouse in the same policy
  • Waiver of Premium Benefit - The future premiums are immediately and automatically waived off and the benefits under the policy will continue in case of the occurrence of a pre-specified event
  • Automatic increase of life cover: The life cover increases at every policy anniversary. The maximum sum assured can increase up to 200% of the base cover.
  • Flexibility to choose the Death Benefit payout:
    • As a lump sum payment, or
    • As fixed monthly income for 100 months, or
    • As a combination of the above
    • Tax benefits on the premiums paid and benefit received as per prevailing tax laws under Section 80D
    • Lower premium for females and non-smokers

Other Features

Maturity Benefit There is no maturity benefit applicable under this plan. In case you survive till Date of Maturity, no additional benefits are payable and your Policy will terminate.
Surrender Benefit Bajaj Allianz Life advises you to continue your Policy for the complete tenure to enjoy the total benefits of this plan. However, in case one wishes to surrender your policy, the surrender benefit available will depend on the plan option chosen.
Free Look Period Distance Marketing Channel – 30 days
All Other Channels – 15 days
Grace Period 15 days for Policies under Monthly Frequency
30 days for Policies under Yearly / Half-yearly Frequency

Claims Process

To register a claim, please follow one of the following:
Call us at: Toll Free 1800 209 7272 (Monday-Saturday | 9am - 7pm IST)
Call us at: +91 20 67871700 (Call charges apply) – For NRIs only
Email us at: customercare@bajajallianz.co.in
Visit us at: https://www.bajajallianzlife.com/
Write to Us at: Bajaj Allianz Life Insurance Co Ltd
Bajaj Allianz House, Airport Road,
Yerawada, Pune - 411 006, Maharashtra
Tel No: 020-66026773 / Fax No: 020-66026789
Visit our nearest branch: Anywhere in India, closest or in your city of residence

Mandatory Documents for all type of Death claims

  • Claimant statement form
  • Copy of death certificate issued by municipal corporation under section 12/17
  • KYC documents of claimant (Mandatory)
    • PAN or Form No. 60
    • Copy of any one of the following (Identity & address proof of claimant)
      • Aadhaar Card
      • Passport (unexpired)
      • Driving License (unexpired)
      • Voter's Identity Card
      • Job card issued by NREGA duly signed by an officer of the State Government
      • One recent photograph of the claimant
    • Copy of self attested cancelled cheque / Passbook copy of the claimant
    • Relationship proof (wherever applicable)
For death due to accident/suicide other than the above documents
  • Copy of First Information Report (FIR)
  • Copy of Post Mortem Report
  • Copy of medico legal cause of death certificate
Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI) Death Claims Health Claims
Raising Claim Requirements Within 15 days of receipt of claim. Within 15 days of receipt of claim.
Settlement or Rejection or Repudiation of claims wherein Investigation is not required Within 30 days from the date of receipt of last necessary document. Within 30 days from the date of receipt of last necessary document.
Settlement or Rejection or Repudiation of claims wherein Investigation is required Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter. Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document.

Exclusions under Bajaj Life Plans

Benefit under this Plan shall not be payable if Accidental Death is directly or indirectly due to or caused, occasioned, accelerated or aggravated by any of the following:
  • Suicide or self-inflicted injury, whether the life assured is medically sane or insane
  • War, terrorism, invasion, act of foreign enemy, hostilities, civil war, martial law, rebellion, revolution, insurrection, military or usurper power, riot or civil commotion. War means any war whether declared or not
  • Taking part in any naval, military or air force operation during peace time
  • Committing an assault, a criminal offence, an illegal activity or any breach of law with criminal intent
  • Taking or absorbing, accidentally or otherwise, any intoxicating liquor, drug, narcotics, medicine, sedative, poison or psychotropic substances, unless taken in accordance with the lawful directions and prescription of a registered medical practitioner
  • Inhaling any gas or fumes, accidentally or otherwise, except accidentally in the course of duty. The intent under this exclusion is to exclude accidental gas/fumes leak incidents which could lead to exposing the population to such toxic gas/fumes and lead to deaths (like Bhopal Gas Tragedy). However, if the incidence happens as part of the life assured’s job then the claim is payable.
  • Participation in aviation other than as a fare-paying passenger in an aircraft that is authorized by the relevant regulations to carry such passengers between established aerodromes
  • Taking part in professional sport(s) or any adventurous pursuits or hobbies. “Adventurous Pursuits or Hobbies” includes any kind of racing (other than on foot or swimming), potholing, rock climbing (except on man-made walls), hunting, mountaineering or climbing requiring the use of ropes or guides, any underwater activities involving the use of underwater breathing apparatus including deep sea diving, sky diving, cliff diving, bungee jumping, paragliding, hand gliding and parachuting
  • Existence of any sexually Transmitted Disease (STD) and its related complications or Acquired Immune Deficiency Syndrome (AIDS) or the presence of any Human Immunodeficiency Virus (HIV).
  • ‘Pre-existing diseases’ which are defined as “Any condition, ailment or injury or related condition(s) for which the assured life had signs or symptoms, and / or were diagnosed, and / or received medical advice / treatment within 48 months prior to the first policy issued by the insurer”. Pre-existing illness will be covered after 48 consecutive months of continuous coverage have elapsed from the coverage effective date
  • External Congenital Anomaly which is in the visible and accessible parts of the body
  • Failure to seek or follow medical advice deliberately or failure to follow treatment under reasonable circumstances from any registered and qualified Medical Practitioner.
  • Alcohol or Solvent abuse or taking of Drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner.
  • Participation by the insured person in any flying activity, except as a bona fide, fare-paying passenger or pilot and cabin crew of a recognized airline on regular routes and on a scheduled timetable.
  • Participation by the insured person in a criminal or unlawful act with criminal intent.
  • Disability due to psychiatric illnesses, post-traumatic stress disorder, chronic fatigue, chronic pain, and fibromyalgia are excluded
  • Nuclear Contamination; the radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature

Other Bajaj Life plans from this provider are

Term insurance is one of the most affordable way to keep your family’s life goals on track in case you are not around to provide for them or life takes an untoward turn.
Investment plans help you to make prudent investments decisions for wealth creation to enable you to meet your life goals.
Max Life Pension Insurance plans are insurance products aimed to provide you financial security when your income stops.
Unit Linked plans (ULIP) investment plans help you create lumpsum and fulfill your wishes.
A child plan brings together the benefits of life cover and savings such that as a parent, you can be assured that the dreams for your child are fulfilled.

Bajaj Allianz Life Insurance FAQ’s

Life insurance is a contract between an insurance company and the insured whereby the company guarantees payment of an agreed amount (called death benefit) to the named nominee if something untoward happens during the policy period or at the end of the policy, termed as maturity. The insured needs to pay regular premiums to the insurance company for the policy to be valid.

The insurer does, and the amount depends on several factors that can impact the insured’s life expectancy, such as age, gender, smoking habit, personal medical history, and family medical history (such as heart disease or cancer among immediate family members).

All our term insurance plans cover COVID death claims. Apart from that, we also have a life insurance plan which covers COVID Hospitalization expenses. Know more about this COVID Insurance Policy.

In general, beneficiaries and insured persons can make a term life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.

If premium remains unpaid one month after the due date (that is the ‘grace period’), the policy will lapse. In that case you, as the insured, will have wasted all the premiums you have paid in previous years. Additionally, your beneficiary will also not receive a pay out as the policy will be deemed ‘lapsed’.

If the insured dies during the plan term, before he or she can pay the premium, the due premium will be deducted from the death benefit.

In case of a term life insurance policy, there are no paybacks. So, if you as the insured buy a standard term insurance, and you outlive the plan, you get nothing. But do not forget that your primary objective is to create a protective financial umbrella for your loved ones. For other plans, except term plan, you get the money after the policy matures.

Besides insuring your family, this type of life insurance offers various tax deductions and exemptions. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the proceeds that your loved ones get in your absence or the amount you get at the maturity of the term is tax-free. Learn all about tax benefits here.

Whether you are in your 20s, 30s, 40s or more – it is always a good idea to get insured.

A rider is an attachment or amendment that supplements the term plan coverage, helping the insured meet specific needs. There are various types of riders:

  • Accidental death and dismemberment
  • Critical Illness
  • Waiver of premium
  • Partial and permanent disability

We examine and settle claims on the basis of all records related to the claim. Once you report a claim, we request you to submit the required documents. The sooner the documents are submitted, the faster your claim will be processed.

The claim benefit can be received by:

  • The nominee or the guardian (in case of minor nominee), if you are the Life Assured
  • The proposer, in case you are not the Life Assured
  • Assignee, in case the policy is assigned
  • Life Assured, in case of living benefit claims such as, claims under disability, critical illness and major surgery rider.

In such circumstances, we would require the proof of title/succession certificate issued by a competent court. The claim would then be paid to the person specified in the said proof. Such a condition is called 'Open Title' situation.

If we have accepted the claim but are waiting for the issued certificate of proof, we hold the money till the proof is submitted and pay interest as directed by the Insurance Regulatory and Development Authority of India.

Following KYC documents are required:

  • PAN/Form 60 (mandatory)
  • One recent photograph
  • List of Officially Valid Documents:
    • Passport
    • Driving License
    • Voter's Identity Card issued by Election Commission of India
    • Job Card issued by NREGA duly signed by an officer of the State Government
    • Letter issued by the National Population Register containing details of name, address or any other document as notified by the Central Government in consultation with the Regulator
    • Proof of possession of Aadhaar (to be taken in masked/redacted form/black out version to be taken from clients

This depends on the policy. In term plans, the basic costs, coverage limits, and requirements remain the same for the duration of the policy. For whole life plans, it may remain unchanged sometimes, but mostly they will have changing terms over that timeframe–the changes occur when you renew the policy.

Your insurer can reject a life insurance claim on grounds of:

  • Misrepresentation of actual information
  • Non-disclosure of complete information
  • Fraud
  • Policy does not cover specific situation : Assuming you are 25 years old and take a whole life plan; you will receive a lumpsum payment at the age of 45. However, if you make a claim at 40 because of an emergency, your claim will not be entertained.
  • Disability and critical illness : Life insurance policies do not generally cover disability and critical illnesses, unless you buy disability and critical illness riders as well.
  • Minor beneficiary : The money will be paid only to a trustee designated by you (the insured) and not to the spouse or child (the beneficiary) if he or she is under 18 years.
  • Insured lives beyond term expiry : Some policies are only valid until the insured turns a certain age or for a certain number of years. The policy becomes invalid if you outlive this tenure.
  • Suicide : Although suicide cases qualify for insurance pay outs, there is a catch. The insurance sector regulator, IRDAI, has made certain changes in the suicide clause with effect from January 1, 2014. Policies issued prior to this date will not be entertained under the old clause. As for those policies that have been taken out later, we’ll come to that a little later.
  • Unpaid premium : This is the most common ground for pay out refusal. If the premium is not paid within 30 days after the due date, the policy is considered lapsed.

Yes! In fact, if you have smoked in the last 12 months, then you must declare yourself as a tobacco user. If information is withheld and later revealed to the insurer, it may have severe repercussions such as your policy being considered as null and void or denial of the policy benefits.

You can buy as many term insurance plans as you want to fulfill your insurance needs. You can even nominate different beneficiaries for both the insurance plans.

Policy Issuance usually takes 7 days post medical test and successful submission of all documents. In case of non-policy issuance due to in eligibility, following offer would be made to you:

  • Revised premium
  • Count Offer: Revised life cover
  • Postpone: Eligible to buy policy after 6 months
  • Decline: Policy cannot be given
In case your policy request is declined, payment will be reversed to you in 7 working days.

It is usually suggested that a life insurance cover should be at least 10 times of your annual income and 15 to 20 times is an even better option. If you have loans such as home loans, car loans, etc. then you should factor that in too.

For instance, if your annual income is ₹ 10 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.0 crore, if you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover. It is best to use the term calculator provided by insurance companies before deciding on your life cover.

Online transactions are completely secure and are done directly on the insurance company’s or it’s official distributors’s website. Today almost all financial transactions including banking, stocks, etc have moved completely online and lacs of people are making online payments every day. You can evaluate Bajaj Allianz’s plans on eindiainsurance.

If the due premiums are not paid while the policy is still within the lock-in period, then the policy would lapse and all benefits of the policy would cease. The policy holder has a grace period for premium payment, which is 15 days from the due date for monthly premium payment frequency and 30 days from the due date for half-yearly and yearly premium payment frequency.

If the due premiums are not paid even after completion of 45 days of the grace period then the policy acquires a "discontinued" status, the policy benefits cease. And the amount accumulated in the policy would move to the discontinued fund. This amount would be locked in till completion of the lock-in period (five years from the date of policy issuance). Please note, policy discontinued is applicable for policies issued after Sep 1, 2010.

The policy holder loses out on all the benefits of the plan. After discontinuance of the policy it cannot be withdrawn. The policy holder would receive the invested amount only on completion of the lock-in period (five years from the date of policy issuance).

You have a period of 15 days to review your original policy document from the date of receipt. If you are not satisfied with the terms and conditions of your policy, you can return it to us for cancellation and you will be eligible for a refund. If your policy is sourced through distance marketing, you have a period of 30 days. This will be mentioned in your policy certificate. To cancel your policy within the free look (review period), fill up the form and visit any of our branches with your Policy document. Once received, we will process your request and refund the premium amount after applicable deductions (if any) within 15 days.

Search for other Bajaj Allianz Life plans

-

ONLINE CHAT

Keep in touch

  • Address

    InstantCover Insurance Web Aggregator Private limited
    710, 6th B Cross, 16th Main Road, Koramangala 3rd Block, Bangalore - 560 034.

  • +91-(80)-41744345
  • Send an email
CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2022