Bajaj Allianz is a joint venture between Bajaj Finserv Limited and european financial services company Allianz SE. The organisation offers insurance products for financial planning and security by incorporating the technical expertise and experience of Allianz SE with the market knowledge and goodwill of the Bajaj brand in India. Bajaj Allianz Life Insurance meets its customers needs by offering a wide variety of products ranging from ULIPs and child plans to group and health insurance. By combining global expertise with local experience, the company provides clients with customized products and transparent benefits, catering to every segment and age-income profiles.
Key Highlights of Bajaj Allianz Life Insurance
1 Crore Life Cover
Get 1 Cr Life cover @ ₹ 18*/day
Claim Settlement Ratio
Claim-settlement ratio of 91.85% for year 2014-2015
98.61% Grievances Settled for year 2014-2015
To be eligible for Bajaj Allianz Life Insurance
You should be at least 18 years old
You should be less than 60 years old
You should be either Salaried, Self- employed, a professional or have your own business
Bajaj Allianz Life Insurance at a Glance
A maximum tenure of 30 years
Min Sum Assured: Rs 2.5 Lakhs
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Bajaj Allianz Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Bajaj Allianz Life Insurance Plans Details
- Bajaj Allianz Child Plan:
Bajaj Allianz brings to you the Bajaj Allianz Child Plan which is specifically focussed on taking care of education and other related needs of your child. Avail any of these child plans to secure a better and bright future for your kid.
Key features of Bajaj Allianz Child Plan
- Guaranteed bonuses and additions
- Comprehensive coverage for death as well as accidental disability
- Special rates for female policyholders
- Flexibility to choose policy term
- Flexibility to choose premium payment term
- You can choose your premium payment frequency
- Cash installment option can also be chosen
- Minimum age of entry is 18 years
- Maximum age of entry is 50 years
- Minimum and maximum age ate maturity of policy is 28 and 60 years respectively
- Sum assured is 10 times the annualized premium
- Guaranteed maturity benefit of Rs.1 lac
Key benefits of Bajaj Allianz Child Plan
- Death Benefit: Guaranteed death benefit of 105% of all premiums paid. Policy continues and bonuses and additions accrue until maturity
- Accidental disability benefit
- Maturity Benefit:Sum assured on maturity plus all accrued bonuses shall be paid to the policy holder if he survives even after the completion of policy period
Protection Plans from Bajaj Allianz are focused at providing insurance cover to your loved ones in case of death. Securing your family against all future mishaps is the first priority of most individuals. These plans aim to ease your stress regarding your responsibilities towards your family. Below are the options of term insurance plans that can be chosen from.
- iSecure - This is the ideal insurance cover to support your family in case something happens to you. The iSecure insurance plan offers level term cover for high sum assured at a very low cost.
- iSecure More - The iSecure More insurance plans is similar to the iSecure plan and differs only in its exclusive feature of an enhanced life cover as the years go by. Hence, with this plan you can get an increased sum assured with each passing year.
- iSecure Loan - As the name itself suggests, this insurance policy is meant to cover your loan liabilities in case you are not around to take care of it anymore. This plan ensures that your family does not have to struggle through any loan reimbursement hassles in case something happens to you.
These insurance plans from Bajaj Allianz are suitable to the modern Indian lifestyle. These plans are designed to offer the customer the advantage of insurance as well as the option to save. It is a traditional endowment plan which guarantees 115% of the sum assured.
- Savings Plan–Save Assure - This plan helps you secure your family’s interest with a guaranteed 115% of the sum assured on your insurance policy.
- Savings Plan – Guarantee Assure - This is a non-linked, non-participating insurance plan that helps you ensure a safer future for your family whether you are around or not.
Bajaj Allianz endowment products are designed to be the perfect mix between an insurance plan and an investment avenue.
- Bajaj Allianz Save Assure: Save, invest, and wait for your maturity benefits, or rest assured that your loved ones will be take care of financially in the event of your unfortunate demise all this is possible with this plan.
- Bajaj Allianz Invest Assure: This plan takes your premium payments and turns them into savings, which also work towards covering your family financially in the event of your death. There are 2 policy variants, and limited premium paying terms.
- Bajaj Allianz Guarantee Assure: An insurance plan that works as an investment too. Flexibility to choose between 3 policy tenures, and you can even take a loan against the policy.
- Bajaj Allianz Elite Assure: Life insurance coverage with attractive returns on investment. You can even choose your policy term, premium paying term, premium paying frequency, and maturity benefit. Five additional riders are also available.
- Bajaj Allianz Young Assure: Keep your dependents safe from financial instability in the event of your death. There are benefits on death, maturity, and accidental permanent total disability.
Bajaj Allianz has a few retirement plans that will suit you when you have retired and will ensure a continuous flow of income for a considerable period of time. These plans are systemic saving plans that help you prepare for your retirement by organizing your savings. Following are the retirement plans offered by Bajaj Allianz.
- Bajaj Allianz Lifelong Assure - This is a unique plan that provides protection as well as regular income till you turn 100 years old. This is a great plan to avail as part of retirement planning.
- Bajaj Allianz Pension Guarantee - It’s The Pension Guarantee plan from Bajaj Allianz ensures that you continue to earn a regular income even after you have retired from your job. This plan comes with annuity options to choose from and lasts for your lifetime.
- Retire Rich - A unit linked pension plan offering guaranteed vesting and guaranteed death benefits through regular, limited or single pay premium for premium payment terms that can be adjusted as per the customer’s choice. Premium can be topped up too, as the case may be. Tax benefits can be applicable for premium paid, maturity benefit and death benefit. Loyalty additions are made available for terms more than 10 years.
The ULIP plans from Bajaj Allianz are aimed at providing not just life insurance benefit in the unfortunate event of death of the policy holder but also at providing a unit-linked scheme that offers benefits with the movement of the share market. The two ULIP schemes offered by the company are -
- Investment Plan – Future Gain - This is a unit-linked endowment plan which ensures you obtain maximum returns at least cost. Future Gain ensures every penny of yours is utilized fully to materialize into savings and returns.
- Investment Plan – Fortune Gain- This is a unit-linked, endowment insurance plan that allows single premium and provides 99.5% premium allocation.
Bajaj Alliance offers the following two kinds of claims on its life insurance policies. These claims can either be in case of maturity of the insurance scheme or in case of death of the life insurance policy holder.
- Bajaj Allianz Life Insurance Death Claim
In the unfortunate event of death of the life insurance policyholder, a death claim can be made. This requires certain specific documents like death certificate to be furnished by the Birth and Death Registrar. Along with this claim form needs to be filled and submitted. The claim form for settlement can be obtained from any of the Bajaj Allianz branches.
- Bajaj Allianz Life Insurance Maturity Claim
Bajaj Allianz sends an intimation letter to policy holders 6 months prior to the maturity date of the policy. Along with this letter is also enclosed a maturity claim discharge form. On successful submission of all documents required and these forms, maturity claim amount is paid to the policyholder.
Documents required to make Bajaj Allianz life insurance claim
Documents required to get an insurance claim processed are different for different types of insurance. Also claim settlement documents required for settlement at maturity of policy are different from those required for settlement of claim in case of death of the policy holder.In case of life insurance claim made at policyholder’s death
- KYC documents of nominee or claimant
- Duly filled claim forms issued by Bajaj Allianz
- Death Certificate
- Police FIR (for accidental death)
- Post-mortem exam report
- Certificate and records for treatment at hospital
- Claims ECS mandate form
- Cancelled cheque leaf
- Maturity discharge form
- Original policy document
- Standard KYC documents like identity proof, address proof
- Bank supporting documents
- NEFT form
- Cancelled cheque containing IFSC code, Account No. Customer Name
- Annuity form (in case of pension policy)
Bajaj Allianz Life Insurance FAQs:
- Q. Are pregnant women covered under Bajaj Allianz insurance policies?
A. If a claim falls under the exclusions under the Pregnancy Clause, or if any information is withheld relating to pregnancy related questions at the time of policy issuance.
- Q. What are the reasons my claim can be rejected?
A. Claims can be rejected due to:
- Withholding information.
- If the claim arises due to something in the exclusions list.
- Losses that are not covered by the policy.
- Lapsed policies.
- Q. What are the riders available with Bajaj Allianz insurance policies?
A. The following riders are available:
- Bajaj Allianz UL Family Income Benefit Rider
- Bajaj Allianz UL Term Rider
- Bajaj Allianz UL Waiver of Premium Benefit Rider
- Bajaj Allianz UL Critical Illness Benefit Rider
- Bajaj Allianz UL Hospital Cash Benefit Rider
- Bajaj Allianz UL Accidental Permanent Total / Partial Disability Benefit Rider
- Q. When can riders be added or removed from the base policy?
A. Riders can be added or removed only on policy anniversaries.
- Q. How can I check my claim status?
A. Claim status can be checked at the Bajaj Allianz website.
- Q. Is death by natural calamities covered?
A. Cover is applicable under all natural calamity scenarios for both Basic Benefit and Accidental Death Benefit if it has been availed.
- Q. Is coverage available during foreign travel and stay?
A. No restrictions are imposed on foreign travel or stay.
- Q. Can a claim be re-applied for in case the decision is unsatisfactory?
A. Yes, it can be reapplied.
- Q. Are there any tax exemptions on benefits received?
A. Yes, under Section 10 (10D), all incomes from benefits payable from life insurance claims is not taxed.
- Q. Will the loss of my policy bond result in a failed claim settlement?
A. No, the claim can be processed with some additional documentation.
How to Apply Bajaj Allianz Life Insurance Online
News About Bajaj Allianz Life Insurance
Bajaj Allianz Launches New ULIP Plan
Bajaj Allianz has recently released a new unit linked plan named Bajaj Allianz Principal Gain. This plan includes 101% of returns on premium paid as well as assured loyalty additions if invested up to the maturity period.
Maturity payout of this plan includes 101% of premium paid returns or fund value plus guaranteed loyalty bonuses. Interested customers can buy the plan either online or offline with minimum premium amount pegged at Rs.35,000 per year and maximum tenure of 35 years.
22nd March 2016
Bajaj Finserv Records a Rise in Net Profits in Q3
Bajaj Finserv Ltd has declared a net profit of Rs. 102 million for the quarter ended December 31, 2015, up from Rs. 141.30 million for the corresponding period in 2014. Consolidated net profit after taxes, minority interest and share of profit of associates stood at Rs. 4372.90 million, compared with Rs. 3473.70 million a year ago.
The company’s total income in the third quarter rose from Rs. 283.40 million in December 2014 to Rs. 304.30 million a year later.
In the three quarters of the fiscal year, Bajaj Allianz Life Insurance Company Limited has transferred the surplus in policyholders’ revenue account to the shareholders' account, as per regulations. Earlier, the company made such transfers at the close of the fiscal year, and hence the figures for this are not comparable.
February 8, 2016
Bajaj Allianz Life aims for growth in micro-insurance
Bajaj Allianz Life, one of the key players in the insurance scheme of the country is aiming for a growth through the rapidly improving micro-insurance segment. The company, which has posted a modest growth hopes to see a 60 to 65% growth in the micro segment. According to estimates, a business of Rs 350 crore is expected from this segment, helping the company reach double digit growth figures. Bajaj Allianz Life is eyeing a tie-up with self-help groups, regional rural banks and small microfinance organisations to sell its products, thereby cashing in on the demand. Bajaj Allianz Life offers two products currently and will be launching another one soon.
14th January 2016
Bajaj Allianz Bima Dhan Suraksha Yojana – a new micro plan by Bajaj Allianz.
The leading private sector life insurance company Bajaj Allianz recently launched Bajaj Allianz Bima Dhan Suraksha Yojana. It is a new micro term insurance plan having the option of return of premium. The plan is main designed for small income groups in rural areas of India. The minimum premium charged by the plan is Rs.15, 00. Customers can opt for this plan by a paying a monthly premium of Rs. 200. The maximum policy term is 10 years. A policyholder can get protection coverage up to 35 times of the total annual premiums paid under this plan.
8th January 2016
Special revival campaign launched by Bajaj Allianz Life
To help the policyholder to renew their lapsed life insurance policies, Bajaj Allianz Life Insurance announced the launch of a special revival campaign. The campaign is currently on and will continue till 31st January, 2016. The Bajaj Allianz Life Insurance customers will be given a 50% waiver on the interest amount on traditional policies that have been lapsed. The campaign is for traditional life insurance policies only. In 2014, the company revives 8,340 policies and collected Rs.18 crore worth renewal premiums. The company expects a higher number this year. The CEO of Bajaj Allianz Life Insurance, Anuj Agarwal says that this campaign is a helping hand to those who were unable to continue the policies due to financial constraints.
19th November 2015
Bajaj Allianz may launch short-term insurance cover
Private insurer Bajaj Allianz General Insurance has decided to put forward a proposal to market regulator Insurance Regulatory and Development Authority of India (IRDAI) for launching the short-term insurance cover.
The short-term insurance, which Bajaj Allianz plans to introduce in the market, is similar to the regular insurance cover. The only difference between the two is the duration, which is expected to be much shorter.
In case it is approved, the proposal will not only benefit the insurance company but also offer insurance cover for people who are looking for short-term protection. With this policy, the company can increase the number of insured.
16th November 2015
98% claims settled in the June quarter by Bajaj Allianz Life
Bajaj Allianz has settled 98.45% of their claims in the June fiscal quarter and have paid out an amount of over Rs. 151 crores to its beneficiaries. A total of 29,900 claims were received and a whopping 29,437 of those claims were settled in the 3 month period. The average turnaround time for the claims paid out was just 11 days from the notified date in comparison to their 16 day turnaround time last year.
The claim process has been digitized, and have made it customer centric. Bajaj Allianz representatives are taking the calls of the customer, collecting documentation physically etc. to build on their customer relations and also making the process easier, faster and more effective.
24th September 2015
Cash Assure – A new traditional plan launched by Bajaj Allianz
Bajaj Allianz, which is a joint venture between Bajaj group of India and global insurance giant- Allianz, recently launched a traditional insurance plan that aims to offer a higher rate of return to customers for a longer period of time. The new insurance plan is known as Cash Assure and is aimed to offer protection to customers who want higher returns out of their investment amount.
Cash Assure will offer customers lump sum pay out at specific intervals of time during the entire policy period. This is in line with customers’ financial requirements at various stages of life. Bajaj Allianz is positive that the new plan will gain recognition and demand among customers owing to its higher rate of return and standard insurance protection. Generally, money-back policies are a great hit among customers since they offer cash at various stages of an individual’s life which keeps him/her covered during important phases of his/her life.
26th August 2015
All you need to know about Bajaj Allianz Elite Assure Life Insurance!
Bajaj Allianz Elite Assure is a traditional participating life insurance plan with a limited premium endowment feature. The plan has four tenure policy term options of 15,20,25 or 30 years. It also offers guaranteed maturity benefit and guaranteed loyalty addition. The minimum guaranteed maturity benefit is Rs.5 lakh.
The minimum entry age for the policy is less than one year and the maximum is 55 years. The minimum age of maturity is 18 years and the maximum is 70 years. .Sum assured is granted as death benefit in case of death of the insured.
22nd June 2015
Bajaj Allianz Life Insurance simplifies claim process for earthquake victims
In a bid to provide relief to customers affected by the Nepal earthquake, life insurance major Bajaj Allisanz Life Insurance Co. has relaxed documentation requirements for quicker processing of claims. It has also directed prima facie evidence of death caused by earthquake will suffice to process claims in lieu of regular investigative procedures. It has also fast-tracked its claims settlement procedures and hopes to meet obligations within 72 hours as far as is possible.
In lieu of death certificates, the company has directed that claims can be processed for those deceased insured persons whose names appear on a government/police/armed forces list. This will apply in case of those insured persons who are missing as well. The 7 year waiting period will be waived if the said person appears on a list as mentioned.
Although no claims have been received yet, the Bajaj Allianz Life is well prepared for any eventualities with a dedicated team already in place to expedite the process.
5th May 2015