Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance Plans Details:

Bajaj Allianz has a number of plans tailored to suit the needs of every individual looking to secure his/her future through life insurance policies that offer maximum returns and coverage.

Bajaj Allianz Term Insurance Plans:

Protection Plans from Bajaj Allianz are focused at providing financial security to the policyholder’s loved ones, in case of his/her untimely death. Securing one’s family against all future mishaps is the first priority for most individuals. These plans aim to ease the financial burden on one’s dependents, in the event of an unfortunate eventuality. Listed below are the various term insurance that are offered by the insurer.

• eTouch Online Term: The eTouch Online Term Plan from Bajaj Allianz is a pure term insurance policy that provides coverage for a specific policy term agreed upon between the policyholder and insurer, at the time of purchasing the policy.
• iSecure: The iSecure Plan from Bajaj Allianz is a non-participating, term insurance policy that offers a high sum assured at a relatively low premium rate. The policyholder has the option of choosing an individual or joint life cover, at the time of buying this plan.
• iSecure More:The iSecure More insurance plan is a non-participating, increasing cover, term assurance policy. This policy is similar to the iSecure plan and differs only in its offering 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 the policyholder’s loan liabilities in case of his/her untimely death. This plan ensures that the policyholder’s family does not have to struggle through any loan reimbursement hassles in case something happens to him/her.

• Life Secure:The Life Secure Plan from Bajaj Allianz is a non-linked, whole life term insurance plan that provides 3 coverage options and a rebate upon opting for a high sum assured.
• LifeStyle Secure:The LifeStyle Secure from Bajaj Allianz is a non-linked, non-participating, term assurance plan that comes with a built-in Terminal Illness risk cover. Under this plan, the death benefit payout is offered to the nominee as monthly instalments.

Bajaj Allianz Child Insurance Plans:

• Young Assure:The Young Assure Plan from Bajaj Allianz is a participating, limited and regular premium payment, endowment plan that offers a guaranteed maturity benefit as well as 3 cash instalment options to choose from. It also provides coverage in case the policyholder meets with an accidental death or disability.

• Young Assure Plus Solution: The Young Assure Plus Solution from Bajaj Allianz is an insurance plan that offers a Vested Bonus, a Terminal Bonus (which will be added every 10 years), and Guaranteed Additions, in addition to the Guaranteed Maturity Benefit that is payable at maturity of the policy.

• Lifelong Assure:The Lifelong Assure Plan from Bajaj Allianz is a non-linked, whole life plan that provides a cash bonus from the 6th policy year onwards and a guaranteed death benefit amounting to 300% of the Sum Assured amount, with the option of receiving the policy payout as monthly instalments.

Bajaj Allianz Savings Solutions Plans:

Bajaj Allianz savings plans 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.

• Save Assure: This plan is an individual, non-participating, limited premium, endowment policy. The policy helps you secure your family’s interest with a guaranteed payout amounting to 115% of the sum assured of your insurance policy.
• Life Guarantee Assure: This is a non-linked, non-participating insurance plan that will help you ensure a safer future for your family whether you are around or not, by way of the policy payouts.
• Cash Assure: The Cash Assure Plan from Bajaj Allianz is a traditional, money-back insurance policy, which provides guaranteed returns up to 150% of the sum assured amount, throughout the policy tenure.
• Super Life Assure: This is a traditional endowment plan that provides policyholders the dual benefit of a savings option and a comprehensive risk cover. The policy comes in 2 variants, and the policy buyer has the option of purchasing riders that can enhance the coverage provided by the policy.

Bajaj Allianz Investment Solutions Plans:

• Fortune Gain Insurance Plan: This is a unit-linked, single premium plan that gives policyholders a choice of 7 funds with the option to decrease the Sum Assured and switch investment options to gain maximum returns.
• Invest Assure: This is a non-linked, endowment plan that provides additional coverage through rider options and offers payouts that include a compound reversionary bonus as well as a terminal bonus.
• Elite Assure: This is a non-linked, participating limited premium endowment plan that guarantees up to 315% of the maturity benefit as loyalty additions along with additional coverage by way of the riders offered.

Bajaj Allianz Retirement Solutions:

Bajaj Allianz retirement plans are ideal for individuals looking to secure their post-retirement years. Retirement policies 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 organising your savings. Following are the retirement plans offered by Bajaj Allianz.

• Retire Rich: This is a unit-linked, pension plan that offers a guaranteed vesting and guaranteed death benefit. The policy buyer can opt for a regular, limited, or single premium payment term. Premium payment terms can also be adjusted as per the customer’s choice. Premiums 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.

• Pension Guarantee: The Pension Guarantee plan from Bajaj Allianz is an immediate annuity plan, which will ensure 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.

Bajaj Allianz ULIP Plans:

Bajaj ULIP plans 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 ULIP schemes offered by the company are:

• 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 materialise into savings and returns.
• Fortune Gain: This is a non-participating, unit-linked, endowment insurance plan that allows policyholders to pay their premium as a one-time lump sum amount and provides 99.5% premium allocation.
• Principal Gain: This is a guaranteed maturity, unit-linked insurance plan providing guaranteed loyalty additions upon maturity, with the option to receive them in instalments.
• Future Wealth Gain: The Future Wealth Gain Plan from Bajaj Allianz Life is a unit-linked, endowment life insurance policy that comes in 2 variants. The policy also provides loyalty additions starting from the 10th policy year. One can also choose to receive the maturity benefit as instalments.

Bajaj Allianz Group Insurance Plans:

• Jan Suraksha Yojna: This is a non-linked, non-participating micro group term insurance plan that provides coverage at an affordable cost.
• Group Employee Care: This is a non-linked, non-participating, fund-based insurance cover that offers a guaranteed interest rate to the policyholder.
• Pradhan Mantri Jeevan Jyoti Bima Yojana: This is a non-participating, non-linked, yearly renewable group insurance plan providing coverage without medical underwriting. This is an affordable policy that provides a risk cover on the life of the policyholder.
• Group Term Life: This is a traditional group term insurance plan that is renewable yearly and provides basic insurance coverage to policyholders. Enrolled members can opt to receive the death benefit through either of the two payout options offered by the insurer.
• Group Employee Benefit: This is a non-participating unit-linked, group insurance plan that enables employers to provide additional security to employees as part of welfare requirements. In addition to the risk cover offered by the plan, members also have the option to choose from up to 9 investment funds.
• Group Term Care: This is a non-linked, non-participating, single premium group insurance plan that provides a rebate upon opting for a high sum assured. The policy also provides up to 100% of the single premium amount as maturity benefit to members.
• Group Superannuation Secure: This is a non-linked, variable, fund-based, superannuation insurance plan that offers a minimum guaranteed interest as well as an additional interest rate. The insurer provides two plan options for this scheme.
• Group Credit Protection Plus: This is a non-participating group insurance plan that covers loans issued by employers and also extends the cover to co-borrowers. The insurer offers both single and regular premium payment option to policyholders.
• Group Income Protection: The Group Income Protection Plan from Bajaj Allianz Life is a policy that enables land buyers to provide a group insurance cover to landholders. This policy will provide a regular source of income by way of annuity payments and a death benefit in case the landholder meets with an untimely death.
• Group Annuity: This is an immediate annuity policy which will enable an employer to provide a regular source of income to the members enrolled under this scheme, post their retirement. This plan comes with several plan options, and can be bought by Employer-Employee groups only.
• Group Sampoorna Suraksha Kavach: This is a traditional, non-participating, micro-group, life insurance policy that provides a risk cover on the life of the enrolled member and also covers their loan liabilities.
• Super Gain Group Superannuation Scheme: This is a unit-linked, group life insurance policy that can be purchased by employers to secure the post-retirement years of their employees. This is unit-linked, fund-based insurance plan, thus there is potential to earn a high rate of returns.

Bajaj Allianz Micro Insurance Plans:

• Bima Dhan Suraksha Yojana: This is a non-linked, non-participating, micro insurance plan with premium return upon maturity. The policy also offers a risk cover to the policyholder at an affordable premium rate.
• Bima Sanchay Yojana: This is a micro variable insurance plan that allows policyholders to partially withdraw from their policy in case of emergency liquidity needs. The policy also assures investment returns through additional interest rate as well as guaranteed interest rate.

Bajaj Allianz CSC Bachat Plus Plan:

The CSC Bachat Plus Plan from Bajaj Allianz is a variable insurance plan that helps policyholders safeguard their families at a relatively affordable price. Under this plan, policyholders have the option of making partial withdrawals in case they need to meet certain emergency financial needs. The policy also offers a Guaranteed Interest Rate, Guaranteed Additional Interest Rate, and the option to change the premium payment frequency to suit their circumstances from time to time. This policy can only be purchased at CSCs or Common Service Centres.

Bajaj Allianz Life Insurance Claims Process:

Filing a claim with Bajaj Allianz is a hassle-free and easy process, as the company has streamlined their claims filing process. Bajaj Allianz Life Insurance claims can be filed offline, with the claims process outlined below:

• The customer is to visit the nearest Bajaj Allianz office with a copy of the life insured’s death certificate, an intimation letter, KYC of the nominee, original policy bond, and the bank details of the nominee.
• The insurer will then register and acknowledge the claim. The branch would then hand over a claim form, which is to be filled in with information such as the life insured’s name, address, date of birth, policy number etc.
• The claim form and death certificate and any other documents pertaining to the case would then be forwarded to the head office, where they will be processed and verified.
• In case there is a need for additional requirements pertaining to claim documents or supporting documents, the same will be communicated to the nominee. The insurer has appointed a dedicated team to perform follow-ups and to assist the nominee/claimant during the claim process.
• The insurer will make a decision only after all the original supporting documents have been received.
• Post assessment of the claim, all approved claims will be settled by the insurer. The payout would be prepared and transferred to the claimant’s bank account.
• Whatever claim decision has been made will be informed to the nominee/claimant by way of an SMS and a letter, which will sent to the applicant’s address.
• In case the nominee/claimant is not satisfied with the decision given by the insurer, he/she can write to the Claims Review Committee for a review. The Claims Review Committee is headed by a retired judge.

Bajaj Allianz Claim Settlement Ratio:

The claim settlement ratio of Bajaj Allianz Life Insurance for the past few financial years are given in the table below:

Year	2013-14	2014-15	2015-16
Claim Settlement Ratio (%)	91.29	91.85	91.30
Total Premium (in crores)	5,843.14	6,017.3	5,897.31

Documents Required for Bajaj Allianz Life Insurance:

The documents required to buy a Bajaj Allianz Life Insurance policy are mentioned below:

• Passport size photograph.
• Proof of identity: Any one of the below mentioned documents are to be submitted towards proof of identity.
• Passport
• PAN card
• Voter’s identity card
• Driving licence
• Job card issued by NREGA, signed by a State Government officer
• Aadhaar card
• Proof of residence: Any one of the below mentioned documents are to be submitted towards proof of residence.
• Bank account or post office account statement
• Property tax or municipal tax receipt
• Utility bills (electricity, gas, telephone) not more than 2 months old
• Letter of allotment or accommodation from State or Central government, financial institutions or listed companies
• Rent agreement

Checking Bajaj Allianz Policy Status:

Checking the policy status of a Bajaj Allianz life insurance policy can be done through different channels, depending on the policyholder’s convenience.

Bajaj Allianz has made provision for both online as well as offline avenues through which policyholders can check the current status of their life insurance policy.

Checking Policy Status Online:

Policyholders can visit the Bajaj Allianz Life Insurance website and log into the Customer Portal. Once logged in, the current status of the existing policy will be displayed onscreen.

Policyholders can alternatively check their policy status by sending an email to the Bajaj Allianz Customer Care Team, quoting their name, address, policy number, mobile number etc. The current status of the policy or any policy-related information that they are in need of will be emailed to them.

Policyholders can also use the live chat option to get details about their policy status. At the bottom right corner of the Bajaj Allianz life insurance homepage is a ‘live chat’ tab. Upon clicking this tab, the policyholder can chat with a company representative who will provide an update on the policy status. One might have to provide details such as the name of the insured person, date of birth, policy number, etc.

Checking Policy Status Offline:

Policyholders can check the status of their policies offline, as well, by visiting a Bajaj Allianz insurance branch and enquiring about the current status of their policy.

Policyholders could also call on the Bajaj Allianz toll-free number and check the status of their policy.

Bajaj Allianz has introduced an SMS facility to check policy status and details as well. Policyholders can send an SMS, following which a company representative will call them back and address their query.

Bajaj Allianz Online Premium Payment:

Bajaj Allianz policyholders will no longer have to wait in queues or set reminders to deposit cheques in order to pay their premiums. Policyholders can make quick and easy online premium payments from wherever they are and ensure premium payment deadlines are not missed.

Policyholders who wish to make online payments will have to register on the Bajaj Allianz life insurance website. The process to pay online is given below:

• Visit the official Bajaj Allianz life insurance website and log into the Customer Portal.
• Select the ‘Pay Your Premium’ option.
• Enter your policy number, date of birth, email ID, and mobile number. Post this, click on the ‘Pay Premium’ option.
• Select a payment option from the ones provided- credit card, net banking, etc.
• On successful payment, an acknowledgement will appear on screen confirming the payment.

Bajaj Allianz Premium Calculator:

A life insurance policy is a long term investment that requires a significant sum of money. Often, individuals choose to pay their insurance premiums over a period of time, resulting in the need to factor in this additional cost when budgeting.

To enable prospective policyholders to know the premium amount payable, Bajaj Allianz has designed a premium calculator.

This calculator will present the figure that the individual will have to set aside for premium payments depending on variables such as policy term, policyholder’s age, general health, etc.

The premium calculator also calculates the amount that will be received at the time of maturity and any additional bonus payouts, so the individual can take an informed decision when purchasing the policy.

Depending on the policyholder’s need, Bajaj Allianz has a number of premium calculators that will compute the premiums amounts for specific plans. For example, individuals who want to know the amount they need to save for retirement can use the ‘Retire Rich Calculator’ to ascertain the amount of money they would require based on their current salary, years of work ahead and years pension would be required.

What are the riders available under Bajaj Allianz Life Insurance?

Riders available under Bajaj Allianz can be categorised into - Individual riders and Group riders.

Individual Riders:

Bajaj Allianz Waiver of Premium Benefit Rider:

This rider will provide the benefit of waiver of all future premiums that are payable if the policyholder passes away untimely during the policy term, or is rendered disabled, or has been diagnosed with a critical illness. The minimum age of entry for the rider is 18 years and the maximum age of entry is 50 years. Once the rider is excluded by the policyholder, it cannot be purchased again.

Bajaj Allianz Family Income Benefit Rider:

The rider offers the benefit of 1% of the Rider Sum Assured that will be paid out in installments on a monthly basis till the end of the rider term subject to a minimum of 10 years, if the policyholder passes away during the policy term, or has been rendered disabled permanently because of an accident, or has been diagnosed with a critical illness as specified in the policy. The minimum age of entry for the rider is 18 years and the maximum age of entry is 50 years.

Bajaj Allianz ULIP Waiver of Premium Benefit Rider:

The rider will provide the benefit of waiver of all future premiums that are payable under the policy, in case the policyholder passes away before the end of the policy term, or has been rendered disabled permanently because of an accident, or has been diagnosed with a critical illness. The minimum age of entry for the rider is 18 years and the maximum age of entry is 50 years.

Bajaj Allianz ULIP Accidental Permanent Total/Partiality Benefit Rider:

The rider provides the policyholder with a rider sum assured amount which is on top of the basic rider sum assured amount, if the policyholder has been rendered disabled (either partially or permanently) because of an accident. The minimum entry of age for the rider is 18 years and the maximum entry of age is 60 years.

Bajaj Allianz Accidental Death Benefit Rider:

The rider will provide an additional sum assured, if the policyholder passes away untimely while the policy is still in force. The minimum age of entry for the rider is 18 years and the maximum age of entry is 60 years.

Bajaj Allianz Critical Illness Benefit Rider:

The rider provides the policyholder with the benefit of an additional rider sum assured if the policyholder has been diagnosed with a listed critical illness for the first time, that has been specified in the policy. The minimum entry of age for the rider is 18 years and the maximum age of entry is 50 years.

Bajaj Allianz ULIP Accidental Death Benefit Rider:

The rider will provide an additional rider sum assured, if the policyholder passes away during the policy term because of an accident. The minimum age of entry for the rider is 18 years and the maximum age of entry is 60 years.

Bajaj Allianz ULIP Critical Illness Benefit Rider:

The rider provides the policyholder with the benefit of an additional rider sum assured if the policyholder has been diagnosed with a listed critical illness for the first time, that has been specified in the policy. The minimum age of entry for the rider is 18 years and the maximum age of entry is 50 years.

Bajaj Allianz Accidental Permanent Total/Partial Disability Rider:

The rider provides the policyholder with the benefit of an additional rider sum assured if the policyholder has been rendered partially or totally disabled because of an accident. The minimum age of entry for the rider is 18 years and the maximum age of entry is 60 years.

Bajaj Allianz ULIP Family Income Benefit Rider:

The rider will provide the benefit of 1% of the total Rider Sum Assured which shall be paid out in installments on a monthly basis for a period of the rider term subject to a minimum of 10 years, in case the policyholder passes away, or is rendered disabled, or has been diagnosed with a critical illness. The minimum age of entry for the rider is 18 years and the maximum age of entry is 50 years.

Group Riders:

Bajaj Allianz Life Group Accidental Permanent Total/Partial Disability Benefit Rider:

The rider provides the members of the policy with total coverage in case they are rendered disabled (either partially or permanently) because of an accident. The minimum age of entry of the rider is 18 years and the maximum age of entry for the rider is 64 years.

Bajaj Allianz Life Group Accidental Death Benefit Rider:

This traditional rider is non-participating in nature and provides the chosen rider sum assured amount to the family of the policy member who has died following an accident. The Bajaj Allianz Life Group Accidental Death Benefit Rider is meant to be attached to the base group plan that offers an Accidental Death benefit which is equivalent to the cover that has been selected under the rider. The minimum age of entry for the rider is 18 years and the maximum age of entry is 64 years.

Bajaj Allianz Life Group Accelerated Critical Illness Rider:

The rider provides the family members of the policyholder with financial coverage in case the policy member is diagnosed with a critical illness. The minimum age of entry for the rider is 18 years and the maximum age of entry is 69 years.

Bajaj Allianz Life Insurance FAQs:

1. Are pregnant women covered under Bajaj Allianz insurance policies?

   A. Yes, unless otherwise specified in the policy brochure. Thus, if the claim falls under the insurer’s exclusion criteria or if the policy came with a Pregnancy Clause, the insurer will not be held liable to pay the claim. Also, if any information is withheld at the time of purchasing the policy, it will not be honoured by the insurer.

2. How do I renew my Bajaj Allianz Life Insurance policy?

   A. You can renew your Bajaj Allianz Life Insurance policy by paying the renewal premium amount, upon which the policy will become active.

3. How do I cancel my Bajaj Allianz policy online?

   A. You can cancel your policy online by filling an online surrender request form mentioning details such as the policyholder’s name, date of birth, address, policy number.

4. What is the online address change procedure?

   A. Policyholders will have to log in to their accounts on the Bajaj Allianz life insurance website and click on the ‘Service Request’ tab and select the ‘Address Change’ option. Enter the new address in the form and forward it along with proof of new address to the address given in the form.

5. 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.
   • Fraud.

6. What are the riders available with Bajaj Allianz insurance policies?

   A. The following riders are available for traditional individual plans:

   • Bajaj Allianz Family Income Benefit Rider
   • Bajaj Allianz Waiver of Premium Benefit Rider
   • Bajaj Allianz Critical Illness Benefit Rider
   • Bajaj Allianz Accidental Death Benefit Rider
   • Bajaj Allianz Accidental Permanent Total/Partial Disability Rider

   The following riders are available for ULIPs:

   • Bajaj Allianz ULIP Waiver of Premium Benefit Rider
   • Bajaj Allianz ULIP Accidental Death Benefit Rider
   • Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider
   • Bajaj Allianz ULIP Critical Illness Benefit Rider
   • Bajaj Allianz ULIP Family Income Benefit Rider

   The following riders are available for group insurance policies offered by Bajaj Allianz:

   • Bajaj Allianz Life Group Accidental Permanent Total/Partial Disability Benefit Rider
   • Bajaj Allianz Life Group Accidental Death Benefit Rider
   • Bajaj Allianz Life Group Accelerated Critical Illness Rider

7. When can riders be added or removed from the base policy?

   A. Riders can be added or removed only on policy anniversaries, or at the time of renewing the policy.

8. How can I check my claim status?

   A. Claim status can be checked online at the Bajaj Allianz website.

9. 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.

10. Is coverage available during foreign travel and stay?

    A. No, restrictions are imposed on foreign travel and stay. For information specific to your policy, make sure to refer to the policy brochure.

11. Can a claim be re-applied for in case the decision is unsatisfactory?

    A. Yes, it can be taken up with the Claims Review Committee if you are unsatisfied with the claim decision communicated to you.

12. Are there any tax exemptions on benefits received?

    A. Yes, benefits received by way of the policy are exempted from tax deductions under Section 10(10D) of the Income Tax Act, 1961.

13. Will the loss of my policy bond result in a failed claim settlement?

    A.No, the claim can be processed with some additional documentation.