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Bajaj Allianz Life Insurance

Bajaj Allianz is one of the most well-known insurance companies in India which offers a plethora of insurance products as per your financial needs. These products are easy to purchase and are customisable as per your requirements.
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Bajaj Allianz is a joint venture between Bajaj Finserv Limited and European financial services company Allianz SE. The insurer offers a varied insurance product portfolio with a range of benefits in an effort to provide financial security to their customers. A few types of insurance products offered by the insurer include term insurance plans, endowment plans, ULIPs, child insurance plans, micro insurance plans, group insurance plans, etc. By combining global expertise with local experience, the company provides clients with customised products and transparent benefits, catering to every segment and age-income profile.


Key Highlights of Bajaj Allianz Life Insurance

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 Bajaj Allianz Insurance 1 Cr Life cover plan

1 Crore Life Cover

Get 1 Cr Life cover @ ₹ 18*/day

Claim-settlement ratio for Bajaj Allianz Insurance

Claim Settlement Ratio

Claim-settlement ratio of 91.67% for year 2016-2017

Occupation eligibility for Bajaj Allianz Insurance

Grievances Resolved

100.00% Grievances Settled for year 2016-2017


To be eligible for Bajaj Allianz Life Insurance

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Minimum age for Bajaj Allianz Life Insurance

You should be at least 18 years old

Maximum age for Bajaj Allianz Life Insurance

You should be less than 60 years old

Occupation eligibility for Bajaj Allianz Life Insurance

You should be either Salaried, Self- employed, a professional or have your own business


Bajaj Allianz Life Insurance at a Glance

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Maximum tenure of Bajaj Allianz Life Insurance

A maximum tenure of 30 years

Maximum sum assured for Bajaj Allianz Life Insurance

Min Sum Assured: Rs 2.5 Lakhs
Max Sum Assured: No limit subject to underwriting

Exclusions for Bajaj Allianz Life Insurance

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 Plans Types of Plans
Unit-Linked Insurance Plans
  • Goal Assure Plan
  • Future Gain Plan
  • Principal Gain Plan
Savings Plans
  • Super Life Assure Plan
  • Save Assure Plan
  • Guarantee Assure Plan
Retirement Plans
  • Retire Rich Plan
  • Pension Guarantee Plan
Term Insurance Plans
  • eTouch Online Term Plan
  • iSecure Plan
Investment Plans
  • Elite Assure Plan
  • Invest Assure Plan
  • Fortune Gain Plan
Child Insurance Plans
  • Lifelong Assure Plan
  • Young Assure Plan

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.
Plan Type Minimum Basic Sum assured Tenure
eTouch Online Term Rs.50,00,000 10 – 40 years
iSecure Rs.2,50,000 (general category) Rs.20,00,000 (for Non-Smoker, Preferred Non-Smoker, and Smoker categories) 10,15,20,25 & 30 years
iSecure More Rs.2,50,000 10,15,20 & 25 years
iSecure Loan Rs.3,00,000 10,15,20 & 25 years
Life Secure Rs.20,00,000 100 years minus entry age
LifeStyle Secure Rs.3,00,000 5,7,10,15 & 20 years

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.
Plan Type Minimum Basic Sum assured Tenure
Young Assure 10 times annual premium 10,15, & 20 years
Lifelong Assure Rs.1,00,000 100 years minus entry age

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.
Plan Type Minimum Basic Sum assured Tenure
Save Assure Rs.1,00,000 15 & 17 years
Life Guarantee Assure Rs.1,00,000 7,8, & 9 years
Cash Assure Rs.1,00,000 16, 20, 24, & 28 years
Super Life Assure Rs.1,00,000 12 – 20 years

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.
Plan Type Minimum Basic Sum assured Tenure
Fortune Gain 1.25 times the single premium amount (for entry age less than 45 years) 1.1 times the single premium amount (for entry age more than 45 years) 7-30 years
Invest Assure Rs.1,00,000 Silver variant: 17-40 years Gold variant: 15-40 years
Elite Assure 10 times the annualised premium 15,20,25, & 30 years

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.
Plan Type Minimum Basic Sum assured Tenure
Retire Rich As per policy brochure 7 – 30 years
Pension Guarantee Annuity purchase price as per policy brochure As per annuity option chosen

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.
Plan Type Minimum Basic Sum assured Tenure
Future Gain < 45 years: 10 times annualised premium/0.5 x policy term x annualised premium, based on whichever is higher >/= 45 years: 7 times annualised premium/0.25 x annualised premium x policy term, based on whichever is higher 10,15-20 years (for 5 or 6 year premium payments) 10,15-30 years (other premium payment terms)
Fortune Gain <45 years: 1.25 times the single premium amount >/= 45 years: 1.1 times the single premium amount 7-30 years
Principal Gain 10 times the annual premium 7-15 years
Future Wealth Gain For individuals under 45 years of age: 10 times the annualised premium or 0.5 x Annualised Premium x Policy Tenure (based on whichever is the higher of the two) For individuals equal to or over the age of 45: 10 times the annualised premium or 0.25 x Annualised Premium x Policy Tenure (based on whichever is the higher of the two) 10 years, 15 – 25 years

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.
Plan Type Minimum Basic Sum assured Tenure
Jan Suraksha Yojna Rs.10,000 per member 5 years
Group Employee Care Rs.5,000 per member Annual renewal
Pradhan Mantri Jeevan Jyoti Bima Yojana Rs.2,00,000 per member Annual renewal
Group Term Life Rs.1,000 per member Annual renewal
Group Employee Benefit Rs.5,000 per member Annual renewal
Group Term Care Rs.1,00,000 per member 5,7 or 10 years
Group Superannuation Scheme Rs.1,00,000 Annual renewal
Group Credit Protection Plus Rs.10,000 Level Cover: 5 – 30 years Reducing Cover: 8 – 30 years Single Premium: 2 – 30 years
Group Income Protection Rs.1,000 5 – 33 years (Annuity Term)
Group Annuity Minimum Purchase price as required to secure the minimum annuity amount Annuity term as per policy brochure
Group Sampoorna Suraksha Kavach Rs.1,000 6 – 120 months
Super Gain Group Superannuation Scheme Rs.1,00,000 Yearly Renewable

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.
Plan Type Minimum Basic Sum assured Tenure
Bima Sanchay Yojana Premium <45 years >/= 45 years 10 & 15 years
Regular/ Limited Premium 10 times the annualised premium 7 times the annualised premium
Single premium 1.25 times the single premium amount 1.1 times the single premium amount
Bima Dhan Suraksha Yojana Varies as per Premium Payment Mode, Age at Entry, and Policy Tenure 5,7, & 10 years

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.

Plan Type Minimum Basic Sum assured Tenure
CSC Bachat Plus Rs.2,00,000 10 & 15 years

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.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

News About Bajaj Allianz Life Insurance

  • Bajaj Allianz Life Insurance had been positive on the IT service sector

    Bajaj Allianz Insurance is positive on the IT service sector. According to the Chief Investment officer of Bajaj Allianz Life Insurance, Sampath Reddy, the company had been positive on the IT services sector due to the attractive valuations. The companies engaged in IT sector generate huge amount of cash flows and the return on equity is quite good. Another reason behind the positive result is because the valuations of the companies had been attractive. Talking about the market, he said that compared to this year they are expecting 2019 to be a much better year. The reason being crude is retreating and macros turning positive which will result in positive outcomes for the company.

    20 December 2018

  • Bajaj Allianz and ESAF Small Finance Bank partner to provide life insurance products

    In a strategic partnership, Bajaj Allianz and ESAF Small Finance Bank have entered into a partnership to provide life insurance products. The MoU was signed in Kochi. It will help the Kerala-based ESAF SFB to expand its reach in an organized manner and offer the benefits of the organized financial sector to its customers. ESAF SFB will benefit from Bajaj Allianz’s diverse solutions such as the customized and savings-linked life insurance products. There will be 2 to 3 main products created across various categories such as life-long, retail, and group products. These will be available throughout India through ESAF SFB’s banking outlets by the end of March 2019. By expanding the reach of insurance products to even the remotest parts of India, the partnership aims to support the government in its goal of financial inclusion for the whole of India. Bajaj Allianz is aiming to reach a growth that is in the double digits by the end of this fiscal year. Its growth is expected to be approximately 15% by the current fiscal year’s end.

    5 December 2018

  • Karnataka Bank Join Hands with Bajaj Allianz

    Recently, Karnataka Bank confirmed that they have signed a Memorandum of Understanding(MoU) with Bajaj Allianz General Insurance Company. This MoU was signed with an objective to offer a wide range of non-life insurance products to the customers. Karnataka Bank will offer these insurance products in all its 747 branches. Managing director and CEO of Bajaj Allianz, Tapan Singhel, stated that this partnership is very important as it contributes to the strategic growth of the company. In addition to treasury and foreign exchange business, Karnataka Bank offers an array of banking and financial services.

    14 March 2017

  • 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.

    22 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.

    8 February 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.

    14 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.

    8 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.

    19 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.

    16 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.

    24 September 2015

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

Bajaj Allianz Life Insurance Reviews

Page 1 of 18 1 2 3 4 5
  • Bajaj Allianz Life Life Insurance
    "Can do Better"
    0.5 4.0/5 "Great!"
    The coverage value is fine in Bajaj Allianz and benefits are good. I didn't interact much with the agent but at the time of purchasing the policy they have coordinated very well. The policy coverage is minimum, the tax benefits and financial security for unforeseen events is there.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 18, 2019
  • Bajaj Allianz Life Life Insurance
    "AVERAGE"
    0.5 3.0/5 "Satisfactory"
    The documentation process for the BAJAJ ALLIANZ LIFE INSURANCE is very good and the customer service is good. The maturity period of this policy is for 20 years and i am using it from past 10 years. The premium i have paid once with this policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 22, 2018
  • Bajaj Allianz Life Life Insurance
    "Assured benefits from Bajaj"
    0.5 5.0/5 "Blown Away!"
    My policy name called Investment assured I took from Bajaj Allianz life insurance, I used to pay the premium around Rs. 80,000 per annum for 7 years of tenure they give benefits after 10 years. Payment tenure is less but they give benefits for 17 years. They gave me the bond about my life insurance policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 21, 2018
  • Bajaj Allianz Life Life Insurance
    "Safe plan for future"
    0.5 5.0/5 "Blown Away!"
    I have life insurance with Bajaj Allianz, I used to pay Rs. 12,000 for one year policy, it has the tenure of 40 years, Its a totally term plan for the value of 1 crore, they give lump sump amount to the nominees, the claim ratio is good and also terminal waiver on premium.
    Was this review helpful? 1
    , pune
    Reviewed on Dec 14, 2018
  • Bajaj Allianz Life Life Insurance
    "Not recommendable company"
    0.5 3.0/5 "Satisfactory"
    I have got a poor customer care service in Bajaj. I won't get any proper reply from them. They were helpful till i taken the policy from them. I have purchased the policy 2 years before. One of my relative has recommended me about the term insurance policy. I'm not sure about the claim ratio of this company.
    Was this review helpful? 0
    , vellore
    Reviewed on Dec 04, 2018
  • Bajaj Allianz Life Life Insurance
    "Earlier it was good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy with Bajaj Allianz. The plan name was child care policy. I pay the premium amount through ECS. I took this policy 13 years ago. I can able to get the benefits after 18 years. I pay the premium amount of Rs. 6700 yearly. I took this policy for child's benefits.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 02, 2018
  • Bajaj Allianz Life Life Insurance
    "Good Investment for future"
    0.5 5.0/5 "Blown Away!"
    Every month I am paying Rs. 10,000 as premium to Bajaj Allianz life insurance policy for the tenure of 10 years, I get multiple benefits. They do have accidental death and natural death benefits. The multiple nominees are allocated on this policy, the customer service and documentation has done on time. Total matured period is 15 years then I get Rs. 20 lakhs.
    Was this review helpful? 0
    , navi mumbai
    Reviewed on Dec 01, 2018
  • Bajaj Allianz Life Life Insurance
    "Very slow & poor response from customer executive"
    0.5 0.5/5 "Unacceptable"
    I bought health insurance policy from Bajaj allianz and noticed spieling mistake in name I requested for the same. I got mail that within 5 days the complaint will be solved but after 7 days I didn't got any response I again send reminder against the given reference number finally I surrender the policy
    Was this review helpful? 1
    , nasik
    Reviewed on Nov 19, 2018
  • Bajaj Allianz Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased my life insurance policy with BAJAJ ALLIANZ LIFE INSURANCE and i am using it from last few years. The maturity period is for long term policy which gives the coverage for self. The premium i pay for yearly once for this insurance policy.
    Was this review helpful? 1
    , kakinada
    Reviewed on Nov 03, 2018
  • Bajaj Allianz Life Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    My life insurance is with Bajaj from last 2 years and it is a long term policy. I pay my premium once in 6 months through online and i am convenient with the payment options. Returns and benefits are good in this policy and the tenure period is 16 years.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 01, 2018
  • Bajaj Allianz Life Life Insurance
    "Not paying back maturity amount"
    0.5 0.5/5 "Unacceptable"
    My policy (0002439625) has matured on July 2018, now three months over Bajaj Allianz has not paid my maturity amount back. Each time I contact them getting silly reason to avoid to pay back my maturity amount. The first reason was they despatch a cheque aready. After one moth they changed ask me my bank account details, I have submitted 5 times but the same is not updated their system. Now they are telling the clarity of the document is not clear. Any of the above cases Bajaj Allianz has not contacted me to inform this. Each time I have called them and ask about my maturity amount.
    Was this review helpful? 2
    , bangalore
    Reviewed on Sep 17, 2018
  • Bajaj Allianz Life Life Insurance
    "First time user"
    0.5 3.0/5 "Satisfactory"
    I've a life insurance policy with the Bajaj Allianz.I am paying premium 26000 yearly, tenure of the policy, It offers a guaranteed money back after 5 years. The tenure of the policy is 20 years and after 15 years I will be eligible for a premium waiver..
    Was this review helpful? 2
    , guwahati
    Reviewed on Aug 31, 2018
  • Bajaj Allianz Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    About this life insurance i can say that, the executives has assisted me well, the explained me about the policy clearly, they also given me the many benefits in this policy, about the premium, also they assisted me which was easy to understand and it helped to move on with the further process of the documentation.
    Was this review helpful? 2
    , hyderabad
    Reviewed on Aug 22, 2018
  • Bajaj Allianz Life Life Insurance
    "Secure Child's Future"
    0.5 5.0/5 "Blown Away!"
    I have child plan policy with Bajaj allianz. I took this policy to secure the future and education of my child. It is one of the best long term investment option I have made for my childs future. Premium is low and the claim settlement ratio is high. As per my experience, I would recommend this policy to others. Link to get more Info: https://www.bajajallianzlife.com/
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 24, 2018
  • Bajaj Allianz Life Life Insurance
    "Invest for Child's Future"
    0.5 5.0/5 "Blown Away!"
    Finally, after doing an extensive reserach, I bought a child plan from Bajaj Allianz life at very low premium. The coverage of policy is good and as per my research it also has a high claim settlement ratio. It really is a fanatastic future investment for my child for her education and other heavy expenses. Link to get more Info: https://www.bajajallianzlife.com/
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jul 22, 2018
  • Bajaj Allianz Life Life Insurance
    "High Claim Settlement Ratio"
    0.5 5.0/5 "Blown Away!"
    I have taken a term life insurance from Bajaj Allianz life insurance. It is a great policy which has got a very high claim settlement ratio. It is the best investment option I have opted for and also the premium that bajaj offers is great compared to other private sectors. They even offer wide range of insurance policies based on the customer requirements. Link to get more Info: https://www.bajajallianzlife.com/
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2018
  • Bajaj Allianz Life Life Insurance
    "High Returns"
    0.5 5.0/5 "Blown Away!"
    I have a very less idea of Insurance sector, on my friends recommendation I ended up buying the ULIP Plan from Bajaj Allianz (https://www.bajajallianzlife.com/ulip/ulip.jsp.) The policy is great and personally I think it is one of the best investment plan with high returns. Service is fast and on time which is well facilitated from the customer services team.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 18, 2018
  • Bajaj Allianz Life Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have a life insurance policy with Bajaj Allianz from last 5 months and it is a short term policy. I am happy with the returns and benefits of this policy. I pay my premium once in a year through net banking and i am convenient with the payment options. The maturity period for this policy is 10 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 17, 2018
  • Bajaj Allianz Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I am having the life insurance policy with the Bajaj allianz of India and am with them from the last ten yeasr of time.Services are good one with the Bajaj allianz life insurance company. Response is better one with the Bajaj allianz life insurance company.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jul 03, 2018
  • Bajaj Allianz Life Life Insurance
    "Good Accidental death benefit policy"
    0.5 4.0/5 "Great!"
    So far i have never contact the Bajaj Allianz customer care service. Actually this is the accidental coverage policy. It is accidental plus 5-6 add on coverage is also available. I used to pay the premium of Rs. 6000 every year. I have to pay the premium till my death. I have taken this policy this year alone. The sum assured amount of this policy Rs. 50 lakhs.
    Was this review helpful? 0
    , dhule
    Reviewed on Jun 28, 2018
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