Bajaj Allianz Life Insurance

Bajaj Allianz Life Insurance Plans:

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 OnlineTerm:The eTouch Online Term Plan from Bajaj Allianz is a 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 Life Insurance Claim Process:

Filing a claim with Bajaj Allianz is a hassle-free and easy process, as the company has streamlined their claims filing process. 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:

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 theirlife 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:

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?

   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?

   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?

   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?

   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?

   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?

   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?

   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?

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

9. Is death by natural calamities covered?

   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?

    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?

    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?

    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?

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