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Bajaj Allianz Life Insurance

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Bajaj Allianz Life Insurance
Highlights
Claim Settlement Ratio98.48% in FY 2020-21
Customer Care9:00 AM to 7:00 PM
Death Benefit Paid For11,887 Policies
Inception2001
Presence759 branches
Total Death Benefit PaidRs. 310.71 Crore

Bajaj Allianz Life Insurance Co. Ltd. is a well-established private life insurance provider in India. This life insurance provider was established as a joint venture between Bajaj Finserv Limited and Allianz SE. Bajaj Finserv Limited is a well-known non-banking financial institution with diversified operations in India, while Allianz SE is a leading global insurer and asset manager. Bajaj Allianz commenced its operations in August 2001 and is headquartered in Pune, Maharashtra (India).

Talking about its products, Bajaj Allianz offers a comprehensive range of life insurance products and innovative investment solutions, each of which is tailored to help individuals achieve their life goals. In addition to this, Bajaj Allianz Life Insurance Company has also earned an ample number of awards and recognition for its significant contributions to the insurance industry. [1]

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Why Choose Bajaj Allianz Life Insurance?

Here’s why one must choose to buy a Bajaj Allianz Life Insurance policy:

  • Claim Settlement Ratio: The remarkable 99.04% claim settlement ratio of Bajaj Allianz Life Insurance is noteworthy. This indicates that practically all claims filed with the company are approved and resolved quickly, giving policyholders and their families peace of mind through trying times.
  • Solvency Ratio: A key indicator of an insurance company's capacity to meet its financial obligations and maintain stability is its solvency ratio. In the fiscal year 2022–2023, Bajaj Allianz Life Insurance shows excellent financial condition with a remarkable solvency ratio of 5.16%. This displays the insurer's ability to satisfy policyholders' needs and make timely payments for claims and obligations.
  • Amount Settled: In the fiscal year 2022–2023, Bajaj Allianz Life Insurance disbursed a substantial amount of Rs. 603.03 crores in claim settlements. This highlights the insurer's ongoing dedication to providing significant financial assistance to policyholders' families in the unfortunate event of the policyholder's demise.
  • Sum Assured in Force: Bajaj Allianz Life Insurance offers extensive coverage to policyholders with an impressive sum assured amount of Rs. 3,63,771.15 crores currently in force. This comprehensive insurance coverage helps protect individuals and families against a wide range of life's uncertainties.
  • Assets Under Management (AUM): Lastly, Bajaj Allianz Life Insurance maintains a strong market presence, managing substantial Assets Under Management (AUM) totaling Rs. 89,396.16 crores in the financial year 2022–2023. This reflects the insurer's significant role and reliability in managing policyholders' investments. [2]

Eligibility To Purchase Bajaj Allianz Life Insurance Plans

The eligibility criteria to buy Bajaj Allianz Term and Investment plans is included below:

Term Plans

For Salaried Individuals

  • To be eligible for the Bajaj Allianz Term Insurance plan, the minimum verifiable income of graduates must exceed Rs.2.5 lakhs.

For Non-Salaried Individuals

  • For a non-salaried graduate, the minimum verifiable income must be more than Rs.4 lakhs to be eligible for Bajaj Allianz term insurance plans.

Investment Plans

The typical minimum entry age for Bajaj Allianz Life Investment plans usually starts at 6 years, with a maximum age limit of around 60 years. However, it's important to keep in mind that these age limits can vary depending on the specific investment plan you choose. So it's advisable to check the details of your chosen plan to understand the specific age requirements before proceeding with the investment.

Types of Plans Offered by Bajaj Allianz Life Insurance Company

The different types of life insurance plans provided by Bajaj Allianz are as follows:

  • Term Insurance: Term insurance is a life insurance product that provides pure protection for a specific period, known as the policy term. In the event of the insured's death during the policy term, the nominee receives a lump sum amount known as sum assured as a death benefit. Unlike traditional life insurance plans, term insurance typically does not offer any maturity benefits if the insured survives the policy term.
  • ULIP (Unit Linked Insurance Plan): ULIP is a unique life insurance-cum-investment product that combines life insurance coverage with investment opportunities in capital markets. A portion of the premium paid towards ULIPs is allocated to life insurance while the remaining is invested in different investment funds such as equity, debt, or balanced funds, based on the policyholder's risk appetite and financial goals.
  • Saving Plans: Saving plans are life insurance policies designed to accumulate savings over time while providing life cover. These plans help policyholders build a corpus of funds for future financial goals. These plans offer guaranteed returns and flexibility in premium payment frequency and policy tenure.
  • Retirement Plans: Retirement plans, also known as pension plans, are designed to provide financial security to you post-retirement, particularly when regular income stops. These plans offer regular pension income to policyholders after retirement to maintain their lifestyle and cover expenses.
  • Child Plans: Child plans are specialised insurance policies aimed at securing a child's future financially. These plans provide funds for the child's education, marriage, or other milestones. In the unfortunate event of the parent's demise, child plans continue to provide financial support to the child, ensuring that their future goals are met.

Top Plans Offered by Bajaj Allianz Life Insurance

The top plans offered by Bajaj Allianz Life Insurance are as follows:



Plan Name

Plan Type

Entry Age

Maximum Maturity Age/ Policy Term

Premium Payment Term

e-Touch

Term

18 - 65 years

75 years

10 - 40 years (same as Policy Term)

Capital Guarantee

Investment

6 - 60 years

72 years

  • Yearly
  • Half-Yearly
  • Quarterly
  • Monthly

Goal Assure

Investment

0 - 60 years

75 years

5, 7, 10, 15 or 20 years

Assured Wealth Goal

Investment

1 or 6 - 60 years

72 or 77 years

5, 6, 7, 8, 10 or 12 years

Smart Protect Goal

Term

18 - 65 years

85 years

Single Pay

Limited Pay

Regular Pay



Riders Available with Bajaj Allianz Life Insurance Plan

The list of riders available with Bajaj Allianz Life Insurance is as follows:

  • Accidental Death Benefit Rider: This rider provides an additional benefit if the policyholder dies due to an accident. In other words, if the insured's death is caused by an accident, this rider ensures that an extra sum of money is paid out to the nominee or beneficiary.
  • Critical Illness Benefit Rider: This rider offers coverage for 11 specific critical illnesses. This means that if the insured is diagnosed with any of the covered illnesses, a lump sum amount is paid out to help cover medical expenses or other financial needs during the treatment period.
  • Accidental Permanent Total/Partial Disability Benefit Rider: This rider provides financial assistance if the insured becomes permanently disabled due to an accident. Depending on the severity of disability (total or partial), a lump sum amount or regular payments are made to support the insured and their family.
  • Waiver of Premium Rider: With this rider, in case of specific events like the insured's death, accidental permanent total disability, or diagnosis of critical illness (as specified in the policy), the future premiums of the base policy are waived off. This ensures that the life insurance policy continues without the policyholder having to pay premiums during challenging times.
  • Family Income Benefit Rider: Under this rider, if any of the specified events like the insured's death, accidental permanent total disability, or diagnosis of critical illness occur, a monthly income benefit is paid to the family. The income benefit is typically a percentage of the rider sum assured and is paid regularly for a minimum period of 10 years. [3]

NOTE: A rider is an extra feature that can be added to the main life insurance policy for additional benefits. However, these benefits are accessible only by paying an extra premium.

How To Buy Bajaj Allianz Life Insurance Plan?

Here are the steps to purchase any term or investment policy of Bajaj Allianz, either through the InsuranceDekho website or the official website of the insurer:

Buy Bajaj Allianz Life Policy Through the InsuranceDekho Website

Follow the steps below to buy a Bajaj Allianz life insurance policy through the InsuranceDekho website:

Step 1: Visit InsuranceDekho Website

Go to the official InsuranceDekho website [4] and start the life insurance purchase process by clicking on "Insurance" and then "Life Insurance".

Step 2: Fill in Your Details

Enter important details like your name, gender, DOB, and mobile number. Then, click on "View Plans for Free".

Step 3: Choose the Bajaj Allianz Life Insurance Plan

Select the most suitable life insurance plan and customise your coverage by adding riders if needed.

Step 4: Provide Specific Information

Enter additional specific details such as income, education, etc., and proceed by clicking "Next Step".

Step 5: Pay Premium

Review the premium amount for your chosen plan and securely complete the payment by clicking "Accept and Pay".

Step 6: Submit Proposal Form & Documents

After payment, submit necessary documents like KYC, and income proof, along with the Proposal Form and any other required documents.

Note: Investment Plans may require fewer documents in comparison to other plans.

Step 7: Medical Evaluation & Underwriting

If needed, undergo a medical evaluation for term plans. The underwriting team will assess your proposal form and medical results to approve your policy.

Step 8: Policy Issuance

Once approved, you'll receive confirmation of your Bajaj Allianz Life Insurance policy purchase on your registered mobile number or via email.

Buy Bajaj Allianz Life Policy Through the Official Website

Alternatively, you can buy the life insurance policy of your choice directly from the Bajaj Allianz website. For that, you need to follow the steps mentioned below:

Step 1: Visit the Bajaj Allianz Website

Go to the Bajaj Allianz official website [5], and click on the “Plans” tab at the top.

Step 2: Follow Previous Steps

Now, follow the same steps as above (starting from Step 2) outlined in the section "Buy Bajaj Allianz Life Policy Through the InsuranceDekho Website" in order to complete your life insurance purchase process.

Documents Required

One must gather the following documents while buying a life insurance policy from Bajaj Allianz:

  • Identity Proof: Present a valid Permanent Driving License, Passport, Voter ID Card, or Aadhaar Card as proof of identity.
  • Address Proof: Use your Permanent Driving License, Passport, Voter ID Card, or Aadhaar Card to verify your address.
  • Medical Reports: In order to properly assess your health, Bajaj Allianz may request medical reports. These reports assist in customising your life insurance policy to meet your requirements.
  • Income Proof: Provide the appropriate income proof documentation, based on the nature of your work. Salaried individuals should provide the last three months' salary slips, while non-salaried individuals need documents like income tax returns for the past three years or a valid rent receipt.
  • Additional Documents: In addition to medical reports, you might also be required to provide recent passport-size photos, information on past and present insurance coverage, and a medical history. These records aid the insurer in an accurate assessment of your risk profile.

How to Claim?

The steps to make a life or term insurance claim in case of policyholder’s death are as follows:

Step 1: Inform the Insurance Company

If the policyholder passes away, you must inform Bajaj Allianz Life Insurance right away to start the claim process.

Step 2: Provide Required Documents

You will need to submit important documents like the Policy Number, Death Certificate, and valid Government ID. Moreover, depending on the circumstances, additional documents like the FIR Report or Postmortem Report may be needed.

Step 3: Claim Review

Bajaj Allianz Life Insurance Company will carefully review the submitted documents.



Step 4: Claim Settlement

Once the life insurance claim is approved by the team, the settlement process begins.

Note: If there is no designated beneficiary or the nominee cannot be reached, the claim payout will go to the next legal successor after providing the required legal documents.

How InsuranceDekho Can Help?

You can submit your claim settlement request through InsuranceDekho, and our team will efficiently coordinate with your insurer to simplify the claim process for you. From raising a claim to getting it settled, and, in case you face any problem or have a query, the InsuranceDekho team will assist you throughout the journey.

Mode of Payment Options Offered By Bajaj Allianz Life Insurance

Following are the different modes of payment accepted by Bajaj Allianz Life Insurance Company:

  • Debit Card
  • Credit Card
  • Net Banking
  • UPI

Bajaj Allianz Life Insurance - Awards and Achievements

  • Kincentric 'Best Employer India 2023' & India 'Best Employers Club 2024
  • Navbharat BFSI Summit and Awards 2023
  • World’s Digital Insurance Award 2023
  • Banking and Insurance Industry 2023
  • ETBFSI Exceller Award 2023
  • CII's DX Digital Transformation 2023 Awards
  • Insurance Asia Awards 2023
  • Insurer Innovation Award 2023
  • ASSOCHAM Award for Humanoid Project
  • 6th Annual Insurance India Summit & Awards 2023
  • Future of Insurance Summit & Award 2023 [6]

Bajaj Allianz Life Insurance - Customer Service & Support

If you need assistance with your Bajaj Allianz Life Insurance, InsuranceDekho's customer support team is ready to help you in the following ways:

  • Email Support: Simply send an email detailing your issues to support@insurancedekho.com. Our dedicated staff will respond to you as soon as possible.
  • Phone Support: Reach out to our support team at +91-755 1196 989. The team is available around the clock, seven days a week, except for national and gazetted holidays.

Whether you choose to contact us by phone or email, our team is always ready to answer any questions you have about the Bajaj Allianz term or investment policy. [7]

Bajaj Allianz Life Insurance - Complaints & Grievance Redressal

You can get in touch either with InsuranceDekho or Bajaj Allianz Life Insurance Company to get your complaints or issues resolved.

Grievance Redressal with InsuranceDekho

InsuranceDekho is here to assist you in case you face any issues with your Bajaj Allianz life insurance policy. So, whether you need help with purchasing a policy, handling rejected claims, or any other concern, you can contact our dedicated customer support team through the following channels:

  • Call Us: Dial 755 1196 989 to speak directly with our customer service team. They are available 24/7, including weekends (excluding national and gazetted holidays).
  • Email Us: Send an email to support@insurancedekho.com, and our team will respond to your queries.
  • Further Escalation: If you believe your concern requires escalation, email Mr. Rohit Khurana, our authorised Grievance Redressal Officer, at grievance@insurancedekho.com.
  • Additional Support: For unresolved issues, escalate further by emailing PO_GIBPL@girnarinsurance.com to reach our Principal Officer for assistance. [8]

Grievance Redressal with Bajaj Allianz Life Insurance Company

For any service concerns, you can reach out to Bajaj Allianz Life's Customer Care team through several options. You can visit the company's official website at https://www.bajajallianzlife.com/, contact their insurance advisor or sales relationship officer, or visit the nearest Bajaj Allianz Life branch.

Alternatively, you can send an email to customercare@bajajallianz.co.in from your registered email address or call the Toll-free number 1800-209-7272 (available Monday to Sunday, 9:00 AM to 7:00 PM IST).

If a response is not received within 15 days or if the resolution is unsatisfactory, you can escalate your concerns to Mr. Gaurav Sadana, Grievance Redressal Officer, at gro@bajajallianz.co.in. Additionally, you have the option to approach the Ombudsman for Redressal of grievances if your problems are not addressed adequately. [9]

References:

  1. https://www.bajajallianzlife.com/about-us.html
  2. https://irdai.gov.in/document-detail?documentId=4417599
  3. https://www.bajajallianzlife.com/riders-insurance-plans.html
  4. https://www.insurancedekho.com/
  5. https://www.bajajallianzlife.com/
  6. https://www.bajajallianz.com/about-us/general-insurance-awards.html
  7. https://www.insurancedekho.com/contact-us
  8. https://www.insurancedekho.com/grievance-redressal
  9. https://www.bajajallianzlife.com/awards.html#

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Life Insurance News

FAQs

  • Why should I choose Bajaj Allianz Life Insurance?

    Bajaj Allianz Life Insurance offers a wide range of insurance plans and Bajaj Allianz Life Insurance has been one of the leading life insurance providers in India. Bajaj Allianz Life strives to provide the best comprehensive budget friendly insurance plan. Bajaj Allianz Life Insurance has featured a high claim settlement ratio of 98.02% in the FY 2019-20.

  • What all plans does Bajaj Allianz Life Insurance offer?

    Bajaj Allianz offers a wide range of insurance plans such as Term Insurance, Unit-Linked Insurance Plans, Child, Retirement, Investments, Savings and Health Insurance plans. Bajaj Allianz also offers a vast array of riders for added protection. 

  • Is it safe to purchase Bajaj Allianz Life Insurance plan online?

    Bajaj Allianz provides life insurance plans online and offline. Purchasing a Bajaj Allainz Life insurance plan is very convenient and requires minimum paperwork. Purchasing the life insurance plan online not only saves time but saves one from the hassle of visiting the insurance company. It also provides real-time tracking.  

  • What are the benefits of purchasing Bajaj Allianz Life Insurance plans?

    Bajaj Allianz Life strives to provide the best comprehensive budget friendly insurance plan. Bajaj Allianz Life offers an option to enhance the insurance policy life cover by adding riders. Bajaj Allianz Life also offers 24x7 digital customer assistance and the insurance company has robust customer care service both online and offline.

  • Which is the best insurance plan by Bajaj Allianz Life Insurance?

    All the insurance plans are different from each other and have different features and advantages. However, among all the life insurance plans provided by Bajaj Allianz, the utmost preference of one and all is Term Insurance Plan as it gives high coverage at minimal premium.