About Bajaj Allianz Life insurance
Bajaj Allianz Life insurance is a joint venture between Bajaj Finserv Limited owned by Bajaj Group of India and Allianz SE, a European Financial Services company. It is one of the leading private life insurance companies in India. It has commenced its operations in India in 2001 after receiving the license from the insurance regulator IRDA. It has a distinctive agent network with more than 80k agents operating on its platform generating business for the company. There are more than 509 branches located across India and a comprehensive set of trusted partners including a strong online presence with the online sales channel.
Bajaj Allianz life insurance company has launched innovative insurance solutions taking into consideration the time to the time change in customer’s needs and requirements and including the revolutionary RoMC also known as Return of Mortality Charges, a feature in the new age ULIPs. It is the first company in the Indian market to introduce the concept of RoMC under which the total amount of mortality charges deducted till the maturity period to provide life cover throughout the policy period will be added back to the fund value at the end of the policy period. This means the customer gets free life cover is he/she survives the policy period and at the time of maturity the complete amount paid for life cover would be refunded to the customer as fund value.
Bajaj Allianz life insurance has been constantly transforming to offer teach-enabled state-of-the-art services to enhance customer delight. It continues to engage with customers through several unique platforms and has secured a place in the Guinness Book of World records with the Bajaj Allianz Life Plankathon 2020. Bajaj Allianz Life Insurance Company offers a wide variety of life insurance products such as Term insurance, ULIPs, Annuity insurance, Child insurance plans, Retired life insurance plans, Money back plans, etc. which serve the different sections of society. The term insurance plans of Life Insurance Company are the most selling life insurance plans due to the Coronavirus pandemic.
Documents required to buy Term Life Insurance from Bajaj Allianz:
There are certain documents required to buy the term life insurance policy.
- Age proof: The premium to be paid for the life insurance policy depends on the age of the applicant and the sum assured required. To verify the age of the applicant, age proof such as Voter Card, Pan Card, Driving license, etc. should be submitted to Bajaj Allianz.
- Address Proof: Proof of residence would be required to communicate the policy-related details and the address proofs such as utility bill, passport, Voter ID, Aadhar Card, etc would be required by Life Insurance Company.
- Photo Identity Proof: Photo identity proof such as PAN Card, Aadhar Card, Driving license, and any other proof which contains the photo of the applicant needs to be submitted at the time of taking the life insurance policy.
- Picture: Passport size photo of the applicant should be submitted at the time of taking the life insurance policy from Bajaj Allianz.
- Income Proof: One of the most important documents which are required at the time of taking a term life insurance policy is the income proof of the applicant. The income proof could be the salary slip, income tax return, employer’s certificate, or Form 16.
- Medical Reports: Bajaj Allianz Life Insurance Company might ask for a medical certificate depending on the declarations made by the applicant in the proposal form. Higher sum assured options may require compulsory medical tests before issuing the policy.
Claim procedure of Bajaj Allianz:
Term insurance claims can be filed in three simple steps.
Step 1: The first step is to intimate the insurance company by calling on the customer service number 1800-209-4040. Download the Bajaj Allianz claim form from the website or collect the death claim intimation form from the nearest Bajaj Allianz Life branch office and fill in the details. The form has to be submitted along with 5 mandatory documents which are original policy document, Original death certificate issued by Births and Death registrar or copy of death certificate attested by municipal authorities, NEFT mandate form attested by bank authorities or cancelled cheque leaf with Payee name printed on it, nominee’s identity and address proofs. Some additional documents like copy of the first information report and copy of medical records may be required depending on the type of death.
Step 2: The completely filled in claim form along with the required documents has to be submitted in the nearby branch of Bajaj Allianz Life.
Step 3: After the submission, the company will verify the documents and assess the claim. You will be kept in the loop through regular messages and emails. The term insurance claim, if it is a genuine claim will be settled within 30 days of the receipt of the documents. In case investigation is required, the investigation has to be completed within 90 days and the claim has to be settled within 30 days after it.
Most term life insurance policies offer different kinds of customisation, based on the level of protection and coverage you are looking for. Even with the term insurance terms and conditions, there may be changes based on the individual policyholder.
These term insurance terms and conditions, otherwise referred to as exclusions, list out the situations under which your beneficiary’s claims will be rejected. While most will be customised in accordance with the insurer and the individual policyholder, there are several exclusions that remain common across most term life insurance policies
Suicide and/or Death due to hazardous activity
Cases of suicide are always listed as exclusions on term life insurance policies. In addition to this, cases where participation in dangerous activities may lead to death are also included in the exclusions. This could include adventurous sports that may commonly result in death, demonstrated by a previous track record of accidents.
Participation in Criminal Activities
This exclusion essentially states that if the policyholder’s death has been caused owing to their participation in criminal activities, their beneficiaries will not be able to claim term insurance benefits, i.e. the sum assured. This is quite a common exclusion and there are no add-ons that can offer protection to policyholders against this exclusion.
Pre-Existing Medical Conditions
Before you receive your policy, it is mandatory for you to reveal all the health conditions that you are suffering from or are likely to suffer from, owing to pre-existing conditions or even hereditary conditions. Your term insurance policy will always be drafted keeping in mind these conditions and it will affect your term insurance premium amount. However, if there is any pre-existing medical condition that was not revealed to the insurer before availing the policy, you will not receive coverage for it. This means that if you die of a pre-existing medical condition that the insurer did not know about, your beneficiaries will not be able to receive the death benefits.
Death under the influence of alcohol or drugs
Life insurance companies in India mostly refuse to provide term insurance cover to habitual drinkers and drug abusers. One cannot hide this claim from the insurer. Even if you hide your drinking problem and drug addiction, buy a term insurance plan, and die due to an accident or some other incident under the influence of drugs or alcohol, the insurance company may reject your life insurance claim as per the terms and conditions specified therein.
FAQ’s of Bajaj Allianz Life insurance
What is Bajaj Allianz term life insurance?
Bajaj Allianz term life insurance is a contract between the insurance company and the insured customer in which the insurance company agrees to pay the death benefit to the nominee of the insured in case of sudden death of the policyholder in return for a nominal premium payment term to be paid as per the premium payment frequency opted by the policyholder. It has 4 term insurance plans to suit different requirements of different people. For more details on Bajaj Allianz term insurance plans.
How does Term plan work?
In term insurance plans the insured policyholder pays premium regularly in return for the life coverage against death and in case of death of the policyholder the death benefit would be paid to the nominee of the policyholder and the policy would lapse immediately. Bajaj Allianz term insurance plans work on the concept of pure term insurance policies in which the insurance company settles the death claim to the nominee in the event of the death of the policyholder.
Will I get my premium back at the end of policy period?
Bajaj Allianz is the first life insurance company to introduce the concept of Return of Maturity Charges (RoMC) in which the total amount of mortality charges deducted to provide life cover till maturity of the policy term would be added back to the fund value at the end of the policy term. In this way the premiums paid during the policy period would be returned to the customer at the end of the policy period in case of ULIPs from Bajaj Allianz life insurance. No premiums paid during the policy period will be refunded in case of pure term insurance plans.
What are riders in term insurance?
There are certain riders in term insurance which are explained below. Most of these riders are taken in addition to the existing base term insurance plans to increase the life coverage.
- Accidental Death benefit rider which provides the claim benefit to the nominee in case of death of the death of the policyholder due to an accident in addition to the base sum assured as mentioned in the policy.
- Accidental total permanent disability rider which provides claim benefit to the policyholder in case of total & permanent disability of the policyholder due to an accident.
- Critical illness rider which provides the critical illness claim benefit to the policyholder on diagnosis with any of the listed critical illness. The policyholder has to satisfy the waiting period to avail the benefit under critical illness rider.
- Waiver of premium rider which waives off all the future premiums payable by the policyholder in case of accidental total permanent disability or critical illness to the insured customer.
When is the best time to buy Bajaj Allianz term insurance plan?
The first best time to buy Bajaj Allianz term insurance plan is at the age of 18 years and the second best time is now. It is advisable to take the term insurance as soon as one starts earning as the premium would be low during the young age. To know the best term plans that suit your requirements and get assistance from our life insurance experts.
Do I need term insurance if I am unmarried?
Yes. Every earning individual needs to have a term insurance plan irrespective of married or not. Term insurance should be taken to protect your family’s financial condition in case of your sudden demise. Term insurance should be taken as soon as you start earning irrespective of your marriage. The early you take the term insurance plan, the cheaper premium you would end up paying.
What sum assured should I select?
The main important thing while deciding on purchasing the term insurance plan is the sum assured that needs to be opted. As a basic the sum assured under your term insurance plan should be 15-20 times your annual income. It is important to take your liabilities and expenditure before deciding on the sum assured for the term insurance plan. For more details on the sum assured to be selected for your term insurance.
What is minimum and maximum age limit for Bajaj Allianz term insurance plans?
The minimum age for taking term insurance plan from Bajaj Allianz Life Insurance Company is 18 years while the maximum age is 65 years in most of the term insurance plans .. Please note that the term insurance premium payable increases with increase in the age of the applicant. Higher age applicants have to shell out more money to purchase term insurance as the mortality rate is higher.
Can I buy term insurance online?
Yes, you can buy term insurance online where the top life insurance companies display their life insurance plans with the premiums to be paid as well as the features. For more assistance on the procedure to purchase term life insurance plans online please call our toll free number 1800-123-4003 and get assistance from our life insurance expert.
Does Bajaj Allianz offer joint policies for Spouses?
Yes. Bajaj Allianz offers joint insurance policies in which the spouses can be covered under the same term insurance plan. It has smart protect goal, a non-linked, non-participating, pure life term insurance plan, is one such product that offers cover for both self and spouse. The sum assured for spouse would be less than or equal to that of the self and on the event of death of spouse or self the death benefit claim would be paid to the survivor and the policy would continue till the death of the survivor.
I’m a smoker and drinker, what would be my term insurance premium?
The term insurance premiums would be on the higher side for smokers and drinkers as they pose high risk in terms of mortality rate. People with smoking and drinking habits have high chance of death as they would be susceptible to illnesses such as Cancer, heart attack etc. which would lead to death ultimately over a period of time. So the risk of insurance companies would increase if the customers are avid smokers and drinkers. Hence the premium to be paid by smokers and drinkers would be slightly higher. For more information on the premium to be paid by smokers and drinkers please visit our portal and have a word with our life insurance expert.
What happens if I don’t pay my term insurance renewal premium?
If the term insurance renewal premium is not paid on time within the renewal date, the life insurance company would provide a grace period of up to 30 days from the renewal date. If the insured customers fails to make the renewal payment within the grace period the life insurance policy would lapse and the benefits accrued by the customer lapse along with the policy.
What happens if the nominee dies before the policyholder in term insurance policy?
Nominee is the person nominated by the insured policyholder to take care of the claim proceedings and distribute them to the legal heirs. In case the nominee dies before the policyholder in the term insurance policy, the insured customer has the option to change the nominee under the term insurance policy. The final claim proceedings from the life insurance policy would be paid to the legal heirs in case the nominee is dead.
Will my premium increase after taking term insurance policy?
The premium under the term life insurance policy would be constant throughout the policy period. The life insurance premium to be paid by the customer throughout the policy period would be notified at the beginning of the policy term and any changes to the policy would reflect as change in premium. In general the term insurance premium would not increase after taking the term insurance policy.
Is medical examination compulsory for Bajaj Allianz term life insurance policy?
Yes, in most of the cases, depending on the factors such as sum assured opted by the applicant, medical history of the applicant decide on the medical examination requirement. The medical examination has to be undergone by the customer at the preferred network diagnostic centres as specified by Bajaj Allianz Life Insurance Company. In most of the case life insurance would conduct tele medicals and would insist for physical medicals depending on the declarations made by the customer in the proposal form.
What is Grace period?
Grace period is the amount of time provided by the insurance company to the policyholder to make the renewal payment after the expiry of the life insurance policy. In general 30 days grace period would be provided to the policyholders from the date of the renewal to make payment and enjoy the benefits of life insurance policy.
What is the difference between Nomination and Assignment?
Nomination is an act by which the policyholder can authorize another person to receive the policy money in the event of the death of the policyholder. The person authorized in this way by the policyholder is known as Nominee. Assignment is a method by which the policyholder can transfer the right, title and interest in the policy to another person either wholly or in part. An assignment can be made by an endorsement on the policy document or as a separate deed. Assignment can be absolute or conditional contingent upon the happening of a specified event.
Can I add/delete riders under Bajaj Allianz term insurance Plans?
Yes, you can add or delete the riders under your term insurance plans subject to the approval from the insurance company. Most of the life insurance plans from Bajaj Allianz do not permit the customers to have midterm addition or deletion of riders under their term insurance plans.
Is the claim paid in case of accidental death?
Yes, the claim is paid in case of accidental death of the policyholder. If the Accidental total permanent benefit rider is opted by the customer then the accidental death benefit would be paid in addition to the base sum assured.