Bajaj Allianz Life Insurance Price List In India 2024

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. The cost of Bajaj Allianz life insurance varies depending on the type of policy that you choose to buy.

Bajaj Allianz life insurance company limited 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 if 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 India has been constantly transforming to offer tech-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 that 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.

Bajaj Allianz Life Insurance Highlights

Benefits of Bajaj Allianz Life Insurance

Features of Bajaj Allianz Life Insurance

There are certain features of Bajaj Allianz Life insurance company that make it the obvious choice for the customers.

• Riders: Bajaj Allianz Life Insurance Company offers accidental death benefits, Accidental total permanent disability benefits, and critical illness benefits to its customers as an add-on. Under this feature, the nominee of the policyholder would get added to the base sum insured of the policy.
• Whole life covers up to 99 years of age: Bajaj Allianz term Insurance Company provides an option to have the whole life cover up to 99 years of age in case of term life insurance plans. In addition to this, the company also provides a RoMC feature in which the customer can get the total mortality charges deducted during the policy period at the time of Bajaj Allianz life insurance maturity claim status. The mortality charges deducted would be added back to the fund value at the time of the policy maturity term.
• Bajaj Allianz Life insurance policy status: Bajaj Allianz's life Insurance policy status can be found online from the customer portal or call Bajaj Allianz life insurance customer care number 1800 209 5858. The life insurance policy status can be known alternatively by dialing the toll-free number 1800-123-4003.
• Bajaj Allianz online payment: Bajaj Allianz Life insurance online payment can be done through their customer portal by entering the basic details such as Mobile number or Policy number and Date of birth of the life assured.
• Bajaj Allianz Life insurance login: Life insurance Login status can be found online from the Bajaj Allianz customer portal.
• Bajaj Allianz policy download: Bajaj Allianz Life Insurance policy can be found downloaded from the customer portal
• High Claim Settlement Ratio: Bajaj Allianz life insurance Claim settlement ratio is the number of claims received to the number of claims settled during a particular period of time. Bajaj Allianz's life insurance company has a claim settlement ratio of 98.02%~ which is considered the best claim settlement ratio in the insurance industry. The highest claim settlement ratio means higher chances of your claim getting settled.
• Vast Network: Bajaj life insurance term plan has a vast network of 509 branches located across the country. The physical branches along with the user-friendly web portal cater to a large number of customers. The vast network helps in reaching customers even in rural areas thereby increasing the insurance penetration.
• Product Variety: Bajaj Allianz life has a comprehensive product portfolio designed to cater to a wide variety of people. The customers have a wide variety of options to select from and thereby choose the best insurance product as per their requirements.
• Prompt Settlement: Bajaj Allianz Life Insurance Company offers 1-day claim approval on eligible policies. The claim process is a bit longer in life insurance when compared to other types of insurance as there would be many things to take into consideration before settling the claim.

Bajaj Allianz Life Insurance Plans List

• Bajaj Allianz Term Insurance Plans
• Bajaj Allianz Life Insurance Endowment Plans
• Bajaj Allianz Life Insurance Pension Plans
• Bajaj Allianz Life ULIP Plans
• Bajaj Allianz Life Group Plans
• Bajaj Allianz Life Child Plans
• Bajaj Allianz Life Investment Plans
• Bajaj Allianz Life Health Care Plans

Bajaj Allianz Term Insurance Plans

Below are the Bajaj Allianz term insurance plans offered by Bajaj Allianz life insurance company limited:-

i. Bajaj Allianz Life Smart Protect Goal

Bajaj Allianz smart protect goal is an individual, life, non-linked, non-participating, single/limited/regular premium payment, savings (ROP), and pure risk term cover plan, providing protection and add-on covers. The Bajaj Allianz Smart protect goal claim settlement ratio is 93.55%.

Let us understand the Features, Benefits, Terms, and conditions linked to the plan:

Features:

• Entry Age: Minimum 18 years to Maximum 65 years
• Maximum age at Maturity: 75 years with ROP, 85 years without ROP, 99 years Whole Life
• Sum Assured: Minimum 50 Lacs and Maximum as per Board approved guidelines.
• Life Cover: Self
• Premium Payment: Single payment, Regular payment or Limited payment.

ii. Bajaj Allianz Life Saral Jeevan Bima

Bajaj Allianz Life Saral Jeevan Bima is a non-linked, non-participating, individual premium life insurance plan, which provides for payment of Sum Assured in a lump sum to the nominee in case of the Life Assureds’ unfortunate death during the policy term. Let us understand the Features, Benefits, Terms, and conditions linked to the plan:

Features:

• Entry Age: Minimum 18 years to Maximum 65 years
• Maximum age at Maturity: 70 years. For policies sourced through the POS channel, the maximum maturity age will be as per the POS guidelines as amended from time to time.
• Sum Assured: Minimum-Rs. 5 Lacs and Maximum – Rs.25 Lacs
• Policy Term: Minimum-5 years and Maximum – 40 years
• Life Cover: Self
• Premium Payment Options: Single payment, Regular payment, or Limited payment period for 5 years and 10 years.
• Premium Payment Modes : Single/ Yearly/ Half-yearly/ Monthly

iii. Bajaj Allianz Life eTouch Online Term

Bajaj Allianz Life eTouch Online Term is a non-linked, non-participating, life, regular premium payment, individual, pure risk premium Bajaj Allianz Life online term plan. The plan provides life cover combined with benefit on accidental death, accidental total permanent disability & critical illness, and benefit of waiver of premium, depending on variant opted by the insured. Let us understand the Features, Benefits, Terms, and conditions linked to the plan:

Features:

• Entry Age: Minimum 18 years to Maximum 65 years
• Minimum age at Maturity: 28 years
• Maximum age at Maturity: 85 years
• Policy Term: Minimum – 10 years and Maximum – 67 years
• Sum Assured: Minimum 25 Lacs and Maximum as per Board approved guidelines.
• Life Cover: Self
• Premium Payment: Single payment, Regular payment or Limited payment.

iv. Bajaj Allianz Life iSecure

Bajaj Allianz iSecure term plan is a non-linked, non-participating, individual, life, regular, and limited premium level cover pure risk premium plan that secures your family’s financial protection needs. In this plan, Bajaj Allianz iSecure term plan premium calculator is used to calculate the premium. Let us understand the Features, Benefits, Terms, and conditions linked to the plan:

Features:

• Entry Age: Minimum 18 years to Maximum 65 years
• Age at Maturity: Minimum - 28 years to Maximum - 85 years
• Sum Assured: Minimum Rs.25 Lacs and Maximum – Rs.50 Lacs
• Policy Term: Minimum-10 years and Maximum – 85 years
• Life Cover: Self
• Premium Payment Options: Single payment, Regular payment or Limited payment period for 5,10,15,20, 25, & 30 years.
• Premium Payment Modes : Single/ Yearly/ Half yearly/ Monthly
• Riders: Not available for policies sourced through POS channel.

Bajaj Allianz Life Insurance Child Plans

Bajaj Allianz Child Insurance helps you build fixed financial growth that can be used for your child’s life goals. They also come with a life cover ensuring the financial needs of your child, even if something happens to you.

i. Bajaj Allianz Young Assure

Bajaj Allianz Young Assure is a traditional savings insurance plan that will help you become an investor thus ensuring your child achieves their life goals. It is a traditional, participating, regular, and limited premium payment endowment plan, which enables you to plan for the financial milestones of your child’s growing years.

Eligibility:

• Entry Age: 18 years
• Maturity Age: 60 years
• Sum Assured: It is 10 times more than the actual annual income
• Policy Term: 10, 15, and 20 years
• Premium Payment Term: yearly, half-yearly, quarterly, and monthly.

Bajaj Allianz Life Long Assure

Bajaj Allianz Lifelong Assure is a whole life insurance plan, is designed to offer financial support to you as your child moves ahead in his/her life goals journey. Your child’s life goals will receive financial support, even after your death, as this plan offers a guaranteed death benefit of up to 300% of the sum assured depending on the Premium Payment Term chosen.

Eligibility:

• Entry Age: 10 years
• Maturity Age: 55 years
• Sum Assured: Rs. 1 Lakh
• Policy Term: 10, 15, and 20 years
• Premium Payment Term: yearly, half-yearly, quarterly, and monthly.

Bajaj Allianz Life Insurance Retirement Plans

Bajaj Allianz Life retirement plan provides you return over the long term that can help you meet your life goals. It allows you to save in a periodic way as long term, which helps you achieve your dreams.

i. Bajaj Allianz Life Saral Pension Plan

Bajaj Allianz Life Saral Pension presents a simple yet effective way of achieving your retirement goals. Bajaj Allianz Life Saral Pension is a single premium, non-linked, non-participating, individual immediate annuity plan, which provides a regular income and also returns the purchase price on death.

Eligibility:

• Entry Age: 40 years
• Maturity Age: 80 years
• Sum Assured: It depends on the annuity amount
• Premium Payment Term: Single premium.

ii. Bajaj Allianz Life Guaranteed Pension Goal

Bajaj Allianz Life Guaranteed Pension Goal assures your Lifestyle goals by giving guaranteed income throughout life as per your choice and need. Hence, we need to have a guarantee that our lifestyle goals are done even in our second innings of life- retirement.

Eligibility:

• Entry Age: 30 years
• Maturity Age: 85 years
• Sum Assured: It depends on the annuity amount
• Policy term: 5, 10 years
• Premium Payment Term: Single premium.

iii. Bajaj Allianz Life LongLife Goal

Bajaj Allianz Life LongLife Goal is a non-participating individual regular premium payment Unit Linked Insurance Plan. It invests your money in an investment folder selected by you and provides for market-linked returns over the long term, to help you accumulate a healthy retirement.

Eligibility:

• Entry Age: 18 years
• Maturity Age: 99 years
• Sum Assured: Rs. 25,000
• Policy term: 10, 25 years
• Premium Payment Term: yearly, half-yearly, quarterly, and monthly.

Bajaj Allianz Life Insurance ULIP Plans

Unit Linked Insurance Plan is a type of life insurance plan, which offers you the benefits of both investment and insurance. ULIP plan gives you an opportunity for wealth creation while providing you the security of a life cover. ULIPs are among one the preferred choices for securing your long-term life goals.

i. Bajaj Allianz Life Insurance Smart Wealth Goal

Bajaj Allianz Life Insurance Smart wealth goal benefits return of mortality charge, the return of allocation charges, and fund boosters, which may approve faster wealth creation. It offers multiple investment strategies to allow you to achieve your life goals. This plan offers three types also contain wealth, child wealth, and joint life wealth.

Eligibility:

• Entry Age: 18 years
• Maturity Age: 85 years
• Sum Assured: 10 times annualized income
• Policy term: 10, 30 years
• Premium Payment Term: yearly, half-yearly, quarterly, and monthly.

ii. Bajaj Allianz Life Insurance Future Gain

Bajaj Allianz life insurance future gains maximum benefits at minimum cost. A unit-linked insurance plan allows by ensuring maximum allocation of your premium towards investment returns.

Eligibility:

• Entry Age: 18 years
• Maturity Age: 70 years
• Sum Assured: 10 times annualized income
• Policy term: 10, 15 to 30 years
• Premium Payment Term: yearly, half-yearly, quarterly, and monthly.

iii. Bajaj Allianz Life Insurance Fortune Gain

Bajaj Allianz fortune gain life insurance plan benefits you with a single premium product that helps you enter and stay invested in market-linked funds for long-term, comes with low allocation charges ensuring that up to 100% premium is allocated towards investment, and offers a life cover.

Eligibility:

• Entry Age: 18 years
• Maturity Age: 70 years
• Sum Assured: 1.25, 1.1 times single premium
• Policy term: 7, 30 years
• Premium Payment Term: single.

iv. Bajaj Allianz Life Insurance Future Wealth Gain

Bajaj Allianz life insurance future wealth gain is a non-participating, unit-linked regular/limited premium payment endowment plan, that offers the protection and growth to fulfill your expectations from your investments.

Eligibility:

• Entry Age: 18 years
• Maturity Age: 75 years
• Sum Assured: 7 times annual premium
• Policy term: 5, 7, 10, 15 years
• Premium Payment Term: yearly, half-yearly, quarterly, and monthly.

Bajaj Allianz Life Insurance Savings Plans

i. Bajaj Allianz Flexi Income Goal

Bajaj Allianz Life Flexi Income goal is an investment plan that offers protection and flexibility to meet the changing needs of your child through higher education and financial obligations.

Eligibility:

• Entry Age: 18 years
• Maturity Age: 80 years
• Sum Assured: Rs. 1 Lakh
• Policy term: 5, 10, 12, 25 years
• Premium Payment Term: yearly, half-yearly, quarterly, and monthly.

ii. Bajaj Allianz Guaranteed Saving Plan

Bajaj Allianz Guaranteed saving plan is a guaranteed savings goal, our non-participating endowment plan, you just have to pay once to achieve your guaranteed life goals.

Eligibility:

• Entry Age: 18 years
• Maturity Age: 75 years
• Sum Assured: 1.5 and 10 times annual premium
• Policy term: 5, 7, 10 years
• Premium Payment Term: single.

iii. Bajaj Allianz Guaranteed Income Plan

Bajaj Allianz Life guaranteed income plan is a non-linked, non-participating endowment plan that offers an option to take policy benefits including extended life cover and increasing income, and to achieve your life goals with certainty.

Eligibility:

• Entry Age: 18 years
• Maturity Age: 75 years
• Sum Assured: 1.5 and 10 times annual premium
• Policy term: 5, 7, 10 years
• Premium Payment Term: single.

iv. Bajaj Allianz POS Goal Suraksha Plan

Bajaj Allianz Life POS Goal Suraksha is a non-linked, non-participating limited premium payment savings plan that secures you and your family with a guaranteed sum at maturity.

Eligibility:

• Entry Age: 18 years
• Maturity Age: 65 years
• Sum Assured: Rs. 25 lakhs
• Policy term: 5, 7, 8, 10, 12 years
• Premium Payment Term: yearly, half-yearly, quarterly, and monthly.

Bajaj Allianz Life Health Care Plans

i. Bajaj Allianz Life Health Care Goal

Bajaj Allianz Life Health Care Goal Plan Covers 36 Critical Illness Including Heart & Cancer.

Eligibility:

• Entry Age: 18 years to 65 years
• Maturity Age:  75 Years
• Sum Assured: Rs. 25 lakhs
• Policy term:  10, 15, 20 years
• Premium Payment Term:  5,7, 15, 20 years
• Premium Payment Term: yearly, half-yearly, quarterly, and monthly.

Bajaj Allianz Life Insurance Group Plans

What Factors Affect Bajaj Allianz life Insurance Premium?

There are certain factors that affect the premium to be paid in Bajaj Allianz Life Insurance Company. They are:-

• Age of the applicant
• Gender of the applicant
• Medical history of the family
• Lifestyle Habits
• Occupation of the applicant
• Policy Term
• Health history

How to Buy Bajaj Allianz Life Insurance at PolicyBachat

• Visit the Policybachat Website and select the ‘Life’ tab.
• Enter your Name, Date of Birth, and Mobile Number.
• Click on the ‘View Plans’ button.
• Just Answer 5 Simple Questions.
• Select your ‘Gender’.
• Select ‘YES’ or ‘No’ if you have Smoked or Chewed Tobacco in the last 12 months.
• Select your ‘Annual Income’.
• Select your ‘Education Qualification’.
• Choose your ‘Occupation Type’.
• Enter your ‘Email Address’.
• Then click on ‘Start Saving Money’.
• Premium Quotes of top life insurance plans will be displayed as per data entered by you and which are suits your requirement.
• You can add riders; edit your sum insured, policy premium frequency, etc.
• Purchase best life insurance policy using online payment
• If any queries are raised call: 1800-123-4003.

Documents Required to Buy 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.

Claim Procedure of Bajaj Allianz Life Insurance

Bajaj Allianz Life 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 life insurance 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 the Births and Death registrar or copy of the death certificate attested by municipal authorities,
• NEFT mandate form attested by bank authorities or canceled cheque leaf with Payee name printed on it
• Nominee’s identity and address proofs
• Some additional documents like a copy of the first information report and a 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 to 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.

Exclusion of Bajaj Allianz Life Insurance

Most term life insurance policies offer different kinds of customization, 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 customized 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 a hazardous activity
• Participation in Criminal Activities
• Pre-Existing Medical Conditions
• Death under the influence of alcohol or drugs

List of Life Insurance Companies:

FAQs of Bajaj Allianz Term Life insurance

When is the best time to buy a Bajaj Allianz term insurance plan?

The first best time to buy Bajaj Allianz term Policy 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 a young age. To know the Bajaj Allianz Life Insurance best plans that suit your requirements and get assistance from our life insurance experts or compare Bajaj Life Insurance quotes online. 

What is the minimum and maximum age limit for Bajaj Allianz term insurance plans?

The minimum age for taking a 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 an 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.

Will I get my premium back at the end of the 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 the case of pure term insurance plans.

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 a smart protect the 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 the spouse would be less than or equal to that of the self and in 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.

Is medical examination compulsory for Bajaj Allianz's 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 centers as specified by Bajaj Allianz Life Insurance Company. In most cases, life insurance would conduct tele medicals and would insist on physical medicals depending on the declarations made by the customer in the proposal form.

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 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.

How to do Bajaj Allianz Life Insurance Policy Document Download?

For downloading the Bajaj Allianz life insurance policy document login to the website by entering required details such as Policy Number, Name, Phone number, etc. Go to Policy Document download options such as Premium Receipt, Premium Notice, Unit Statement, Premium Paid Certificate, and GST Invoice. Select which policy document to download and print.

How to do Bajaj Allianz Life Insurance Renewal Online?

• Visit the Bajaj Allianz life insurance website and click on the option to renew your life insurance policy.
• Enter the required details that include your policy number, mobile number, and email address.
• Renew life insurance policy through multiple options using Net banking, Credit card, Debit card, UPI wallets, and bill pay online.

How to do Bajaj Allianz Life Insurance Premium Receipt Download?

Bajaj Allianz life insurance online payment receipt download login to the website by entering required details such as Policy Number, Name, Phone number, etc. Go to Policy Document download options then click on the bajaj Allianz life insurance receipt download and print. You can download other certificates like Bajaj Allianz life insurance premium paid certificate download, Premium Notice, Unit Statement, etc.

How to do Bajaj Allianz Life Insurance Policy Copy Download?

For downloading the Bajaj Allianz life insurance policy document login to the website by entering required details such as Policy Number, Name, Phone number, etc. Go to Policy Document download options such as Premium Receipt, Premium Notice, Unit Statement, Premium Paid Certificate, and GST Invoice. Select which policy document to download and print.