Know About Bajaj Allianz Life insurance Company Limited
(Bajaj Allianz Life insurance-Features, Benefits, Premium, Renewal)
There are certain features of Bajaj Allianz Life insurance company that make it the obvious choice for the customers.
Accidental Death Benefit
Bajaj Allianz Life Insurance Company offers accidental death benefits to its customers as an add-on. Under this feature, the nominee of the policyholder would get the accidental death benefit in addition to the base sum insured of the policy. The accidental death benefit sum assured would be in addition to the base life benefit sum assured of the policy. This feature from term insurance provides the policyholders with extra coverage at a minimal premium.
Accidental Total Permanent Disability Benefit
Bajaj Allianz term Insurance Company offers accidental total permanent disability benefits to its customers as an add-on. Under this feature, the policyholder would be entitled to the sum assured specified under the accidental total permanent disability benefits section. The life insurance policy would continue after the payment of the accidental total permanent disability benefit.
Critical illness benefit
Bajaj Allianz Life Insurance Company offers critical illness benefits to its customers as an add-on. Upon diagnosis with any of the mentioned critical illnesses mentioned under the policy, the policyholder would be entitled to the critical illness sum assured mentioned under the policy. The difference between critical illness benefit and accelerated critical illness benefit is to be noted by the customer.
Waiver of premium benefit
Bajaj Allianz term Insurance Company offers the Waiver of premium benefit which waives off the future premiums of the customers in case of critical illness or accidental total permanent disability benefit. The waiver of premium benefit is available on payment on the additional premium at the time of purchasing the policy. Bajaj Allianz life insurance premium calculator calculates the premium to buy the policy.
The flexibility of opting for Single, Limited, or Regular premium
Bajaj Allianz Life Insurance Company offers the flexibility to opt for Single, Limited, or Regular online premium payment options. The premium of the Bajaj Allianz life insurance online payment option can be selected by the customer depending on the affordability and convenience.
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 term Insurance policy status can be found online from the customer portal 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 term insurance company has a claim settlement ratio of 98.48%~ 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 Allianz life term plan insurance has a vast network of 509 branches located across the country. The physical branches, along with the user-friendly web portal caters 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. Term plans from Bajaj Allianz life offer various features like life whole life cover, critical illness rider, and other optional benefits like accidental disability rider and waiver of premium benefit, and many more. The customers have a wide variety of options to select from and thereby chose 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 1 day claim approval aims at providing claim approval within a day after reporting so that the nominees of the policyholders can get prompt claim settlement.
Benefits of Bajaj Allianz Life Insurance
High Life coverage at an affordable premium:
Term insurance is one of the most affordable life insurance covers available in the Indian insurance market. A Unit Linked Insurance Policy is a term insurance policy with Insurance coverage and Investment. The term insurance plans don’t have any investment component which thereby reduces the premium to be paid for availing the life coverage. Term life insurance plans from Bajaj Allianz are the cheapest in the market with high life coverage.
Easy Policy issuance:
The policy issuance process in Bajaj Allianz Life Insurance Company is very smooth and the policy would be issued within the least possible time, within 1 day in some cases. Bajaj Allianz life has robust systems in place and is upgrading continuously to provide seamless service to their customers.
Tax Benefits:
Term insurance policies provide certain tax benefits under section 80C of the income tax act, 1961. The premiums paid towards term insurance premiums are eligible for a tax deduction of up to Rs.1.5 lacs in a given financial year. Additionally, any amount received through the policy maturity, surrender, or on the death of the life assured is tax-exempt under Section 10 (10D) of the Income Tax Act, subject to provisions stated therein.
Return of Premium option:
Bajaj Allianz life insurance offers a return of premium option with their term plans and ULIPs. The AMC feature of Bajaj Allianz is one of its first kinds in the history of insurance where the total amount of mortality charges deducted till maturity to provide life cover throughout the policy term is added back to the fund value at the end of the policy term.
Online Availability:
Bajaj Allianz life offers a wide range of life insurance plans online along with their 509 physical offices. Term insurance plans such as iSecure and eTouch are the most famous online term insurance plans which are available at discounted rates when compared to the other term insurance plans from Bajaj Allianz available offline.
Critical Illness Cover:
Term insurance plans generally come with optional riders that provide additional cover for certain incidents at a nominal extra cost. One of the term insurance rider benefits is the optional coverage for critical illnesses. With the rising cost of medical care, the treatment of serious diseases can take a heavy toll on the pocket. The critical illness cover pays a lump-sum amount on the diagnosis of illnesses like heart, kidney, liver and such other diseases as mentioned under rider terms and conditions. The amount received through such a rider cover can be used for disease-related expenses. It acts as an income replacement tool as critical illnesses can lead to a temporary or permanent loss of livelihood.
Disability Cover:
Many term insurance plans offer an optional cover for partial or total disability. A disability can disrupt the normal course of life and could lead to a loss of income, which can make paying term insurance premiums difficult for policyholders. The disability rider ensures that the insurance cover for the specific rider is paid in a lump sum to the policyholder during a contingency.
Death Benefit:
Term insurance plans can offer the flexibility to choose from multiple options to receive the death benefit. Typically, term insurance plans pay the sum assured as a lump-sum amount, but many plans offer the option to receive the sum assured in installments. The loss of an earning member can disturb the monthly income inflow. The installment option can be used for income replacement. It helps the family take care of the daily expenses, protect assets and achieve life goals.
Long Term Coverage:
You can opt for coverage that continues up to 99 years of age by paying premiums for a limited period of time. Using the Bajaj Allianz life insurance calculator you can buy the better it is.
Pays off Liabilities:
Achieving life goals could lead to the accumulation of liabilities over a period. For instance, a major life goal such as buying a house on loan can lead to the addition of long-term liability. The repayment tenure of a home loan can stretch to over 25 years. In the event of an unfortunate incident, your family may be stranded with a heavy liability burden. Term insurance plans can help your family pay off all the liabilities with ease and lead a life of dignity. The probability of failure to pay off the liabilities seldom comes to mind while taking a fresh loan, but it is crucial to protect your family through a term insurance plan. Hence it is wise to plan your cover in a manner that all liabilities are taken care of and your loved ones are secure in your absence.
Flexibility in Premium Payment:
Paying all the premiums on time is a prerequisite to keeping a term insurance plan active. The premiums have to be paid without fail but insurance companies offer ample flexibility in the payment frequency of term insurance premiums. The premiums can be paid on a monthly, quarterly, half-yearly or annual basis as per the product terms and conditions. Term insurance benefits include the option to pay premiums for a limited period as per the product terms and conditions. Limited premium payment term plans offer the option to pay the premiums for a limited period, but the coverage continues for a longer period.
Flexible Policy Terms:
The insurance needs of people vary with occupation, family, liabilities, and life goals. Term insurance plans provide protection for a specified term. Some people require cover for a longer period while some need for a shorter duration. Term insurance offers complete flexibility in the tenure of the policy.
What factors affect Bajaj Allianz life Insurance Premium and Renewal?
There are certain factors that affect the premium to be paid in Bajaj Allianz Life Insurance Company.They are:-
Age of the applicant:
The age of the applicant is the main factor in deciding the premium to be paid. Lower the age, lower would be the premium to be paid by the applicant. This is due to the fact that the mortality ratio would be lower in lower age groups and the ratio increases with an increase in age. The chances of a young person contracting a life-threatening disease or being subject to death are low which thereby reduces the risk for the insurance company. The reduction in risk for the insurance companies is passed on to the customers who are young in the form of reduced premiums. Hence it is advisable to take the term life insurance policy from Bajaj finserv at a very young age to prevent higher premiums from being paid.
Gender of the applicant:
The gender of the applicant decides the premium to be paid. The premium to be paid by women is slightly less compared to that of Men. This is due to the fact that the life expectancy of women is higher than that of men, which is why insurers charge fewer premiums from female applicants. This is one reason for Bajaj Allianz to offer rebates for Female applicants in their term insurance policies.
Medical history of the family:
The medical history of the applicant also plays an important role in deciding the premium to be paid. The person with a history of serious ailments in the family has a higher chance of contracting a serious disease. The probability of contracting a critical illness like heart attack and kidney failure increases the risk for insurer. Therefore, people with a history of diseases in the family end up paying higher premiums.
Lifestyle Habits:
The lifestyle habits such as smoking and drinking can inflict serious damage to the health. These are the biggest reasons for cancer and lung diseases which ultimately lead to death. Hence smokers and drinkers are charged extra premium by the insurance companies. The insurance companies decide the level of premiums to be paid after analysing the level of intake of alcohol or tobacco.
Occupation of the applicant:
The occupation of the applicant plays an important role in deciding the premium to be paid by the applicant. Some professions are more dangerous than others. For instance, mining workers work in a dangerous environment compared to the desk job workers. Term insurance premiums are higher for people in dangerous professions.
Policy Term:
The term of the life insurance policy also determines the premium to be paid by the insured customer. Longer term policies have higher premiums as the insurance company has to take the risk for a longer period of time covering the life of the assured. However the longer the term, the higher the chances of insured attaining mortality.
Health history:
Term insurance premiums are higher for people who have pre-existing diseases. Existing ailments such as Blood pressure, heart ailments etc aggravate the chance of death of the insured customer. The exact term insurance premium of Bajaj Allianz life insurance can be found on the our portal by entering the basic details required for generating the quote. Applicants with pre-existing illness may be required to undergo compulsory medical tests before policy issuance.
Bajaj Allianz Life Insurance Renewal
The renewal of life insurance policy from Bajaj Allianz life insurance company can be done either online or offline. Let us understand the process of renewal of life insurance policy from Bajaj Allianz:-
Online Renewal:
- Visit the online portal and enter the basic details of your policy or enter the website of BAJAJ Allianz and log into your account.
- Once you are on the website or customer portal page of the respective company, you will get an option to pay the premium.
- You will have to provide certain details like the policy number and your date of birth. After the information is entered, the page will display the amount that has to be paid for renewal.
- Use the mode of payment provided to pay the premium amount needed to renew the policy. The Receipt number will be displayed on successful payment.
Offline Renewal:
- To renew the term policy offline you will have to get in touch with the agent who sold the policy or visit a branch of the insurer.
- You will have to provide details like name, policy number and date of birth for the insurance business company to fetch the details of renewal.
- The insurer’s executive will inform you about the premium you will have to pay to renew the policy.
- After you pay the renewal amount, you will be issued a premium payment receipt stating the renewal of the policy. The receipt can be used to avail tax benefits.