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Bajaj Allianz Life Insurance Vs HDFC Life Insurance

HDFC Life Insurance and Bajaj Allianz Life Insurance are two of the top life insurance providers in India. Both HDFC and Bajaj offer a wide variety of products and services and both companies offer competitive rates for their products but the two companies are very different in their approach to insurance. In this article, we will compare the two life insurance providers and their policies, features, and benefits.

Bajaj Allianz Life Insurance Vs HDFC Life Insurance

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. Bajaj Allianz life insurance India has been constantly transforming to offer tech-enabled state-of-the-art services to enhance customer delight. Bajaj Allianz Life Insurance Company offers a wide variety of life insurance products that serve the different sections of society.

Bajaj Allianz Life Insurance Plans List

Type of Plans Bajaj Allianz Life Insurance Plans
Term Insurance Plans
  • Bajaj Allianz Life Smart Protect Goal
  • Bajaj Allianz Life Saral Jeevan Bima
  • Bajaj Allianz Life eTouch Online Term
  • Bajaj Allianz Life iSecure
Savings Plans
  • Bajaj Allianz Life Flexi Income Goal
  • Bajaj Allianz Life Guaranteed Saving Plan
  • Bajaj Allianz Life Guaranteed Income Plan
  • Bajaj Allianz Life POS Goal Suraksha Plan
  • Bajaj Allianz Life Assured Wealth Goal-Second Income Plan
Pension Plans
  • Bajaj Allianz Life Saral Pension Plan
  • Bajaj Allianz Life Guaranteed Pension Goal
  • Bajaj Allianz Life LongLife Goal
ULIP Plans
  • Bajaj Allianz Life Insurance Smart Wealth Goal
  • Bajaj Allianz Life Insurance Future Gain
  • Bajaj Allianz Life Insurance Fortune Gain
  • Bajaj Allianz Life Insurance Future Wealth Gain
Child Plans
  • Bajaj Allianz Life Young Assure
  • Bajaj Allianz Life Long Assure
Investment Plans
  • Bajaj Allianz Life Assured Wealth Goal- Wealth Creation Plan
  • Bajaj Allianz Life Invest Assured
  • Bajaj Allianz Life Elite Assured
Group Plans
  • Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana
  • Bajaj Allianz Life Group Superannuation Secure
  • Bajaj Allianz Life Group Sampoorna Suraksha Kavach
  • Bajaj Allianz Life Group Credit Protection Plus
  • Bajaj Allianz Life Group Employee Care
  • Bajaj Allianz Life Group Term Life
  • Bajaj Allianz Life Group Employee Benefit
  • Bajaj Allianz Life Group Sampoorna Jeevan Suraksha
Health Care Plans
  • Bajaj Allianz Life Health Care Goal

Bajaj Allianz Life Insurance Key Features

  • Bajaj Allianz Life Insurance offers additional add-on covers to enhance the coverage.
  • Bajaj Allianz Life Insurance provides whole life covers up to 99 years of age.
  • Bajaj life insurance has a vast network of 509 branches located across the country. 
  • Bajaj Allianz life has a comprehensive product portfolio designed to cater to a wide variety of people.
  • Bajaj Allianz Life insurance online payment can be done through their customer portal.
  • Bajaj Allianz Life insurance offers an online platform where you can buy products as well as manage existing policies.

Bajaj Allianz Life Insurance Benefits

  • Flexibility in Premium Payment: Bajaj Allianz Life Insurance 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.
  • Online Availability: Bajaj Allianz life offers a wide range of life insurance plans online. Term insurance plans are the most famous online plans which are available at discounted rates when compared to the other term insurance plans from Bajaj Allianz available offline.
  • High Life coverage at an affordable premium:  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: Bajaj Allianz’s life insurance policies provide certain tax benefits under section 80C of the income tax act, 1961. 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.

Bajaj Allianz Life Insurance Benefits

HDFC Life Insurance

HDFC life insurance is one of the leading providers of life insurance in India. It is a joint venture between HDFC Ltd and standard life Aberdeen, a global investment company. HDFC Life insurance company is a leading long-term life insurance provider; the company proposes individual and group insurance solutions that meet policyholders' requirements as investment, savings, pension plans, protection, health, etc.

HDFC Life Insurance Plans List

Type of Plans HDFC Life Insurance Plans
Term Plans
  • HDFC Life Click 2 Protect Life
  • HDFC Life Saral Jeevan Bima
Savings Plans
  • HDFC Life Sanchay Par Advantage
  • HDFC Life Sanchay
  • HDFC Life ClassicAssure Plus
  • HDFC Life Super Income Plan
  • HDFC Life Sampoorn Samridhi Plus
  • HDFC Life Uday Plans
  • HDFC Life Pragati Plans
ULIP Plans
  • HDFC Life Click 2 Wealth
  • HDFC Life Click2Invest ULIP
  • HDFC Life ProGrowth Plus
  • HDFC SL ProGrowth Super II
  • HDFC SL Crest
  • HDFC SL ProGrowth Flexi
  • HDFC Life Smart Woman Plan
  • HDFC Life Pragati Plans
  • HDFC Life Sampoorna Nivesh
  • HDFC Life Classic One
  • HDFC Life Capital Shield
Pension Plans
  • HDFC Life New Immediate Annuity Plan
  • HDFC Life Click 2 Retire
  • HDFC Guaranteed Pension Plan
  • HDFC Life Personal Pension Plus
  • HDFC Life Assured Pension Plan
  • HDFC Life Saral Pension
Child Plans
  • HDFC Life Click 2 Wealth
  • HDFC Life Click 2 Retire
  • HDFC Life Youngstar Udaan
POS Plans
  • HDFC Life Guaranteed Savings Plan
Combo Plans
  • HDFC Life Sanchay Maximiser

HDFC Life Insurance Key Features

  • HDFC life insurance offers a variety of financial protection products, including term insurance, health & family floater policies and pension plans.
  • No lengthy documentation process for buying an HDFC life insurance policy.
  • The company also provides add-ons to enhanced protection for an extra premium
  • The company has a healthy claim settlement ratio which means its claim settlement process is hassle-free and it offers good service to its customers.

HDFC Life Insurance Benefits

  • Variety of Products: HDFC Life Insurance Company provides a wide range of plans to their customers such as term insurance plans, Savings plans, Investment plans, Pension plans, Health plans, Child plans, etc.  So, you can choose the plan which suits your requirements.
  • Affordable Price:  HDFC Life Insurance plans are specially designed to fulfill your requirements at an affordable price.
  • Customer Support: HDFC Life Insurance Company provide its customers with high-class services and it has a robust customer care service that is available to its customers 24X7.
  • Accidental Death Benefit: This accidental death covers you with additional payouts in case of any death that happened by a road accident.
  • Critical Illness Benefit: The critical illness covers you with 19 illnesses that will secure your family against the loss of income due to any illness diagnosed.
  • Life Cover till 99 years: To ensure your financial protection for the family when you are not around with a life cover up to 99 years at affordable premiums.

Bajaj Allianz Life Insurance Benefits

Comparison Table of Bajaj Allianz vs HDFC Life Insurance

HDFC Life Insurance Company offers a variety of products such as life insurance, savings insurance, child protection plan, and many more. HDFC Life Insurance also offers a range of services that include an online application process for new policies, premium payment methods, policyholder service numbers, and more. HDFC Life Insurance offers customers an easy way to apply for their policies online. For those who wish to do so, HDFC Life Insurance also provides an option to pay the premiums through several online services.

Bajaj Allianz Life Insurance is a digital life insurance company that offers life, health, and wealth insurance. They are also one of the best India’s life insurance companies to offer an online life insurance product. Bajaj Allianz Life Insurance offers a variety of products to meet customer needs. This includes Term plans which provide coverage for up to 100 years of premium payments.

Here are some of the key parameters based on which they differ from each other:

Parameter Bajaj Allianz Life Insurance HDFC Life Insurance
Claim settlement ratio 99.02% 98.01%.
Solvency Ratio 7.65 1.91
Availability Online/Offline Online/Offline
Life Cover Up to 99 Years Up to 99 years
Number of Branches Available 509+ 421
Death Benefit Yes Yes
Maturity Benefit Yes Yes
E-services
  • Download Statements
  • Track Application
  • Claim Assistance
  • Pay Premiums
  • Buy Policy, etc.
  • Update Information
  • Claim
  • Renew/Revive Policy
  • Buy Policy
  • Pay Premiums, etc.
Riders
  • Accidental Death Rider
  • Accidental Permanent Disability
  • Premium Waiver Rider
  • Critical Illness Benefit
  • Family Income Benefit Rider
  • Critical Illness Plus Rider
  • Accidental Disability Rider
  • Income Benefit Rider
  • HDFC Life Protect Plus Rider

Conclusion:

It's important to do proper research before you make a decision. Good research will help you understand the pros and cons of both the policies and help you make an informed decision. HDFC Life Insurance is one of the most popular life insurance companies in India. It offers a range of products that are designed to suit different needs and budgets. Bajaj Allianz Life Insurance offers term life insurance which can be used for protection against death or terminal illness as well as cashback plans on premium payments if the policyholder meets certain conditions.

In order to make a better decision, you should make sure that you have all the information about life insurance companies available in the market. However, this decision has become much easier with the help of PolicyBachat. Know all the key features and benefits of Bajaj Allianz Life Insurance and HDFC Life Insurance. To buy the best life insurance policy compare life insurance quotes at Policybachat.

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