Protect your family’s financial future with Bajaj Allianz Term Insurance
Bajaj Allianz Term Insurance is a life insurance policy offered by Bajaj Allianz Life Insurance Company Limited, one of the leading insurance companies in India. It provides financial protection to the insured’s family in case of premature death of the insured during the policy period. Bajaj Allianz Term Insurance offers various benefits, features, and options to suit the different needs of individuals, making it a popular choice to secure your family’s financial future.
Why do you Need a Term Insurance Policy?
Life insurance is essential to financial planning because it ensures that your family is financially protected during your absence. The sudden death of a caregiver can have devastating consequences, leaving the family in financial straits.
- Term insurance ensures that your loved ones are financially protected in case of your unfortunate demise.
- It provides a financial safety net, allowing your family to maintain their standard of living and achieve their life goals.
- Term insurance is affordable and can fit any budget since it is a pure life cover without any investment component.
- It helps protect your family’s assets from being sold to repay debts or loans in your absence.
- Add-on riders such as critical illness, accidental disability, waiver of premium, etc., can enhance the coverage and provide additional financial protection.
- It is important to evaluate and consider the purchase of riders at the time of buying the base term insurance cover.
What is Bajaj Allianz Term Insurance?
Bajaj Allianz term insurance is a pure risk insurance policy that provides a predetermined sum assured to the nominee in the event of the death of the policyholder during the term of the policy. It is a simple and affordable life insurance that offers the financial protection of the insured’s family against the uncertainties of life.
Benefits of Bajaj Allianz Term Insurance
Bajaj Allianz Term Insurance offers several benefits to policyholders, which include:
Bajaj Allianz Term Insurance offers a lump sum death benefit to the beneficiary/beneficiary in case the policyholder dies during the policy period. This benefit can be used by the family to meet their financial needs and maintain their lifestyle in the absence of the policyholder.
Flexible insurance terms
The owner can choose insurance terms according to his needs and financial goals. Bajaj Allianz offers a wide range of policy terms according to which individuals can customize their policy terms.
Bajaj Allianz Term Insurance offers additional riders like Accidental Death Benefit Rider, Critical Illness Rider, Waiver of Premium Rider, etc. which can be added to the basic policy according to the needs of the policyholder.
Bajaj Allianz Term Insurance premiums are tax deductible within the limits laid down in Section 80C of the Income Tax Act, 1961. The death benefit received by the applicant is also tax-free under § 10 (10D) of the Income Tax Act, so it is a tax-efficient insurance option.
Eligibility for Bajaj Allianz Term Insurance
The eligibility criteria for Bajaj Allianz Term Insurance may vary depending on the specific policy and rider options chosen by the policyholder. However, the general eligibility criteria are as follows:
- Minimum Entry Age: 18 years
- Maximum Entry Age: 65 years
- Minimum Policy Term: 5 years
- Maximum Policy Term: 40 years
- Minimum Sum Assured: INR 50 lakhs
- Maximum Sum Assured: No upper limit (subject to underwriting)
Documents Required to Buy Term Insurance
- Proof of Age: This can be in the form of a birth certificate, passport, or any other government-issued document that shows your date of birth.
- Proof of Address: This can be a utility bill, rental agreement, or any other document that verifies your current address.
- Photo Identity Proof: This can be a passport, driver’s license, or any other government-issued ID that includes your photograph and identification details.
- Photograph: You may need to provide a recent passport-sized photograph for documentation purposes.
- Proof of Income: This can be in the form of salary slips, income tax returns, or any other document that confirms your source of income.
- Medical Reports: Some term insurance policies may require you to undergo a medical examination or provide medical reports to assess your health condition.
Bajaj Allianz Term Insurance Term Plans
Bajaj Allianz offers various term insurance plans, such as Bajaj Allianz eTouch Online Term, Bajaj Allianz Smart Protect Goal, Bajaj Allianz Life eSave, Bajaj Allianz iSecure, and Bajaj Allianz Life eTouch. These term plans come with different features, options, and coverage amounts, allowing individuals to choose a plan that best suits their needs and financial goals.
How To Choose The Suitable Term Insurance Plan?
- Determine the amount of coverage you need based on your family’s financial needs, life goals, and debts.
- Decide on the policy term that is long enough to cover your earning years, longest life goal, and debts.
- Consider the cost of coverage and choose a term plan that fits within your budget to avoid policy lapses.
- Review the add-on riders available, such as critical illness or disability riders, and decide if you need any of them.
- Check the claim settlement ratio of the insurance provider to ensure they have a high percentage of settled claims.
- Consider the solvency ratio of the insurance company, which reflects its financial strength and ability to settle genuine claims.
How to Buy a Term Insurance Online
- Visit the Bajaj Allianz Life Insurance website at www.bajajallianzlife.com.
- Check the term insurance plans available.
- Select the policy of your choice and click on ‘Calculate Now’/’Buy Now.’
- Submit the personal details required, such as your name, email ID, mobile number, date of birth, etc.
- Select your gender, mention if you are a tobacco user, and provide other necessary details, such as education, occupation, pin code, annual income, etc.
- Submit other policy-related details like the variant, life cover amount, policy term, premium payment term, premium payment frequency, etc.
- The premium amount due for the parameters you have entered will be displayed. You can modify any of the policy details provided, and the premium will change accordingly.
- If you find the premium amount within your budget, click on ‘Buy Now’ to make the premium payment and complete your purchase.
- Once you fill out and submit the proposal form, your term insurance policy will be issued.
Bajaj Allianz Term Insurance Premium Calculator
You can use a Term Insurance Premium Calculator, which allows individuals to calculate the premium for their chosen term insurance plan. The premium calculator takes into consideration factors such as the policyholder’s age, policy term, sum assured, and rider options (if any) to provide an estimate of the premium amount payable for the selected policy.
Bajaj Allianz Term Insurance Login
Policyholders can log in to the Bajaj Allianz Life Insurance website or the Bajaj Allianz Life Insurance customer portal to access their policy details, check policy status, make premium payments, update personal information, download policy documents, and avail of other online services related to their term insurance policy.
Bajaj Allianz Term Insurance Payment
Policyholders can make premium payments for their Bajaj Allianz Term Insurance policy through various modes such as online payment using the official website, net banking, debit/credit card, mobile wallets, or through offline modes such as cheque, demand draft, or cash at the nearest Bajaj Allianz branch or authorized payment centers.
How to check Bajaj Allianz Term Insurance Status?
- Log in to the customer portal on the Bajaj Allianz Life Insurance website.
- Contact the customer service helpline of Bajaj Allianz Life Insurance.
- Visit the nearest Bajaj Allianz branch and inquire about the policy status.
How to Download Bajaj Allianz Term Insurance Policy Certificate?
- Visit the official website of Bajaj Allianz Life Insurance or log in to the customer portal.
- Navigate to the “Policy Documents” or “My Policies” section, usually located in the policy details or account settings.
- Select the specific term insurance policy for which you want to download the certificate.
- Click on the “Download” or “View” option next to the policy to access the policy documents.
- Review the policy bond, policy schedule, and other policy-related documents on the screen.
- Click on the “Download” button to save the policy certificate in PDF format to your device.
Max Life Term Insurance vs Bajaj Allianz Term Insurance
|Feature||Max Life Term Insurance||Bajaj Allianz Term Insurance|
|Coverage Options||Basic Term Plan, Return of Premium Plan, Increasing Term Plan, Monthly Income Plan, and more||eTouch Online Term Plan, Smart Protect Plan, Term Care Plan, and more|
|Claim Settlement Ratio||99.22%||98.10%|
|Policy Term||10-40 years||5-40 years|
|Premium Payment Modes||Annual, Semi-Annual, Quarterly, Monthly||Annual, Semi-Annual, Quarterly, Monthly|
|Riders Available||Accidental Death Benefit Rider, Critical Illness Rider, Waiver of Premium Rider, and more||Accidental Death Benefit Rider, Critical Illness Rider, Waiver of Premium Rider, and more|
|Maximum Coverage||No upper limit||No upper limit|
|Premium Rates||Competitive rates based on age, coverage amount, policy term, and other factors||Competitive rates based on age, coverage amount, policy term, and other factors|
|Customization Options||Multiple riders, policy term, premium payment modes, and coverage amounts||Multiple riders, policy term, premium payment modes, and coverage amounts|
Bajaj Allianz Term Insurance Claim Settlement Ratio
Bajaj Allianz Life Insurance has a good claim settlement ratio, which indicates the percentage of claims settled by the company in a particular financial year. The claim settlement ratio reflects the company’s efficiency in settling claims and honoring its commitment to policyholders. Bajaj Allianz’s claim settlement ratio can be found on the official website of the Insurance Regulatory and Development Authority of India (IRDAI) or Bajaj Allianz’s website.
Is Bajaj Allianz Term Insurance Good?
Bajaj Allianz Term Insurance is a reputable insurance option with a good track record in the insurance industry. It offers a wide range of insurance options, flexible policies, multiple travelers, and tax benefits, making it a complete-term insurance solution. Bajaj Allianz Life Insurance Company Limited has a high claim ratio which shows the company’s credibility and commitment to effective claim settlement.
However, the suitability of Bajaj Allianz Term Insurance for an individual’s needs depends on various factors such as age, income, financial goals, and risk appetite and it is advisable to understand the policies and features before taking a decision.
Bajaj Allianz Term Insurance Review
Bajaj Allianz Term Insurance has received positive reviews from policyholders and experts for its comprehensive coverage options, flexible policy terms, multiple rider options, and efficient claim settlement process. However, it is always advisable to thoroughly review the policy terms, features, benefits, and customer reviews before making a decision, taking into consideration individual requirements and preferences.
Why Choose Bajaj Allianz Life for Your Term Insurance?
- High Claim Settlement Ratio: Bajaj Allianz Life Insurance has a high claim settlement ratio of 99.02% for the financial year 2021-22, indicating that they honor their claims and provide financial security to policyholders.
- Vast Network of Branches: Bajaj Allianz Life Insurance has over 509 branches across India, providing both online and in-person assistance to customers, making it convenient for different types of customers.
- Comprehensive Product Suite: Bajaj Allianz Life Insurance offers a wide range of term insurance plans with different features, such as whole life coverage, critical illness insurance, and optional benefits like accidental disability rider and waiver of premium benefit, giving policyholders flexibility and choice.
- Prompt Claim Settlement: Bajaj Allianz Life Insurance ensures quick and easy claim settlement of eligible claims, with a 1-day claim approval benefit on eligible policies, providing peace of mind to policyholders and their families in case of any unforeseen events.
What is Bajaj Allianz Term Insurance?
Bajaj Allianz Term Insurance is a type of life insurance policy that provides coverage for a specified term or period, offering financial protection to the policyholder’s family in case of their unfortunate demise during the policy term.
What are the benefits of Bajaj Allianz Term Insurance?
Some of the benefits of Bajaj Allianz Term Insurance include a high sum assured at an affordable premium, flexibility to choose policy term and coverage options, the option to add riders for enhanced coverage, tax benefits under the Income Tax Act, 1961, and a hassle-free claim settlement process.
What are the eligibility criteria for Bajaj Allianz Term Insurance?
Generally, individuals between the ages of 18 and 65 years, who are salaried, self-employed, or professionals, and meet the insurer’s underwriting guidelines, are eligible to apply for Bajaj Allianz Term Insurance.
How to pay Bajaj Allianz Term Insurance premium?
Policyholders can make premium payments through various modes such as online payment using the official website, net banking, debit/credit card, mobile wallets, or through offline modes such as cheque, demand draft, or cash at the nearest Bajaj Allianz branch or authorized payment centers.