10 min read
Updated on Jul 13, 2022
Bajaj Allianz Life Insurance started its operations in the year 2001. The company was formed as an alliance between two established entities i.e. Bajaj Finserv Limited – one of India’s diversified non-banking financial institutions and Allianz SE – the world’s leading Germany-based asset management and the insurance company. Since 2001, Bajaj Allianz has been launching innovative insurance solutions. It is also the first firm to launch the revolutionary Return of Mortality Charges features in some of its new-age ULIPs.
Bajaj Allianz Life Insurance has continuously endeavored to provide a technology-driven, ultra-advanced service that enriches customer satisfaction to a completely different level. Customers can easily get an appropriate plan from the variety of different ones that the company has to offer under its umbrella. These plans are not only affordable but also offer financial security.
Below mentioned are some of the remarkable highlights of Bajaj Allianz Life Insurance Company
|Assets under management as of 30th August 2021||INR 73,773 crores|
|Number of lives covered as of 30th August 2021||2.36 crores|
|Solvency ratio||666 percent|
Since its inception, Bajaj Allianz Life Insurance Company has won many awards. Some of the latest awards that the company earned are mentioned below:
There are many reasons why one should choose Bajaj Allianz Life Insurance as the preferred insurance provider for life insurance policies. Here are some such reasons –
As mentioned earlier, Bajaj Allianz Life Insurance Company offers different types of life insurance plans. Let’s have a look at these policies –
Term insurance plans take care of the basic coverage need of financial protection. These plans cover the risk of premature death, i.e. death within the policy tenure. If the insured dies within the policy tenure, term plans pay a death benefit that helps the family deal with the financial loss. Term plans have low premiums and comprehensive cover so that you can ensure optimal financial protection for your family in your absence.
Bajaj Allianz offers the following comprehensive term insurance plan for its customers –
1. Smart Protect Goal
Smart Protect Goal is not only a comprehensive term plan but also a customizable one. You can create your own policy by choosing the coverage that you need, the term, the benefits, etc. Have a look at some of the salient features of the policy –
|Entry age||18 years to 65 years|
|Maximum maturity age||Up to 99 years|
|Policy term||5 years to 99-entry age|
|Premium paying term||Single premium –once
Limited or regular premium – 5 years to 67 years
|Sum assured||Rs.50 lakhs onwards|
B. Endowment plans
Endowment plans help you save and create a corpus for your financial goals along with providing insurance coverage. You get guaranteed benefits in the case of death or maturity. Moreover, many endowment plans also allow bonus additions that help in enhancing the benefit payable on death or maturity.
Bajaj Allianz offers the following types of endowment plans with attractive benefits –
1. POS Goal Suraksha
This is an endowment insurance policy with a guaranteed benefit payable on death or maturity. Following are the salient features of the plan –
|Entry age||18 years to 55 years|
|Maturity age||28 years to 65 years|
|Policy term||10 years, 15 years or 20 years|
|Premium paying term||5 years, 7 years, 8 years, 10 years or 12 years|
|Sum assured||Minimum – Rs.30,000
Maximum – Rs.25 lakhs
|Premium||Minimum – Rs.3000/year
Maximum – as per the maximum sum assured
2. Guaranteed Income Goal
This endowment policy gives you the option of receiving the benefit in the form of income if you don’t want the lump sum pay-out. Here are the salient features of the plan –
|Entry age||6 years to 60 years|
|Maturity age||18 years to 72 years|
|Maximum coverage age in the case of extension of the term||84 years|
|Policy term||5 years, 7 years, 10 years, 12 years, 15 years or 20 years|
|Premium paying term||5 years, 7 years, 8 years, 10 years or 12 years|
|Sum assured||Minimum – Rs.1 lakh
Maximum – no limit
|Premium||Minimum – Rs.22,822/year
Maximum – as per the maximum sum assured
Buying a Bajaj Allianz Life Insurance plan is quite simple. It can be done online using the PayBima platform. Apart from facilitating the entire process of paying for your insurance policy, PayBima also offers an online comparison to check between the different policies and choose one that suits you the most. A stepwise process of buying the policy using PayBima is given below:
After you visit the life insurance section on PayBima at https://www.paybima.com/term-life-insurance-plans-online, you would find a form asking for your specific details so that it can find the best Bajaj Allianz Life Insurance plan for you. So, fill the form will correct details and submit it online to get to the next step. Some common details that would be needed include your age, gender, sum assured, policy term, etc.
PayBima will process all the information that you’ve fed in the form, analyze it and display a list of insurance policies from various companies that are suitable for you. You can, then, compare and find the most suitable policy which offers the best coverage benefits at the lowest premium rates.
After you’ve selected a suitable insurance plan, you need to fill up the proposal form. Typically, doing so requires stating your personal, medical, and financial details. This helps the insurer underwrite the policy and issue it.
This step particularly requires you to submit a set of documents for the policy issuance. Below is the list of the same:
This step might be required if your age is high or if you choose a high sum assured. The insurer assesses your health risk before issuing the policy in these cases and a medical check-up becomes necessary before the policy is issued.
After you submit your proposal and complete the health checkups, you can pay the premium online and your policy would be issued. PayBima offers a range of online payment modes and you can choose a mode based on your suitability.
In scenarios when you do not pay the entire premium within the due date, your policy would lapse i.e. the benefits offered by it would either cease or reduce. A lapsed policy is not recommended as you lose out on the benefits offered by Bajaj Allianz life insurance plans. As such, the company allows you to revive the lapsed policy within a specified tenure. For doing so, you’d have to:
Remember that reviving a policy would involve fresh underwriting before the policy is revived. In case, you wish to revive the policy using PayBima, you could do that by calling 800 267 67 67 or by dropping in an email at email@example.com. PayBima would, then, help you revive your lapsed policy easily.
Claiming your Bajaj Allianz Life Insurance policy is easy. Maturity and survival claims are handled directly by the company with a minimum of hassles. For a death claim, however, you have to follow some steps. Here are the required steps that you can do for a death claim –
You would have to inform the insurer about the death of the insured. You can do that by any of the following means –
After registering your claim you would have to fill and submit a claim form. The form should contain all the details of the insured, the policyholder, and the claim. Fill and submit the form to the insurer to proceed with the claim processing.
Lastly, you’d have to provide Bajaj Allianz Life Insurance Company with the list of documents for payment of the claim. A typical list of documents consists of the following:
In case of accidental deaths, the company demands certain additional documents such as the Police FIR, panchnama, medical reports, post-mortem reports, etc.
Here’s an overall review of Bajaj Allianz Life Insurance Company as an insurance provider –
Frequently Asked Questions
Q: What is the meaning of policy loans under Bajaj Allianz endowment plans?
Endowment assurance plans allow the facility of policy loans. Under this facility, you can avail of a loan from the policy if you need funds during the policy tenure. The loan is allowed only if the policy has acquired a surrender value. The loan is expressed as a percentage of the surrender value. For example, under POS Goal Suraksha, you can avail up to 75% of the surrender value as a loan.
The loan is available easily and interest is charged on the amount that you borrow.
Q: Is death by suicide covered?
In the case of suicidal death within a year from the date of policy issuance or revival, coverage would not be allowed. In such cases, the benefit paid on suicidal death would be as follows –
However, suicidal death after a year from purchase or revival is covered and the stipulated death benefit is paid.
Q: Can I buy a policy for my family members?
Yes, you can buy a policy in the name of your family members. In such cases, you would be the policyholder while your family member would be the life insured.
You can buy the policy in the name of your spouse or children only.
Q: Do Bajaj Allianz Plans offer any premium discount?
Yes, you can avail of the following types of premium discounts in Bajaj Allianz life insurance plans –
The actual discount would depend on the plan that you buy but these discounts are allowed under many Bajaj Allianz plans.
Q: What are the premium paying frequencies available?
Bajaj Allianz allows you to pay the premium annually, half-yearly, quarterly, and monthly. You can, thus, choose the frequency that is convenient for you.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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