Bajaj Allianz Life Insurance Company

About Bajaj Allianz Life Insurance Company

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. 

Key highlights of Bajaj Allianz Life Insurance Company

Below mentioned are some of the remarkable highlights of Bajaj Allianz Life Insurance Company

Awards and achievements of Bajaj Allianz Life Insurance Company

Since its inception, Bajaj Allianz Life Insurance Company has won many awards. Some of the latest awards that the company earned are mentioned below:

• Domestic Life Insurer of the year 2021 by Insurance Asia Awards 2021.
• Digital Technology Senate Award 2021 under the ‘Enterprise Mobility’ category for Bajaj Allianz Life Smart Assist – a unique co-browsing service for the insurance industry.
• Winner under ‘Highest growth’ category of the ASSOCHAM 13th Global Insurance E-Summit and awards.
• Awarded with ‘Best use of innovation to enhance customer experience’ at the Customer Fest Leadership Awards 2021.
• Bagged Gold #SAMMIE for the ‘Best social media brand’ category at the Best Social media brands award 2020.
• For undergoing digital transformation and adapting to hybrid cloud infrastructure, the brand was awarded Red Hat APAC Innovation Awards 2020.

Why choose Bajaj Allianz Life Insurance Company?

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 –

• The company is present across India making it easier for you to buy its policies. There are more than 509 branches and 80,000+ insurance agents making the company’s distribution channel strong and reliable.
• Bajaj Allianz Life Insurance offers different types of online tools and calculators so that you can assess your financial goals and then plan for them effectively.
• The company has been rated AAA (IS): Stable by the leading agency CARE. This rating shows the strong fundamentals of the company and instills trust.
• Bajaj Allianz is counted among the top 75 most valuable Indian brands
• To ease user experience and simplify insurance processes, Bajaj Allianz Life Insurance Company also offers a smartphone application that makes buying and renewing the policies easier.

Different types of plans offered by Bajaj Allianz Life Insurance Company

As mentioned earlier, Bajaj Allianz Life Insurance Company offers different types of life insurance plans. Let’s have a look at these policies –

A. Term insurance

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 –

• Four coverage options to choose from – Life Cover, Life Cover with Child Education Extra Cover, Life Cover with Joint Life, and Increasing Life Cover
• You can pay the premium at your convenience because the plan offers different premium payment modes to choose from
• You can choose the return of premium benefit to get the premiums refunded on maturity
• There is also the option of availing of coverage for up to 99 years of age
• The plan also offers four optional riders to help you enhance the coverage 

Eligibility conditions 

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 –

• You choose the premium that you wish to invest and the sum assured is calculated as 10 times the premium paid
• You need to pay premiums for a limited period only
• A loan facility is available under the policy which extends funds for your financial obligations during the policy tenure
• On maturity, you get a guaranteed addition on the sum assured which enhances the maturity benefit

Eligibility conditions 

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 –

• Choose from two pay-out variants – lump sum or monthly income
• If you choose the income benefit, you can get increasing incomes, that too guaranteed!
• There are 5 optional riders that help you enhance the scope of coverage
• The plan also allows you to extend the coverage duration beyond the chosen term

Eligibility conditions

How can you buy Bajaj Allianz Life Insurance plans?

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:

• Enter the details in the online application form

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.

• Choosing from the available options

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.

• Stating the specifics in the proposal form

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.

• The documentation 

This step particularly requires you to submit a set of documents for the policy issuance. Below is the list of the same:

1. Your current address proof. It could be your passport, driving license, aadhaar card, voter’s ID card, utility bills, or rent agreement.
2. An identity proof could be any of the above mentioned documents except for utility bills or rent agreements. PAN Card would also do.
3. A document that certifies your age. Probably your passport, driving license, Aadhaar card, voter ID card, birth certificate, etc.
4. Lastly, a document that provides evidence of your income, typically Form 16, salary slip, financial statement, bank statement, etc.
5. Passport-size photographs.

• Undergoing health-checkups

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.

• Paying the premium

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. 

Lapse of the policy and revival

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:

• Pay the remaining premium
• Clear the interest on the same
• Submit a written statement assuring your good health

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 paybima.care@mahindra.com. PayBima would, then, help you revive your lapsed policy easily. 

How to file a claim for Bajaj Allianz Life Insurance plans?

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 –

• Intimating the company

You would have to inform the insurer about the death of the insured. You can do that by any of the following means –

• Dialing their toll-free number 1800-209-5858
• Emailing them on bagichelp@bajajallianz.co.in
• Registering online on https://www.bajajallianzlife.com/ 
• Registering the claim via the Caringly Yours application.

• Fill and submit the claim form

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.

• Completing the documentation 

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:

• The claim form, filled and signed by the claimant
• The policy document
• Copy of the death certificate
• Identity proof of the claimant
• Address proof of the claimant
• Bank details of the claimant

In case of accidental deaths, the company demands certain additional documents such as the Police FIR, panchnama, medical reports, post-mortem reports, etc.

Review of Bajaj Allianz Life Insurance Company

Here’s an overall review of Bajaj Allianz Life Insurance Company as an insurance provider – 

• The firm holds a mention in the Guinness Book of World Records for its uniquely engaging initiative Bajaj Allianz Life Plankathon 2020
• It provides users with numerous easy buying, claiming, or renewing their insurance policies within a very short span of time.

• The company’s claim settlement ratio for the financial year 2020-21 stood at 98.48%. Moreover, 95% of the claims were approved within 1 day.
• The high solvency ratio also indicates the strong financial standing of the company and its ability to operate.

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 –

• In the case of suicide within a year of buying the policy – a refund of 80% of the premium paid
• In the case of suicide within a year of reviving a lapsed policy – higher than 80% of the premium paid or the policy’s surrender value.

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 –

• If you are a female whose life is being insured
• If you are a non-smoker
• If you buy the policy online
• If you choose a high sum assured amount

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.