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Bajaj Allianz Life Insurance

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Bajaj Allianz Life Insurance

Overview
Bajaj Allianz Life Insurance Company Limited is a leading insurance company in India and is a joint venture entity formed by Bajaj Finserv Limited, one of India’s biggest financial services players and Allianz SE. The company offers several insurance products like retirement, child, ULIP and health plans to its clients.

The company strives to offer the best possible solutions for people across all segments and has 638 offices in the country. The company’s total AUM (assets under management) stands at Rs. 49, 720 crore overall. The claim settlement ratio of the company stands at a healthy 93.87%.

Bajaj Allianz Life Insurance at a glance
  • Competitive pricing and a rage of customized plans
  • Claim settlement ratio for FY 2016-17 is 99.16%.
  • Coverage of 1 crore at a premium of Rs 18 per day.
  • Assets Under Management (AUM) as March 2017 is Rs 49,270 crore
Bajaj Allianz Life Insurance Company Limited Term Plans
Bajaj Allianz Life Insurance Company Limited also has several tern plans which help in ensuring future security for your family. These plans include Save Assure where there are guaranteed benefits upon maturity along with two policy term choices. There are varied payment tenors for premiums as well.

Documentation needed for availing Bajaj Allianz Life Insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph
Bajaj Allianz Term Insurance Plans
  • Bajaj Allianz eTouch Online Term Plan: A comprehensive term plan that enables you to realize your dreams without any compromises, in case of an unforeseen event. It is available in various variants.
  • Bajaj Allianz iSecure: This is a very basic, non-complicated and inexpensive plan to secure your family. There are two types of existing iSecure Plan – Annual Renewable Term and Level Premium Term.
  • Bajaj Allianz iSecure More: iSecure More is a non-participating increasing cover term plan. It provides an increasing cover to enhance the protection to meet a family's increasing financial requirements.
  • Bajaj Allianz iSecure Loan: A traditional online term plan designed to cover the liabilities of a policyholder in form of loans and mortgages availed by them.
  • Bajaj Allianz Life Secure: This is a non-linked life term plan assuring protection for the whole life.
  • Bajaj Allianz LifeStyle Secure: A risk cover (term assurance & terminal illness cover) plan that assures financial protection to your family, so they have the security of maintaining their current lifestyle at ease.

1: Bajaj Allianz eTouch Online Term Plan: Comprehensive protection that provides life cover combined with benefits on accidental death, accidental total permanent disability and critical illnesses along with benefit of premium waiver

Advantages and Benefits
  • Protection can be enhanced by choosing from four available variants – Shield, Shield Plus, Shield Super and Shield Supreme
  • Nominee can avail the policy benefits either in a lump sum or in monthly installments
  • One can qualify for lower premium if they are leading a healthy lifestyle and are non-tobacco users
  • Options available to change Premium payment frequency
Bajaj Allianz eTouch Online Term at a glance
Features Description
Min / Max Entry age 18 / 65 years
Min / Max Age at Maturity 28 / 75 years
Min / Max Policy term 10 / 40 years
Premium payment terms Same as policy term
Minimum Premium Rs 5000 per annum
Maximum Premium As per the maximum sum assured
Mode of Premium Payment Yearly, Half yearly, Quarterly and Monthly
Minimum Sum Assured Rs 50 lacs
Maximum Sum Assured
Life Benefit Accidental Death Benefit, Accidental Total Permanent Disability benefit Accelerated Critical Illness Benefit
No Limit Rs 2 Crores Rs 75 Lacs

2: Bajaj Allianz iSecure Plan: A very basic, and affordable term plan to secure your family. Available as Annual Renewable Term and Level Premium Term.

Advantages and Benefits
  • Provides a level term insurance cover at low cost, especially for larger sum assured.
  • Nominee can avail the option of death benefit in equal monthly installments over a period of 5 or 10 years.
  • The company rewards the insured people for maintaining a healthy lifestyle, with special premium rates
  • The frequency of premium payment can be altered as per your need
  • Spouse can be included later in the existing policy, incase you are single at present
  • Policy terms can be chosen to 10, 15, 20, 25 or 30 years depending on your requirement.
  • Availability of free look period (15 days)
  • Premium Rebates – for choosing high sum assured, attractive premium rebates are offered.
Bajaj Allianz iSecure Term at a glance
Features Description
Min / Max Entry age 18 / 60 years
Min / Max Age at Maturity 28 / 70 years
Policy terms 10, 15, 20, 25 and 30 years

Sum Assured :
Minimum Maximum
Rs 2.5 Lacs for general category No Limit
Rs 20 Lacs for the categories split by Preferred Non-Smoker1 , Non-Smoker1 & Smoker No Limit

Minimum installments Premium:
Sum Assured Yearly Half-Yearly Quarterly Monthly
Less than Rs 20 Lacs Rs 1000 Rs 500 Rs 250 Rs 100
Greater than or equal to Rs 20 Lacs Rs 3000 Rs 1500 Rs 750 Rs 250

3: Bajaj Allianz iSecure More: This is a non-participating increasing cover term plan providing an increasing cover to beat the inflation and provide a better lifestyle.

Advantages and Benefits
  • At each policy anniversary, this plan provides 5% increase in sum assured which is upto a maximum of twice the sum assured at policy inception
  • Flexibility to choose policy term from 10 years to 25 years depending on your requirement
  • Spouse can be included at a later date in the existing policy
  • By opting for disbursement of policy proceeds in annual installments, one can plan for the recurring expenses of his dependants
  • Death benefit – in form of individual life and joint life
  • Premium Rebates – this plan offers premium discount to policyholder for choosing high sum assured of 500,000 and above.
Bajaj Allianz iSecure More Term at a glance
Features Description
Min / Max entry age 18 / 60 years
Min Sum Assured Rs 2,50,000
Max Sum Assured Unlimited
Policy term 10, 15, 20 and 25 years
Minimum installments Premium Rs 1,500 per yearly installments
Rs 750 per half-yearly installments
Rs 400 per quarterly installments
Rs 150 for monthly installments
Min / Max maturity Age 28 / 70 years

In this plan, Sum Assured can be chosen in specific multiples only, as stated below.
Sum Assured Band Multiple
Upto Rs 4 Lacs Rs 50,000
Rs 4 Lacs to 45 Lacs Rs 1,00,000
Rs 45 Lacs and above Rs 5,00,000

4: Bajaj Allianz iSecure Loan: A traditional online term plan that cover the liabilities of a policyholder in form of loans and mortgages availed by them.

Advantages and Benefits
  • This plan can be availed on a single life or joint life with spouse, children or business partner
  • The sum assured corresponds with the outstanding of the loan amount
  • Death benefit can be availed in annual installments over a period of 5 or 10 years – which equals to 1.04 X death benefit /60 for 5 years and 1.08 X death benefit / 120 for 10 years
  • 5% additional rebate is given to the customers buying the plan online
  • One can avail high sum assured rebates for choosing larger coverage options of 5 lakhs and above
  • Flexibility of premium payment terms can be opted as per the need
  • For monthly mode of premium payment, a grace period of 15 days is allowed; while 30 days allowed for other modes
Bajaj Allianz iSecure Loan at a glance
Features Description
Min / Max entry age 18 / 60 years
Min / Max Maturity age 28 / 65 years
Min / Max Policy term 10/ 25 years
Premium payment term 2 / 3 rd of policy term
Premium paying frequency Monthly, quarterly, half-yearly, annually
Min premium per annum Rs 1500
Max premium per annum Unlimited
Min Sum assured Rs 3 lakhs
Max Sum assured Unlimited

5: Bajaj Allianz Life Secure: This unique plan provides complete protection till 100th birthday and comes in three coverage options – Option I (death benefit), Option II (Death benefit + Accidental death benefit) and Option III (Death benefit or Accelerated critical illness + waiver of premium benefit).

Advantages and Benefits
  • This plan offers attractive premium rates for female lives
  • Comes in four premium payment options – 5, 7, 10 or 15 years
  • It provides more value for money with high sum assured rebate
  • A grace period of 30 days is given for premium payment frequencies other than monthly option, which has 15 days as a grace period
  • There’s option to change the prevailing premium payment mode on any policy anniversary, during the policy term
  • Offers High Sum Assured discount based on coverage option, chosen sum assured, age and premium paying term
Bajaj Allianz Life Secure at a glance
Features Description
Min entry age 25 yrs
Max entry age Option I & II : 55 yrs
Option III : 50 yrs
Policy term (100 minus Age at Entry) years
Premium Paying Term 5, 7, 10 and 15 yrs
Min Premium Yearly - Rs 36,720
Half-yearly - Rs 18,727
Quarterly - Rs 9,547
monthly - Rs 3,305
Max Premium No limit
Min Sum assured Rs 20 lakh
Max Sum assured No limit (opted in multiples of Rs 50,000)
Premium Payment Frequency Yearly, Half-yearly, quarterly and monthly

6: Bajaj Allianz LifeStyle Secure: This is a non-linked, non-participating regular premium payment insurance plan with term assurance & terminal illness cover.

Advantages and Benefits
  • Provides security for your family with regular income along with inbuilt accelerated terminal illness risk cover
  • Hassle free procedure to get risk cover; no medical examination required
  • The plan benefit is paid in easy EMIs
  • More value for money with high sum assured rebate
  • Offers special rates for women
  • Option available to change premium payment frequency
Bajaj Allianz LifeStyle Secure at a glance
Features Description
Min / Max Entry age 18 / 50 yrs
Min / Max age at maturity 23 / 60 yrs
Policy Term 5, 7, 10, 15 or 20 yrs
Premium Payment Frequency yearly, Half-yearly, quarterly and monthly
Min sum assured Rs 3 Lakhs
Max sum assured Rs 15 Lakhs
Min Premium
Yearly Half yearly Quarterly Monthly
1,466 748 381 132
Max Premium
Yearly Half yearly Quarterly Monthly
20,4586 10,434 5,319 1,841