Bajaj Allianz Life Insurance Policies

The Bajaj Allianz is an amalgamation of Bajaj Finserv Limited and the European financial services company, Allianz SE. The insurer provides a portfolio of varied insurance products with a range of benefits to offer financial security to the customers. There are various types of insurance products offered by the insurer which includes the child insurance plans, term insurance plans, endowment plans, ULIPs, micro insurance plans, and group insurance plans. By combining global expertise with local experience, the company offers the clients with customized products and clear benefits, catering to every segment and the demographics.

Key Highlights of the Bajaj Allianz Life Insurance

• Bajaj Allianz Insurance 1 Cr Life cover plan
  1 Crore Life Cover
  Get 1 Cr Life cover at Rs. 18/day
• Claim-settlement ratio for Bajaj Allianz Insurance
  Claim Settlement Ratio
  Claim-settlement ratio of 91.67% for the year 2016-2017
• Occupation eligibility for Bajaj Allianz Insurance
  Grievances Resolved
  100.00% Grievances Settled for the year 2016-2017

Eligibility for Bajaj Allianz Life Insurance

• Minimum age must be at least 18 years old.
• Maximum age should be less than 60 years old.
• Occupation eligibility includes salaried employees, professionals, and self-employed people.

Documentation required to apply for the Bajaj Allianz Life Insurance

• Identity proof
• Proof of age
• Proof of income
• Address Proof
• PAN Number

Details of Bajaj Allianz Life Insurance Plans:

a. Unit-Linked Insurance Plans

1. Goal Assure Plan

2. Future Gain Plan

3. Principal Gain Plan

b. Savings Plans

1. Super Life Assure Plan

2. Save Assure Plan

3. Guarantee Assure Plan

c. Retirement Plans

1. Retire Rich Plan

2. Pension Guarantee Plan

d. Term Insurance Plans

1. eTouch Online Term Plan

2. iSecure Plan

e. Investment Plans

1. Elite Assure Plan

2. Invest Assure Plan

3. Fortune Gain Plan

f. Child Insurance Plans

1. Lifelong Assure Plan

2. Young Assure Plan

Bajaj Allianz has many plans customized to suit the needs of every individual looking to secure the future through the life insurance policies which offer maximum coverage and the returns.

Bajaj Allianz Term Insurance Plans

Protection Plans from the Bajaj Allianz are focused towards providing financial security to the family of the policyholder if the person meets any unfortunate circumstances. Securing the family against the future mishaps is the priority for most of the individuals. These insurance plans aim to ease the financial burden on one of the dependents, in the event of the unfortunate eventuality. Listed below are the various term insurance, offered by the insurer.

• e-Touch Online Term: The eTouch Online Term Plan from Bajaj Allianz is the pure term insurance policy that provides the coverage for the specific policy term agreed upon between the policyholder and the insurer, at the time of purchasing the policy.
• iSecure: The iSecure Plan from the Bajaj Allianz is a non-participating term insurance policy that assures a high sum at the relatively low premium rate. The I Secure policyholder has the option of choosing between an individual or joint life cover, at the time of buying the plan.
• iSecure More: iSecure More Term insurance plan is the non-participating (policyholders don't receive any dividends from the investments done by the insurer through premium of policyholder)term insurance policy. This policy is very similar to the iSecure plan and differs only in its offering of an enhanced life cover as the years passed. Hence, with this plan, one can get an assured and increased amount of sum with each passing year.
• iSecure Loan: As the name suggests, this insurance policy is meant to cover the loan liabilities of the policyholder in case of untimely death. This plan assures that the family members of the policyholder do not have to struggle through any hassles of loan reimbursement in case something happens to the policyholder.
• Life Secure: The Life Secure Plan from the Bajaj Allianz is a non-linked, entire life term insurance plan that provides three options and the rebate upon opting a huge assured sum.
• LifeStyle Secure: The LifeStyle Secure from the Bajaj Allianz is the non-linked, non-participating, term assurance plan which has inbuilt risk cover for terminal illness. Under this plan, the payout of the death benefit is provided to the nominee through monthly installments.

Bajaj Allianz Insurance Plans for Children

• Young Assure: The 'Young Assure Plan' from the Bajaj Allianz is the participating, limited and regular premium payment, endowment plan that provides a guaranteed maturity benefit as well as three cash installment options to choose. It also includes coverage in case if the policyholder meets with an accidental death or disability.
• Young Assure Plus Solution: The 'Young Assure Plus Solution' from Bajaj Allianz is an insurance plan which provides a Vested Bonus, Terminal Bonus (which will be added every ten years), and the Guaranteed Additions, along with the Guaranteed Maturity Benefit that is payable at the maturity of the policy.
• Lifelong Assure: The 'Lifelong Assure Plan' from the Bajaj Allianz is a non-linked, whole life plan which provides the cash bonus from the 6th year onwards and the guaranteed death benefit amounting to 300% of the assured amount, with the option of receiving the policy payout as the monthly installments.

Savings Solutions Plans of Bajaj Allianz

Bajaj Allianz savings plans are apt with the modern Indian lifestyle. These plans are designed to provide the customer with an advantage of insurance along with the saving options.

• Save Assure: This plan is an individual, limited premium, non-participating, and the endowment policy. The policy helps in securing the interest of family with a guaranteed payout amounting to 115% of the sum assured of the insurance policy.

• Life Guarantee Assure: This is the non-linked, non-participating insurance plan that helps in ensuring the safer future for family irrespective of the presence of policyholders, through the policy payouts.
• Cash Assure: The Cash Assure Plan from the Bajaj Allianz is a traditional, money-back insurance policy, that provides the guaranteed returns of up to 150% of the assured sum, throughout the policy tenure.
• Super Life Assure: It is a traditional endowment plan which provides policyholders the dual benefit of a savings option and the comprehensive risk cover. The policy has two variants, and the policy buyer has the option of purchasing the riders that can enhance the coverage offered by the plan.

Solutions Plans of Bajaj Allianz Investment

• Fortune Gain Insurance Plan: This is the unit-linked, single premium plan that provides the policyholders a choice of seven funds with the option to decrease the assured sum and switch to the investment options to gain maximum returns.

• Invest Assure: This is the non-linked, endowment plan that provides the additional coverage through the provision of insurance rider and it provides payouts that include the compound reversionary as well as a terminal bonus.

• Elite Assure: This is the non-linked, participating limited premium endowment plan which guarantees around 315% of the maturity benefit as the loyalty additions along with additional coverage through the riders offered.

Retirement Solutions of Bajaj Allianz

Bajaj Allianz retirement plans are ideal for individuals who are looking to secure their post-retirement years. The retirement policies ensure a continuous flow of income for a considerable tenure. These plans are the systemic saving plans that help the person to prepare for retirement by organizing the savings. Following are the retirement plans offered by the Bajaj Allianz.

• Retire Rich: This is the unit-linked, pension plan that provides guaranteed vesting and the death benefit. The buyer can opt for a regular, limited, or single premium payment term. The premium payment terms can also be adjusted as per the choice of the customer. The premiums can be topped up depending on the case. The tax benefits can be applied for the premium paid, maturity and the death benefit. Loyalty additions are made available for more than ten years period.

• Pension Guarantee: The Pension Guarantee plan from the Bajaj Allianz is an immediate annuity plan, which will ensure the regular income for policyholder even after the retirement. This plan comes with the annuity options and lasts for the lifetime.

ULIP Plans of Bajaj Allianz

The Bajaj ULIP plans provide not just the benefit of the life insurance in the unfortunate event of the loss of life of the policyholder but also a unit-linked scheme that offers benefits of the share market fluctuations. The ULIP schemes provided by the company are

• Future Gain: It is a unit-linked endowment plan which ensures the maximum returns at the least amount. The Future Gain ensures that every penny of the investor is utilized fully to materialize into savings and profits.
• Fortune Gain: This is the non-participating, unit-linked, endowment insurance plan which allows the policyholders to pay their premium in a one-time lump sum amount and provides the 99.5% premium allocation.
• Principal Gain: This is the guaranteed maturity, unit-linked insurance plan which offers assured loyalty additions upon the maturity, with the option to receive them in installments.
• Future Wealth Gain:  It is a unit-linked, endowment life insurance policy that comes in two variants. The plan also provides the loyalty additions starting from the 10th policy year. One can choose to receive the maturity benefit as installments.

Other Insurance Plans of Bajaj Allianz Group

• Jan Suraksha Yojana: This plan is a non-linked, non-participating micro group term insurance plan that provides coverage at an affordable cost.
• Group Employee Care: It is a non-linked(not linked with trends of the stock market), non-participating, fund-based(part of premium invested into funds) insurance cover that offers an assured interest rate to the policyholder.
• Pradhan Mantri Jeevan Jyoti Bima Yojana: It is the non-participating, non-linked, yearly renewable group insurance plan providing coverage without the medical underwriting. It is an affordable policy that offers a risk cover on the policyholder's life.
• Group Term Life Plan: It is a traditional term life insurance group plan which is renewable and provides the necessary insurance coverage to the policyholders. The enrolled members can choose to receive the death benefit through any of the two payout options offered by the insurer.
• Group Employee Benefit: It is a non-participating unit-linked, a group insurance plan that enables the employers to provide additional security to the employees as part of welfare requirements. Along with the risk cover offered by the project, the members also have the option to choose from the nine investment funds.
• Group Term Care: It is a non-linked, non-participating, single premium group insurance plan that provides a rebate upon choosing a higher assured sum. The policy also offers up to 100% of the single premium amount as the maturity benefit to the members.
• Group Superannuation Secure: It is a non-linked, variable, fund-based, superannuation insurance plan that provides a minimum guaranteed interest as well as an additional rate of interest. The insurer offers two options for this scheme.
• Group Credit Protection Plus: It is a non-participating group insurance plan which covers the loans issued by the employers and also extends the cover to the co-borrowers. The insurer provides both single and regular premium payment option to the policyholders.
• Group Income Protection Plan: It is a policy that enables the land buyers to offer a group insurance cover to the landholders. This policy will give the regular source of income through annuity payments and the death benefit if the landholder meets with an untimely death.
• Group Annuity Plan: It is an immediate annuity policy which enables an employer to provide the regular source of income to the members covered under the plan, post their retirement. This scheme comes with several plan options and can be bought by Employer-Employee groups only.
• Group Sampoorna Suraksha Kavach: It is a traditional, non-participating, micro-group, life insurance policy that provides the risk cover on the life of the policyholder and also covers the liabilities of the loan.
• Super Gain Group Superannuation Scheme: This is the unit-linked, group life insurance policy that can be purchased by the employers to secure the post-retirement years of the employees. It is a unit-linked, fund-based insurance plan; thus there is the potential to earn a high rate of returns.

Type of Plan	Minimum Basic Amount Assured	Period
Jan Suraksha Yojana	Rs.10,000/member	5 yrs
Group Employee Care	Rs.5,000/ member	12 months renewal
Pradhan Mantri Jeevan Jyoti Bima Yojana	Rs.2,00,000/ member	12 months renewal
Group Term Life Insurance	Rs.1,000/member	Annual renewal
Group Employee Benefit	Rs.5,000/member	12 months renewal
Group Term Care Insurance Plan	Rs.1,00,000/member	Renewal in 5,7 or 10 years
Group Superannuation Scheme	Rs.1,00,000	12 months renewal
Group Credit Protection Plus Insurance	Rs.10k	Level Cover: 5 to 30 years Reducing Cover: 8 to 30 years Single Premium: 2 to 30 years
Group Income Protection	Rs.1,000	5 to 33 years (Annuity Term)
Group Annuity	Minimum Purchase price as required to save the minimum annuity amount	Annuity term as per the policy brochure
Group Sampoorna Suraksha Kavach	Rs.1,000	6 to 120 months
Super Gain Group Superannuation Scheme	Rs.1,00,000	Annually Renewable

Micro Insurance Plans of Bajaj Allianz

• Bima Dhan Suraksha Yojana: It is the non-linked, non-participating, microinsurance plan with a premium return upon maturity. The policy also provides a risk cover to the policyholder at an affordable premium rate.
• Bima Sanchay Yojana: It is the micro variable insurance plan that allows the policyholders to partially withdraw from the policy in case of the emergency liquidity needs. The policy also assures the investment returns through an additional rate of interest as well as through the guaranteed interest rate.

CSC Bachat Plus Plan

The CSC Bachat Plus Plan from the Bajaj Allianz is a variable insurance plan that assists the policyholders in safeguarding their families at an affordable price. Under this plan, the policyholders have the option of making partial withdrawals to meet precisely the financial needs. The policy also provides a guaranteed interest rate, the guaranteed an additional rate of interest, and the option to change the premium payment frequency as per the circumstances from time to time. This policy can only be purchased at the CSCs or the Common Service Centres.

The process of Bajaj Allianz Life Insurance Claims

Filing the claim with Bajaj Allianz is the hassle-free process, as the company has streamlined the filing process for applications. Insurance claims in Bajaj Allianz Life can be filed offline, through the process outlined below:

• The customer needs to visit the nearest Bajaj Allianz office with a copy of the death certificate of the policyholder, an intimation letter, KYC details of the nominee, original document of policy bond, and the nominee bank details.
• After the submission of the required documents, the insurer will register and acknowledge the claim. The branch would then hand over the claim form to the customer, which is to be filled in with information such as the name, address, date of birth, policy number of the policyholder.
• The claim form, death certificate and any other documents about the case would then be forwarded to the head office for further processing and verification.
• There is a need for additional requirements about the claim or supporting documents, and then the same will be communicated to the nominee. The insurer has a dedicated team to perform the follow-ups and to assist the nominee/claimant during the claim process.
• The insurer will make the decision only after receiving all the original supporting documents.
• Post the claim assessment; the insurer settles all the approved applications. The payout gets prepared and transferred to the bank account of the nominee as per the claim decision.
• Whatever the insurer took the claim decision against the application will be informed to the nominee/claimant through an SMS and a letter, which will be sent to the address of the applicant.
• In case the nominee is not satisfied with the decision taken by the insurer, he/she can request to the Claims Review Committee for the application review. A retired judge heads the Claims Review Committee.

Documents Required for Applying for the Bajaj Allianz Life Insurance

Following are the documents required to buy a Bajaj Allianz Life Insurance policy:

• Passport size photograph.

• Identity Proof:  Following are the documents needed to be submitted towards proof of identity:
  • Passport
  • PAN card
  • Voter’s identity card
  • Driving license
• Job card issued by the NREGA, signed by a State Government officer and Aadhaar card.
• Residence Proof: Any of the below mentioned documents are to be submitted as the proof of residency:
  • Bank account or the post office account statement.
  • Property tax or the municipal tax receipt.
  • Utility bills (electricity, gas, telephone), not older than 2 months.
  • Letter of allotment or accommodation from the State or Central government, financial institutions or the listed companies.
  • Rent agreement

Policy Status of Bajaj Allianz

Policy status of the Bajaj Allianz life insurance policy can be tracked through different channels, depending on the convenience.
The company has made the provision for both online as well as the offline avenues through which the policyholders can check the current status of the life insurance policy.

Online Method for Policy Status Check
The policyholders can visit the company's website and log in to the customer portal. After logging in, the current status of the existing policy will be displayed on the screen.
The policyholders can alternatively check the policy status by sending an email to the Customer Care Team of Bajaj Allianz, quoting their name, address, policy number, and the mobile number. The current status of the policy and any other required information will be mailed to them.

The policyholders can also use the live chat option to get the details about the policy status. The ‘live chat’ tab is present at the bottom right corner of the Bajaj Allianz life insurance homepage. Upon clicking the tab, the policyholder can chat with the company representative who will provide an update regarding the policy status. The policyholder might be required to present details such as the name of the insured person, date of birth and the policy number to the representative.

Offline Method of Policy Check

• The policyholders can track the status of the policies offline by visiting a nearest Bajaj Allianz insurance branch and enquiring there.
• The customers can also contact at the toll-free number and check the status of their policy.
• The company has introduced an SMS facility to check the status of policy and other details as well. To use this facility, customers can send an SMS, following which the company representative will call them back and address the query.

Online Premium Payment of Bajaj Allianz

The policyholders of Bajaj Allianz will no longer have to wait in queues or set reminders to deposit the cheques for paying premiums. The policyholders can now make online premium payments at their convenience and ensure that the deadlines of premium payments are not missed.

The Policyholders who want to make online payments will have to register themselves on the website of Bajaj Allianz. The process to pay online is provided below:

• Visit the official website of the Bajaj Allianz and log on to the Customer Portal.
• Select the ‘Pay Your Premium’ option.
• Enter the policy number, date of birth, email ID, and mobile number.
• After this, click on the ‘Pay Premium’ option.
• Select the payment mode from the provided options- credit card, net banking.
• On the successful payment, an acknowledgment will appear on the screen confirming the payment.

The calculator of Policy Premium

A life insurance policy is a long-term investment that requires a significant amount of money. Often, the individuals opt to pay their insurance premiums over the specified period, resulting in the requirement to factor in this additional cost while budgeting.
To enable the prospective policyholders to check the premium payable amount, the Bajaj Allianz has designed the premium calculator.
This calculator will show the calculations that the individual will have to set aside for the premium payments depending on variables such as the policy term, the age of policyholder and general health.
The premium calculator also determines the amount that will be received by policyholder at the time of maturity of policy and any additional bonus payouts, so that the individual can take an informed decision while purchasing the policy.
Depending on the need of the policyholder, Bajaj Allianz has various calculators that will compute the premium amounts according to the specific plans. For example, the individuals who want to calculate the value they need to save for retirement can use the ‘Retire Rich Calculator’ to determine the amount of money they would require based on the current salary, years of working and the number of years pension would be needed.

Bajaj Allianz Life Insurance Riders

The riders can be categorized into  

• Individual riders

• Group riders

Individual Riders

• Bajaj Allianz Waiver of the Premium Benefit Rider:
  This rider will provide the waiver benefit for all the future premiums that are payable if the policyholder passes away in an unfortunate incident during the policy tenure, or is rendered disabled, or has been diagnosed with the critical illness. The minimum age for rider entry is 18 years, and the maximum period of rider entry is 50 years. Once the rider gets excluded by the policyholder, it can't be purchased again.

• Income Benefit Rider of Bajaj Allianz Family:
  The rider provides the benefit of 1% of the Rider Sum Assured that will be paid out in the installments on a monthly basis till the end of the rider term subjected to a minimum of 10 years if the policyholder gets expired during the policy term. Or has been rendered disabled permanently because of the accident, or has been diagnosed with the critical illness as specified in the policy. The minimum age for the rider entry is 18 years, and the maximum period is the 50 years.

Group Riders

• Bajaj Allianz Life Group Accidental Permanent Total or Partial Disability Benefit Rider:
  The rider offers the policy members with the total coverage in case they are rendered disabled (either partially or entirely) because of an accident. The minimum entry age of the rider is 18 years, and the maximum age of entry for the rider is 64 years.
•  Accidental Death Benefit Rider of Bajaj Allianz Life Group:
  This rider is non-participating in nature and offers the assured amount to the family of the policy member who has died in an accident. This Rider is meant to be attached with the base group plan that provides a benefit of accidental death which is equivalent to the cover that has been selected under the rider. The minimum entry age for the rider is 18 years and the maximum entry age is 64 years.
•  Accelerated Critical Illness Rider of Bajaj Allianz Life Group:
  The rider provides the financial coverage to the family members of the policyholder in case the policy member is diagnosed with the critical illness. The minimum entry age for the rider is 18 years and the maximum age is 69 years.

FAQs on Bajaj Allianz Life Insurance:

Q1. Do the pregnant women come under the ambit of Bajaj Allianz insurance policies?
A. Yes, unless it is not specified otherwise in the policy brochure. Thus, if the claim falls under the exclusion criteria of the insurer or if the policy came with the Pregnancy Clause, the insurer will not be held responsible for paying the claim. Also, if any information is withheld during the time of purchasing the policy, it will not be honored by the insurer.

Q2. What is the procedure of changing your online address?
A. The policyholders will have to log in to their accounts on the website of Bajaj Allianz life insurance and click on the ‘Service Request’ tab.  Then select the ‘Address Change’ option and enter the new address in the form and submit it along with the proof of new address given in the form.

Q3. Are there any tax exemptions on the benefits received from the policy?
A. Yes, benefits received through the policy are exempted from tax deductions under Section 10(10D) of the Income Tax Act, 1961.