Bajaj Allianz Life Insurance

A joint venture of Allianz SE and Bajaj Finserv Limited, Bajaj Allianz Life Insurance is one of India’s biggest insurance providers.

While Bajaj Finserv Limited holds 74% of the company’s stake, Allianz SE holds the remaining 26%. The company started in 2001 and has a wide presence in India with 759 branches across the country.

Why you Need Term Insurance?

To make sure that in your absence, your family and loved ones do not suffer from immense financial upheaval, it is crucial for you to get a Term insurance.

The term insurance will provide Death Benefit as a lump-sum or as regular monthly payouts.

This allows for debts to be paid off and gives your family financial independence after your death.

Bajaj Allianz Term Plans

To meet the varying needs of the customers, Bajaj Allianz offers the following six Term Insurance plans. The features of these are all given below.

Plan NameEligibility (Min – Max)Policy Term (Min – Max)Maturity Age (Min – Max)Sum Assured ( Min – Max)
Bajaj Allianz Life eTouch Online Term18-65 Years10 – 40 Years28-75 YearsRs 50 Lakh – No Limit
Maximum Accidental Total Permanent Disability Benefit/ Accidental Death Benefit – Rs. 2,00,00,000
Maximum Critical Illness Benefit – Rs. 75,00,000
Bajaj Allianz iSecure Plan18-60 Years10/15/20/25/30 years28 – 70 YearsRs 2 Lakh – No Limit
Bajaj Allianz iSecure Loan18-60 Years10/15/20/25 years28 – 70 YearsRs 2.5 Lakh – No Limit
Bajaj Allianz LifeStyle Secure18-50 Years5/7/10/15/20 years23 – 60 YearsRs 3 Lakh – 15 lakh
Bajaj Allianz Life Secure25-55 Years100 years minus (policyholder’s age at entry)Until DeathRs 20 Lakh – No Limit
Bajaj Allianz iSecure More18-60 Years10/15/20/25 years28 – 70 YearsRs 2.5 Lakh – No Limit

Bajaj Allianz Life eTouch Online Term

The variants offered under this plan are:

  1. Shield
    Offers Life Benefit and Waiver of Premium Benefit.
  2. Shield Plus
    Offers Life Benefit, Waiver of Premium Benefit and Accidental Total Permanent Disability Benefit.
  3. Shield Super
    Offers Life Benefit, Waiver of Premium Benefit, Accidental Total Permanent Disability Benefit and Accidental Death Benefit.
  4. Shield Supreme
    Offers Life Benefit, Waiver of Premium Benefit, Accidental Total Permanent Disability Benefit, Accidental Death Benefit, and Critical Illness Benefit.

You can get this plan in four easy steps.

Step 1: Choose the variant of the policy as per your choice.

Step 2: Choose your Sum Assured as per the benefit you wish to have for your family.

Step 3: Decide the policy term depending on how long you want the cover for.

Step 4: Choose the Premium Payment Frequency as per your convenience.

Bajaj Allianz iSecure Plan

  • There are special rebates on larger Sum Assured amounts under this plan.
  • This plan offers you the freedom to choose your own Policy term as per your needs.
  • You can also alter your premium payment frequency later on during the term of the plan.

You can get this plan in four easy steps.

Step 1: Choose the variant of the policy as per your choice.

Step 2: Choose your Sum Assured as per the benefit you wish to have for your family.

Step 3: Decide the policy term depending on how long you want the cover for.

Step 4: Choose the Premium Payment Frequency as per your convenience.

(Life-style category has to be chosen as ‘Smoker’ or ‘Non-smoker’ if the Sum Assured is Rs. 20,00,000 or above.)

Bajaj Allianz iSecure Loan

  • Under this policy, your cover increases by 5% every year, up to a maximum of twice of the Sum assured as decided at the inception of Policy.
  • There are special rebates on larger Sum Assured amounts under this plan.
  • This plan allows you the freedom to choose your own Policy term as per your needs.
  • You can also alter your premium payment frequency later during the term of the plan.

You can get this Bajaj Allianz term plan in four easy steps.

Step 1: Choose the option of Individual cover or Joint Life Cover as per your needs.

Step 2: Choose your Sum Assured as per the benefit you wish to have for your family.

Step 3: Choose the tenure of the policy depending on how long you want the cover for.

Step 4: Choose the Premium Payment Frequency as per your convenience.

Bajaj Allianz LifeStyle Secure

  • This Bajaj Allianz term plan offers the benefit to be paid in monthly installments, serving as a regular income for the family.
  • There are also attractive rebates for female lives assured and higher Sum assured amounts.
  • There is also an inbuilt accelerated risk cover for Terminal Illness (TI) in the plan.

You can customize your policy by following these easy steps.

Step 1: Choose your Sum Assured as per the benefit you wish to have for your family.

Step 2: Choose your policy term depending on how long you want the cover for.

Bajaj Allianz Life Secure

The variants offered by this plan are:

Option 1: This option offers Death Benefit.

Option 2: This option offers Death Benefit and Accidental Death Benefit.

Option 3: This option offers Death Benefit or Accelerated Critical Illness and Waiver of Premium Benefit

You can customize your policy by following these easy steps.

Step 1: Choose your coverage option from the variants the policy offers.

Step 2: Choose your Sum Assured as per the benefit you wish to have for your family.

Step 3: Choose your premium payment term depending on convenience.

Bajaj Allianz iSecure More

  • Under this Bajaj Allianz term Insurance policy, your cover increased by 5% of Sum Assured every year, up to a maximum amount equal to twice the Sum assured at the inception of Policy.
  • There are special rebates on larger Sum Assured amounts under this plan.
  • You can choose your policy term as per your wish and also alter your premium payment frequency later on during the term of the plan.

You can customize your policy by following these easy steps.

Step 1: Choose your coverage option from the variants the policy offers.

Step 2: Choose your Sum Assured as per the benefit you wish to have for your family.

Step 3: Choose your premium payment term depending on convenience.

Benefits Offered by Bajaj Allianz Term Plans

The various Bajaj Allianz Term Insurance Plans offer the following benefits.

  1. Grace Period

The Grace Period does not let the policy lapse in case the customer fails to pay the premium within the specified period.

The grace period for monthly premium payment frequency is 15 days and that for other premium payment frequencies is 30 days.

  1. Revival Period

In case of non-payment of premium and consequent lapse of the policy, this provision allows the policyholder to revive it.

It allows the revival of a lapsed policy within two years from the due date of the first premium that was not paid.

  1. Free Look Period

Bajaj Allianz Term Plans come with a free look period under which, if you are not satisfied with the terms and condition of the policy, you can return the policy within a period of 15/30 days from when they received the policy.

  1. Tax Benefits

Bajaj Allianz Term plans offer various tax Benefits on the premiums paid for the term insurance. Substantial deductions can availed under Section 80C of the Income Tax Act, 1961, and Tax rebates on the Death Benefit through Section 10D of the Income Tax Act, 1961.