"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Loading your search...
    Close

    Tell us about yourself & we'll find the best Term/Cancer Life Insurance offers for you.

  • Bajaj Allianz Life Insurance

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Bajaj Allianz is a life insurance company created by the coming together of Bajaj Finserv Limited and Allianz SE, forming an amalgamation of expertise from global and local domains. The company is one of India’s leading life insurance providers, with a vision to offer the best-of-breed solutions to the varied needs of customers.

    The products offered by the insurer range from term insurance to ULIPs, retirement plans, and child plans. The company was launched in 2001, and it has a presence across 640 branches in India today.

    Why should you go for Bajaj Allianz Life Insurance Company?

    Bajaj Life Insurance offers customers life insurance solutions that are competitively priced, with transparent benefits and the latest technology support. Their range of products cater to varied segments and age/income profiles. They offer life insurance solutions to address various financial needs such as protection, savings, investment for individuals and groups, and retirement. The suite of products also includes plans that assist the customer in saving tax, while availing protection, savings, and investment benefits.

    The company has marked an aggregate claim settlement ratio of 98.07%. The ratio for individual policies is 91.3%, whereas that for group insurance policies is 98.87%. Bajaj Allianz has also been conferred with many awards, including:

    Highlights of Bajaj Allianz Life Insurance

    22 Aug 2018

    Percentage of Grievances Solved 100%
    Claim Settlement Ratio 91.67%
    Group Death Claims 99.50%
    Percentage of Claims Rejected 0.42%
    Solvency Ratio 5.82 (for the quarter ended March 2017)

     

    • SKOCH Awards 2016 - The Company received this award for the fifth consecutive year, and was recognised for their involvement in four categories, i.e., financial inclusion, financial deepening, customer service, and segment leadership.
    • 6th CMO Asia Brand Excellence in BFSI Sector Award 2015 - The award was provided to the company for brand visibility and innovations.
    • ABP News Best Life Insurance Company Award - This award recognises the performance of Bajaj Allianz in the banking, financial, and insurance sector. This is largely based on the strategy adopted by the company in growth, customer service, technology, and innovations.
    • ASSOCHAM Award 2016 - This award recognises the insurer’s contribution to the society and their involvement in driving excellence and innovation.
    • Seal of Gold - Bajaj Allianz Life Insurance received the prestigious ‘Seal of Gold’ in 2016. This recognises the insurance company for its trust factor, branding, marketing, customer centricity, and product variants.

    Different Types of Policies Provided by Bajaj Life Insurance Company:

    The Life Insurance Products Offered by Bajaj Life Insurance Include the Following:

    Term Insurance Plans ULIP Plans Savings Plans Investment Plans Retirement Plans Child Plans Group Plans Variable Insurance Plans Micro Insurance Plans
    eTouch Online Term Future Gain Save Assure Invest Assure Pension Guarantee Young Assure Group Income Protection CSC Bachat Plus Bima Dhan Suraksha Yojana
    i-Secure Fortune Gain Guarantee Assure Elite Assure Retire Rich Lifelong Assure Group Term Life Insurance Plan   Bima Sanchay Yojana
    i-Secure More Principal Gain Cash Assure     Young Assure Plus Solution Group Employee Care    
    i-Secure Loan   Super Life Assure       Group Employee Benefit    
    Life Secure   Income Assure       Group Term Care    
    Lifestyle Secure           Group Superannuation Secure    
                Group Annuity Plan    
                Group Credit Protection Plus    
                Niyamit Sanchay Surakhsa    
                Jan Suraksha Yojana    
                Pradhan Mantri Jeevan Jyoti Bima Yojana    

    Bajaj Allianz Term Insurance Plans:

    This is the purest and most economical form of life insurance. The insurance coverage is provided for a specific duration, i.e., for 30 years or up to 75 years of age. While the policy is in force, the insured pays a fixed premium at predefined intervals. If the life assured dies during the policy term, the insurer pays the death benefit to the nominee. This is referred to as the sum assured.

    The term insurance plans offered by Bajaj Life Insurance are:

    Plan name Key features
    eTouch Online Term The plan is available in variants such as:
    • Shield - The benefit payable under this variant is:
      • Death benefit equal to the sum assured
      • In the event of accidental total permanent disability, the remaining premiums under the plan are waived off and the other insurance benefits continue.
    • Shield Plus - The benefit payable under this variant is:
      • Death benefit equal to the sum assured
      • In the event of accidental total permanent disability (ATPD), the sum assured is paid as ATPD benefit. The remaining premiums under the plan are waived off and the other insurance benefits continue.
    • Shield Super - The benefit payable under this variant is:
      • Death benefit equal to the sum assured, if the death was not due to an accident.
      • In the case of death of the life assured in an accident, the sum assured on death and an additional amount equal to the sum assured is paid as ADB.
      • In the event of accidental total permanent disability (ATPD), the sum assured is paid as ATPD benefit. The remaining premiums under the plan are waived off and the other insurance benefits continue.
    • Shield Supreme - The benefit payable under this variant is:
      • Accelerated Critical Illness (ACI) benefit is paid if the life assured is diagnosed with certain critical illnesses.
      • In the event of accidental total permanent disability (ATPD), the sum assured is paid as ATPD benefit. The remaining premiums under the plan are waived off and the other insurance benefits continue.
      • Death benefit equal to the sum assured, if the ACI benefit was not paid earlier. If the ACI was already paid, then the sum assured at death minus the paid ACI benefit is payable.
    i-Secure
    • This policy provides a level term insurance cover at low premiums, with a large sum assured.
    • The plan enables the customer to select the policy term and premium payment frequency.
    • The death benefit can be taken in equal monthly installments by the nominee.
    • The plan provides tax benefits on premiums paid.
    • Customers who maintain a healthy lifestyle will be rewarded with special premium rates.
    iSecure More
    • The plan provides an incremental cover of 5% per annum at the end of each year.
    • Depending on the policy term, you can increase your insurance cover upto two times the sum assured.
    • High sum assured rebate is offered for policies with sum assured above Rs.5 lakh.
    • Customers can choose a policy term, based on their insurance needs.
    • The policy offers tax benefits.
    • There is an option for disbursement of policy proceeds in the form of monthly installments.
    iSecure Loan The plan protects you and your family from loan liabilities. Some of the loans covered are home loan, auto loan, personal loan, and credit card dues.
    Life Secure The customer can choose from three coverage options under this plan:
    1. Death Benefit
    2. Death Benefit plus Accidental Death Benefit
    3. Death Benefit or Accelerated Critical Illness plus Waiver of Premium Benefit
    The plan offers life insurance up to 100 years of age, and has attractive rates for female customers.
    Lifestyle Secure
    • The plan provides a regular income for the family, as plan benefits are paid out in monthly installments.
    • The coverage includes an Accelerated Terminal Illness (TI) risk cover.
    • Medical examinations are not required to avail the policy.
    • The plan has attractive rates for female customers.

    Bajaj Allianz ULIP Plans:

    A ULIP provides the customer life insurance coverage and market-linked benefits under a single policy. It is also possible to partially withdraw or surrender ULIPs.

    The Unit Linked Insurance Plans offered by Bajaj Life Insurance are:

    Plan name Key features
    Future Gain
    • The plan offers the customer the choice of two investment strategies, with a choice of 7 funds.
    • Customers have the option to pay a top-up premium.
    • It is possible to decrease the sum assured and alter the premium payment frequency as well.
    • Customers can also avail the maturity benefits in installments, if required.
    Fortune Gain
    • The policy provides Loyalty Additions of 3% of the single premium, depending upon the term and premium chosen.
    • Customers can choose to invest in any of the 7 funds, based on their risk appetite.
    • The option to pay a top-up premium is available.
    • Customers can choose to decrease the sum assured or switch between funds to manage the investments.
    • The plan also provides the option to avail the maturity benefit in the form of instalments.
    Principal Gain
    • The plan provides the customer the benefits of life cover, principal protection, and high returns.
    • Guaranteed Loyalty Additions are provided at policy maturity.
    • Customers can choose from various options for policy terms and premium payment terms.
    • The maturity benefits can also be availed in installments, if needed.

    Bajaj Allianz Savings Plans:

    A plan in which a customer contributes a regular amount of money for the purpose of reaching his/her short-term or long-term financial goal, while being protected by life insurance, is a savings plan.

    The savings plans offered by Bajaj Life Insurance are:

    Plan name Key features
    Save Assure
    • This is an endowment policy that provides you a guaranteed maturity/death benefit of 115% of the sum assured.
    • You can choose from 2 policy terms and premium payment terms.
    • Customers can take the policy benefit in monthly installments, if required.
    • High sum assured rebate on premium is offered.
    • Riders can be used to enhance the base policy.
    Guarantee Assure
    • The customer has the choice of 3 policy terms, while the premium payment term remains fixed.
    • Guaranteed Additions are provided up to 63% of the sum assured on maturity.
    • High sum assured rebate is provided.
    • The company offers attractive premium rates for female customers.
    • The customer has the option to take the policy benefit in monthly installments.
    Cash Assure
    • The policy provides Guaranteed Money Back of up to 150% of the sum assured at regular intervals.
    • Customers can choose from 4 policy terms.
    • The premium payment term is shorter.
    • High sum assured rebate is offered.
    • Special rates are available for female customers.
    Super Life Assure
    • The plan helps in meeting key financial milestones of the customer through the option of multiple policy terms.
    • The plan offers two variants, i.e., Super and Life.
    • Customers can choose to avail the death benefit in the form of a monthly income.
    • Bonuses are offered every year, and the insurer offers special rates for female customers.
    • The policy can be enhanced through riders.
    Income Assure
    • The policy provides a guaranteed monthly income to customers.
    • The plan comes in two variants, i.e., Assure and Income.
    • Customers can choose 4 policy terms and riders, based on their needs.
    • The plan also offers bonuses to enhance savings.
    • Special rates are provided for female customers.

    Bajaj Allianz Investment Plans:

    An investment plan offers life insurance coverage and investment benefits under a single policy.

    The investment plans offered by Bajaj Life Insurance are:

    Plan name Key features
    Invest Assure
    • The plan offers the customer the option to choose 1.25 times or 2 times the sum assured as life coverage.
    • Compound reversionary bonuses and terminal bonuses are provided.
    • There is a limited premium payment term.
    • The plan enables policyholders take the benefits in the form of monthly installments.
    • High sum assured rebate is given.
    • Customers can enhance the plan through riders.
    • Special rates are given to female customers.
    Elite Assure
    • The plan provides the dual benefits of life insurance cover and returns from investment.
    • Guaranteed Loyalty Additions up to 315% of the Guaranteed Maturity Benefit are provided.
    • Customers can choose from 4 policy terms.
    • The base policy can be enhanced through riders as well.

    Bajaj Allianz Retirement Plans:

    A retirement plan is a systematic investment and savings option that helps you organise your finances, so that you accumulate a significant amount in your retirement corpus.

    The Retirement plans offered by Bajaj Life Insurance are:

    Plan name Key features
    Pension Guarantee
    • The plan offers a regular income post retirement.
    • Customers can choose from a range of immediate annuities, such as:
      • Life annuity
      • Life annuity with return of purchase price
      • Annuity certain
      • Joint life last survivor with spouse receiving 50% of the annuity
      • Joint life last survivor with return of purchase price at the death of the last survivor (100% annuity to spouse)
      • Joint life last survivor with 100% annuity to spouse
    Retire Rich
    • The plan offers guaranteed vesting benefit and guaranteed death benefit.
    • Customers have an option of choosing regular, single, or limited premium payment.
    • Customers can also change the premium payment term.
    • Policyholders get the flexibility to pay a top-up premium, if needed.

    Bajaj Allianz Child Plans:

    Child plans offer the insured a lump-sum payout at the death of the policyholder. The future premiums are also waived off, and the paid premiums continue to be invested on behalf of the policyholder. Hence, the plan provides security against inflation and the rising cost of education in the face of an adversity.

    The child plans offered by Bajaj Life Insurance are:

    Plan name Key features
    Young Assure
    • The plan offers flexible policy terms and premium payment terms.
    • Guaranteed Additions, Guaranteed Maturity Benefit, and bonuses are provided.
    • The plan provides comprehensive coverage at death or accidental disability.
    • The coverage can be enhanced through optional riders.
    • The plan is available at special rates for female customers.
    Lifelong Assure
    • Cash bonuses are provided from the end of the 6th year.
    • Life insurance coverage is offered up to the age of 100 years.
    • Based on the premium payment term, you can get a Guaranteed Death Benefit of up to 300% of the sum assured.
    • The policy benefits can be availed in the form of monthly installments.
    • Customers can choose from 3 premium payment terms.
    • High sum assured rebate is given.
    • Attractive rates are offered for female customers.
    • The base plan can be enhanced through riders.
    Young Assure Plus Solution
    • Based on the age of the child, policy terms can be fixed to provide an uninterrupted flow of income to the child for his/her education purposes.
    • The plan has an in-built accidental permanent total disability cover.
    • The plan includes a waiver of premium cover that comes into action in the event of untimely demise of the parents.
    • The plan helps you save on a regular basis, so that you can meet the career aspirations of your child.

    Bajaj Allianz Group Plans:

    Bajaj Allianz provides customised group insurance policies that safeguard the interests of employees and their families.

    The group plans offered by Bajaj Life Insurance are:

    Plan name Key features
    Group Income Protection
    • If you are a company that undertakes land from small landowners or farmers for construction purposes, you can benefit from this plan.
    • This plan provides you a way in which you can gift the land owners/members and their families a regular income in the form of an annuity.
    • A death benefit is also provided in the event of death of the landowner.
    Group Term Life Insurance Plan
    • The plan provides death benefits, maturity benefits, and surrender benefits to the insured members.
    • Additional rider benefit is also offered.
    Group Employee Care
    • Employers can make use of this plan to manage employee benefits such as gratuity and leave encashment.
    • The plan helps in building a fund to ensure the discharge of your liabilities as an employer, in a convenient manner.
    Group Employee Benefit
    • The plan can be taken by employers to offer benefits to employees, as part of the statutory requirements.
    • Group Employee Benefit plan assists employers in meeting obligations towards employees by helping them set and manage funds for leave encashment and gratuity benefits.
    Group Term Care This is a non-linked, non-participating single premium group term insurance plan that offers you a proportionate return of premium at the time of maturity.
    Group Superannuation Secure
    • This is a non-linked, non-participating, variable fund-based scheme that can be taken by an employer to manage the pension fund of the employees.
    • The scheme helps in building a retirement fund so that the employee receives a regular flow of income after retirement.
    • The plan offers a minimum Guaranteed Interest Rate and an Additional Interest Rate.
    Group Annuity Plan
    • The plan can be bought by employers for the welfare of the employees.
    • The scheme provides assured regular income/pension to members after their retirement.
    Group Credit Protection Plus The plan offers an economical method of protecting your family members from the burden of loan repayment in the event of your demise, critical illness, or accidental permanent total disability.
    Niyamit Sanchay Suraksha
    • This is a traditional, non-linked, non-participating group savings plan.
    • It offers a Guaranteed Interest Rate and an Additional Interest Rate that is also guaranteed.
    Jan Suraksha Yojna
    • This is a non-linked, non-participating, single/regular premium group term insurance plan that is available on Single Life basis only.
    • The plan provides death benefits, maturity benefits, and surrender benefits.
    • The benefits are paid to the policyholder and these are then passed down to the beneficiary.
    Pradhan Mantri Jeevan Jyoti Bima Yojana
    • This is a non-linked, non-participating, renewable group term insurance plan.
    • Enrolment is through a simple proposal form, and no medical underwriting is required.
    • The plan offers life coverage based on the affordability of the customer.
    • A bank that has account holders between the age of 18 and 50 years can enrol in the plan.
    • Account holders will be the members, while the bank is the master policyholder.

    Bajaj Allianz Variable Insurance Plan:

    A variable insurance plan financially protects the family of the policyholder from all uncertainties at an affordable price. Bajaj Allianz offers its customers a variable insurance plan, the details of which are given below:

    Plan name Key features
    CSC Bachat Plus
    • The insurer sells this product only through CSC.
    • The insurance policy provides maturity benefits and death benefits to the customer.
    • Guaranteed Interest Rate (GIR) and Guaranteed Additional Interest Rate (AIR) are offered.
    • The customer can opt for partial withdrawals and also alter the premium payment frequency, if required.

    Bajaj Allianz Micro Insurance Plan:

    A micro insurance product is specifically designed to protect people in the low-income bracket against the risks in life. The micro insurance products offered by Bajaj Allianz cover the impending liability of customers and provide them an opportunity to save in an organised manner.

    Bajaj Allianz offers the following micro insurance products to customers:

    Plan name Key features
    Bima Dhan Suraksha Yojana
    • The plan provides life insurance cover for affordable premiums.
    • There is a guaranteed payout at maturity or death of the life insured.
    • The plan returns 100% of the paid premiums at maturity.
    • The customer can choose from 3 policy terms, i.e., 5, 7 or 10 years.
    • There is an option to avail a loan against the policy.
    Bima Sanchay Yojana
    • This is a low-cost life insurance plan that also offers savings to the customer.
    • The enrolment process is easy and simple.
    • The plan provides Guaranteed Investment Returns.
    • Customers can choose to partially withdraw from the policy in the event of financial emergencies.

    How to Make a Claim with Bajaj Allianz?

    The life insurance claim process for Bajaj Allianz is as follows:

    • The claimant or nominee approaches a Bajaj Allianz LIC branch or head office with the following documents:
      • Intimation Letter
      • Death Certificate
      • KYC of the nominee
      • Bank details of the nominee
      • Original policy document
    • Once the claim is registered, the claimant will be provided another set of claim documents that are required for the claim processing.
    • A dedicated team will follow up with the claimant. Once they receive all the required documents, they will perform the assessments. Following this, the claim will be settled for payments.
    • The decision on the claim will be communicated to the claimant by SMS and a detailed letter.
    • If the claimant is not satisfied with the decision, he/she can approach the Claims Review Committee for the claim review. The Claims Review Committee at Bajaj Allianz is headed by a retired civil judge, and it focuses on unbiased reviews of each claim.

    Filing a Death Claim:

    • In order to file a death claim, the nominee visits a branch of Bajaj Allianz with all the mandatory documents.
    • Once the documents are submitted, the claim will be initiated in the Bajaj Allianz Life Insurance system by a branch assistant.
    • Claim forms that are barcoded will be generated, and these need to be filled by the nominee/assignee/appointee.
    • When all the documents are submitted, the claim will proceed towards further processing.
    • The nominee can visit the ‘Claim Status’ section to see the status of his/her claim.
    • The insurer can also be contacted at 1800 209 7272 for clarifications on queries.

    Claim settlement ratio of Bajaj Allianz Life Insurance

    Bajaj Allianz Life Insurance is one of the top life insurance companies in the market that offers a hassle-free claim settlement process. The company’s claim settlement ratio for the fiscal year 2016-17 can be given as follows:

    No. of claim received No. of claims paid Claim settlement ratio
    16,239 14,887 91.67%

    The company’s claim settlement ratio trend since 2011 can be given as follows:

    Year 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
    Settlement Ratio 91% 89% 91% 92% 91% 92%

    Documents Required for Buying a Bajaj Allianz Life Insurance Policy:

    The documents required to apply for a Bajaj Allianz life insurance policy are:

    • ID Proof - This can be your passport, PAN Card, Voter’s ID, etc.
    • Age Proof - Your Passport or Voter’s ID can be used for this purpose.
    • Income Proof - You can submit the recent payslips from your current employment.
    • Address Proof - You may submit your passport or utility bills for this purpose.
    • PAN Number - This will be available in your PAN Card.

    How to Check the Policy Status?

    Customers can check the status of a Bajaj Allianz life insurance policy through the following methods:

    • Check the status online
      • Once the policyholder logs in to the Bajaj Allianz website, he/she can check the status of the policy through the corresponding menu option.
      • Customers can also send an email to the customer care centre of Bajaj Allianz, quoting their name, policy number, address, and mobile number. The status of the policy will be notified to the customer through an email. The email ID of the insurer is customercare@bajajallianz.co.in.
      • Policyholders can use the option of live chat on the website to get in touch with a customer service representative. He/she will be able to provide an update on the policy status.
    • Check the status offline
      • Customers can walk into Bajaj Allianz Life Insurance office branches and enquire on the status of their policies.
      • Alternatively, they can call the insurer’s toll-free number 1800 209 7272, for clarifications.
      • There is an SMS facility using which policyholders can enquire about the status of their policy.

    Bajaj Allianz Life Insurance Online Payment:

    It is possible to renew your Bajaj Allianz life insurance policy through online payments. The various options available are:

    • Credit Card - Customers can pay the premium using their Visa, Maestro, MasterCard, Amex, or Diners Club cards.
    • Debit Card - It is possible to pay the premium online using Visa, Maestro, MasterCard, or Rupay cards.
    • Netbanking - Customers can also choose to pay their premiums through the Net Banking facility offered by their banks.
    • e-Wallets - Bajaj Allianz life insurance premiums can be paid using e-Wallets, like Airtel Money, JioMoney, etc. as well.
    • Bill Junction - It is also possible to pay insurance premiums online through Bill Junction. Customers will have to register at the Bill Junction website and follow the instructions there.

    Bajaj Allianz Life Insurance Premium Calculator:

    Bajaj Allianz offers customers the facility to calculate their life insurance premiums using the premium calculator facility, Balc CareQuote at their website. The tool provides the customer the premium quotation and a benefit illustration. A customer is required to select the plan he/she wishes to buy and provide certain details such as, personal info, level of coverage required, riders to be included in the plan, mode of premium payment, etc. The tool will calculate the premium and inform the customer of the same.

    Bajaj Allianz Life Insurance FAQs:

    Q. What is a benefit illustration that you get from the Bajaj Allianz website?

    A. In the context of life insurance, a benefit illustration is a projection of the cash flows and benefits associated with a life insurance policy. The life insurance premium calculator on the Bajaj Allianz Life Insurance website provides the benefit illustration when a customer requests for a quote.

    Q. What will happen to the Bajaj Allianz life insurance coverage when the customer starts drinking or smoking after taking the policy?

    A. There will be no effect on the base insurance policy. If the policyholder suffers accidental injuries under the influence of alcohol, and suffers death or disability, it will not be covered under the insurance.

    Q. What are the different ways in which I can pay for my Bajaj Allianz life insurance?

    A. Based on the Bajaj Allianz product you have chosen, you will be required to pay for the insurance either through a ‘single premium’ or a ‘regular premium’. In the case of a ‘regular premium’ policy, you can pay premiums annually, semi-annually, quarterly, or monthly.

    Q. What are the riders provided by Bajaj Allianz Life Insurance?

    A. The life insurance riders offered by Bajaj Allianz are:

    • Waiver of Premium Benefit Rider - In the event of untimely death or critical illness of the policyholder, this rider provides a waiver of all future premiums that should be paid under the policy. The insurer also provides a ULIP Waiver of Premium Benefit Rider that is specifically applicable to ULIPs.
    • Accidental Death Benefit Rider - The rider provides an additional rider sum assured if the policyholder suffers untimely death in an accident. The insurer also provides ULIP Accidental Death Benefit Rider and Group Accidental Death Benefit Rider that are specifically applicable to ULIPs and group plans, respectively.
    • Accidental Permanent Total/Partial Disability Rider - The rider provides an additional sum assured in the event of permanent disability from an accident. The insurer also provides ULIP Accidental Permanent Total/Partial Disability Benefit Rider and Group Accidental Permanent Total/Partial Disability Benefit Rider that are specifically applicable to ULIPs and group plans, respectively.
    • Critical Illness Benefit Rider - This rider provides an additional sum assured if the policyholder is diagnosed with any of the 11 critical illnesses specified in the policy. The insurer also provides ULIP Critical Illness Benefit Rider and Group Accelerated Critical Illness Rider that are specifically applicable to ULIPs and group plans, respectively.
    • Family Income Benefit Rider - The rider provides a benefit of 1% of the rider sum assured that will be paid on a monthly basis. This is subject to the policyholder suffering the first occurrence of accidental disability, death, or diagnosis of any of the 11 critical illnesses mentioned in the policy. The insurer also provides a ULIP Family Income Benefit Rider that is specifically applicable to ULIPs.
    • Hospital Cash Benefit Rider - The rider provides the policyholder Hospital Cash coverage that includes a daily hospital cash allowance of Rs.4 per Rs.1000 sum assured, subject to certain limits.

    Q. For how long should a Bajaj Allianz life insurance policy be in-force before it can be surrendered?

    A. It is possible to surrender a policy only after the lock-in period is completed. This could be 3 or 5 years, depending on the specific plan.

    Q. What are the documents that should be submitted for policy surrender?

    A. The customer is required to submit the following documents to Bajaj Allianz to surrender his/her policy:

    • Policy surrender form
    • Self-attested copy of the customer’s ID proof
    • Policy bond
    • Bank attested bank statement or bank attested copy of passbook

    Q. What are the timelines that the insurer observes for policy surrender to take effect?

    A. After the customer submits a policy surrender request, he/she gets a confirmation call for the payment. If the customer prefers the payment to be done through a cheque, the process will take 8-10 days. If he/she chooses direct credit payout, the process takes 7-8 days.

    Q. My claim has been rejected by Bajaj Allianz Life Insurance. What could be the reasons for the rejection?

    A. Bajaj Allianz would reject claims under the following circumstances:

    • The policy was in lapsed status when the claim was raised.
    • The policy does not cover the event for which the claim was raised.
    • The loss that was reported in the claim does not qualify as a loss, either marginally or totally.

    It is advisable that you check the exclusions under your policy document, and be aware of the coverage before you raise claims.

    Q. When I first took my Bajaj Allianz life insurance policy, I had mentioned an address that has changed since. How can I communicate the new address to the insurance company?

    A. You can visit the branch of the insurance company and inform the policy servicing department of the address change. You can also log on to the customer service portal of Bajaj Allianz and change the address online.

    Q. How many times in a year can I avail the benefits of the CI and HCB riders I have opted for? What is the upper limit for each rider?

    A. If the Critical Illness (CI) rider is triggered, the payout is made in full, and the rider then ceases to exist. A total of 60 days can be claimed under Hospital Cash Benefit (HCB) rider in a policy year.

    This insurance company/organisation is not a partner of Bankbazaarinsurance.com. The content provided here is for informational purposes only. Readers should visit the branch office/website of the insurer for more details. The logos, trademarks, and other intellectual property on display belong to their respective owners.

    News About Life Insurance

    • Insurers: claims from Kerala floods may touch Rs.500 crore

      Initial insurance claims related to the recent Kerala floods may amount to the tune of Rs.500 crore according to an executive from a public sector insurance company. Kerala is currently battling the worst natural calamity it has faced in the last century. It has also suffered damages in life and property to the tune of thousands of crores.

      According to an executive from New India Assurance, claim intimations are already coming in from various policyholders across the state. As of now, the company is getting claim intimations related to property damages from people who are in other locations. Once people from the relief camps go back to their homes, it is likely that the claims are going to increase further.

      It is expected that most of the claims will be related to life and motor insurance. Initial claims regarding these losses are expected to touch Rs.500 crore. In addition to damages caused to life and property, the state has also witnessed a huge loss in income due to the crippled tourism and service industry.

      20 August 2018

    Bajaj Allianz Life Insurance Reviews

    • Bajaj Allianz Life Life Insurance
      "WORST"
      0.5 1.0/5 "Really Bad"
      Since for nearly few years that i have been using my life insurance with the BAJAJ ALLIANZ LIFE INSURANCE and there is no proper service and they reduced money from my insurance and fore 1.5lakhs they have reduced like 35k as a commission so i have closed this policy.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Aug 04, 2018
    • Bajaj Allianz Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      As i am holding my life insurance from the BAJAJ ALLIANZ LIFE INSURANCE and the documentation that i have done it through the on line and i have been using it through the 1 year and the tenuity period i have no idea and the premium i pay annually.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 03, 2018
    • Bajaj Allianz Life Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The life insurance and i am using since 5 years and the documentation done through the on line. Tenuity period is for the 5-7 years and the premium i pay for the 5 years the sum i get in 7th year. The premium is for 3 months once that i pay through the on line.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 01, 2018
    • Bajaj Allianz Life Life Insurance
      "Average policy"
      0.5 4.0/5 "Great!"
      They are providing the sum assured amount of Rs. 1.20 lakhs. I have chose this Super saver policy nearly 8 years ago. I'm paying the premium of Rs. 11.800. Its a life covered policy. Tax saver policy apart from this there is no other benefits. I'm paying the premium one year once. I will do the payment through credit card.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Aug 01, 2018
    • Bajaj Allianz Life Life Insurance
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      BAJAJ ALLIANZ LIFE INSURANCE from where i have been using it as a life insurance from last 1 year and documentation done on line. The tenuity period is for the 23-25 years the coverage is for self and premium i pay for 4k per month through the on line. The sum amount i get 1cr.
      Was this review helpful? 0
      , delhi
      Reviewed on Aug 01, 2018
    • Bajaj Allianz Life Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Actually i have applied for my bajaj emi card because i am the customer of the bajaj for taking the consumer durable loan so they have suggested me to take a insurance for my life so i have taken. The sum amount i get 40k-60k. The documentation is not mandatory because already they has my details.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jul 21, 2018
    • Bajaj Allianz Life Life Insurance
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      From the BAJAJ ALLIANZ LIFE INSURANCE i am having my life insurance where the service is good and i am happy with the services. The documentation that i have done with a easy process and i received the copy of my policy. The tenuity period of my insurance is for 20 years.
      Was this review helpful? 0
      , patna
      Reviewed on Jul 14, 2018
    • Bajaj Allianz Life Life Insurance
      "Overall good"
      0.5 4.0/5 "Great!"
      My life insurance policy is with Bajaj Allianz. There are good plan benefits and also the sum assured is good. It is a corporate policy, I would be able to use it even after I switch my company. In all it is good and I am satisfied with the overall features.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 07, 2018
    • Bajaj Allianz Life Life Insurance
      "Good overall"
      0.5 4.0/5 "Great!"
      I have taken my life insurance with Bajaj Allianz. It is a normal insurance policy and the tenure is for 15 years. The process is simple and easy and there are no hassles in the payment options. The sum assured and the plan benefits are good overall.
      Was this review helpful? 0
      , guwahati
      Reviewed on Jun 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with Bajaj Allianz. The customer support is good. It is a normal investment plan. The tenure is for 15 years. The payment options are convenient as well. I am satisfied with the sum assured and the plan benefits they provide.
      Was this review helpful? 0
      , patna
      Reviewed on Jun 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Unhappy with the returns"
      0.5 2.0/5 "Expected more"
      I have taken my life insurance from Bajaj Allianz. The tenure is for ten years. The premium is normal. There are no good benefits in the sum assured. What ever premium I am investing, I am not getting anything profitable in the returns. They need to work on it.
      Was this review helpful? 0
      , bhuj
      Reviewed on Jun 07, 2018
    • Bajaj Allianz Life Life Insurance
      "Good Insurance with Bajaj Alliance"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance policy with Bajaj Allianz. Total premium of the policy is around Rs.1000 monthly and i used to get a Sum assured amount of Rs.2 lakhs. I'm not much aware of the benefits now. I would recommend this policy to my relatives.
      Was this review helpful? 0
      , vijayawada
      Reviewed on May 22, 2018
    • Bajaj Allianz Life Life Insurance
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy taken from Bajaj Allianz. The policy is good and satisfactory, the plan benefits they have offered is good. It represents good content, the total premium of the policy is around Rs. 3,500 per year. I would recommend this policy to others.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 14, 2018
    • Bajaj Allianz Life Life Insurance
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have a Life insurance policy from Bajaj Allianz, the policy includes the final premium of around Rs. 10,000 for the period of 15 years. Only issue with the policy I face is with the service, the service is not good, they haven't provided proper information or updates neither regarding the payment options.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Mar 09, 2018
    • Bajaj Allianz Life Life Insurance
      "perfect policy"
      0.5 4.0/5 "Great!"
      I had a Health policy which was provided by my organization from the Private sector insurance company BAJAJ ALLIANZ LIFE INSURANCE. I got Cashless card also. Its a group policy. Most of all benefits are covered under one policy, no need to top up by purchasing one more plan.
      Was this review helpful? 0
      , solan
      Reviewed on Mar 07, 2018
    • Bajaj Allianz Life Life Insurance
      "good experience"
      0.5 4.0/5 "Great!"
      I had a good experience with BAJAJ ALLIANZ LIFE INSURANCE. Most of all benefits are covered under one policy. The customer support is good and well responsive. My annual premium amount is also very affordable by comparing with other premium polices.
      Was this review helpful? 0
      , davanagere
      Reviewed on Feb 25, 2018
    • Bajaj Allianz Life Life Insurance
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      The return promised and also the plan benefits of them is quite good.The executives are great they give the best information about the scheme details.I get a good policy coverage amount to the customers. Yearly i have to pay 32 thousand. The maturity period is for 20 years and returns will amount to 10 lakhs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 08, 2018
    • Bajaj Allianz Life Life Insurance
      "Good benefits"
      0.5 5.0/5 "Blown Away!"
      My life insurance if from Bajaj Allianz. The customer services are good as I was given all the details and the process was smooth. I can make my payment with ease too. There are simple steps in the payment process. The tenure is for ten years. My premium is of 2500. The sum assured is of ten lakhs.
      Was this review helpful? 0
      , ratnagiri
      Reviewed on Jan 03, 2018
    Common Loader Icon