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  • Bajaj Allianz Term Insurance Plans

    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 Life Insurance Company Limited is a life insurance company that is a joint venture between Bajaj Finserv Limited and Allianz SE. The company blends global insurance expertise and a unique knowledge of the local market, which results in the best in class term insurance products that will meet the potential insurance buyer’s every need.

    The company has a range of term insurance products that cater to all sections of the populace, and have also introduced an online policy to suit changing insurance needs.

    A quick claim processing model as well as efficient customer care ensures a smooth and hassle-free claim process for nominees and dependents.

    Benefits of Bajaj Allianz Term Insurance Plans:

    • Bajaj Allianz term insurance plans offer the life insured security and assurance that his/her dependents will be taken care of in the event of his/her untimely death.
    • The plans provide comprehensive protection with a choice of premium payment options as well as flexibility, making it easier for policyholders to keep up with payments.
    • Partial withdrawal/surrender of the plans is permissible in certain cases and for certain plans.
    • The plans are pure risk cover plans that offer complete protection at a nominal cost and assure full pay-out in the event of the demise of the life insured.

    Types of Bajaj Allianz Term Insurance Plans:

    The types of term insurance plans offered by Bajaj Allianz are as given below:

    Bajaj Allianz Life eTouch Online Term Insurance Plan:

    This is a pure term life insurance plan that provides life cover in the case of accidental death, critical illness as well as accidental total permanent disability. The plan has a range of variants that offer different covers and additional benefits, as given below:

    • Shield- offers life benefit along with a premium waiver in case of accidental total permanent disability as well as death benefit that is equal to the sum assured.
    • Shield Plus- offers death benefit equal to the sum assured. Accidental total permanent disability would result a premium waiver and in the sum assured being paid as disability benefit.
    • Shield Super- offers full sum assured amount plus an additional amount as accidental death benefit pay-out. Also offers death benefit equal to the sum assured in case of the death of the life assured (not applicable in case of accidental death).
    • Shield Supreme- offers accelerated critical illness benefit on diagnosis of certain specified illnesses, as well as a waiver of premium in case of accidental total permanent disability.

    Bajaj Allianz iSecure Insurance Plan:

    This is a non-participating term assurance plan that provides life cover as well as a sum assured rebate and rewards for maintaining a healthy lifestyle. The plan also allows for the addition of a spouse later in the policy term and a provision that allows for annual disbursement of benefits to meet recurring expenses.

    The death benefit payable is the sum assured amount as mentioned in the policy. For sum assured amounts above Rs.20, 00,000, the life insured can choose a lifestyle category, which will be a factor in the calculation of the premium payable.

    Bajaj Allianz iSecure More Insurance Plan:

    This is a non-participating increasing cover term assurance plan that offers a 5% increase in sum assured cover at every policy anniversary. The plan also allows for the inclusion of a spouse at a later date, as well as a range of customisations to ensure total protection. The plan also makes provision for the alteration of premium payment frequency and for the disbursement of policy proceeds annually to meet any expenses. In case of the demise of the policyholder during the policy term, the existing sum assured amount will be paid to nominees.

    Bajaj Allianz iSecure Loan Insurance Plan:

    This is a non-participating mortgage cover term assurance plan that offers protection from loan liabilities as well as provides life cover to the insured. The plan offers the benefit of a high sum assured rebate as well as the option to change the frequency of premium payments. Other benefits include a reducing insurance cost as the loan liability decreases. The policy term can also be selected based on the tenure of the loan availed. This plan can be extended to provide coverage to the insured, his/her spouse/partner provided insurable interest can be proven.

    Bajaj Allianz Life Secure Insurance Plan:

    This is a non-linked whole life term insurance plan that offers the life insured cover till the age of 100 years and provides term assurance, accidental death cover as well as critical illness cover options. Additionally, the plan allows for lower premium rates for female life insured individuals. The life insured can also choose any of 4 premium payment terms- 5,7,10 or 15 years. The types of coverage options available under the plan are as follows:

    • Cover I- death benefit
    • Cover II- death benefit + accidental death benefit
    • Cover III- death benefit/accelerated critical illness + waiver of premium benefit

    Bajaj Allianz LifeStyle Secure Insurance Plan:

    This is a non-linked term insurance plan that offers the life insured coverage that extends to terminal cover as well as term assurance, ensuring the protection of the life insured’s dependents. The plan provides for in-built accelerated terminal illness cover and the option to receive plan benefits in monthly instalments. Additionally, the life insured does not need to undergo any tests or procedures prior to taking the policy. The plan offers competitive rates for female applicants and comes with a sum assured rebate of up to Rs.1,000 off on the annual premium payable where the sum assured is above the minimum amount of Rs.3,00,000.

    Plan Name Entry Age Maturity Age Premium
    Bajaj Allianz Life eTouch Online Term 18 years 75 years Minimum premium- Rs.5,000 per annum Maximum premium- as per Sum Assured
    Bajaj Allianz iSecure 18 years 70 years Minimum premium payable for Sum Assured less than Rs.2,00,000: Yearly- Rs.1,000 Half-yearly- Rs.500 Quarterly- Rs.250 Monthly- Rs.100 Minimum premium payable for Sum Assured more than Rs.2,00,000: Yearly- Rs.3,000 Half-yearly- Rs.1,500 Quarterly- Rs.750 Monthly- Rs.250
    Bajaj Allianz iSecure More 18 years 70 years Minimum premium: Yearly- Rs.1,500 Half-yearly- Rs.750 Quarterly- Rs.400 Monthly- Rs.150
    Bajaj Allianz iSecure Loan 18 years 65 years Minimum premium: Yearly- Rs.1,500 Half-yearly- Rs.750 Quarterly- Rs.400 Monthly- Rs.150
    Bajaj Allianz Life Secure 25 years 50 years (for coverage options I & II) 55 years (for coverage option III) Minimum premium: Yearly- Rs.36,720 Half-yearly- Rs.18,727 Quarterly- Rs.9,547 Monthly- Rs.3,305 Maximum premium- no limit
    Bajaj Allianz LifeStyle Secure 18 years 60 years Minimum premium payable for: Yearly- Rs.1,466 Half-yearly- Rs.748 Quarterly- Rs.381 Monthly- Rs.132 Maximum premium payable- Yearly- Rs.20,458 Half-yearly- Rs.10,434 Quarterly- Rs.5,319 Monthly- Rs.1,841

    Why do you need Bajaj Allianz Term Insurance Plans?

    Bajaj Allianz’s term insurance plans offer complete protection and financial stability to your dependents in the event of an unforeseen circumstance or in the unfortunate event of your untimely demise. The plans offer a range of benefits depending on the type selected and also offer the following benefits:

    • Tax benefits: Bajaj Allianz term insurance plans offer the policyholder tax exemptions towards the premium amount paid under Section 80C of the Income Tax Act.
    • Additional rebates: Policyholders can also benefit from various rebates on benefits that are paid out, for example in the case of death benefit and surrender value. These rebates are subject to certain conditions being met and can be applied for under Section 10 (10D).

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