Claim Settlement Ratio of 99.29%~

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Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

Please refer to BALIC Privacy Policy

 

Get Upto 16% Discount On First Year Premium³ | Get Quote Now!

Free Health Management Services Upto ₹ 31,000/ Year^

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₹ 1 Cr Term Plan @ ₹ 15 per day²

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₹ 2 Cr Term Plan @ ₹ 21 per day³

Free Health Management Services Upto ₹ 31,000/ Year^

LOWEST PREMIUM GUARANTEED!*
NO UPFRONT PAYMENT UNTIL POLICY APPROVAL**
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I agree and consent to the Terms & Conditions and the Privacy Policy

Why Bajaj Allianz Life Insurance ?

Bajaj Allianz Life, one of India's leading Private Insurer, committed to offer value packed and innovative products to meet you Life Goals

99.29%

Claim Settlement Ratio~

1 Day

Get 1 Day Claim Approval%

AAA

Stable Rating by CARE$$

₹1,23,734 Cr

Assets Under Management (AUM)***

3.85 Cr

Number of Lives Covered##

359%

Solvency Ratio of 359%^^^

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2024-2025 | %99.29% of non-investigative individual claims approved in one working day for FY 2024-25. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices | $$For details refer to press release published by CARE | ***All figures as on 31 March, 2025 | ^^^Solvency ratio 359% as at 31 March 2025 against IRDAI mandated 150% | ##Individual and group, as on 31 March, 2025.

Key Benefits

Accidental Death Benefit2

Accidental Death Benefit will be Extra payout in case of death due to accident

Early Exit Value5

Get back upto 200% of your premiums paid as Early Exit Value (after your need for cover is over) as per terms & conditions of the policy

Premium Holiday

This option helps you to skip your premiums for 1, 2 or 3 years during the premium payment term

Waiver of Premium Benefit on Accidental Total Permanent Disability/Terminal Illness&

If Accidental Total Permanent Disability / Terminal Illness is diagnosed, premiums are waived off during the policy term

Avail Tax benefits6

Tax Benefits available on what you pay & what you or your family receive, as per Income Tax Act

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How does the Plan work?

Choose your Sum Assured:

Decide on the level of protection by choosing the sum assured you need to safeguard your family's future.

Choose your Death Benefit Payment option:

Select how your family will receive the Death Benefit in your absence. A one-time lump sum or Partly as Lump sum & partly as monthly income for 5 / 10 / 20 / 30 / 40 years and monthly income for 5 / 10 / 20 / 30 / 40 years.

Choose your Policy Term and the Premium Payment Term (as applicable)

Select the period for which you want to get life insurance protection and the period for which you want to pay the premium.

Choose your Premium Payment Frequency:

Depending on your convenience you can decide the interval at which you would prefer to pay the premium during the premium payment term.

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Customer Speaks

Helpful, Best Policy
The reason to choose Bajaj Allianz life insurance is because of the claim settlement ratio and the easy after sales support which Bajaj Allianz life insurance provides. The process is speedy and the customer support provides 360 information on term insurance policy. All the term insurance variants were well explained by the Bajaj team with or without accidental death benefit and critical illness benefit.
Ankurjit Singh
5
Seamless experience
I am a happy customer who is satisfied with the after sales service. I have full trust in Bajaj Allianz Life Insurance Company.
Rahul Kumar
4.5
Great experience
Bajaj Allianz Life Insurance provides a seamless experience when it comes to buying term plan. The customer representative explained the term plan product to me in my native language and the doubts regarding Claim Settlement Ratio, Term Premium calculator, Term Plan Premium Payment terms and Exit value. I was completely unaware about the checklist to have while buying term plan but Bajaj Allianz Life Insurance made it very easy , fast & trustworthy process
Aneri Dudhia
4.5
Helpful, Best Policy
Bajaj Allianz Life Insurance Policy purchase journey is quite smooth and fast for buying term plan. Health Check-up and medicals happened quickly and timely. The support team also guides me at each and every step for buying the term plan. All the term plan variants were explained by the sales team and what is recommended as per my income level.
Nandkumar Permumal
5

Keep these documents handy

Recent Photograph

  • Coloured Photograph

Photo ID Proof (Any One)

  • Aadhar Card

  • Passport

  • Driving License

  • Voters ID

Age proof (Any One)

  • Aadhar Card

  • Passport

  • Driving License

  • Birth Certificate

  • Baptism Certificate or PAN card

Address proof (Any One)

  • Aadhar Card

  • Passport

  • Driving License

  • Voters ID

Income Proof (Any One)

  • Last 3 month of salary slip and 6 months of bank statement showing salary credit (For Salaried)

  • Last 2 Years ITR and computation of Income (For Self-Employed), etc.

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Frequently Asked Questions

1.What is the formula for calculating term insurance?

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There is no specified formula for calculating term insurance. You can use the term insurance calculator to find the premium payable for the policy that you choose.

2. What is 1 crore term insurance?

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A ₹1 crore term insurance plan is one which has a sum assured of ₹1 crore.

3. How do you decide the term insurance amount?

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You can decide the term insurance amount based on your income, expenses, assets, liabilities, financial goals, etc. There are term insurance calculators that help in calculating the right sum assured.

4. Is it safe to use a term plan calculator?

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The term plan calculator is an online tool which calculates the premium payable for the policy that you choose. The calculator is a safe tool which you can use to find the premium and even buy a suitable term plan.

5. Is 50 lakhs term insurance enough?

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The adequacy of your term insurance coverage depends on your income, expenses, assets, liabilities, financial goals and requirements. You can use the term insurance calculator to find the right sum assured.

6. What is the premium of ₹50 lakhs term plan?

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The premium depends on your age, medical history, policy term, premium payment term and frequency, riders selected, and other factors. You can use the term insurance calculator to find the premium payable for a ₹50 lakh term plan.

7. What is the premium of 2 crore term plan insurance?

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The premium for a ₹2 crore term plan depends on your age, medical history, policy details, riders selected, and other factors. To find the exact premium, you can use the online term insurance calculator.

8. What is the premium of ₹1 crore term insurance plan?

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The premium of ₹1 crore term insurance plan can be found using the online term insurance calculator. The premium is not same for every individual. It varies based on age, policy details, riders selected, and other factors. The calculator, thus, calculates the exact premium based on these factors.

9. Can a person buy 2 term insurance?

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Yes, you can buy two or more term insurance plans based on your coverage needs. However, when buying multiple plans, it is recommended to inform the insurance company of your existing plans.

10. What is 5-year term insurance?

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A term plan having a coverage tenure of 5 years is called a 5-year term insurance plan.

11. What is the 3-year rule of term insurance?

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The 3-year rule states that the insurer has 3 years for calling a policy in question on the ground of misrepresentation or suppression of facts, from the date of issuance of Policy or date of commencement of risk or date of revival of policy or date of rider of the policy, whichever is later. Once this period of 3 years is over, the insurer cannot call the policy in question. 2 

12. At what age term insurance is best?

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Buying a term insurance plan from a younger age is recommended so that you can enjoy coverage earlier. Moreover, buying young allows you to enjoy lower premiums on the policy.

13. How long should I pay term insurance?

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The premium payment term should depend on your affordability. Term plans might offer regular, limited and single premium payment terms. Assess your finances and choose a term that aligns with your budget.

14. What is the waiting period in term insurance?

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There is no waiting period for natural death or accidental death under term insurance, except for death by suicide. For death by suicide, there is a waiting period of 1 year from policy commencement.3

15. What is a term insurance plan & how does it work?

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A term insurance plan is a simple form of life insurance. Term plans do not have an investment component and hence provide no maturity benefits. The policyholder pays premiums to the insurance company and the insurer in return promises to pay a pre-decided amount to the nominees in the event of the policyholder’s death.

Since term plans do not provide maturity benefits, the plan simply terminates at the end of the policy term. Many customers have expressed their concern on losing out of money if there are no claims made during the tenure of the term insurance plan. To address this Life Insurance companies also offer Term insurance plans with ‘Return of Premium' option. It means that if the policy holder survives the policy term, then the life insurance company returns the premiums paid towards the policy, subject to certain deductions, depending upon the terms and conditions of the policy.
Click to read more about Term Plans.

16. How do I determine my suitable term insurance coverage amount?

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Term insurance coverage may vary according to age. It should be calculated after taking into account the debt, assets and life goals of the family during that particular time. You can use the term insurance calculator as an indicator to get a better idea of your term insurance coverage requirements. However, it is always best to analyse your needs and current lifestyle before deciding the coverage amount required to secure your family’s life goals.

It is good idea to buy a term insurance plan when you are young. The premiums of term insurance are low when the individual is young as young people have a lower chance of contracting life-threatening diseases or death, thus lowering the risk for the insurer. A decision taken early can help you save a sizeable premium over the years simply because you acted on time as the premium in an insurance plan is fixed for the entire duration. The sooner, the better.
Click to read more about Term Plans.

17. What are the documents required for buying term insurance plan?

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You will need a recent photo, identity and address proof, age proof, proof of income and medical reports to buy a term insurance plan.

The requirements may vary and additional documents may be sought depending on underwriting assessment.
Click to read more about Term Plans.

Disclaimers:
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BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Risk Factors and Warning Statement: Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz Life eTouch II are the names of the company and the product respectively and do not in any way indicate the quality of the product and its future prospects or returns. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com ) carefully before concluding a sale. Bajaj Allianz Life eTouch II-  A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V04). Regd. Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune - 411006. IRDAI Reg. No.: 116. CIN : U66010PN2001PLC015959 | Mail us : customercare@bajajallianz.co.in | Call on : Toll free no. 1800 209 7272 | Bajaj Allianz Life eTouch II (UIN: 116N198V04), The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo. All charges/ taxes, as applicable, will be borne by the Policyholder.

35% Discount applicable for customer's first individual life insurance policy, applicable only on first year’s premium. 5% Discount for salaried customers, applicable only on first year’s premium. 6% Discount on online purchase is available for regular premium payment and limited premium payment frequency on first year's premium.

2Accidental Death Benefit is available with Life Shield Plus variant

&Waiver of Premium Benefit On Accidental Total Permanent Disability/Terminal Illnessis available for all variant.

6Tax benefits as per prevailing Section 10(10D) and Section 80C (under old tax regime) of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy

5Early Exit Value is available with Life Shield & Life Shield Plus variants

^2 Above illustration is for Bajaj Allianz Life eTouch II - A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N198V04) considering Male aged 25 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | Indian Resident | 1st Year Premium is Rs. 5,118. 2nd Year onwards premium Rs. 5,548. Total Premium Rs. 1,66,010 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 40, Income Payout Percentage: 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only

^3 Above illustration is for Bajaj Allianz Life eTouch II- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N198V04) considering Male aged 23 years | Non-Smoker Preferred | Annual Income =>Rs. 15,00,000 per annum | Indian Resident | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 2,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 7,159. 2nd Year onwards premium is Rs. 7,800. Total Premium is Rs. 2,33,395| Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage : 40, Income Payout Percentage : 60). Income payout instalment opted for 40 years | Premium shown above is inclusive of Online Discount only, no other discounts have been considered and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

*The Premium prices mentioned are the lowest available across all online channels/ platforms for the purchase of this specific version of the product. These rates are subject to input parameters& as required for policy issuance remaining consistent during comparison. No Staff/Partner discount# can be availed with this product. If a lower premium rate is found elsewhere, under the same conditions mentioned above, the policyholder may choose to cancel their policy and receive a full refund of the premium paid. # Staff includes directors and employees of Bajaj Finserv Group & their spouse, children, and dependent parents. Partner includes employees and agents of intermediaries and their family members. & Input parameters include age, medical details, qualifications, occupation, income and other factors required for policy issuance

**BIMA Applications Supported by Blocked Amount (BASBA)-  One- time mandate for blocking the amount towards premium through Unified Payments Interface (UPI mandate) for issuance of life insurance policies. Premium is required to be paid only after the insurer communicates the decision of acceptance of the proposal. Risk cover shall commence only after receipt of premium. Available only for online channel.

^Get Free Health Management Services for men up to Rs. 31,000 per year

Health Management Services

Frequency

Cost (₹)

Doctor Insta-Consultations

3 consultations per month = 36 consultations per year

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 36 = ₹ 18,000

Health Coach
(Diet & nutrition consultations)

1 consultation per month =

12 consultations per year 

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 12 = ₹ 6,000

Emotional Wellness
(Psychologists consultations)

1 consultation per month =

12 consultations per year 

Average cost per session = ₹ 500

Total cost per year = ₹ 500 * 12 = ₹ 6,000

Network discounts:

 

Medicines (M) - 10%

Lab-test booking (L) - 10%

Throughout the year 

Assumption – Total

expense on these

services throughout

the year

Total discounts that can be availed

throughout the year

M - ₹ 5,000

₹ 500

L - ₹ 5,000

₹ 500

Total per year as per assumption

₹ 31,000

 

Note: The above mentioned costs are based on estimated average market price for respective services. T&C apply.

Doctor Insta-Consultations and Health Coach Services are unlimited and the above numbers are assumed only for the purpose of calculation of the yearly benefit.

Source- https://www.businesswireindia.com/product-of-the-year-announces-2024-winners-consumers-recognize-innovation-90443.html

 

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