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Life can be uncertain. And we may try our best to have a safe and secure life. However, we may not be able to predict when an unfortunate situation may occur and turn our lives upside down. If you are the main earning member in your family, such an incident might mean financial difficulties for your family. This is where a life insurance policy comes to the rescue.

Life Insurance is an insurance product that provides financial support to one’s family if he/she passes away due to an unfortunate event, during the policy term. It may help family members and other loved ones deal with the financial challenges that may come due to the life assured’s demise.

Having understood what a life insurance policy is and how it works, you may want to know whether you need it.

Let us explain why you do, with the following reasons:

  • It Can Provide Support to Your Family
  • It Can Provide Support to Pay Off Debts
  • It Can Provide Peace of Mind
  • It Can Offer Opportunities to Create Wealth
  • It Can Allow You to Plan for Every Life Stage
  • It Can Provide Income during Retirement
  • It Can Offer Critical Illness Protection

There are many types of life insurance policies available in the market to suit different needs and budgets. Here are some of them:


Term Insurance

It is a type of life insurance policy whose sole aim is to provide financial protection to the life assured against risks to their life. Term plans tend to be a popular choice since they offer high coverage at affordable premiums.

Endowment Plans

An endowment plan offers a mixture of savings and life insurance coverage to the policyholder. The premium of the plan is used to build the death benefit corpus as well as to accumulate wealth which may be paid out during maturity.

Unit Linked Insurance Plans (ULIP)

A ULIP can offer a policyholder the chance to invest in market-linked instruments of their choice, such as equity funds, debt funds, and so on.

Whole Life Policy

As its name suggests, whole life insurance plans may provide financial protection to the policyholder for their whole life. Usually, the tenure of these plans is 99-100 years.

Annuity Plans

These life insurance plans can be said to be designed to offer a regular source of income during one’s retirement years. One may receive a pay-out monthly, quarterly, half-yearly, or annually, based on their requirements.

Riders help increase the scope of coverage of your life insurance policy by adding an extra layer of security. You may select from the given riders:

Accidental Death Benefit Rider

The accidental death benefit rider may help by providing a lump-sum payout to the family members to deal with the financial repercussions of the accident. This pay-out is made in addition to the base sum assured from the life insurance policy.

Critical Illness Rider

It provides a lump-sum pay-out on the diagnosis of a critical illness covered by the rider. This money may be used to treat the illness, fund travel tickets in case of foreign treatment, and even act as an income replacement.

Accidental Permanent Total/Partial Disability Rider

This rider may provide a fixed payout to the insured if they were to become totally or partially disabled due to an accident. The payout may help one cope with the financial difficulties that may arise as a result of the disability, such as loss of income.

Waiver of Premium Rider

As the name suggests, it may waive off the future premiums if the if the policyholder is diagnosed with a critical illness or is disabled due to an accident. Thus, the coverage of the plan continues to be active even if the policyholder may not be able to pay the premiums.

Family Income Benefit Rider

This rider allows you and your loved ones to receive periodic payments in case an unfortunate event occurs. These payments may assist you and your loved ones to live a life free from financial worries.

To understand what a life insurance policy is and its workings, let’s take a look at its features:

Death Benefits

The money received by the nominees of the policy on the demise of the life assured is called the death benefit amount. It can be considered the base of any life insurance policy and is present in all types of life insurance plans.

Maturity Benefits

Some life insurance plans may have a savings component attached to them. When such a plan matures, i.e., it reaches the end of the term, the policyholder receives the accumulated savings. This can be referred to as the maturity benefit.

Optional Riders

You may increase the scope of coverage for your life insurance policy by opting for add-ons. These may be available under some plans at a nominal additional premium. Riders may provide an additional layer of financial protection to you and your loved ones in different scenarios.

Multiple Premium Payment Terms

The premium of a life insurance policy is usually paid periodically over the entire premium paying term or one-time. If you opt for a single-premium plan, only a one-time, lump-sum premium payment is required. Additionally, if you opt for limited-term plans, premiums may be paid for a limited time during the tenure. This feature may allow one to pay for their life insurance coverage as they see fit.

Online Process

Nowadays, one may buy life insurance products online and complete different processes related to them via the same online means. All one has to do is log on to the life insurance website, browse through the different products, choose one, and then go ahead with buying it.

Claims Assistance

To support their policyholders and claimants during times of crisis, life insurance companies have a claims assistance service in place. By reaching out to an insurer’s claims assistance team, you may get help in filing claims, tracking them, and achieving a hassle-free claim settlement process.

When you buy the right life insurance policy in India and insure your life, you may enjoy the following advantages:

Financial Protection for Your Loved Ones

One of the biggest advantages of life insurance may be the financial protection it provides. A life cover may ensure your loved ones do not face difficult situations when you are no longer around.

Wealth Creation through Investment

When you buy a market-linked life insurance policy, you may get to enjoy the dual benefits of life insurance and market-linked returns, subject to market risks. Along with the security of a life cover, your premium will be invested in equity funds, debt funds, or a combination of both. The gains from your investment may depend on market performance.

Long-term Savings

Life insurance plans with a savings component, for example, endowment plans, may help you generate long-term savings. Your life insurance premium may be used to provide you with a life cover as well as to accumulate wealth. When the plan matures, the savings may be paid out to you or your loved ones.

High Coverage at Lower Cost

If you prefer high life insurance coverage at an affordable rate, you may consider opting for term insurance plans. A term plan is a pure protection plan that helps secure the future of your loved ones. It may not offer any savings or investment features. Hence, its premiums may be lower, making it a cost-effective life insurance product.

Financial Backup for Retirement Years

By opting for plans like annuity plans, you may be able to secure your retirement considerably, while also receiving life insurance coverage. An annuity provides regular pay-outs at the frequency of your choice during your retirement years. These pay-outs may be used to meet your short-term needs, such as paying for daily expenses and medical bills. It can also be used to meet long-term goals, such as travelling.

Tax Benefits

Check out the key tax benefits of life insurance policies below, as per the provisions of the Income Tax Act, 1961.

Section 80C:

This section allows you to claim the annual premiums you pay for your life cover as a deduction from your gross total income. You can claim a maximum amount of deduction of Rs.1.5 lakhs per year, subject to provisions stated in Income Tax Act 1961. In turn, this reduces your total taxable income and your tax liability. This deduction is available only under old Regime of Tax

Section 10(10D):

As per section 10(10D) of the Income Tax Act, 1961, the payouts received from your life insurance plan including the death benefits received by your nominee, are all exempt from tax, subject to satisfaction of conditions mentioned therein.

In case of Unit Linked Insurance Plans alone, the tax provisions differ slightly. The fund value paid out to the policyholder at maturity leads to long term capital gains, if policy is issued on or after 1 February 2021 with annual aggregate premium more than Rs. 2.50 lakhs per year. These payouts are tax-free for all ULIPs issued before February 1, 2021, subject to satisfaction of conditions mentioned under Section 10(10D) of Income Tax Act.

However, in case of ULIPs issued on or after February 1, 2021, the gains are tax-free provided the annual premium paid for the ULIP/s does not exceed Rs 2.5 lakhs and policy is satisfying conditions as mentioned in Section 10(10D) of Income Tax Act. However, if the premium exceeds this limit, the long term capital gains are taxable at the rate of 10% if such ULIP is equity oriented ULIP. If there are multiple ULIP policies which are issued on or after 1 Feb 2021 and total annual premium is exceeding Rs. 2.50 lakhs for ULIPS, customer at his discretion can select the policy which should be treated as capital assets and gain from such policy will be taxable as capital gains as mentioned above

Any income from life insurance policy (other than ULIPs) where aggregate annual premiums exceed Rs 5 lakh, will not be eligible for tax exemption under Section 10(10D) of the Income Tax Act, if the policy is issued on or after 1 April 2023. However, death benefits received under the policy will continue to be tax-exempt in the hands of the recipient3.

People of all abilities and ages (except those in their very senior years) may buy a life insurance policy. However, the premium and certain other aspects of the policy may differ depending on when you buy it. Let’s look at who can buy life insurance and what the process may be at each age.

People aged 20 to 30 years

Those in their 20s and 30s may be trying to start a family of their own. Hence, a life insurance policy may help them secure the goals that come with it.

People aged 30 to 40 years

Individuals in this age category may benefit from buying a life insurance policy in the form of enhanced financial security. Furthermore, the right type of plan may also help in securing their child’s future as well as their own during the post-retirement years.

People aged 40 to 50 years

A life insurance policy at this age may be crucial since one could face more serious health issues. Securing your family’s future becomes important when faced with such a scenario.

People aged 50 years and above

Even though one may have achieved most of their goals by now, buying a life insurance policy can still be beneficial. It may act as a support system during one’s retirement and help them leave a legacy for their children or grandchildren.

Smokers

Contrary to popular opinion, smokers may buy life insurance as well. The premium outgo may be impacted due to their smoking habits. However, securing their loved one’s future is still within the reach of most smokers as long as they are honest with the insurer about their lifestyle habits.

Individuals with disabilities

If an individual with disabilities is the main earning member of their family, they may be eligible to buy life insurance products. Additional medical tests may be required to determine the level of risk involved.

People with pre-existing medical conditions

These days, people with pre-existing illnesses may also be able to buy life insurance to safeguard their family’s future. For instance, people with diabetes may want to consider opting for the Diabetic Term Plan offered by Bajaj Allianz Life Insurance.

Before you buy a life insurance policy online or offline, it may help you to know the different factors that may affect the premium you have to pay:

Age

An increase in age may lead to higher health risks, leading to an increased mortality risk. Hence, as you get older, you may have to pay higher premiums when purchasing a life insurance policy.

Current Health Conditions

Your life insurance premiums may also be impacted if you have any ailments or conditions that may increase your mortality risks.

Term Length

If you purchase a life insurance policy with a longer tenure, you may have to pay a higher life insurance premium, as the insurer may covers your life for a longer period.

Smoking

Smoking may be considered to be a hazardous habit that increases the mortality risk of an individual to a great extent. Hence, the premiums smokers may have to pay for a life insurance policy may be different as compared to non-smokers.

Occupation

Some occupations, such as firefighting, being a police professional, and so on, may be riskier and more dangerous than others. Hence, to combat the increased mortality risk of the individual, the premiums may be impacted too.

Lifestyle, Habits, and Hobbies

A lifestyle with habits such as alcohol consumption and an unhealthy diet, or risky hobbies such as adventure sports, may also affect your premium.

Family Medical History

If your family’s medical history shows any serious hereditary ailments, it may mean you are at risk for those illnesses, too. Hence, your premium outgo maybe affected too.

When you buy life insurance online or offline, you may want to ensure your life insurance policy is sufficiently useful. Here are some factors to keep in mind during the process:

Current and Future Income

Consider the amount you are earning currently and what you may earn in a few years’ time. The life insurance coverage amount should be adequate to make up for these incomes in your absence.

Remaining Working Years

As long as you are the main earning member in the family, they are likely to be dependent on you for that period.Hence, consider the number of years your family may depend on you and choose a life cover amount accordingly

Regular Expenses of Your Family

If it is your income that pays the bills and other household expenses, then you may want to ensure the life cover amount shoulders that responsibility as well.

Debts and Loans

Note down any outstanding loans or debts you may have currently. If you were to pass away, the sum assured should be enough to help your family meet their needs as well as to pay off these liabilities.

Future Financial Goals

You may want to calculate the cost of these goals, such as buying a house or sending children to study abroad and choose a life insurance cover amount accordingly.

Important stages in your family’s life

The life cover amount you choose should be sufficient to support your family at different stages even in your absence that have planned in the long run.

Final Expenses

it may be crucial to ensure that in case of your unfortunate demise, the burial and related expenses are taken care of. Hence, you may want to consider them when finalising the life insurance coverage amount.

Other Coverage

If you have any other insurance policy, such as an employer group term insurance policy, you may want to consider the same as well before you buy separate life insurance online or offline.

Here are the documents you will need to buy a life insurance policy online or offline:

Identity proof:

It may either be your AADHAR card, passport, PAN card, or driving licence.

Address proof:

It may either be your AADHAR card, passport, or utility bills.

Age proof:

It may either be your driving licence, passport, or school/college certificates.

Income proof:

It may either be your Income Tax Return, employer’s certificate or Form 16.

Medical reports

Passport-size photographs

If PAN is not available, Form 60

Buying a life insurance policy in this day and age has become a much simpler process than before. Broadly, there are two ways you can approach this process: buy the policy via the traditional offline route or buy life insurance online. Let’s look at both.

Offline

1.Visit the nearest branch of Bajaj Allianz Life Insurance Company. Our Branch Locator page can help you locate the branch nearest to you.

2.Alternatively, you may also contact a life insurance agent and convey your needs to them.

3.Reach out to a representative at the branch and inform them of your wish to buy a particular plan. You may be provided with a proposal form for the same.

4.Submit the proposal form after entering the relevant information and reading the terms and conditions thoroughly.

5.Pay the premium via one of the different payment modes available.

6.Allow the representative to guide you through any other steps if required.

Online

1.Visit www.bajajallianzlife.com to initiate the process to buy a life insurance policy online.

2.Click on the ‘Plans’ tab to select the category of life insurance you want, and then choose an appropriate plan from the category.

3.Now, provide important personal information, such as your name, contact details, gender, occupation, address, and so on to continue the process to buy life insurance online.

4.Finalise some vital policy-related information, such as the life cover amount, tenure, premium payment term and frequency, and so on.

5.Adjust the policy variables until you come across a premium quote within your budget.

6.Click on ‘Buy Now’ to generate the proposal form and then fill it out.

7.Submit the proposal form and pay the premium, after which the process to buy a life insurance policy online may be considered complete.

To ensure you receive optimal protection, it may be essential to choose the right kind of life insurance policy. To do so, it may help you to keep the following factors in mind:

Goals

The kind of life insurance cover you should be opting for may depend largely on your goals. For instance, if you seek only financial protection for your loved ones, a term plan may be a suitable option. If long-term savings and investment opportunities are on your mind, you may want to consider endowment plans or ULIPs.

Age

Before finalising any life insurance policy, you may want to review whether it is the appropriate plan for your age. Life insurance premiums might be lower for younger individuals. Thus, they may find it beneficial to select a plan with higher coverage and extensive features, since the premium may still be relatively lower. Similarly, if you may be nearing your retirement age, you may want to opt for annuity plans. They may provide the monetary support you need during your post-retirement years.

Risk Appetite

Certain types of life insurance policies, such as ULIPs, allow the policyholder to invest in the market in the funds of their choice. However, this may also mean having to deal with higher market risks. Therefore, it may be imperative to review your risk appetite and then buy a life insurance policy accordingly. Those with no risk tolerance may find a term plan suitable, while those with low-to-moderate risk preferences may opt for endowment plans or debt ULIPs. A higher risk appetite may be more satiated by ULIPs with a predominantly equity portfolio.

Market Conditions

This may be an especially vital factor to consider if you are planning to buy a ULIP. The returns from such a life insurance policy in India may depend largely on the market performance amongst other factors. If you think the market may be experiencing a high soon, you may want to opt for a higher equity-laden ULIP portfolio. However, if you wish to stay away from the fluctuations of the market, you may opt for a plan with guaranteed returns.

Policy inclusions

Whether you buy life insurance online or offline, one thing you may not want to miss out on is reading through the policy inclusions. It may help you get a clearer idea of the situations and events covered under the plan.

Policy exclusions

Along with the inclusions, reading through the life insurance policy exclusions is crucial, too. Exclusions can refer to specific events or situations where your policy may offer no coverage.

Coverage

The life cover amount, also called the sum assured, is the maximum amount the nominees may receive on the demise of the life assured. With inflation rates rising, a higher coverage amount may be more beneficial.

Fund performance

Some types of life insurance policies, such as ULIPs, may require you to understand the funds within the plan. The returns you may earn from the plan depend on how it performs in the market. To get an idea of the same, you may want to look at and analyse the past performance of these funds. Note that past performance may not be indicative of future results.

There are many ways to pay the premium of your life insurance policy and many mediums of payment as well. The frequency and term of your premium may depend on the type of policy chosen.

  • If you buy a life insurance policy offline, the premium may be paid via cheques, demand drafts, or other similar means.
  • If you buy an online life insurance policy, the premium for the same may be paid via safe and secure digital payment portals.
  • For single-premium life insurance plans, the premium may be paid as a one-time lump-sum payment.
  • For regular premium life insurance plans, the premium may be paid at regular intervals on a monthly, quarterly, half-yearly, or annual basis.
  • You may also choose limited-term life insurance products where the premium may be paid for a limited period only.

The meaning of life insurance lies in the coverage and assurance it provides to you and your family. As a life insurance policyholder, you may want to know how to benefit from this assurance by raising a claim when required. Your loved ones should also ideally know the process so they may not face any issues in your absence.


In case of the life insured’s death, the nominee may initiate the process to raise a claim by submitting the claim form to the insurer. Depending on how the demise may have occurred, certain documents may be required. For instance, demise due to an accident may require an FIR. After submitting the same along with other documents, the claim shall be reviewed by the insurer and processed accordingly.

If you buy a life insurance policy online, there are many benefits you may enjoy. The offline, conventional approach is also available and may be preferred by some. However, some people may find it beneficial to buy an online life insurance policy for the following reasons:

Access to Information at Fingertips

If you buy an online life insurance policy, you have access to a wide variety of information at your fingertips. You may access the different types of life insurance policies and their wordings online. Tools such as life insurance premium calculator, and other resources, may be easily available as well when you buy life insurance online.

Online comparison

By accessing the different types of life insurance policies easily, you may be able to draw a comparison between them online. This may help you choose the right life insurance products meeting your needs and budget limits.

Instant Payment Online

When you buy a life insurance policy online, you can pay the premium through safe payment portals on the insurer’s website immediately.

Whether you are looking to buy an online life insurance policy in India or an offline one, it may help you to know the important terms pertaining to it.

Policyholder

The person who buys the policy and is responsible for paying the premium and other related aspects is referred to as the policyholder.

Life Assured

The person in whose name the life insurance policy is issued may be referred to as the life assured. If the life assured passes away, the nominees may receive the sum assured under the plan.

Policy tenure

The period for which different types of life insurance policies are valid can be referred to as the tenure. The tenure of a policy may be 5 years, 10 years, 20 years, etc. as per what you choose.

Death Benefit

The death benefit is the amount paid out to the nominees under the policy in the event of the life assured’s demise. It can also be called the life cover amount, or the sum assured (except in some cases).

Maturity Benefit

The money paid to the policyholder, if the life assured survives the policy term, may be referred to as the maturity benefit. This feature is present only in certain types of life insurance products and not all policies.

Grace Period

If a policyholder is not able to pay the premium on the due date, they may be offered an extension for the same, known as the grace period.

Lapsed Policy

If the policyholder fails to pay the premium for the policy within the grace period, it may be referred to as a lapsed policy. The policyholder may lose their life insurance coverage.

Revival Period

You may be given a duration of time within which you may revive a lapsed policy by paying the premium and any added charges. This duration is called the revival period.

Riders

These can be considered add-ons or additional coverage aspects you may add to your policy by paying an extra premium. Riders are optional. However, they may add an extra layer of protection to your life insurance coverage.

Claim Process

In case an event covered by the policy/ rider takes place, the policyholder or the nominees may raise a claim. The procedure to settle the claim may be referred to as the claim process.

Exclusions

Events and situations where the life insurance policy does not offer any coverage are referred to as exclusions.

Sum Assured

It can be considered as the minimum amount promised to the nominees of the life insurance policy in the event of the life insured’s demise.

Free Look Period

It is the period applicable after the purchase of the life insurance policy within which, the policyholder may review and return the policy if they do not feel satisfied with it.

How Does Life Insurance Work?

A life insurance policy has a sum assured amount and a fixed tenure. If the life assured passes away during the tenure, the nominees of the policy can receive the sum assured amount. The premium should be paid as per the policy’s terms to keep the coverage active.

Let’s understand what a life insurance policy is like and how it works with the help of an example:

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31 years

Akshay buys a life insurance policy in the year 2010 with a sum assured of Rs 1 crore and a tenure of 15 years.

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40 years

He passes away in the year 2019 due to a road accident.

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Akshay’s Family

Since his life insurance coverage is active at the time, his family receives Rs 1 crore.

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Financial Support

This helps them cope with the financial difficulties brought on by Mr Akshay’s demise

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35 years

Vedika opts for a life cover of ₹90 lakhs up to 85 years of age with a critical illness rider of ₹50 lakhs.

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45 years

Vedika is diagnosed with Stage II cancer. She receives a lumpsum payment of ₹50 lakhs from her critical illness policy. Her term plan continues as it is.

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60 years

Vedika passes away. As her plan is still active, her daughter, the nominee of the plan, receives the life cover amount of ₹90 lakhs.

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Bajaj Allianz Life Insurance Plans

  • Term Insurance Plans
  • Unit Linked Insurance Plans
  • Retirement Plans
  • Group Life Insurance
  • Child Plans
  • Investment Plans
  • Savings Plans
  • Health Plans
Secure Future

Bajaj Allianz Life

Smart Protection Goal

A Non Linked, Non Participating, Individual Life Insurance Term Plan

Wealth Creation

Bajaj Allianz Life

Diabetic Term Plan Sub 8 HbA1c.

A Non-linked, Non-Participating, Individual, Pure Risk Premium Life Insurance Plan

Secure Future

Bajaj Allianz Life

eTouch

A Non-Linked, Non-Participating, Individual Life Insurance Term Plan

Secure Future

Bajaj Allianz Life

iSecure

A Non-Linked Non-Participating Term Life Insurance Plan

Secure Future

Bajaj Allianz Life

iSecure More

A Non-Linked Non-Participating Increasing Cover Term Life Insurance Plan has context menu

Secure Future

Bajaj Allianz Life

iSecure Loan

A Non-Linked Non-Participating Mortgage Cover Term Life Insurance Plan

Secure Future

Bajaj Allianz Life

Life Secure

A Non-linked, Non-Participating Whole Life Term Plan

Secure Future

Bajaj Allianz Life

LifeStyle Secure

A Non-linked, Non-Participating, Term Life Insurance Plan

Secure Future

Bajaj Allianz Life

Saral Jeevan Bima

A Non Linked, Non-Participating, Individual Pure risk premium Life Insurance Plan

Secure Future

Bajaj Allianz Life

Goal Assure II

A Unit-linked Non-Participating Individual Life Savings Insurance Plan

Wealth Creation

Bajaj Allianz Life

Future Gain II

A Unit Lnked Non Participating Individual Life Savings Insurance Plan

Secure Future

Bajaj Allianz Life

Fortune Gain

A Unit-linked Insurance Plan

Secure Future

Bajaj Allianz Life

Invest Protect Goal

A Unit-linked Non-Participating Individual Life Savings Insurance Plan

Secure Future

Bajaj Allianz Life

Smart Wealth Goal III

A Unit-linked Non-Participating Individual Life Savings Insurance Plan

Secure Future

Bajaj Allianz Life

LongLife Goal

A Unit-Linked Non-Participating Whole Life Insurance Plan

Secure Future

Bajaj Allianz Life

Saral Pension

A Single Premium Non-Linked, Non- Participating, Individual Immediate Annuity plan

Wealth Creation

Bajaj Allianz Life

Guaranteed Pension Goal

A Non-Linked, Non- Participating, Deferred & Immediate Annuity plan

Secure Future

Bajaj Allianz Life

Retire Rich

A Unit-Linked Non-Participating Whole Life Insurance Plan

Secure Future

Bajaj Allianz Life

Pradhan Mantri Jeevan Jyoti Bima Yojana

A Traditional Group Term Insurance Plan

Wealth Creation

Bajaj Allianz Life

Group Superannuation Secure

A Traditional Group Variable Insurance Plan

Secure Future

Bajaj Allianz Life

Group Superannuation Secure Plus

A Non-linked Non-Participating Group Superannuation Plan

Secure Future

Bajaj Allianz Life

Group Term Life

A Non-linked Non-Participating Group Superannuation Plan

Secure Future

Bajaj Allianz Life

Group Credit Protection Plus

A Non-linked Non-Participating Group Superannuation Plan

Secure Future

Bajaj Allianz Life

Group Sampoorna Suraksha Kavach

A Non-linked Non-Participating Group Superannuation Plan

Secure Future

Bajaj Allianz Life

Group Employee Care

A Non-linked Non-Participating Group Superannuation Plan

Secure Future

Bajaj Allianz Life

Group Employee Benefit

A Non-linked Non-Participating Group Superannuation Plan

Secure Future

Bajaj Allianz Life

Group Sampoorna Jeevan Suraksha

A Non-linked Non-Participating Group Superannuation Plan

Secure Future

Bajaj Allianz Life

Group Secure Return

A Non-linked Non-Participating Group Superannuation Plan

Secure Future

Bajaj Allianz Life

Assured Wealth Goal

A non-linked, non-participating, individual, life insurance savings plan

Wealth Creation

Bajaj Allianz Life

Young Assure

A Non-Linked, Participating, Life Insurance Plan

Secure Future

Bajaj Allianz Life

Lifelong Assure

A Non-linked Participating Whole Life Insurance Plan

Secure Future

Bajaj Allianz Life

Flexi Income Goal- Enhanced Benefit

A Non-Linked, Participating, Guaranteed Income Life Insurance Plan

Wealth Creation

Bajaj Allianz Life

Invest Assure

A Non-linked Participating Endowment Life Insurance Plan

Secure Future

Bajaj Allianz Life

Elite Assure

A Non-linked Participating Endowment Life Insurance Plan

Secure Future

Bajaj Allianz Life

My Wealth Goal

A Non-linked Participating Endowment Life Insurance Plan

Secure Future

Bajaj Allianz Life

Capital Goal Suraksha

A Non-linked Participating Endowment Life Insurance Plan

Secure Future

Bajaj Allianz Life

Capital Assure Goal

A Non-linked Participating Endowment Life Insurance Plan

Bajaj Allianz Life

Assured Wealth Goal Platinum

A Non linked, Non Participating, Individual, Life Insurance Savings Plan

Secure Future

Bajaj Allianz Life

ACE

A Non linked, Participating, Individual Life Insurance Savings Plan

Wealth Creation

Bajaj Allianz Life

Assured Wealth Goal

A Non linked, Non Participating, Individual, Life Insurance Savings Plan

Secure Future

Bajaj Allianz Life

Flexi Income Goal- Income Benefit

A Non-Linked, Participating, Guaranteed Income Life Insurance Plan

Secure Future

Bajaj Allianz Life

Guaranteed Saving Goal

A Non-Linked, Non-Participating, Life Insurance, Endowment Plan

Secure Future

Bajaj Allianz Life

Guaranteed Income Goal

A Non-Linked Non-Participating Endowment Life Insurance Plan

Secure Future

Bajaj Allianz Life

POS Goal Suraksha

A Non-Participating Non-linked Life Insurance Plan

Secure Future

Bajaj Allianz Life

Super Life Assure

A Traditional Endowment Plan

Secure Future

Bajaj Allianz Life

Health Care Goal

Covers 36 Critical Illness Including Heart & Cancer

Why Choose Bajaj Allianz Life Insurance for Your Life Cover?

Bajaj Allianz Life Insurance is one of the foremost life insurance companies in India. If you are curious about how purchasing a life cover from Bajaj Allianz Life Insurance can benefit you, check out the top reasons to choose us.

1

Claim Settlement Ratio


Bajaj Allianz Life Insurance Company has a death claim settlement ratio of 99.04%II for financial year 2022-23. This means we honor our promise to protect your loved ones, and your nominees will not have to worry about their genuine claims being rejected unnecessarily.

2

A High Credit Rating

CARE Ratings has issued a rating of CARE AAA Stable Rating$ to Bajaj Allianz Life Insurance Company. This rating indicates that the company is stable, and your loved ones will be financially protected in your absence.

3

Quick Claim Approval

96.31%% of the non-investigative individual claims for FY 2022-23 were approved within just one working day. Our quick claim approval process ensures that your beneficiaries do not undergo any financial distress following the loss of a loved one.

4

Credible History

Bajaj Allianz Life Insurance Company has  insured over 2.82 crore@ lives in FY 2022-23. With such a credible and trustworthy history, we may be the preferred choice for you if you want to secure your loved ones financially today.

5

A High Solvency Ratio

The Insurance Regulatory and Development Authority of India (IRDAI) mandates a solvency ratio of 150%. As on 31st March, 2023, Bajaj Allianz Life Insurance Company recorded a solvency ratio 516%**, indicating financial strength and an ability to settle genuine claims promptly.

6

A Trusted Brand

Over the years, Bajaj Allianz Life Insurance Company has emerged as one of the most trusted brands in India. The company is a partnership between two powerful and successful entities in their own right - Bajaj Finserv Ltd, one of India’s most diversified non-banking financial institution and Allianz SE, one of the world’s leading asset managers and insurer.

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Frequently Asked Questions

1.What are the different types of life insurance policy add-ons, and are they worth spending on?

Some add-ons you may buy with life insurance plans include the critical illness rider, accidental death and disability rider, waiver of premium rider, income benefit rider, and so on. They may be a suitable choice for you if you may be susceptible to any issues/ events covered by the different riders.


2.What are the benefits of whole life insurance?

A whole life plan, unlike other types of life insurance policies, provides a life cover up to 99 or 100 years of age. This may ensure that you are covered for your life and do not have to buy a life insurance policy again.


3.What happens if you fail to pay premiums for life insurance plans?

The grace period might become active in such a situation. If you pay the premium in the grace period, the policy might continue as it is. However, if you fail to pay the premium even then, the life insurance policy may lapse, and such plans may be revived by paying additional charges as applicable.


4.What does a life insurance company do with the premiums?

It depends on the different types of life insurance policies. In the case of term plans and endowment policies, the premium may be invested in low-risk, conservative options. In the case of market-linked plans, the investment may be in equity instruments.


5.What happens to the insurance policy when one passes away?

If you know what life insurance is, you may know that in case of the insured person passing away, the nominee would have to raise a claim on the life insurance policy. Once the claim is approved, the nominee may receive the life cover amount, subject to the terms and conditions.


6.What are the various charges in a life insurance policy?

Not all types of life insurance policies have various charges. You may likely find different charges, such as premium allocation charges, fund management charges, administration charges, premium redistribution charges, and so on, in market-linked life insurance plans.


7.What is the minimum amount of life insurance you need?

As per the commonly followed thumb rule, your life insurance cover amount should be at least 10 times your annual income2. However, it can ultimately depend on the needs of your family, outstanding debts, future goals, and so on.


8.What's the ideal type of life insurance?

You may find many types of life insurance policies and plans in the market and the benefits of each are quite unique as well. The suitable life insurance plan for you may depend on your needs, preferences, and budgetary limits.


9.What is not covered by life insurance?

Exclusions of different life insurance plans differ from one plan to another. They may also differ from insurer to insurer. Usually, however, death due to intoxication, or due to an illness hidden from the insurer, may not be covered.


10.What is the difference between a limited premium and a regular premium insurance plan?

A life insurance policy with a limited premium feature requires you to pay premiums for a limited period of the tenure. On the other hand, with a regular premium plan, the premiums may have to be paid over the entirety of the tenure.


11.What is a rule of thumb for how much life insurance you need?

The rule of thumb states that the life insurance cover amount shall be at least 10 times your annual income2.


12.What are the things I should look for when selecting an insurance provider?

Some things you can look out for when selecting the insurance provider include:

  • Claim settlement ratio
  • Solvency ratio
  • Customer service of the insurer
  • Claims assistance service
  • Online services
  • Number of branches across the country

13.What happens to my life insurance policy if I lose my job?

As long as you are able to pay your premiums on time, your life insurance policy may not be affected if you lose or job. You may continue to enjoy the benefits of life insurance as it is, provided you pay for the premiums on time.


14.Can you avail a loan against your life insurance plan?

You may be able to avail a loan under some life insurance plans. However, not all life insurance plans may offer this feature.


15.What is underwriting in life insurance?

Underwriting may refer to the process of insurance experts determining the level of risk a life insurance applicant carries.


16.What happens if the insured person commits suicide within six months of buying the policy?

In some cases, the nominees may not receive the full life insurance cover amount from the policy. Usually a certain percentage of the total premiums paid till then or the surrender value of the plan may be paid, whichever is higher. You may want to read the policy wordings to get a clearer picture regarding this.


17.What happens to a life insurance policy if the life insured outlives the policy term?

With regular term plans, there may be no maturity benefits. In the case of life insurance plans with the return of premium feature, the policyholder may receive the total premiums paid till then if the life insured survives the maturity. With an endowment life insurance policy or market-linked plans, the accumulated corpus may be paid out.


18.What type of life insurance do I need?

There are multiple types of life insurance policies offering benefits of various kinds to the policyholder. The one suitable for you may depend on your goals, needs and preferences.


19.How can my nominee register a claim?

A claim on a life insurance policy may be raised online via our website or by reaching out to then insurer at one of their branches. The nominee would have to fill out a claim form and then submit the required documents.


20.Why is the claim settlement ratio important when choosing a life insurance provider?

The claim settlement ratio may indicate the number of death claims settled by an insurer as compared to the total death claims they received. It is an important thing to keep in mind when looking at the features of a life insurance policy and the provider.


21.Is life insurance needed after the age of 60?

Life insurance plans may prove useful even after the age of 60 in the following scenarios:

  • If your family members are financially dependent on you
  • If you want to leave a legacy for your children or grandchildren
  • If you have any outstanding debts or liabilities
  • If you want to ensure your loved ones do not suffer any kind of financial problems in case of your demise.

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 Disclaimers

||Individual Death Claim Settlement Ratio FY- 2022-2023

$ For details refer to press release published by CARE

% 96.31% of non-investigative individual claims approved in one working day for FY 2022-23. 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

** Solvency Ratio 516% as at 31 March 2023 against IRDAI mandated 150%.

@Individual and group FY- 2022-2023

Tax benefits as per prevailing Section 10(10D) and Section 80C 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.