Bajaj Allianz Life Insurance

• Team Antworks

Bajaj Allianz is a joint venture between Bajaj Finserv Limited and European financial services company Allianz SE. The insurer offers a varied insurance product portfolio with a range of benefits in an effort to provide financial security to their customers.

Bajaj Allianz Life Insurance Plans Details:

Bajaj Allianz has a number of plans tailored to suit the needs of every individual looking to secure his/her future through life insurance policies that offer maximum returns and coverage.

Bajaj Allianz plans are listed below:

Bajaj Allianz Term Insurance Plans:

Protection Plans from Bajaj Allianz are financial security to the policyholder’s loved ones, in case of his/her untimely death. Securing one’s family against all future mishaps is the first priority for most individuals. These plans aim to ease the financial burden on one’s dependents, in the event of an unfortunate eventuality. Listed below are the various term insurance that are offered by the insurer.

• eTouch Online: The eTouch Online Term Plan from Bajaj Allianz is a pure term insurance policy that provides coverage for a specific policy term agreed upon between the policyholder and insurer, at the time of purchasing the policy.
• iSecure: The iSecure Plan from Bajaj Allianz is a non-participating, term insurance policy that offers a high sum assured at a relatively low premium rate. The policyholder has the option of choosing an individual or joint life cover, at the time of buying this plan.
• iSecure More: The iSecure More insurance plan is a non-participating, increasing cover, term assurance policy. This policy is similar to the iSecure plan and differs only in its offering of an enhanced life cover as the years go by. Hence, with this plan you can get an increased sum assured with each passing year.
• iSecure Loan: As the name itself suggests, this insurance policy is meant to cover the policyholder’s loan liabilities in case of his/her untimely death. This plan ensures that the policyholder’s family does not have to struggle through any loan reimbursement hassles in case something happens to him/her.
• Life Secure:The Life Secure Plan from Bajaj Allianz is a non-linked, whole life term insurance plan that provides 3 coverage options and a rebate upon opting for a high sum assured.
• LifeStyle Secure: The LifeStyle Secure from Bajaj Allianz is a non-linked, non-participating, term assurance plan that comes with a built-in Terminal Illness risk cover. Under this plan, the death benefit payout is offered to the nominee as monthly instalments.

Bajaj Allianz Child Insurance Plans:

• Young Assure: The Young Assure Plan from Bajaj Allianz is a participating, limited and regular premium payment, endowment plan that offers a guaranteed maturity benefit as well as 3 cash instalment options to choose from. It also provides coverage in case the policyholder meets with an accidental death or disability.

• Young Assure Plus Solution: The Young Assure Plus Solution from Bajaj Allianz is an insurance plan that offers a Vested Bonus, a Terminal Bonus (which will be added every 10 years), and Guaranteed Additions, in addition to the Guaranteed Maturity Benefit that is payable at maturity of the policy.

• Lifelong Assure: The Lifelong Assure Plan from Bajaj Allianz is a non-linked, whole life plan that provides a cash bonus from the 6th policy year onwards and a guaranteed death benefit amounting to 300% of the Sum Assured amount, with the option of receiving the policy payout as monthly instalments.

Bajaj Allianz Savings Solutions Plans:

Bajaj Allianz savings plans are suitable to the modern Indian lifestyle. These plans are designed to offer the customer the advantage of insurance as well as the option to save. It is a traditional endowment plan which guarantees 115% of the sum assured.

• Save Assure: This plan is an individual, non-participating, limited premium, endowment policy. The policy helps you secure your family’s interest with a guaranteed payout amounting to 115% of the sum assured of your insurance policy.
• Life Guarantee Assure: This is a non-linked, non-participating insurance plan that will help you ensure a safer future for your family whether you are around or not, by way of the policy payouts.
• Cash Assure:
• Super Life Assure: This is a traditional endowment plan that provides policyholders the dual benefit of a savings option and a comprehensive risk cover. The policy comes in 2 variants, and the policy buyer has the option of purchasing riders that can enhance the coverage provided by the policy.

Bajaj Allianz Investment Solutions Plans:

• Fortune Gain: it is a unit-linked single premium plan that gives policyholders a choice of 7 funds with the option to decrease the Sum Assured and switch investment options to gain maximum returns.
• Invest Assure: it is a non-linked endowment plan that provides additional cover through rider options and compound reversionary as well as terminal bonus.
• Elite Assure: it is a non-linked, participating limited premium endowment plan that guarantees up to 315% of the maturity benefit as loyalty addition along with additional cover through riders.

Bajaj Allianz Retirement Solutions:

Bajaj Allianz retirement plans are ideal for individuals looking to secure their post-retirement years. Retirement policies will ensure a continuous flow of income for a considerable period of time. These plans are systemic saving plans that help you prepare for your retirement by organising your savings. Following are the retirement plans offered by Bajaj Allianz.

• Retire Rich: This is a unit-linked, pension plan that offers a guaranteed vesting and guaranteed death benefit. The policy buyer can opt for a regular, limited, or single premium payment term. Premium payment terms can also be adjusted as per the customer’s choice. Premiums can be topped up too, as the case may be. Tax benefits can be applicable for premium paid, maturity benefit and death benefit. Loyalty additions are made available for terms more than 10 years.
• Pension Guarantee: The Pension Guarantee plan from Bajaj Allianz is an immediate annuity plan, which will ensure that you continue to earn a regular income even after you have retired from your job. This plan comes with annuity options to choose from and lasts for your lifetime.

Bajaj Allianz ULIP Plans:

Bajaj ULIP plans are aimed at providing not just life insurance benefit in the unfortunate event of death of the policy holder but also at providing a unit-linked scheme that offers benefits with the movement of the share market. The two ULIP schemes offered by the company are

• Future Gain: This is a unit-linked endowment plan which ensures you obtain maximum returns at least cost. Future Gain ensures every penny of yours is utilized fully to materialize into savings and returns
• Fortune Gain: This is a unit-linked, endowment insurance plan that allows policyholders to pay their premium as a one-time lump sum amount and provides 99.5% premium allocation.
• Principal Gain: it is a guaranteed maturity unit-linked insurance plan providing guaranteed loyalty additions upon maturity, with the option to receive them in instalments.
• Future Wealth Gain: The Future Wealth Gain Plan from Bajaj Allianz Life is a unit-linked, endowment life insurance policy that comes in 2 variants. The policy also provides loyalty additions starting from the 10th policy year. One can also choose to receive the maturity benefit as instalments.

Bajaj Allianz Group Insurance Plans:

• Jan Suraksha Yojna: it is a non-linked, non-participating micro group term insurance plan that provides coverage at an affordable cost.
• Group Employee Care: it is a non-linked, non-participating fund based insurance cover that offers a guaranteed interest rate.
• Pradhan Mantri Jeevan Jyoti Bima Yojna: This is a non-participating, non-linked, yearly renewable group insurance plan providing coverage without medical underwriting. This is an affordable policy that provides a risk cover on the life of the policyholder.
• Group Term Life: it is a traditional group term insurance plan that is renewable yearly and provides basic insurance coverage to policyholders Enrolled members can opt to receive the death benefit through either of the two payout options offered by the insurer.
• Group Employee Benefit: This is a non-participating unit-linked, group insurance plan that enables employers to provide additional security to employees as part of welfare requirements. In addition to the risk cover offered by the plan, members also have the option to choose from up to 9 investment funds.
• Group Term Care: This is a non-linked, non-participating, single premium group insurance plan that provides a rebate upon opting for a high sum assured. The policy also provides up to 100% of the single premium amount as maturity benefit to members.
• Group Superannuation Secure: This is a non-linked, variable, fund-based, superannuation insurance plan that offers a minimum guaranteed interest as well as an additional interest rate. The insurer provides two plan options for this scheme.
• Group Credit Protection Plus: This is a non-participating group insurance plan that covers loans issued by employers and also extends the cover to co-borrowers. The insurer offers both single and regular premium payment option to policyholders.
• Group Income Protection: The Group Income Protection Plan from Bajaj Allianz Life is a policy that enables land buyers to provide a group insurance cover to landholders. This policy will provide a regular source of income by way of annuity payments and a death benefit in case the landholder meets with an untimely death.
• Group Annuity: This is an immediate annuity policy which will enable an employer to provide a regular source of income to the members enrolled under this scheme, post their retirement. This plan comes with several plan options, and can be bought by Employer-Employee groups only.
• Group Sampoorna Suraksha Kavach: This is a traditional, non-participating, micro-group, life insurance policy that provides a risk cover on the life of the enrolled member and also covers their loan liabilities.
• Super Gain Group Superannuation Scheme: This is a unit-linked, group life insurance policy that can be purchased by employers to secure the post-retirement years of their employees. This is unit-linked, fund-based insurance plan, thus there is potential to earn a high rate of returns.

Bajaj Allianz Micro Insurance Plans:

• Bima Dhan Suraksha Yojana: it is a non-linked, non-participating micro insurance plan with premium return upon maturity.
• Bima Sanchay Yojana: it is a micro variable insurance plan that allows partial withdrawal for emergencies and assures investment returns through additional interest rate as well as guaranteed interest rate.

Bajaj Allianz Life Insurance Claims Process:

Filing a claim with Bajaj Allianz is a hassle-free and easy process, as the company has streamlined their claims filing process. Bajaj Allianz Life Insurance claims can be filed offline, with the claims process outlined below:

• The customer is to visit the nearest Bajaj Allianz office with a copy of the life insured’s death certificate and an intimation letter.
• The branch would then hand over a claim form, which is to be filled in with information such as the life insured’s name, address, date of birth, policy number etc.
• The claim form and death certificate and any other documents pertaining to the case would then be forwarded to the head office, where they would be processed and verified.
• The application would be verified, along with the cause of death and a decision would be taken on the same.
• Once the status of the policy is changed (to inactive) and the calculation of the account, bonus and any other variables is complete, the applicant would be notified as to the status of the claim.
• On approval of the claim, the payout would be prepared and transferred to the claimant’s bank account.
• In the event of the claim being rejected, the claimant can follow up with the concerned branch and make arrangements, if any (for additional documents or proof).
• The additional documents would be verified and subject to the claim being approved, the payout would be released to the claimant.

Bajaj Allianz Claim Settlement Ratio:

Bajaj Allianz Life Insurance claim settlement ratio is given below:

Documents Required for Bajaj Allianz Life Insurance:

The documents required to buy a Bajaj Allianz Life Insurance policy are mentioned below:

• Passport size photograph.
• Proof of identity: Any one of the below mentioned documents are to be submitted towards proof of identity.
  • Passport.
  • PAN card.
  • Voter’s identity card.
  • Driving licence.
  • Job card issued by NREGA, signed by a State Government officer.
  • Aadhaar card.

• Proof of residence: Any one of the below-mentioned documents are to be submitted towards proof of residence.
  • Bank account or post office account statement.
  • Property tax or municipal tax receipt.
  • Utility bills (electricity, gas, telephone) not more than 2 months old.
  • Letter of allotment or accommodation from State or Central government, financial institutions or listed companies.
  • Rent agreement.

 

 

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