Life Insurance 23096 views December 24, 2019

Bajaj Allianz Life insurance

About Bajaj Allianz Life Insurance Company

Bajaj Allianz Life Insurance Company is one of the most popular and reputed life insurance providers in India. The company is a joint venture of two titans’ groups namely Bajaj FinServ Limited and Allianz SE. In this joint venture, Bajaj FinServ Limited holds 74% and the remaining 26% is held by Allianz, SE. This joint venture is a leading conglomerate known for offering top-notch products and dedicated customer service. The company is going from strength to strength under the able leadership of Mr. Tarun Chugh (MD and CEO).

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Bajaj Allianz Life Insurance company, which started its operation in 2001, has a wide presence i.e. 582 branches across India. The company offers a strong portfolio of life insurance products like life insurance, health insurance, car insurance, bike insurance, travel insurance, etc. to meet the insurance needs of their customers. All these products are designed to offer financial security and financial support to their customers

Name of the companyBajaj Allianz Life Insurance Company Limited
Company TaglineLife Goals. Done.
Founded2001
HeadquartersPune, India
OwnerBajaj Finserv, Allianz SE
Serving CountryIndia
IndustryInsurance Services
ProductsLife Insurance, Health Insurance, Group Insurance
Websitewww.bajajallianzlife.com
Key PeopleMr. Tarun Chugh (MD and CEO)

Vision and Values

Bajaj Allianz being a leading insurance provider aims to be the most preferred partner of their customers. The company values its synergized relationship with customers and are dedicated to follow and practice:

  1. understanding the insurance needs of their customers and curate insurance products as per their demands.
  2. Delivering insurance plans at low premium rates i.e. affordable insurance products that give value for money.
  3. Reaching the customers at every corner of the world through a physical or virtual channel

Apart from rendering the above-mentioned values, the company aims to achieve its vision of:

  1. Being the first choice of their customers for all their insurance needs
  2. Offering the best in class customer service
  3. Offering 24*7 customer support to help them choose the best plans and guide them through the process of buying the insurance plan

Bajaj Allianz Life Insurance Plans

Bajaj Allianz Life Insurance Company has a wide range of insurance products each curated to help customers achieve their financial goals by opting for appropriate insurance plans. Bajaj Allianz Life Insurance products category is wide and offers unique insurance products having the best features and benefits. The following is a comprehensive list of all the insurance products offered by Bajaj Allianz Life Insurance Company.

Bajaja Allianz Unit Linked Insurance Plans

The Unit Linked Insurance plans help customers invest their money systematically to achieve long term financial goals. The corpus collected from the policyholder is invested in funds of their choice. The Bajaj Allianz Life Insurance policy fund value is determined by the performance of the fund in which the money of the policyholder is invested. The unit linked life insurance policies offer the advantage of insurance protection and wealth creation under one single policy. Income Tax exemption is an additional advantage offered by these plans. Bajaj Allianz Life Insurance Company offers a wide range of unit linked plans as shown below:

  1. Bajaj Allianz Life LongLife Goal Plan
  2. Bajaj Allianz Life Goal Assure Plan
  3. Bajaj Allianz Future Gain Plan
  4. Bajaj Allianz Fortune Gain Plan
  5. Bajaj Allianz Life Principal Gain Plan
  6. Bajaj Allianz Life Future Wealth Gain Plan
  7. Bajaj Allianz Life Goal Based Savings Plan

Bajaj Allianz Term Plans

Term Plans offers financial security to the family members in the event of the unfortunate demise of the life insured. These plans are one of the most favoured insurance products as they offer higher sum assured at affordable premiums. A higher sum assured ensures that the financial security of the loved ones in your absence. The following are term plans of Bajaj Allianz Life Insurance Company:

  1. Bajaj Allianz iSecure Plan
  2. Bajaj Allianz iSecure More Plan
  3. Bajaj Allianz iSecure Loan Plan
  4. Bajaj Allianz Life Secure Plan
  5. Bajaj Allianz LifeStyle Secure Plan
  6. Bajaj Allianz Life eTouch Online Term Plan

Bajaj Allianz Child Plans

Child Plans are one of the prudent investment tools used for future financial planning of children. Bajaj Allianz Life Insurance Child Plans are one of the best ways to build a financial corpus for your child’s various important milestones like higher education, marriage, etc. The child plan is also the best way to protect the child’s future in the event of the unfortunate demise of the parent. The following are the child plans offered by Bajaj Allianz Life Insurance Company

  1. Bajaj Allianz Lifelong Assure Plan
  2. Bajaj Allianz Young Assure Plan
  3. Bajaj Allianz Life Young Assure Plus Solution Plan

Bajaj Allianz Retirement Plans

Retirement plans are important for building a financial corpus for retirement. Investing in Bajaj Allianz early retirement plans will help in creating a financial safety net and providing financial independence even in the golden years of life. The Bajaj Allianz Retirement plans are:

  1. Bajaj Allianz Retire Rich
  2. Bajaj Allianz Life Pension Guarantee

Bajaj Allianz Investment Plans

Bajaj Allianz Investment Plans can help multiply your savings and build a corpus to attain your life goals. The following are Bajaj Allianz Investment plans

  1. Bajaj Allianz Invest Assure
  2. Bajaj Allianz Elite Assure
  3. Bajaj Allianz Life My Wealth Goal

Bajaj Allianz Savings Plan

As the name suggests, investing in a savings plan ensures protection and savings. With a savings plan, the policyholder can realize their life goals without compromising. The savings plan ensures supplementary income along with returns. The following are the savings plans of Bajaj Allianz

  1. Bajaj Allianz Guaranteed Income Goal
  2. Bajaj Allianz Save Assure
  3. Bajaj Allianz Guarantee Assure
  4. Bajaj Allianz Cash Assure
  5. Bajaj Allianz Super Life Assure
  6. Bajaj Allianz Life Income Assure
  7. Bajaj Allianz Life POS Goal Suraksha

Bajaj Allianz Health Plans

Bajaj Allianz Health Insurance Plans are designed to offer financial security to the policyholder in times of medical emergencies. Its health insurance plans take care of the entire medical expenses incurring during the medical treatment. The policyholder and their family do not need to worry about the erosion of savings or the arrangement of finances at the time of a medical emergency. With the Bajaj Allianz health insurance plan, policyholders can focus on getting the best medical treatment without worrying about medical bills.

  1. Bajaj Allianz Life Healthcare Goal is the best plan offered by Bajaj Allianz Health Insurance company.

Apart from the above-mentioned product category, Bajaj Allianz Company also offers the following insurance products through its another insurance branch called the Bajaj Allianz General Insurance Company.

  1. Bajaj Allianz Health Insurance: offers products related to health insurance
  2. Bajaj Allianz Care Insurance: offers insurance plans for the protection of savings in the event of car damage
  3. Bajaj Allianz Bike Insurance: Offers insurance coverage to bike and covers for the expenses incurred due to bike damage

Reasons Why One Should Apply for Bajaj Allianz Life Insurance

Applying for Bajaj Allianz Life Insurance, which has insured 2.36 crore lives so far, makes sense. Besides, the company, which is listed among Top 75 Valuable Indian Brands 2020, comes with the following attributes.

Wide Variety of Plans – Bajaj Allianz offers a wide range of life insurance plans meeting the needs of different customers. If you need a security cover for your loved ones in your absence, it has term plans for you. But if you need more than that, you can choose from a wide range of investment plans too. In case you look to build a sizeable corpus to live your retirement days comfortably, retirement plans await you at Bajaj Allianz.

Impressive Claim Settlement Ratio – Bajaj Allianz boasts of an impressive claim settlement ratio of 98.48%. The ratio speaks volumes about the quality of the insurer when it comes to settling insurance claims. You could thus trust the services of Bajaj Allianz when you are about to claim.

Claim Approval in 1 Day – Before settlement, the claim gets approved first. Given the procedures involved, it takes time for people to execute the same. But not at Bajaj Allianz where the claim gets approved in just one day.

AAA Rating – Bajaj Allianz has AAA stable rating assigned by CARE. Such a rating means the company is highly solvent, which is vindicated by its solvency ratio of 666%.

How to Pay the Premium of Bajaj Allianz Life Insurance Plans Online?

To pay the premium of Bajaj Allianz Life Insurance Plans online, follow the steps shown below.

  • Visit the official website of Bajaj Allianz Life
  • Go to Pay Premium
  • Click on Quick Pay
  • Enter your mobile number, policy number and date of birth
  • Click on Continue
  • Enter the Premium Amount and Pay

How to Register for Auto Pay of Premiums?

Auto Payment facility will help ensure timely payments of premiums for Bajaj Allianz Life. Below are the steps required for auto payments of premiums.

  • Go to www.bajajallianzlife.com
  • Click on Register for ‘Auto Pay’
  • Go to Online Mandate-Net Banking
  • Enter your policy number, date of birth
  • Click on View Premium Details tab
  • Select the bank from the list of drop downs
  • Enter your bank account number and click on ‘Pay’
  • Proceed for registration

The registration will be successful once the bank authenticates your details. You will get the Reference ID via email or SMS. With that, all your future premiums will start getting deducted on the due date.

Bajaj Allianz Life Insurance Claims

Claiming Bajaj Allianz Life Insurance successfully will require following the steps shown below with precision. Let’s check all that below.

Claim Reporting

The first step involved is the reporting of the claim by the nominee upon the death of the policyholder. Visit the official website of Bajaj Allianz, click on Customer Service, go to ‘Claim Assistance and report your claim by mentioning details such as –

  • Policy Number
  • Name of the Policyholder
  • Email ID
  • Mobile Number

After submitting these details, click on ‘Proceed to Download Form’. The form will download with the details mentioned by the nominee.

Documents Submission

Submitting the required documents is vital to ensure a successful claim. There are some mandatory documents, some are additional based on the type of death. Let’s know these documents below.

Mandatory Documents

  • Original Policy Documents
  • Original or attested copy of death certificate issued by the local municipal authority
  • NEFT mandate form
  • Cancelled Cheque/Bank Account Passbook
  • Photo Identity Proof of Nominee – PAN Card, Voter ID, Passport, Aadhaar Card
  • Death Claim Application Form
  • Employer Certificate
  • Statement of the Attending Physician or Doctor’s Certificate Form

Additional Documents Required In Case of Accidental or Unnatural Death

  • Panchnama/Police Complaint/FIR
  • PMR
  • Inquest Report (If Any)
  • Final Investigation Report (If Any)

Documents Required in Case of Disability and Dismemberment Claims

  • Attested Copies of Indoor Papers/Medical Records of the Hospital
  • Discharge Hospitalization Summary
  • Photo Identity Proof of the Nominee – PAN Card/Voter ID/Aadhaar Card/Passport
  • NEFT Mandate Form Attested by bank officials along with a cancelled cheque/bank account passbook
  • Disability/Dismemberment Claim Form
  • Attendant Physician Statement Form
  • All medical examination reports such as lab test report, ultrasonography, MRI, CT Scan, X-ray, etc.
  • FIR in case of Accidental or Unnatural Death

Documents for Hospitalization & Critical Illness Claims

  • Attested Copies of Indoor Papers/Medical Records of the Hospital
  • Discharge Hospitalization Summary
  • Hospitalization/Critical Illness Form
  • Statement Form of the Attending Physician
  • Hospital bills for confinement
  • Photo Identity Proof – PAN Card/Passport/Voter ID/Passport/Aadhaar Card
  • NEFT Mandate Form Attested by Bank Officials along with a cancelled cheque or bank passbook
  • All medical examination reports such as lab test report, ultrasonography, MRI, CT Scan, X-ray, etc.

Claim Assessment & Disbursal

Bajaj Allianz will scrutinize the details submitted through documents and approve only when the details are found to be genuine. You will get the claim amount within a few days from the approval date.

Additional Information

Bajaj Allianz has a strong presence pan-India, with its head office being located in Pune, Maharashtra. The company has a strong virtual presence through its online platform. The online platform is built to offer services like viewing of Bajaj Allianz Life Insurance Nach Form, Buying of Bajaj Allianz Insurance Plans, the customers can make use of Bajaj Allianz Life Insurance Login section to make Bajaj Allianz Life Insurance Online Payment. Apart from paying the premium amount, customers can also view Life Insurance Policy Status by the Policy number. The customer only needs to feed the policy number and all the details of the policy like the sum assured, fund value, details of premium, etc. shall be displayed on your computer screen.

Conclusion

Bajaj Allianz Life Insurance Company is one of the best insurance providers in India. The company also ranks as the best company offering top-notch customer service. Bajaj Allianz is a well-known brand and offers the best in class services like – online payment of insurance premium, online policy status check, online purchase of insurance plans, etc. Most of the plans offered by the company are affordable and offer unique features and benefits like discounts, survival benefit including maturity benefits and returns. With the Bajaj Allianz Life Insurance plan, you can ensure a secure financial future for yourself and your loved ones.

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