Term Insurance 4554 views November 20, 2019

Bajaj Allianz Term Insurance

Bajaj Allianz Term Plan is considered to be among the best in the country. This is because the plans are economical as well as wholesome. You get many benefits when you purchase a term life insurance cover from Bajaj Allianz, one of the top life insurance companies in India.

Term Insurance

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Why Bajaj Allianz Term Insurance Plan? 

With so many options available, you may wonder about the benefits of the term plan from Bajaj Allianz life insurance. There are some very good reasons that make the term life covers from Bajaj Allianz the best term plan in India. They include:

Many Options

You are not faced with limited options when it comes to buying a term plan from Bajaj Allianz. Bajaj Allianz has different types of term plans. You can find some excellent term plans at some great rates. The best plans include:

  1. Bajaj Allianz Life eTouch Online Term
  2. Bajaj Allianz iSecure
  3. Bajaj Allianz Life Smart Protect Goal

Go over the features of each plan and see which one suits your requirements the best way.

Bajaj Allianz Life eTouch Online Term

This term plan from Bajaj Allianz comes with the following benefits –

  • Life Cover
  • Critical Illness Cover
  • Accidental Cover
  • Premium Waiver

There are as many as 4 variants of this term plan that you can see below –

  • Shield
  • Shield Plus
  • Shield Super
  • Shield Supreme

What Does the Shield Variant Assure?

If the life assured meets with Accidental Total Permanent Disability, the future premiums will get waived but the policy will continue. Upon the death of the life assured, the concerned nominees will receive the Sum Assured on death. After that, the policy will terminate.

How Different is Shield Plus from Shield?

In case of Accidental Total Permanent Disability of the life assured, the concerned individual will receive the Sum Assured amount, subject to a maximum of INR 2 Crores. What’s more, Bajaj Allianz will waive off the future premium. However, the policy will continue. Like Shield, if the life assured dies, the policy will terminate with the payment of Sum Assured to the nominee.

What Will Shield Super Cover?

With this variant, the life assured gets an amount equaling the sum assured. The maximum payout, however, cannot exceed INR 2 Crore. Plus, all the future premiums get waived off. If the life assured dies due to an accident, the nominee will get the Sum Assured. Subsequently, the policy will terminate.

How Beneficial is Shield Supreme for Customers?

As the name suggests, Shield Supreme is a comprehensive cover that combines the power of life cover, accelerated critical illness, accidental total permanenent disability benefit and waiver of premium.

If the life assured is diagnosed with a critical illness that requires angioplasty, he/she will receive a fixed Accelerated Critical Illness (ACI) benefit of INR 5 lakh. The Waiver of Premium won’t apply if angioplasty is conducted for critical illness. There will be no further payment of the ACI if angioplasty occurs in the future. However, the policy will continue to pay the remaining amount of CI benefit for the remaining CIs covered, provided the life assured pays all the due premium.

If the Critical Illness does not require angioplasty. an ACI benefit of 75% of the Sum Assured is payable, subject to a maximum of INR 75 lakh, provided no ACI benefit for angioplasty was paid before. Else the remaining ACI benefit of 75% of the Sum Assured, not exceeding INR 75 lakh minus INR 5 lakh, will be paid. Upon the payment of this benefit amount, you won’t need to pay any premium in the future.

In the case of Accident Total Permanent Disability, an amount equaling the Sum Assured, subject to a maximum of INR 2 crores, is payable, and future premiums gets waived. However, the policy will continue with the remaining benefits.

In case the ACI benefit was paid earlier and the life assured dies, the Sum Assured is payable minus the benefit amount. Otherwise, there will be no deduction from the Sum Assured.

Bajaj Allianz iSecure

It is a non-linked non-participating term insurance plan that offers you a level life cover with which your nominee will get the sum assured as decided at the time of policy inception. If you go for high sum assured, you will get premium rebates too! Plus, you can include your spouse in the policy, either on an inception or a later date, in case only you were there at inception. With this, you can enjoy joint life rebate on the total gross premium. 

Bajaj Allianz Life Smart Protect Goal

It’s a comprehensive cover plan with many add-ons and several variants customized to meet your unique requirements. The variants include Child Education Extra Cover Variant, Life Cover with Joint Life Variant and Increasing Life Cover Variant, besides the usual life cover.

Child Education Extra Cover Variant

With this, extra protection of 10-100% of the Base Sum Assured is given for the education of children upon the death of the life assured. Besides, the plan comes with add-on covers such as Accidental Death Benefit, Accidental Total Permanent Disability, Critical Illness Cover and Waiver of Premium.

Life Cover with Joint Life Variant

You can add someone to the policy in case you were the single member at inception. The addition of members, as and when happens during the policy term, will give rise to this variant.

Increasing Life Cover Variant

With an increasing life cover variant, the Sum Assured rises every year by a predefined amount to account for inflation. Premiums may change or remain the same during the policy term. As expenses don’t remain the same, an increased Sum Assured will help achieve several financial goals.

Benefits of Bajaj Allianz Term Insurance Plans

Let’s read the benefits Bajaj Allianz Term Insurance Plans have in for you.

Affordable

Another reason for the popularity of the Bajaj Allianz term plan is the affordability factor. These life covers are very economically priced. Since term insurance offers a pure life cover and does not usually have a return component, it is one of the most affordable types of life insurance covers. Bajaj Allianz is a large and established insurance provider and offers its products at the most competitive rates. When you buy a term insurance plan from this insurance company, you are assured of getting the best rates.

High Claim Payout

Bajaj Allianz term plan has a healthy claim settlement ratio of over 92%. This is a very positive figure and tells you that the company settles more than 9 out of every 10 claim requests received. The claim settlement ratio is always a positive pointer towards the wellbeing of a life insurance company.

Simple Online Process

You can buy the term plan from Bajaj Allianz with the click of a button. The company has an enhanced digital presence that makes buying term insurance very easy. You can also complete other tasks such as premium payments, renewals, claim initiation, etc on the insurer’s website or mobile app.

These are the main benefits you get when you buy your term insurance policy from Bajaj Allianz Life Insurance.

How to Decide the Ideal Cover Amount When Buying a Bajaj Allianz Term Insurance Plan?

Simply buying a Bajaj Allianz Term Insurance Plan may not serve the purpose of your dependents in your absence, but choosing it with an ideal cover amount will. But how will you decide that amount? Don’t fret as you can do so by calculating the same on the website of Bajaj Allianz. Here are the steps to ensure the same.

  • Visit the official website of Bajaj Allianz Life Insurance
  • Click on the Tools & Calculators’ tab
  • Press on ‘Term Insurance Calculator’
  • A page will open asking you to enter a few details regarding your annual income, the duration for which you want to work, expected income growth, the percentage of income spent on yourself
  • After you mention all these, the calculator will show the amount needed to secure the future of your dependents

Not only that, but you could also see plans, which enable your goals, flashing on your screen. Read through the plans and choose the most appropriate one.

How to Pay the Premium for Bajaj Allianz Term Insurance?

Paying the premium is easy online in a few steps mentioned below.

  • Visit the official website of Bajaj Allianz Life Insurance
  • Click on the Customer Services’ tab
  • Press on ‘Pay Premium’
  • Enter your mobile number, policy number and date of birth of the life assured
  • Click on ‘Continue’
  • Choose from the different payment options that appear on your screen and pay the premium

Upon successful payment, you will get an SMS and email confirming the same.

Bajaj Allianz Term Insurance Claim Assistance Services

There are three stages of term insurance claims – Claim Reporting, Claim Processing and Claim Settlement – with each of them having their own steps. Let’s check the same below.

Claim Reporting  Steps

You can report the claim in a few simple steps shown below.

  • Enter your policy number, name, email ID, phone number and PIN
  • Click on ‘Proceed to Download Form’
  • Take a printout of it, attach documents and submit to the nearest branch of Bajaj Allianz

Documents Required

  • Original Policy Documents
  • Original/attested copy of death certificate provided by the local/municipal authority
  • NEFT mandate form attested by bank authorities, a cancelled cheque or bank account passbook
  • Photo Identity Proof of nominees – Passport, PAN Card, Voter ID, Aadhaar Card

In case of accidental or unnatural death

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

Claim Processing Steps

  • Bajaj Allianz will assess the submitted documents and update about the claim via SMS
  • It could even call you in case some additional documents are required
  • In case you don’t submit the same within the stipulated time, it will send you reminder letters

Claim Settlement Process

It will depend on the type of death and whether there is a need for investigation. The below table will help you understand the process better.

ProcessTurnaround Time
Raising of ClaimWithin 15 days of receiving the claim intimation
Settlement or repudiation or rejection of claims where there’s no need for investigationWithin 30 days of receiving the last necessary document
Settlement or repudiation or rejection of claims where investigation is neededInvestigation should complete not later than 90 days from the date of receiving the claim intimation. The company will settle the claim within 30 days thereafter

Frequently Asked Questions (FAQs)

What are the documents required for buying Bajaj Allianz term insurance plan?

The documents needed for term insurance are:

  1. Address proof – Any government-issued card that has your address on it will be valid for this purpose. You can also submit your bank passbook or a utility bill for this purpose.
  2. ID proof – Your passport, Aadhaar card or any other government-issued ID card can be used here.
  3. Income proof – You need to submit your salary slip, IT returns and the bank statement of the last 6 months.

Does Bajaj Allianz term insurance plan also offer joint policies for spouses?

A married couple can opt for a joint term plan. Most of the leading life insurance companies, including Bajaj Allianz, offers joint policies. The coverage offered will be higher since two lives will be covered under the same policy.

Do I need to buy Bajaj Allianz term insurance plan even if I am not married?

Term insurance is an extremely handy form of life insurance. It is advisable for you to get the plan when you are young and single. At such a time, you can get the plan at a much lower cost. You can carry on with the cover later also when you get married and have a family of your own.

Summary

Term insurance is of great use. You must get a good term insurance plan from a good insurance provider such as Bajaj Allianz and keep yourself as well as your loved ones secured. As you saw, a good term life cover offers several benefits. So go ahead, do your research and find the most suitable Bajaj Allianz term plan for yourself.

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