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Term Insurance 5708 views November 20, 2019
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.
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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:
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:
Go over the features of each plan and see which one suits your requirements the best way.
This term plan from Bajaj Allianz comes with the following benefits –
There are as many as 4 variants of this term plan that you can see below –
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.
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.
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.
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.
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.
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.
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.
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.
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.
Let’s read the benefits Bajaj Allianz Term Insurance Plans have in for you.
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.
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.
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.
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.
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.
Paying the premium is easy online in a few steps mentioned below.
Upon successful payment, you will get an SMS and email confirming the same.
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.
In case of accidental or unnatural death –
Claim Processing Steps
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.
|Raising of Claim||Within 15 days of receiving the claim intimation|
|Settlement or repudiation or rejection of claims where there’s no need for investigation||Within 30 days of receiving the last necessary document|
|Settlement or repudiation or rejection of claims where investigation is needed||Investigation 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|
What are the documents required for buying Bajaj Allianz term insurance plan?
The documents needed for term insurance are:
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.
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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