Term insurance plans by Bajaj Allianz Life Insurance provide financial protection to the family in case of any unforeseen circumstance like the death or disability of the main earning member of the family. These plans cover only financial risks and do not offer any maturity benefit.
Table of Contents:
Types of Bajaj Allianz Life Insurance Term Plans
Bajaj Allianz offers 7 types of term insurance plans for the benefit of its customers. They are:
- iSecure
- iSecure More
- iSecure Loan
- Life Secure
- LifeStyle Secure
- eTouch Online Term
- Total Health Secure Goal
Eligibility Criteria
Mentioned below are the general eligibility conditions required to buy Bajaj Allianz Life Insurance Term plans:
| Particulars | Details |
| Entry Age | 18-60 years |
| Sum Assured | Rs.1.5 lakh-No Limit |
| Policy Term | 10/15/20/25/30 years |
Documents Required to Purchase Plans
Some of the documents necessary to get a term plan from Bajaj Allianz Life Insurance are:
- Recent passport size photo
- Identity Proof (Voter ID, PAN, Aadhaar, Driving License, etc.)
- Address Proof (Ration Card, Utility Bills, Passport, Voter ID, etc.)
- Age Proof (Driving License, Voter ID, Passport, PAN, etc.)
- Income Proof (Salary Slip, Form 16)
- Bank Account Proof (Cancelled Cheque, Bank Account Statement)
Bajaj Allianz Life Insurance Term Plans
1. iSecure: The plan offers life cover at an affordable premium. It reduces the financial risk of the family in case of the unfortunate death of the insurer. It also provides an option to collect the death benefit in instalments. Apart from death benefit, it also gives tax, maturity, and surrender benefits.
| Particulars | Details |
| Entry Age | 18-60 years |
| Sum Assured | Rs. 2.5 lakh-No Limit |
| Minimum Premium | For sum assured <Rs.20 lakh- Rs.100 per month
For sum assured >=Rs.20 lakh- Rs.250 per month |
| Features | Attractive rebate on high sum assured
Rider benefits Death benefits |
2. iSecure More: The plan offers an increasing cover term assurance plan to enhance protection and fulfil family’s increasing financial requirements, in case of the sudden demise of the policyholder.
| Particulars | Details |
| Entry Age | 18-60 years |
| Sum Assured | Rs.2.5 lakh- No Limit |
| Minimum Premium | Rs.150 per month |
| Features | Attractive high sum assured rebate
Cover of 5% increase in sum assured Flexible policy term from 10 to 25 years |
3. iSecure Loan: This is a limited premium payment loan cover term assurance plan which helps families to repay the loan in case of the sudden death of the insured who was also the borrower.
| Particulars | Details |
| Entry Age | 18-60 years |
| Sum Assured | Rs.3 lakh-No Limit |
| Minimum Premium | Rs.150 per month |
| Features | Lower premium with reducing loan liabilities
Option to choose loan interest rate Benefit from limited premium payment |
4. Life Secure: It is a whole life insurance plan that offers accidental death cover and critical illness cover with a waiver of the premium option depending on the type of policy chosen.
|
Particulars |
Details |
|
Entry Age |
25-55 years |
|
Sum Assured |
Rs. 20 lakh-No Limit |
|
Minimum Premium |
Rs. 3,305 per month |
|
Features |
Life cover up to 100 years of age Attractive premium rates for females Flexible premium payment terms |
5. LifeStyle Secure: It is a regular premium insurance policy that is non-linked and non-participating. Thus, it provides no bonus benefit. It offers level cover term insurance and critical illness cover benefits.
| Particulars | Details |
| Entry Age | 18-50 years |
| Sum Assured | Rs. 3 lakh-Rs.15 lakh |
| Minimum Premium | Rs.132 per month |
| Features | Inbuilt Accelerated Terminal Illness risk cover
No medical tests required Rebate for females High sum assured rebate
|
6. eTouch Online Term: Bajaj Allianz life etouch is a simple online term premium insurance. It covers financial losses caused due to death or disability of the earning member. It offers life, accident, and critical illness cover. This also comes with a waiver of premium option.
The four variants available with eTouch Online Term are:
1. Shield
2. Shield Plus
3. Shield Super
4. Shield Supreme
|
Particulars |
Details |
|
Entry Age |
18-65 years |
|
Minimum Sum Assured |
Rs. 50 lakh |
|
Minimum Premium |
Rs. 5,000 per annum |
|
Features |
Comprehensive cover Option to receive benefits in instalments Lower premium Flexible premium payment options |
7. Total Health Secure Goal: Bajaj Allianz Health Secure Goal is a combination of health insurance plan and life insurance plan. This insurance plan provides a term insurance cover along with complete healthcare measures. Customers can choose the sum insured under Health Guard Plan and sum assured under Bajaj Allianz iSecure Term Plan.
| Particulars | Details |
| Entry Age | 18-60 years |
| Minimum Sum Assured/Sum Insured |
Bajaj Allianz iSecure: Rs.2.5 lakh Bajaj Allianz Health Guard: Rs.1.5 lakh |
| Features |
Comprehensive plan providing hospitalisation benefit and life cover Additional discount of 5% on total premium under combi plan Option to choose variants from Silver & Gold plans |
Claim Process
In case a situation arises when you need to file a claim, immediately inform the insurance company. Let us understand the steps involved in the claim process:
Inform Bajaj Allianz Life Insurance either online, by calling on customer care number or by visiting the nearest branch office
After the registration of the case, submit the claim form and other relevant documents
Visit website https://www.bajajallianzlife.com/claim-assistance.html and enter details in the Generate form tab. Download the claim form
Submit the form online and track it through the same website link
You can also submit the documents at the branch office
An assessor will be appointed to verify the documents and the case
If approved, the amount gets transferred to the nominee’s bank account within the stipulated time
Call on helpline numbers 1800-233-7272, 1800-209-7272, 1800-103-7272 in case of any query or assistance
Also Check:- Bajaj Allianz Extra Care
Documents Required for Claim Process
Following are the documents to be submitted for quick and hassle-free claim settlement.
Original policy document
Death certificate attested by a local municipal authority
Death claim intimation form
Bank account details (passbook or cancelled cheque)
Nominee’s identity card and address proof
Time Taken to Settle Claims
A claim request is usually settled within 30 days from the submission of the claim request and the necessary documents This time can extend in case certain documents are missing or any investigation is needed. For death claims, investigation takes a maximum of 90 days. After this, another 30 days for settlement or rejection of claim.
Policy Revival
Bajaj Allianz Life Insurance term plans can be easily renewed through the link https://www.bajajallianzlife.com/renewal-payment.html. Payment can be made online through net banking, debit or credit cards, and e-wallets. A revival is required if the plan lapses due to non-payment of premium even during the grace period.
Riders
Riders are additional benefits availed on paying extra amount. Mentioned below are some of the riders under term insurance plans:
Bajaj Allianz Waiver of Premium Benefit Rider: All future premiums get waived off in case of an untimely death of the insured or his/her permanent disability due to an accident or some critical illness
Bajaj Allianz Family Income Benefit Rider: 1% of the rider assured sum is paid in monthly instalments for the remaining term, or 10 years, whichever is higher in cases of unfortunate death, permanent disability caused due to an accident or certain critical illness
Bajaj Allianz Accidental Death Benefit Rider: In case of an unfortunate death due to an accident, the addition rider benefit amount is paid to the nominee
Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider: Lump sum amount is paid to the life insured in case of an accident resulting in permanent total/partial disability
Bajaj Allianz Critical Illness Benefit Rider: In case the insured is diagnosed with critical illness, the rider sum assured is paid depending on the policy
Exclusions
Claim requests made for deaths caused under certain situations are declined by Bajaj Allianz Life Insurance. Some of these instances are:
Bajaj Allianz term insurance will not offer death benefit to the nominee if the insured dies due to suicide
No claim is entertained if the insured dies due to participation in acts of war, riots, risky activities or adventurous sports
Note: This is not an exhaustive list.
Advantages of Buying Bajaj Allianz Life Insurance Term Plans
Some of the benefits of the cost-effective term plans are:
It offers life cover at low premiums
For some plans, the benefit is given to the nominee in monthly instalments, which acts as a replacement to income
In cases of an unfortunate death of the insurer, the benefit provided to the nominee can be used to pay debts and liabilities
Some of the the insurance plans can easily be purchased and renewed online
The premium paid and the death returns received help get tax benefits under Sections 80C and 10(10D) of the I-T Act, 1961
FAQs
Q1. Are joint policies for spouses available?
Yes, Bajaj Allianz isecure plan offers life cover to both you and your spouse.
Q2. How do I cancel my term insurance?
You can file for surrender online through the link https://www.bajajallianzlife.com/term-insurance-plans.html
Q3. Can I add policies to my existung Bajaj Allianz Life Insurance account?
Yes, you can add policies in your Bajaj Allianz Life Insurance online account through the following steps:
Login to your customer portal account
Click on My Policy
Click on the option “Add new policy”
Enter the required details and submit
Q4. Is it possible to withdraw money from my life insurance policy?
Yes, you can withdraw a limited amount of money from your whole life insurance policy.