Best Bajaj Allianz Life Insurance Plans
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Bajaj Allianz is one of the key players in the life insurance space with the most attractive claim settlement ratio of 99.02% for the financial year 2021-22. The company offers a huge range of innovative life insurance policies under the segment term insurance, child insurance, retirement plans, investment or saving plans and unit-linked plans (ULIPs).
The company also has an extensive distribution network along with several tech-enabled services such as “smart assist” “WhatsApp services” or QR-code enabled branch services, all tailored as per the needs and requirements of their customers.
In this read, let’s dig out more about the top offerings of Bajaj Allianz Life Insurance along with their key features.
Highlights
- Claim Settlement Ratio: 99.02% (FY 2021-22)
- Coverage: Whole life coverage up to 99 years, Death caused due to Covid-19
- Benefits: payouts in installments, waiver of premium, return of premium.
- Discount: 3%-5% on online purchase.
- Entry Age: 18 years to 65 years.
- Branches: 509
Types of Life Insurance Plans
Term Insurance Plans
Smart Protect Goal Plan
Key features
- Coverage up to INR 1 crore.
- Comes in four variants: life cover, child education, life cover with joint life, increasing life cover variant.
- Covers 55 critical illnesses
- In-built return of premium (RoP) feature.
- Avail life coverage till the age of 99 years.
- Multiple add-on covers such as accidental death benefit, total permanent disability, waiver of premium benefit.
eTouch Term
Key features:
- Life coverage along with terminal illness and disability.
- “Premium Holiday” option which helps you hop your premiums for one, two or three years.
- Return of premium (RoP) feature available.
- Three variants: life shield, life shield plus, life shield ROP.
- Option to choose death benefit payment option.
- Choose your policy term and the premium payment term.
iSecure
Key features:
- Discount on high sum assured.
- Option to take death benefit in installments.
- Flexibility to include spouse in the same plan.
- Pay less premium for a healthy lifestyle.
- Multiple options for policy terms.
Saral Jeevan Bima
Key features
- Life coverage up to a term of 40 years.
- Rebate to women policyholders.
- Offers single, limited and regular premium paying terms.
- Discount on high sum assured.
- Entry age is 18 years and 65 years.
- Sum assured ranges from INR 5 lakh to INR 25 lakh.
Unit-Linked Investment Plans
Goal Assure Plan
Key features:
- Option to take death or maturity benefits in installments.
- Return the entire mortality charges or life cover charges at the time of maturity.
- Choose from four different investment strategies.
- Option to choose from 10 investment funds.
- Entry age is 0 years to 60 years.
Smart Wealth Goal
Key features:
- Three different variants with multiple investment strategies.
- Return life cover charges at the end of the maturity.
- Option to increase premium payment terms.
- Option to choose from 10 investment funds.
- Option to lessen the premium amount after the first five years of policy.
Future Gain
Key features:
- Choice of two investment strategies.
- Unlimited free switches.
- Option to choose from 10 investment funds.
- Allows partial withdrawal of funds.
- Option to receive death and maturity benefits in installments.
Fortune Gain
Key features
- Option to choose from seven different funds along with unlimited free switches.
- Low premium allocation charges are as low as 0.5% for premium above INR 10 lakh.
- Unlimited free switches.
- Policy rewards 3% of the single premium as loyalty additions.
- Option to receive maturity benefits in installments.
Future Wealth Gain
Key features:
- Two portfolio strategies to select from.
- Option to choose from 10 investment funds.
- Plan rewards loyalty additions.
- Option to receive maturity benefit.
- Entry age is 0 years to 60 years.
Savings Plan
Flexi Income Goal- Income Benefit
Key features:
- Option to receive cash bonus.
- The plan ensures regular guaranteed monthly income.
- A spouse can be covered from 50 to 100% of the main policyholder’s sum assured.
- Entry age is 0 years to 55 years.
- Flexibility in choosing policy terms and premium payment terms.
Assured Wealth Goal – Second Income
Key features:
- Receive guaranteed payouts for an income period of 25-30 years.
- Option to defer the income by up to two years.
- Option to choose a date for income payouts.
- Entry age is five years to 60 years.
- Maximum age of maturity 35 to 99 years.
Guaranteed Saving Goal
Key features:
- Single premium payment term.
- Option to avail loan against the policy.
- Maturity benefit is guaranteed from the starting of the plan.
- Additional enhanced maturity benefits in terms of loyalty additions.
- Multiple policy terms ranging from medium to long term goals.
- Entry age is eight years to 47 years.
POS Goal Suraksha
Key features:
- Maturity benefit is guaranteed from the starting of the plan.
- Option to take a policy loan.
- Flexibility to change premium payment mode.
- Receive guaranteed additions.
- Entry age is 18 years to 55 years.
- Minimum yearly premium is INR 3,000.
Guaranteed Income Goal
Key features:
- Five rider options to enhance the coverage.
- Guaranteed maturity benefit which can be received in two ways: income benefit or lump sum benefit.
- Extended life coverage.
- Multiple premium payment and policy terms options.
- Loan against the policy.
- Entry age is six years to 60 years.
Assured Wealth Goal – Extra Income
Key features:
- Option to choose income payout date.
- Receive income payouts for a period of 10 or 15 years.
- Option to defer income period by up to two years.
- Entry age is five years to 60 years.
Assured Wealth Goal – Lifelong Income
Key features:
- Regular guaranteed payouts till age of 99 years.
- Return of Premiums (ROP) at the end of income period.
- Get life coverage throughout the policy term.
- Option to defer income period by up to two years.
- Entry age is 51 years to 65 years.
Investment Plans
Flexi Income Goal- Enhanced Benefit
Key features:
- A large part of the portfolio is invested in equities.
- Guaranteed benefit at the end of premium payment term.
- Ensures regular monthly cash flow.
- Option to cover your spouse under the same plan.
- Enhance your coverage with four riders.
- Entry age is 0 years to 55 years.
Assured Wealth Goal
Key features:
- Option to choose a single payment for premium.
- Option to cover your spouse under the same plan.
- Guaranteed maturity benefit.
- Multiple policy and premium payment terms.
- Entry age is 18 years to 50 years.
Invest Assure
Key features:
- Two variants: Silver or Gold.
- Discount on high sum assured.
- Option to take death benefits as monthly installments.
- Option to receive maturity benefit along with bonus (reversionary or terminal bonus)
- Entry age is 0 to 50 years.
Elite Assure
Key features:
- Guaranteed loyalty additions, bonuses, maturity benefit along with a life cover.
- Option to avail loan facility.
- Option to enhance coverage via riders.
- Multiple policy terms of 15, 20, 25 and 30 years.
- Entry age is 0 to 55 years.
Retirement And Pension Plans
Guaranteed Pension Goal
Key features:
- Multiple premium payment options.
- Offers lifetime guaranteed income.
- Offers “return of purchase price” to nominee on death of the policyholder.
- Option to include your spouse under the same plan.
- Offers both immediate and deferred annuity options.
- Nine immediate annuity options and five deferred annuity options to choose from.
Long Life Goal
Key features:
- Whole life coverage till 99 years.
- Receive loyalty additions at maturity.
- Option to reduce premium after the first five years of policy.
- Option to select “retire life income” to meet your retirement-based goals.
- Choice of two plan variants: long life goal and long-life goal with waiver of premium option.
- Select from a variety of ten investment funds.
Retire Rich
Key features
- Guaranteed vesting benefit.
- Pay regular, limited or single premium.
- Option to receive death payouts in installments.
- Multiple premium payment terms.
- A part of the premium gets invested in pension builder funds which are a mix of debt and equities.
- Flexibility to change or alter the premium payment term.
- One can make additional lump sum investments anytime to enhance the fund value.
- Provides guaranteed vesting benefit of 101% of the total premium paid.
Life Saral Pension Plan
Key features
- Provides lifetime guaranteed income.
- Offers “return of purchase price” to nominee on death of the policyholder.
- Joint life option is available which allows you to cover your spouse under the same plan.
- Single premium policy.
- Entry age is 40 to 80 years.
- Two annuity options available.
Child Insurance Plans
Assured Wealth Goal – Step up Income
Key features:
- Receive regular payouts every five years.
- Get the sum of all the paid premiums back at the end of return of premium.
- Option to choose income payout date.
- Regular payouts increase every five years of policy.
- Entry age is five years to 60 years.
Young Assure Plan
Key features:
- Guaranteed maturity benefit and guaranteed additions.
- Option to avail rider benefits to enhance coverage.
- Avail vested bonus at the time of maturity.
- Option to choose from three different policy terms: 10, 15 or 20 years.
- Receive maturity benefits over three, five or seven years.
Lifelong Assure Plan
Key features:
- Guaranteed cash back till you turn 99 years.
- Whole life coverage.
- Receive cash bonus after five years of policy.
- Death benefit is up to 300% of the sum assured.
- Get rebate on higher sum assured.
- Entry age is 10 years and 55 years.
- Minimum sum assured is INR 1 lakh.
HealthCare Plans
Health Care Goal
Key features:
- Covers 36 critical illnesses such as related to heart and brain among others.
- Four different variants to choose from including individual and family cover.
- Returns of premium at the time of maturity.
- Option to cover spouse and dependent children.
- In-built waiver of premium.
- Entry age is 18 years to 65 years.
How to Buy Bajaj Allianz Life Insurance Policies Online?
The Bajaj Allianz Life Insurance policyholders can easily buy or renew their insurance policy online via their various digital services such as “Smart Assist” (real-time digital assistant) or various digital services. Below mentioned is the quick step-by-step guide which helps you in buying the policies of Bajaj Allianz Life Insurance online:
- Visit the official webpage of the company and click on the tab “buy life insurance policies”.
- Select the kind of policy you would like to buy such as term insurance, investment plans among others.
- Once you have selected the type of policy, fill-in all the required details such as full name, date of birth, pincode, e-mail id, age, gender.
- You can also use an online insurance calculator at this stage and look for the best option which offers maximum benefits at a price which suits you.
- Once you have selected the policy and fill in all the details, proceed to buy it online via website. Premium can be paid online via credit/debit card or e-wallets, net banking among others.
- Please check all the details of the purchased online insurance policy as soon as you receive it.
What is the Claim Settlement Process of Bajaj Allianz Life Insurance?
The policyholders of Bajaj Allianz life insurance policies can file the claim with the company in via following three quick and easy and simple steps process, such as:
- Step 1: Claim Reporting: At this process, the policyholder has to notify the company about the claim and have to fill up the form along with required documents.
- Step 2: Claim Processing: At this step, the company’s claim settlement department assesses the submitted documents and might ask for additional documents if needed.
- Step 3: Claim Settlement: As the documents get final approval, the claim settlement process gets started. The claim gets settled as early as possible depending upon the kind of policy and other such conditions.
Note: The policyholder can also check the status of their Bajaj Life insurance policies, by simply logging on to the site and clicking on the Claim Status tab.
Whom to Connect with for Bajaj Allianz Life Insurance Policies?
As we have already mentioned the online process of buying a policy, you can also buy or renew your policy by directly connecting with the company. Following are the details of their respective customer care:
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