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Bajaj Allianz Life Insurance Company

Bajaj Allianz Life Insurance Company

The joint initiative between Allianz SE and Bajaj Finserv Limited is called Bajaj Allianz Life Insurance Co. Ltd. This joint venture combines international expertise along with the local experience. These organizations benefit from holding the reputation of strength, expertise and stability. With Bajaj Allianz Life Insurance, you get extensive insurance solution and experience and technical proficiency from Allianz SE along with in-depth marketplace knowledge and trust of the "Bajaj" brand. Competitive prices and honest responses have made the firm a favorite among customers. They have managed to gain the customer's faith in addition to market superiority in a relatively short time frame. Customer’s delight is the guiding principle at the firm. They offer customized insurance products along with completely transparent benefits and the incorporation of latest technology. This is the firm’s business philosophy. The life insurance plans offered by Bajaj Allianz cater to the needs of every age-income groups and segments. The company’s insurance solutions portfolio is quite strong, and it caters to different types of consumer needs ranging from Child plans to ULIPs, from individual health insurance to group insurance. The company’s vision is to be ‘nation’s best insurance firm to buy insurance plans from, invest into and work for’. The tagline of the company is ‘Jiyo Befikar’.

Company Past Performance

Formal operations began in 2001. There are more than 600 branches spread out across different parts of the nation.
The firm has won a large number of accolades such as-

  • Promising Brand (the year 2015) – Economic Times
  • The Best Private Life Insurance Firm (the year 2014) - LOKMAT BFSI Awards
  • The Best Corporate Brand (the year 2016) – Economic Times

The claim settlement ratio is 98.1%, and the solvency ratio is 793%. The firm provides insurance plans to lakhs to consumers across the nation.
The various plans offered by the firm are-

  • Child Insurance
  • Term Plan
  • Retirement Plan
  • Group Plans

Key Advantages and Features

Below is a list of the key advantages that Bajaj Allianz Life Insurance has over its competitors

1. Trust- Bajaj Allianz is a name you can trust. It is not a startup or a recently established venture. It has had its day in the Sun for almost two centuries

2. Grievance Redress- Bajaj Allianz sets very high standards in this regard. In the 2015-2016 year, over 98% of the grievances were settled.

3. Claim Settlements- What good is an insurance plan that promises a lot but delivers nothing. Bajaj Allianz Life Insurance has a very high claim settlement ratio. The ratio was over 95% for the 2015-2016 year.

4. Customer support- The company provides reliable customer assistance to its customers and prospective customers.

Types of Products offered by Bajaj Allianz Co Ltd

The firm Bajaj Allianz Life Insurance offers the below-mentioned plans:

Term Insurance Plans

  1. eTouch Online Plan- complete plan to safeguard the whole family
    2. .
  2. iSecure Plan- a level term cover offering a high sum assured value at a low price.
  3. Life Secure Plan- a life cover in the true sense of the word. This cover protects you when you celebrate the 100th birthday.
  4. Lifestyle Secure Plan- a terminal illness and term assurance risk cover that safeguards your family

Child Insurance Plans

  1. Young Assure Plan- guaranteed maturity benefits, bonuses and guaranteed additions
  2. Young Assure Plus Plan- guaranteed maturity benefits, terminal bonus, vested bonus and guaranteed additions,
  3. Lifelong Assure Plan- a non-linked life plan. Life cover till the age of 100 years.

Group Insurance Plan

  1. The group insurance plan offers fund management and ease of operation. The plan offers financial stability to the employees.

Micro Insurance Plans

  1. Dhan Suraksha Yogna Life Bima- non-participating, non-linked plan with premium returns on maturity
  2. Sanchay Yojana Life Bima- micro variable plan at an affordable price

Unit Linked Insurance Plans

  1. Future Gain Plan - partial withdrawals available, flexible sum assured, 7 funds on offer.
  2. Principle Gain Plan - provides life cover, principal protection and high returns

Product Plans Details

Listed below are details of various Life Insurance plans from Bajaj Allianz Co Ltd

eTouch Online by Bajaj Allianz Life Insurance

eTouch Online Insurance Overview
Minimum Age for Policy purchase(years completed) 18
Maximum Age for policy purchase (years completed) 65
Maturity Age (years) 75
Maturity Min-28 Max- 75
Policy Term (in years) Minimum- 10 Maximum- 40
Term for Premium payment Quarterly, monthly, bi-annually, annually
Minimum value of Sum Assured (in INR) 50000

Benefits

  • Death benefits – in the event of unfortunate demise of insured person, sum assured given to nominee
  • Policy is eligible for Tax-exempt benefits
  • Joint Life benefits (with spouse) available

Eligibility

  • Entry age of prospective policyholder to buy cover ranges from 18 years to a ceiling age of 60 years.

Life Secure by Bajaj Allianz Life Insurance

Life Secure Insurance Overview
Minimum Age for Policy purchase(years completed) 25
Maximum Age for policy purchase (years completed) 55
Premium (INR) Min- 36720 (on yearly payment) Max- No ceiling
Policy Term (in years) 100 years – age on entry
Term for Premium payment Quarterly, monthly, bi-annually, annually
Minimum value of Sum Assured (in INR) 20 lacs

Lifestyle Secure by Bajaj Allianz Life Insurance

Lifestyle Secure Insurance Overview
Minimum Age for Policy purchase(years completed) 18
Maximum Age for policy purchase (years completed) 50
Premium (INR) Min- 1466 (on yearly payment)
Policy Term (in years) Minimum- 5 Maximum- 20
Term for Premium payment Quarterly, monthly, bi-annually, annually
Minimum value of Sum Assured (in INR) 3 lacs

Young Assure by Bajaj Allianz Life Insurance

Young Assure Insurance Overview
Features and advantages-

  1. Maturity Benefits guaranteed
  2. Comprehensive cover against death or accidents
  3. Rebate for females 
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