BAJAJ ALLIANZ TERM INSURANCE
ABOUT BAJAJ ALLIANZ
Bajaj Allianz Life Insurance Company is one of the top private sector insurance companies across the nation. It is a joint venture between Bajaj Finserv Ltd, IFSC (Indian Finance Services Company), and Allianz SE and was established in the year 2001. The company operates with 590+ branches and its multi-distribution channels. They offer a wide number of insurance products and modern investment products to meet life goals. With its widespread and diversified presence, the company has received many recognitions and awards for its consistent efforts in the industry.
In this article, we are going to discuss Bajaj Allianz term insurance and various significant aspects of the same.
WHAT IS TERM INSURANCE?
Term insurance can be called one of the most basic types of insurance policies offered where the insurer ensures that the family members of the insured are given compensation up to the sum assured amount in case of demise of the insured during the selected tenure of the term insurance. These are designed to offer financial support to the family in case of an unfortunate event. Most term insurance plans come with other rider benefits at a slightly higher premium.
BENEFITS OF BAJAJ ALLIANZ TERM INSURANCE
1. Trust factor:
Bajaj Allianz is a trustworthy and well-established insurance provider in the country . It has great goodwill and reliability among the people.
The flexibility is offered at various levels. Primarily, they provide flexibility of choice by giving options in plans, and then there is also a choice to opt for plans for different rates, tenures and sum assured.
When compared to different insurance products, These plans have the most cost-effective premium rates. In this manner, policyholders can decide on a high total guaranteed at a certain focused rate.
4. Clubbed Benefits:
They offer various riders and benefits clubbed with their plans. Policyholders can personalize their plans and also take the benefit of certain tax deductions applicable in the Income Tax Act, 1961.
5. Well built infrastructure:
They have a well-established and managed infrastructure both online and offline, which provides them reach to every part of the nation.
TERM PLANS OFFERED BY BAJAJ ALLIANZ
1 Bajaj Allianz eTouch Online:
|Entry Age||18 to 65 yrs|
|Maturity Age||28 to 75 yrs|
|Policy Term||10 to 40 yrs|
|Minimum Sum Assured||Rs. 50,00,000|
- It has four options to choose from - Shield, Shield Plus, Shield super, and Shield supreme.
- Have lower premiums for maintaining healthy and sound lifestyle
- They offer an option to receive benefits in installments
- They offer flexible premium payment options - yearly. half-yearly, monthly, and quarterly.
2. Bajaj Allianz iSecure:
|Entry Age||18 to 60 yrs|
|Maturity Age||28 to 70 yrs|
Minimum sum assured
2,50,000 for general category and
20,00,000 for the categories split by preferred non-smoker, non-smoker & smoker
There is no limit on maximum sum assured.
- They offer decent rebates on premium If insurees opt for a high sum assured.
- The plan offers the choice to cover spouse in the policy.
- It allows opting for a policy term of 10,15,20,25 or 30 yrs as per your need and requirement.
- The nominee has a choice to receive the benefits in monthly installments for 5 to 10 yrs.
3. Bajaj Allianz LifeStyle Secure:
Minimum age is 25 years,
Maximum age is 50 years
|Policy Term||5,7,10,15 or 20 years|
|Premium payment frequency||Monthly, Quarterly, Half-yearly, yearly|
- This plan offers life cover upto the maximum maturity age of 60 years.
- Premium payments made are eligible for claiming tax deductions under Section 80C of the Income Tax Act,1961. Also,death benefit is eligible for tax benefits under Section 10D of the IT Act.
CLAIM SETTLEMENT PROCEDURE
- Download and duly fill the Claim Form available on the company’s official website. This form can also be obtained from the nearest branch of Bajaj Allianz Insurance Company.
- All the needful details in the form must be filled and then this form along with the needful relevant documents shall be submitted.
The documents required for the same are:
- Policy documents
- Death certificate
- FIR (if policyholder died in an accident)
- Filled and signed claim form
- Identity proof of the nominee
- Any other documents as stated by Bajaj Allianz branch
- Lastly, Bajaj Allianz will check and verify the claim form and the documents and then, will pay the death claim to the nominee.