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Bajaj Allianz Life Insurance
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Bajaj Allianz Life Insurance Company Limited commenced its operations in 2001 and is now one of the leading private life insurance companies in India. The insurance company has been formed as a partnership between two successful entities- Bajaj Finserv Limited, one of the most diversified non-banking financial institutions in India and Allianz SE, one of the leading asset managers and insurers in the world. Bajaj Allianz Life has expanded its presence across the country in less than two decades. The insurance company continues to engage with the customers through its several unique platforms and has secured a place in the Guinness Book of World Records with Bajaj Allianz Plankathon 2020.
Top Bajaj Allianz Life Insurance Plans (2020)
Bajaj Allianz is one of the most trusted brands in the Indian insurance market. It offers a gamut of innovative insurance solutions. So, let’s have a look at the top life insurance plans offered by Bajaj Allianz Life in different categories:
Bajaj Allianz Life Term Insurance Plans
A term insurance plan is the purest and most affordable form of life insurance in which a death benefit is paid to the nominee in the event of the unfortunate death of the policyholder. The benefit can be received either in a lump sum or in instalments. This helps your family to meet daily expenses and fulfil their life goals, even in your absence. A term insurance plan provides life cover for a nominal amount of premium since term insurance plans only cover risk and do not offer maturity benefit.
Term Insurance Plans Offered by Bajaj Allianz Life -
|Product Name||Product Description|
|Bajaj Allianz Life Smart Protect Goal||Bajaj Allianz Life Smart Protect Goals is a non- linked, non- participating, pure life term insurance plan which not only offers the option to get back the entire premiums on maturity of the plan but also provides you protection from any monetary loss arising out of critical illness. It is a complete term insurance plan with updated benefits.|
|Bajaj Allianz Life eTouch Online Term||Bajaj Allianz Life eTouch Online Term is a non-linked, non-participating, regular premium, online pure term life insurance policy which is offered in 4 variants- Shield, Shield Plus, Shield Super and Shield Supreme. eTouch offers life, accidental and critical illness cover along with inbuilt waiver of premium depending up to the variant selected. This term plan also rewards you for leading a healthy lifestyle by lowering the rates of premium for non-tobacco users.|
|Bajaj Allianz iSecure||Bajaj Allianz iSecure is a non-participating, non-linked, term insurance plan which enables you to provide financial security to your family. It offers joint life cover at a low premium, with the option for your family to receive the death benefits under the plan in instalments to meet their financial needs. iSecure offers attractive rebates in premium, if you opt for high sum assured and option to enhance your coverage with three rider benefits.|
|Bajaj Allianz iSecure More||Bajaj Allianz iSecure More is a non-linked, non-participating, term life insurance plan with an increasing life cover with an option to convert to joint life cover by including your spouse. The sum assured under iSecure More increases at the rate of 5% at every policy anniversary, subject to a maximum of twice the sum assured chosen at the inception of the policy. You can opt to receive pay-outs in instalments and enhance your coverage with three rider options under the plan.|
|Bajaj Allianz iSecure Loan||Bajaj Allianz iSecure Loan is a mortgage oriented term life insurance policy that will help you in covering any loan liability in your absence, and at the same time provides life cover. Your life cover depends on your loan amount, loan tenure and the rate of interest, thereby allowing you to create your own insurance schedule. The plan has an option to choose between individual or joint life cover which can be availed of with spouse, child or a business partner.|
|Bajaj Allianz LifeStyle Secure||Bajaj Allianz LifeStyle Secure is a pure risk term insurance plan which provides level cover term assurance along with in-built accelerated terminal illness cover. You don’t need to undergo any medical examination before buying this insurance plan. In case of unfortunate death or terminal illness of life assured, the benefit will be payable in equal monthly instalments. You also have the option to discontinue the monthly instalment and receive the benefit under the plan as a lump sum.|
Bajaj Allianz Life Whole Life Plans
Whole Life plans are those term plans which extend life cover till 100 years of age. Bajaj Allianz Life's whole life plans allow you the option of lifelong cover along with savings to enable you to leave a legacy for your family. The main objective of the whole life plan is to help the life insured to live a worry-free life. In whole life plans, death benefit to the nominee is paid if the life assured dies before 100 years of age. However, if the life assured outlives 100 years of age, the insurance company will pay the maturity benefit to the policyholder.
Whole Life Plans Offered by Bajaj Allianz Life -
|Product Name||Product Description|
|Bajaj Allianz Life Secure||Bajaj Allianz Life Secure is a non-participating, whole life term insurance plan with life cover till you turn 100 years. Life Secure life term plan comes with three coverage options and provides accidental death cover and accelerated critical illness cover in addition to waiver of premium benefits, depending on coverage options selected by you|
|Bajaj Allianz Life Longlife Goal||Bajaj Allianz Life Longlife Goal is a unit- linked whole life insurance plan. It is a regular premium payment policy which invests your money in an investment portfolio selected by you. This plan provides market linked returns over long-term to help you accumulate a corpus for your retirement. You also get a unique option to receive regular income till 99 years with a return enhancer facility under this plan.|
|Bajaj Allianz Life My Wealth Goal||Bajaj Allianz Life My Wealth Goal is a whole-life plan which offers you dual benefit of insurance and investment. This plan combines the features of two Bajaj Allianz Life plans – Bajaj Allianz Life Future Wealth Gain, a ULIP plan and Bajaj Allianz Lifelong Assure which helps you to build a healthy corpus and receive lifelong regular income|
Bajaj Allianz Life Unit-linked Insurance Plans
Unit Linked Insurance Plans is quite popular because of the dual benefits of life cover and wealth creation. ULIP Plans allow you to invest in a range of market linked funds based on your risk-taking capacity and life goals. You can choose your funds under a ULIP insurance plan as per your long-term financial goals and allocate the money in equity and/or debt funds. ULIPs also offers tax benefits making them a must have in your investment portfolio.
Unit-linked Plans Offered by Bajaj Allianz Life -
|Product Name||Product Description|
|Bajaj Allianz Life Goal Assure||Bajaj Allianz Life Goal Assure is a unit-linked, regular and limited premium unit-linked endowment plan. This plan offers you a choice of eight funds and four investment strategies. The plan also provides loyalty additions and fund boosters which is payable at the maturity of the plan. Bajaj Allianz Life Goal Assure has been recognised as “Best ULIP Of The Year” by Business Today-Money Today Financial Services Awards 2019 & 2020.|
|Bajaj Allianz Future Gain||Bajaj Allianz Future Gain is a unit-linked endowment insurance plan which helps you to achieve your life goals by insuring maximum allocations of your premiums paid for the plan towards your investment thereby enhancing your returns. You also get the flexibility to make unlimited switches for free during the term of the plan.|
|Bajaj Allianz Fortune Gain||Bajaj Allianz Fortune Gain is a ULIP Plan which is designed to help you make most of ‘One-time’ lump sum money in a single premium. It helps you to invest in market linked funds, comes with low allocation charges and offers life insurance coverage. In addition, you get loyalty addition, flexibility to choose your fund and facility of making partial withdrawals|
|Bajaj Allianz Life Future Wealth Gain||Bajaj Allianz Future Wealth Gain is a regular and limited premium payment ULIP policy that offers a combination of life cover and investment growth to fulfil your future goals. The plan comes in two variants – wealth plus care and wealth plus. Future Wealth Gain offers a wide range of optional riders in the wealth plus variant. Funds booster at maturity and periodic loyalty additions are key advantages of this plan.|
|Bajaj Allianz Life Goal Based Saving||Bajaj Allianz Life Goal Based Saving is a unique ULIP that offers you an opportunity to gain substantial benefit at an affordable cost with return of life cover charges. The plan offers a choice of eight funds, return of mortality charge on maturity of the policy, life cover and tax benefits which makes it one of the best investments. You can partially withdraw from the fund after the first five years of the plan.|
|Bajaj Allianz Life Principal Gain||Bajaj Allianz Life Principal Gain is a guaranteed maturity unit-linked insurance plan. This plan offers the benefits of protecting your capital along with life cover. Potentials of high returns, guaranteed loyalty additions and the installments of maturity benefit are some of its key advantages.|
Bajaj Allianz Life Endowment/Savings Plan
A savings plan is a traditional endowment life insurance policy which provides returns over long term and enables you to meet your life goals. A savings plan offers dual benefits of insurance cover and wealth creation. With an insurance cover, you can secure your family’s future financially in your absence. The second part, on the other hand, invests your money in the portfolio government bonds, fixed deposits, etc. which enables your investments to grow. Under Bajaj Allianz Life Savings Plan you can opt for either a non-participating plan or a participating plan. Savings Plan is an apt option if you are looking for a good return with low risks for a long-term basis.
Endowment/Savings Plans Offered by Bajaj Allianz Life -
|Product Name||Product Description|
|Bajaj Allianz Guaranteed Saving Goal||Bajaj Allianz Guaranteed Saving Goal is a non-participating single premium endowment plan. There is a guaranteed Maturity Benefit which ensures that your financial goals would surely be met. Along with that you can choose high sum assured to increase coverage or lower sum assured to maximise returns. You can also avail loan against the policy during the policy tenure.|
|Bajaj Allianz Life Guaranteed Income Goal||Bajaj Allianz Life Guaranteed Income Goal is a non- participating endowment life insurance plan that offers an option to take the benefits of the policy either in instalments or a lump sum. The plan has options like guaranteed increasing income, extended life coverage and five optional riders.|
|Bajaj Allianz Life POS Goal Suraksha||Baja Allianz Life POS Goal Suraksha is a non-participating life insurance plan which offers guaranteed maturity benefits, guaranteed additions on maturity, options to take policy loan and option to alter the premium payment mode of the plan. This plan is an easy to buy plan that helps you to secure you and your loved ones financially.|
|Bajaj Allianz Life Super Life Assure||Bajaj Allianz Life Sure Life Assure is a participating, regular premium endowment policy that provides you dual benefits of life cover and savings. Here, you can choose from multiple term options. Further, an income benefit option is available under the super variant of the plan which pays additional monthly income to your family in your absence. On maturity, you will be paid any accumulated bonus plus terminal bonus|
|Bajaj Allianz Save Assure||Bajaj Allianz Save Assure is a life, non-participating, limited premium plan which not only provides life cover but also guarantees to pay 115% of the sum assured at maturity. The plan offers the option to take the policy benefits in monthly instalments and enhance the coverage with available rider benefits by paying an additional premium. The premium paying term of the plan is five years less than the policy term.|
|Bajaj Allianz Invest Assure||Bajaj Allianz Invest Assure is a participating, limited premium, endowment saving plan. The plan offers two variants- Silver or Gold. On maturity of the plan you will receive compounded reversionary bonus (if declared) and terminal bonus (if any). You get multiple benefits under this plan such as rebates on high sum assured, option to change premium paying frequency, option to take death benefit in monthly instalments and multiple rider benefits.|
|Bajaj Allianz Elite Assure||Bajaj Allianz Elite Assure is a participating endowment plan which provides life cover along with good returns on investment. The plan offers guaranteed maturity benefit, guaranteed loyalty additions and bonuses, along with life cover. The policy offers guaranteed loyalty additions of up to 315% of guaranteed maturity benefits depending on the policy term and premium paying term of the plan.|
|Bajaj Allianz Life Capital Goal Suraksha||Bajaj Allianz Life Capital Goal Suraksha diversifies your investment and offers you better returns along with life insurance cover. The combo solution provides live cover to the insured until maturity and guarantees the capital invested at the maturity of the plan. The ULIP exposure in the combo solution provides you the potential for better returns on your investment.|
|Bajaj Allianz Life Capital Assure Goal||Bajaj Allianz Capital Goal Assure offers high potential of better returns on your investments along with life cover. The plan guarantees the capital invested at maturity and provides death benefit to the life assured till maturity of the plan. The ULIP exposure in this plan provides potential for better returns.|
Bajaj Allianz Life Money Back Plans
Money back plans are like endowment/savings plans which offer the benefit of income at regular intervals during the term of the policy. While endowment plans provide sum assured on maturity of the plan, money back plan provides sum assured during the tenure of the plan in the form of money back benefits. This money back benefit offers you liquidity along with life insurance cover. In case of unfortunate death of the life assured, money back plans pay the entire sum assured in the plan irrespective of money back benefits already paid. Bonus is also paid along with the sum assured under these plans which enhances your savings.
Money Back Plans Offered by Bajaj Allianz Life -
|Product Name||Product Description|
|Bajaj Allianz Life Flexi Income Goal||Bajaj Allianz Life Flexi Income Goal is a participating life insurance policy that offers life protection along with flexibility and liquidity. The plan offers flexibility to receive the benefits under the policy after the premium paying term, either as a regular income or in lump sum. This plan offers equity exposure up to 40% by investing a part of the portfolio in equities for higher bonuses, to be declared by the insurance company.|
|Bajaj Allianz Life Income Assure||Bajaj Allianz Life Income Assure is a participating, limited premium payment savings plan. This plan provides guaranteed monthly income for 144 months and a bonus to enhance your savings. It also offers a choice of two variants of life cover- Income and Assure. There are five optional riders available in this plan.|
|Bajaj Allianz Cash Assure||Bajaj Allianz Cash Assure is a participating money back policy which offers income at regular intervals. With benefits of rebate on high sum assured, multiple rider options and option to change the frequency of premium payment, Bajaj Allianz Cash Assure helps you to meet your insurance needs along with guaranteed returns. Under this plan up to 150% of the sum assured will be paid as survival and maturity benefits depending on the term of the plan.|
Bajaj Allianz Life Health/Hybrid Insurance Plans
Health insurance plans take care of your financial needs when medical emergencies strike and it ensures you do not have to worry about draining your savings to meet the medical expenses. Bajaj Allianz Life health insurance plan covers specific critical illnesses and pays a lump sum benefit to the insured on diagnosis of such critical illnesses. Bajaj Allianz Life Health plan provides the policyholder and their families with a lump sum amount on diagnosis. The lump sum benefit is irrespective of the treatment cost.
Health Insurance Plan Offered by Bajaj Allianz Life -
|Product Name||Product Description|
|Bajaj Allianz Life Health Care Goal||Bajaj Allianz Life Health Care Goal is an individual critical illness health insurance plan which offers coverage for thirty-six critical illnesses including cancer and heart, along with an option of family cover and return of premium. This critical illness health insurance policy has an in-built premium waiver benefit. The plan offers four variants to choose from depending on your needs for comprehensive health cover|
Bajaj Allianz Life Retirement Plans
Retirement plans come in two variants. Deferred annuity plans help you build a retirement corpus during your earning stage. Immediate annuity plans, on the other hand, promise regular incomes post your retirement. Bajaj Allianz Retirement plans offers a range of annuity options to choose from- depending on the retirement plan you choose.
Retirement Plans Offered by Bajaj Allianz Life -
|Product Name||Product Description|
|Bajaj Allianz Life Pension Guarantee||Bajaj Allianz Life Pension Guarantee, an immediate annuity plan offers retirement pension to ensure that you receive a guaranteed regular income within one month, three months, six months or one year depending on the frequency of annuity payment selected by you. The plan can be brought as a joint life cover to include your spouse in the policy. There are six different annuity options available under the plan to choose from based on your needs.|
|Bajaj Allianz Retire Rich||Bajaj Allianz Retire Rich is a unit-linked deferred pension plan which helps you create a retirement corpus. This retirement plan helps you to leverage the advantages of investing your hard-earned money in a unit-linked fund in order to create a substantial corpus. The plan also provides options of adding a top-up, changing the premium payment term and pension builder fund along with guaranteed vesting benefits.|
Bajaj Allianz Life Child Plans
Child Plan is an apt financial tool which provides dual benefit of protection and wealth creation to ensure a secured future for your child. Bajaj Allianz Life child plans build a steady corpus that can be used to finance the life goals of your child such as education, marriage, etc. In addition, the life cover attached to it ensures that your child’s financial needs are taken care of even in your absence. Under the child plans of Bajaj Allianz Life, the policy is converted to a fully paid policy in case of accidental permanent total disability to the life assured.
Child Insurance Plans Offered by Bajaj Allianz Life -
|Product Name||Product Description|
|Bajaj Allianz Young Assure||Bajaj Allianz Young Assure is a non-linked, participating, endowment plan. At maturity of the plan, you will receive guaranteed maturity benefit + guaranteed additions which could be a maximum of 90% of the guaranteed maturity benefit. The plan also offers three cash instalment options, multiple premium payment and policy terms, comprehensive coverage and multiple rider benefits.|
|Bajaj Life Lifelong Assure||Bajaj Allianz Lifelong Assure is a non-linked, participating, whole life insurance plan which is designed to offer financial support to you as your child moves ahead to fulfil his/her life goals. This child investment and savings plan provides you income and life cover till 100 years of age. Your child will keep receiving financial support to meet his/her goals in life as even after your death, this plan offers a death benefit of up to 300% of the sum assured depending on the premium paying term chosen by you.|
Bajaj Allianz Life NRI Plans
Bajaj Allianz Life offers life insurance plans for NRIs too. If you are a Non-Resident Indian you can buy any life insurance plan offered by Bajaj Allianz Life based on your coverage and insurance needs whether it is term insurance, ULIP, endowment, health, money back or retirement plans.
Bajaj Allianz Life Insurance Riders
Riders are add-on covers which provide additional and enhanced benefits at nominal extra cost. You can add riders to your life insurance plan for enhancing the scope of the policy. Riders help in maximizing the benefits of life insurance cover at low additional cost and allow customization of the policy.
Life Insurance Riders Offered by Bajaj Allianz Life -
|Rider Name||Rider Description|
|Bajaj Allianz Waiver of Premium Benefit Rider||Bajaj Allianz Waiver of Premium Benefit Rider is an add-on cover in which all the future premiums under the policy are waived off in the event of unfortunate death, accidental permanent total disability or diagnosis of 11 specified critical illnesses depending upon the terms and conditions of the rider. The policy remains active for the remaining term without the payment of premium and benefit from the plan is received on maturity.|
|Bajaj Allianz Family Income Benefit Rider||Bajaj Allianz Family Income Benefit Rider provides the benefit of 1% of the sum assured in the rider, payable on monthly basis for the remaining rider term or 10 years whichever is higher, in the event of unfortunate death of the insured, accidental total and permanent disability or the first time diagnosis of any of the listed 11 specified critical illnesses|
|Bajaj Allianz Accidental Death Benefit Rider||Bajaj Allianz Accidental Death Benefit Rider provides risk coverage to life assured from accidental death. In case of death of life assured due to an accident during the term of the plan, the additional rider sum assured is paid in lump sum to the nominee of the plan, in addition to sum assured of the base insurance plan.|
|Bajaj Allianz Critical Illness Benefit Rider||Bajaj Allianz Critical Illness Benefit Rider provides coverage to the life assured against 11 specified critical illnesses. Riders sum assured is paid to the insured on first diagnosis of any of the covered 11 critical illnesses to enable the insured to meet with treatment cost. The lump sum benefit can be used for treatment of critical illness or for any other purpose such as paying off debts, child’s education, etc.|
|Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider||Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider provides financial protection to your family when you meet permanent total disablement or permanent partial disablement due to an accident. In the event of permanent disability to the life assured due to an accident a lump sum amount is paid to the life assured.|
|Bajaj Allianz ULIP Waiver of Premium Benefit Rider||With this insurance rider, all the future premiums under the ULIP plan are waived off on the first occurrence of death, accidental permanent total disability or diagnosis of any specified critical illnesses, depending on the terms and conditions of the rider. Bajaj Allianz ULIP waiver of Premium benefit rider is available only with ULIP plans offered by Bajaj Allianz Life.|
|Bajaj Allianz ULIP Accidental Permanent Total/ Partial Disability Benefit Rider||A lump sum amount is paid to the life assured in the event of accidental permanent total/partial disability depending on the terms and conditions of the rider. This rider is available to be brought only with Bajaj Allianz Life ULIP plans.|
|Bajaj Allianz ULIP Critical Illness Benefit Rider||The life assured receives a sum equal to the rider sum assured on first diagnosis of any of the 11 covered critical illnesses, depending on the terms and conditions of the rider. This rider can be added only with Bajaj Allianz Life ULIP plans.|
|Bajaj Allianz ULIP Family Income Benefit Rider||Bajaj Allianz ULIP Family Income Benefit Rider provides regular monthly income which is 1% of the sum assured in the rider for the remaining term of the rider or 10 years, whichever is higher, in the event of unfortunate death, accidental permanent total disability or first diagnosis of 11 specified critical illnesses depending on the terms and conditions of the rider. You can add this rider to your base ULIP plan by paying extra premium.|
|Bajaj Allianz ULIP Accidental Death Benefit Rider||In case of unfortunate death of life assured due to an accident, the nominee gets an additional benefit of the rider sum assured along with death benefit of base ULIP plan. This rider can be added only with Bajaj Allianz Life ULIP plans.|
Benefits of Buying Bajaj Allianz Life Insurance Plans
Bajaj Allianz Life offers a range of benefits to its customers through its wide range of insurance products. Bajaj Allianz Life Insurance plans can prove advantageous in a number of ways besides just the life risk cover. These benefits vary from plan to plan and depend on the type of life insurance policy that you choose.
When you opt for a life insurance policy, you could stand to receive the following benefits:
- Life Cover- Bajaj Allianz life insurance plans provide life cover against risk of premature death. A death benefit is paid to the nominee of the plan on premature death of the life assured during the term of the plan. This provides financial support to the family to manage the financial crisis suffered due to the death of the breadwinner. Moreover, Bajaj Allianz Life also offers some whole life plans which provide lifelong cover i.e. till 100 years of age allowing you to cover your whole life against the risk of premature death.
- Helps in Meeting Life Goals- Life insurance plans provide death benefit to the nominee of the plan on insured’s death or maturity benefit to the policyholder on survival which helps the insured and his family members in meeting life goals. On sudden demise of sole earning members of the family, a life insurance plan ensures that the family of the insured have the means to fulfil their goals in life such as child’s education, paying off debts, buying a house, etc.
- Financial Planning- Life Insurance plans serve as an effective tool that aids in your financial planning at every stage of your life. With child insurance plans, you can plan your child’s future, with retirement plans, you can plan your retirement and with ULIP plans you can plan to meet your long-term goals.
- Facilitates Loans- Life Insurance plans offer you two loan-related benefits. The first is when you meet with untimely or premature death the life insurance plan will safeguard your family from debts and mortgages. Secondly, in case of financial crisis, you can easily avail loan from your life insurance plan instead of surrendering it. You can take a loan against the surrender value of your life insurance policy.
- Investments- Some life insurance plans also provide a useful investment and tax savings instrument. They allow for accumulation as well as appreciation of long term capital with higher returns.
- Helps in Generating Wealth- Life Insurance Plans are not only designed for life cover but also to assist the policyholder in creation of wealth. ULIP plans, whole life insurance plans, child plans and pension plans help you to meet twin goals of life cover and investment.
- Liquidity- Money back plans provide money back benefits at regular intervals which offer you liquidity of funds to meet your financial needs. With these plans, you can plan to meet your short-term financial goals. Even ULIPs allow partial withdrawals which give you liquidity after the first 5 years of the policy.
- Tax Benefits- Life Insurance plans also offer tax benefits. Life Insurance plans such as ULIPs are one of the best tax-savings tools for taxpayers. Apart from ULIP plans, you can also save tax by buying whole life plans, term plans or similar life insurance plans to avail tax deductions on premiums paid for these plans as well as receive tax free pay-outs, subject to provisions under the Income Tax Act, 1961. You can read about detailed tax benefits below.
Bajaj Allianz Life Insurance Claim Process
Having a Claim Settlement Process of 98.02% for the financial year 2019-2020, Bajaj Allianz Life processes the life insurance claims in a simple, hassle-free and timely manner. Bajaj Allianz Life has three quick and simple steps to process life insurance claims which are stated below:
- Claim Reporting- Download the form online and fill it with relevant details. After getting and filling the claims form, attach all the necessary documents and submit it at the branch of the insurance company. You can reach out to the insurance consultant for any assistance, if required.
- Claim Processing- The insurance company will assess your claim and inform you through email, SMS or call, in case any further documents are required to be submitted. Claim decision is communicated within 30 days of receipt of all the necessary documents/clarifications.
- Claim Settlement- After receiving and verifying all the documents, the insurance company will settle your claim in accordance with the terms and conditions of the policy purchased by you.
Documents Needed for Death Claim
Following documents are required to be submitted along with the claim form at branch of Bajaj Allianz Life to receive the death benefit:
- Claim Form, duly filled and signed
- Death certificate of the insured
- Policy bond
- Identity proof of the nominee of the plan
- Police FIR, coroner’s report, Medico-legal certificate, post-mortem report, panchnama, etc.
- Bank Account details of the nominee of the plan
Bajaj Allianz Life Insurance Tax Benefits
As stated earlier, Bajaj Allianz Life Insurance Plans offer tax benefits on both investments as well as on pay-outs/returns from the plans. Let’s have a look at the tax benefits that you can avail from life insurance plans offered by Bajaj Allianz Life-
|Sections of Income Tax Act, 1961||Tax Benefits Available|
|Section 80C||Life Insurance Policies offer you sax saving benefits under Section 80C of the Income Tax Act, 1961. Under this section the premium paid towards a life insurance plan is allowed as tax deductions from the taxable income of the policyholder subject to a limit of INR 1.5 lakhs every year. However, premiums up to 10% of the sum assured under the plan can be claimed as deduction under the section.|
|Section 80CCC||Section 80CCC allows tax deduction of the premiums paid towards Bajaj Allianz Life pension plans. The premiums paid towards deferred annuity plans are allowed as a deduction up to INR 1.5 lakhs. However, premiums up to 10% of the sum assured under the plan can be claimed as deduction from your taxable income under the section.|
|Section 80D||If you buy Bajaj Allianz Life Health Insurance Plan or health related riders, then you can avail a deduction of up to INR 25,000 for the premium paid. Moreover, for individuals aged 60 years and above, deduction of up to INR 50,000 is allowed|
|Section 10 (10A)||Section 10 (10A) of the Income Tax Act, 1961 allows your commutated pension as a tax-free income. Under deferred annuity plans, you can withdraw 60% of the corpus on the maturity of the plan which is known as commutation of pension. However, only 33% of the total corpus can be commuted tax-free under section 10(10)A while the rest would be taxable in the hands of the annuitant.|
|Section 10 (10D)|
Under Section 10(10D) of the Income Tax Act, 1961, the maturity and survival benefit received from Bajaj Allianz Life insurance plans are eligible to be availed as tax free incomes. However, to claim tax exemption, the premiums for the life insurance plan should not exceed 10% of the sum assured. Otherwise, the entire maturity benefits would be taxable in the hands of the policyholder.
However, death benefit received from Bajaj Allianz Life Insurance plan is completely tax free under this section in the hands of the nominees, irrespective of the amount of premium.
Bajaj Allianz Life Customer Care Details
Bajaj Allianz Life provides different modes to contact it in case of complaint, insurance- related queries, needs or life goals solutions. Here are the details to contact the customer care department of the company:
|Customer Care Helpline||1800-209-7272 (Monday to Saturday: 9 AM to 7 PM)|
|Fax||(+91 020) 66026789|
|For NRIs||+ 91 20 67871700 (Monday to Saturday: 9 AM to 7 PM)|
|Customer Service Emailfirstname.lastname@example.org|
|Cyber Cell Email||If you find any unauthorised or fraudulent sales material online, mail the company at: email@example.com|
|Say Hi to 8806727272 for servicing your policy via WhatsApp|
|Chat||Chat Bot- Boing ( 24*7 online chat assistant)|
Bajaj Allianz Life Insurance Review
Bajaj Allianz Life is amongst ‘Top 75 most valuable Indian Brands 2019’ and is one of the most trusted brands in the insurance sector of India. It offers a range of insurance solutions to retail and corporate customers. Here are some of the details about the company:
- Individuals Claims Settlement Ratio for the financial year 2019-2020 stands at 98.02%
- The company approved 87% of non-investigative individual claims in one working day for FY 2019-20.
- Bajaj Allianz Life offers one-day claim approval
- Solvency ratio of the company is 745% as on 31st March, 2020
- Total Assets under Management of the company crossed INR 56,085 crores in the financial year 2019- 2020 and the company has covered 3.44 crore lives so far.
- Bajaj Allianz has been rated AAA (In) by CARE –stating its highest claims paying ability.
- As on 31st May, 2020, the company serves millions of customers through its 556 branches, 80,000+ agents and comprehensive set of trusted partners and via its online sales channel.
These statistics show that the company is one of the leading insurance providers in India with a variety of insurance products and easy claim settlement procedures.
Bajaj Allianz Life Insurance FAQs
What are the documents required to buy a term insurance plan?
You need an identity and address proof, photo, age proof and proof of income to buy a term insurance plan.
Do I get guaranteed returns in a savings plan?
You can get guaranteed returns in savings plans if you invest in a non-linked endowment or money back plan.
What is ULIP NAV?
Net Asset Value or NAV of a ULIP plan is the value of each unit of the fund on any given day. It is calculated based on the following formula:
NAV = (Value of Current Assets + Market Value of Investments Held) - (Value of Current Liabilities & Provisions) / Total number of outstanding units on date.
You can visit the website of the insurance provider and use the NAV to find the history of fund performance and also compare it with other funds.
Can I get regular income from Savings plans?
Yes, you can get regular income from savings plans as some savings plan such as Bajaj Allianz Life Income Assure provides regular monthly income to help you to achieve your short term goals.
Can NRI claim tax exemptions by investing in Bajaj Allianz Life Insurance plans?
The Income Tax Act, 1961, provides certain tax benefits to NRIs on the income earned in India. Tax benefits are allowed under section 80C and 80D of the Income Tax Act, 1961. Further, on claim proceeds, the tax benefit can also be availed under section 10 (10D) of the Income Tax Act, 1961.
Can we buy investment plans in the name of our child?
Yes, investment plans can be brought in the name of your child. Many investment plans, such as Bajaj Allianz Invest Assure, have a minimum entry age of 0 years, which can be brought in your child’s name.
Is there any lock-in period in the investment plans? Can I make partial withdrawals from my ULIP plans ?
There is a lock-in period of 5 years in all ULIP plans. Some plans like Bajaj Allianz Fortune Gain allow partial withdrawals from the plan after the expiry of first five years of policy term. However, it is best to check if your plan is offering this option before buying.
Is there any Guaranteed Maturity Benefit (GMB) in retirement plans?
Yes, Guaranteed Maturity Benefit (GMB) is availed in some retirement plans. Bajaj Allianz Retire Rich offers Guaranteed Maturity Benefit of 101% of the sum of all the premiums paid for the policy till its maturity. At maturity of the plan, higher of Guaranteed Maturity Benefit or fund value will be payable.
What is the ideal policy term/ premium paying term for a child plan?
The policy term or premium paying term of a child plan depends on the age of the child and the time frame in which the child would require the funds to meet his/her life goals.
Can I include my spouse in the annuity plan?
Yes, you can include your spouse in the annuity plan. The insurance companies offer the option of full or half annuity to the spouse depending on the annuity option chosen by you.
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