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Life Insurance

Bajaj Allianz

Bajaj Allianz Life Insurance Company Limited is one of India's leading Life Insurance companies. Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE. Both enjoy a reputation of expertise, stability and strength. This joint venture company incorporates global expertise with local experience.

We all care about our family a lot and wish to ensure their financial security in the best possible way if we're suddenly not around to fulfill our responsibilities towards them. A suitable life insurance policy is an ideal way to secure our family's future.

Millions of people buy life insurance every year in India for reasons such as ensuring family security, availing tax benefits etc. If you're the sole bread winner of the family then your untimely demise can cause financial distress. But, having a suitable life insurance cover helps your family to clear off your existing debts or loans, medical expenses, liabilities etc. so that they don't cause an additional burden on them. Thus, Life insurance becomes a financial backbone to fulfill the financial needs of your family members in your absence.

Why secure term Insurance?

You have always tried your best to fulfil all your responsibilities and take care of your family. However, life comes with risks and unforeseen incidents that can put your family's financial security in jeopardy. Have you thought about a secure term insurance plan? Presenting the Bajaj Allianz iSecure Insurance Plan; a level cover term assurance plan that secures your family's financial needs by giving you a level term cover for high sum assured, but at a low cost.

what is term insurance?

Term insurance is a life insurance which provides coverage for the policy term decided between the policy holder and insurer at the onset of the policy. After this policy term expires the term insurance cover is no longer valid. If the insured dies during this term, the death benefit is paid to the nominee. Thus, term insurance is the most basic, inexpensive and non-complicated insurance policy that you can purchase for your family security.

Types of Term Insurance?

There are two kinds of term insurance Plans:

  • Annual Renewable Term Insurance Plan which gives cover for one year at a time and then you renew it annually. These plans usually have the lowest annual premium to start but the premium rises as you age.
  • Level Premium Term Insurance Plan which you buy for a specific multiyear period such as 5, 10 or 20 years. This plan lets you lock in the premium for that period; the premium never to changes, from the first year to the last.

Key Features

  • Term insurance policy gives tax benefits. You receive tax exemption as per 80C and 10(10D)* of the Indian Income Tax Act.
  • Get the advantage of a level term insurance cover at low cost, especially for larger sum assured.
  • Term insurance companies reward the insured people for maintaining a healthy life-style, if applicable, with special premium rates for non-smokers and medically fit non-smokers.
  • Benefit of attractive high sum assured rebate.
  • Your nominee will have the option to take the death benefit in equal monthly installments over a period of 5 or 10 years.
  • Select your policy term of 10, 15, 20, 25 or 30 years depending on your requirement.
  • Alter your term insurance premium payment frequency.
  • Include your spouse at a later date in your existing policy, if you are single at present.
  • Plan to meet recurring expenses of your loved ones by opting for payment of benefit in annual installments.

How does your plan work?

Bajaj Allianz iSecure places itself as one of the safest term insurance plans in India. It offers you the choice to cover your spouse as well jointly with yourself. You can customize your term insurance policy to suit your requirements by following the steps as follows:

Step 1: Choose either individual or a joint life term insurance cover

Step 2: Choose your sum assured(s) (Life Cover)

Step 3: Choose your Policy Term & premium payment frequency

Step 4: If sum assured chosen is Rs.20,00,000 you may choose your lifestyle category either "Non-Smoker1" or "Smoker1"

Your term insurance premium will be based on your current age(s), sum assured(s), lifestyle category (if applicable), policy term and premium payment frequency.

In case of unfortunate demise, the dependents will receive the death benefit as promised by the term insurance company.

This categorization is available for sum assureds of Rs.20,00,000 & above and subject to medical examination/tests as decided by the term insurance company.

A Non-smoker who has no abnormalities in his medical examination/tests or family/personal history; has no risky avocation and does not have a risky occupation, as decided by the Company, is classified as a Preferred Non-Smoker.

Am I eliible?

  • Entry Age

    18 minimum

    60 maximum

  • Maturity Age

    28 years

    78 years

    Rs. 250,000 for general category and Rs. 20,00,000 for the categories split by Preferred Non-Smoker1, Non-Smoker1 & Smoker

  • Policy Term

    10, 15, 20, 25, & 30 years

Policy and Features

  • Tax Benefits

    Premiums paid are eligible for tax benefits as per Section 80C of the Income Tax Act Death benefit(s) are eligible for tax benefits as per Section 10 (10D) of the Income Tax Act. Subject to the provision stated therein.

  • Death Benefit

    A.Individual Life

    In case of unfortunate death of life assured during the policy term, provided all premiums are paid up to date, the benefit will be Sum Assured.

    The policy cover will terminate immediately on death of the life assured.

    B. Joint Life The death benefit is payable on death of each life, provided the policy is in-force. The benefit payable will be Sum Assured

    On death of any one of the life assureds, the term insurance policy will automatically continue on the surviving life assured with a reduced premium. The reduced premium will be based on the age, lifestyle category (if applicable), policy term, premium payment frequency and sum assured of the surviving life assured as at the inception of the policy.

    This term insurance policy cover will terminate immediately on death of the surviving life assured.

INDIVIDUAL HEALTH INSURANCE PLAN

Our first of a kind Optima Restore plan offers a unique Restore benefit that automatically reinstates the basic sum insured in case you exhaust it in a policy year. Sure it sounds too good to be true but here is how it works: If you use up your coverage in an individual policy and fall ill with another illness, we will restore the entire sum insured for you to use, at no extra charge.

It also rewards you with a multiplier benefit in case you don’t claim in the policy. The multiplier benefit doubles the sum insured in 2 claim free years!

Benefits

  • The medical expenses for coverage for hospitalization of more than 24 hrs with no room rent limits.
  • The medical expenses that you incur due to illness during 60 days immediately before you are hospitalized.
  • The medical expenses you incur in the 180 days immediately after you are discharged from hospital.
  • The medical expenses for all day-care procedures covered, which do not require 24 hours hospitalization due to technological advancement, are covered.

Stay Healthy Packages

  • "Stay Healthy” Program that offers
  • Online health assessment

Our first of a kind Optima Restore plan offers a unique Restore benefit that automatically reinstates the basic sum insured in case you exhaust it in a policy year. Sure it sounds too good to be true but here is how it works: If you use up your coverage in an individual policy and fall ill with another illness, we will restore the entire sum insured for you to use, at no extra charge.

It also rewards you with a multiplier benefit in case you don’t claim in the policy. The multiplier benefit doubles the sum insured in 2 claim free years!

Benefits

  • The medical expenses for coverage for hospitalization of more than 24 hrs with no room rent limits.
  • The medical expenses that you incur due to illness during 60 days immediately before you are hospitalized.
  • The medical expenses you incur in the 180 days immediately after you are discharged from hospital.
  • The medical expenses for all day-care procedures covered, which do not require 24 hours hospitalization due to technological advancement, are covered.

Stay Healthy Packages

  • "Stay Healthy” Program that offers
  • Online health assessment

Our first of a kind Optima Restore plan offers a unique Restore benefit that automatically reinstates the basic sum insured in case you exhaust it in a policy year. Sure it sounds too good to be true but here is how it works: If you use up your coverage in an individual policy and fall ill with another illness, we will restore the entire sum insured for you to use, at no extra charge.

It also rewards you with a multiplier benefit in case you don’t claim in the policy. The multiplier benefit doubles the sum insured in 2 claim free years!

Benefits

  • The medical expenses for coverage for hospitalization of more than 24 hrs with no room rent limits.
  • The medical expenses that you incur due to illness during 60 days immediately before you are hospitalized.
  • The medical expenses you incur in the 180 days immediately after you are discharged from hospital.
  • The medical expenses for all day-care procedures covered, which do not require 24 hours hospitalization due to technological advancement, are covered.

Stay Healthy Packages

  • "Stay Healthy” Program that offers
  • Online health assessment

Our first of a kind Optima Restore plan offers a unique Restore benefit that automatically reinstates the basic sum insured in case you exhaust it in a policy year. Sure it sounds too good to be true but here is how it works: If you use up your coverage in an individual policy and fall ill with another illness, we will restore the entire sum insured for you to use, at no extra charge.

It also rewards you with a multiplier benefit in case you don’t claim in the policy. The multiplier benefit doubles the sum insured in 2 claim free years!

Benefits

  • The medical expenses for coverage for hospitalization of more than 24 hrs with no room rent limits.
  • The medical expenses that you incur due to illness during 60 days immediately before you are hospitalized.
  • The medical expenses you incur in the 180 days immediately after you are discharged from hospital.
  • The medical expenses for all day-care procedures covered, which do not require 24 hours hospitalization due to technological advancement, are covered.

Stay Healthy Packages

  • "Stay Healthy” Program that offers
  • Online health assessment

Our first of a kind Optima Restore plan offers a unique Restore benefit that automatically reinstates the basic sum insured in case you exhaust it in a policy year. Sure it sounds too good to be true but here is how it works: If you use up your coverage in an individual policy and fall ill with another illness, we will restore the entire sum insured for you to use, at no extra charge.

It also rewards you with a multiplier benefit in case you don’t claim in the policy. The multiplier benefit doubles the sum insured in 2 claim free years!

Benefits

  • The medical expenses for coverage for hospitalization of more than 24 hrs with no room rent limits.
  • The medical expenses that you incur due to illness during 60 days immediately before you are hospitalized.
  • The medical expenses you incur in the 180 days immediately after you are discharged from hospital.
  • The medical expenses for all day-care procedures covered, which do not require 24 hours hospitalization due to technological advancement, are covered.

Stay Healthy Packages

  • "Stay Healthy” Program that offers
  • Online health assessment

Our first of a kind Optima Restore plan offers a unique Restore benefit that automatically reinstates the basic sum insured in case you exhaust it in a policy year. Sure it sounds too good to be true but here is how it works: If you use up your coverage in an individual policy and fall ill with another illness, we will restore the entire sum insured for you to use, at no extra charge.

It also rewards you with a multiplier benefit in case you don’t claim in the policy. The multiplier benefit doubles the sum insured in 2 claim free years!

Benefits

  • The medical expenses for coverage for hospitalization of more than 24 hrs with no room rent limits.
  • The medical expenses that you incur due to illness during 60 days immediately before you are hospitalized.
  • The medical expenses you incur in the 180 days immediately after you are discharged from hospital.
  • The medical expenses for all day-care procedures covered, which do not require 24 hours hospitalization due to technological advancement, are covered.

Stay Healthy Packages

  • "Stay Healthy” Program that offers
  • Online health assessment

Our first of a kind Optima Restore plan offers a unique Restore benefit that automatically reinstates the basic sum insured in case you exhaust it in a policy year. Sure it sounds too good to be true but here is how it works: If you use up your coverage in an individual policy and fall ill with another illness, we will restore the entire sum insured for you to use, at no extra charge.

It also rewards you with a multiplier benefit in case you don’t claim in the policy. The multiplier benefit doubles the sum insured in 2 claim free years!

Benefits

  • The medical expenses for coverage for hospitalization of more than 24 hrs with no room rent limits.
  • The medical expenses that you incur due to illness during 60 days immediately before you are hospitalized.
  • The medical expenses you incur in the 180 days immediately after you are discharged from hospital.
  • The medical expenses for all day-care procedures covered, which do not require 24 hours hospitalization due to technological advancement, are covered.

Stay Healthy Packages

  • "Stay Healthy” Program that offers
  • Online health assessment

FAMILY HEALTH INSURANCE PLAN

Our first of a kind Optima Restore plan offers a unique Restore benefit that automatically reinstates the basic sum insured in case you exhaust it in a policy year. Sure it sounds too good to be true but here is how it works: If one of the family members exhaust the floater sum insured during the year and any other family member falls ill later during the same insured period, we will restore the entire amount at no extra charge.

Benefits

  • The medical expenses for coverage for hospitalization of more than 24 hrs with no room rent limits.
  • The medical expenses that you incur due to illness during 60 days immediately before you are hospitalized.
  • The medical expenses you incur in the 180 days immediately after you are discharged from hospital.
  • The medical expenses for all day-care procedures, which do not require 24 hours hospitalization due to technological advancement, are covered.
  • The treatment expenses involved in getting a treatment done at home which otherwise would need hospitalization.
  • Expenses incurred if ambulance service is used on the way to hospital for hospitalization (up to Rs. 2000).
  • A comprehensive health check-up involving a number of medical tests only once at the end of a block of two continuous policy years.
  • You get a bonus of 50% of the basic sum insured for every claim free year accumulating up to 100%.

Stay Healthy Package

  • "Stay Healthy” Program that offers
  • Online health assessment
  • Customized diet & exercise plan from our experts
  • E- storage facilities to store your medical reports for 24X7 access
  • Great offers & discounts on heath products & services
  • Set alerts to track your health appointments and medicinal intake
  • Exclusive health newsletter & helpline services

Eligibility

  • Coverage from the age of 5 years onwards with maximum entry age of 65 years. A dependent child can be covered from the 91st day (if either parents are covered under this policy).

Our Easy Health Family floater Plan protects your family not only from unforeseen emergency expenses but also offers a comprehensive cover for medical treatment of illnesses and accidents requiring in-patient hospitalisation. The Plan offers coverage on floater sum insured basis & also offers an add-on optional cover for listed Critical Illnesses.

Benefits

  • The medical expenses for coverage for hospitalization of more than 24 hrs.
  • The medical expenses that you incur due to illness during the 60 days immediately before you are hospitalised.
  • The medical expenses you incur in the 90 days immediately after you are discharged from hospital.
  • The medical expenses for enlisted 144 day-care procedures, which do not require 24 hours hospitalization due to technological advancement, are covered.
  • Treatment expenses for the organ donor at the time of organ transplant.
  • A comprehensive health check-up involving a number of medical tests only once at the end of a block of four continuous claim free policy years.
  • You get a cumulative bonus of 10% for every claim-free year accumulating up to 100% (in the event of a claim, cumulative bonus will be reduced by 10% of SI on the next renewal).
  • For Cash less service you need to obtain a pre-authorization for all planned admissions at least 48 hours prior to actual admission or regularize any ‘emergency’ admission within 24 hours post the admission. The details of the process and the documentation requirements are given in the guide-book sent along with the policy.

Stay Healthy Package

  • "Stay Healthy” Program that offers
  • Online health assessment
  • Customized diet & exercise plan from our experts
  • E- storage facilities to store your medical reports for 24X7 access
  • Great offers & discounts on heath products & services
  • Set alerts to track your health appointments and medicinal intake
  • Exclusive health newsletter & helpline services

Eligibility

  • Coverage from the age of 5 years onwards with maximum entry age of 65 years. A dependent child can be covered from the 91st day.

Our Easy Health Family floater Plan protects your family not only from unforeseen emergency expenses but also offers a comprehensive cover for medical treatment of illnesses and accidents requiring in-patient hospitalisation. The Plan offers coverage on floater sum insured basis & also offers an add-on optional cover for listed Critical Illnesses.

Benefits

  • The medical expenses for coverage for hospitalization of more than 24 hrs.
  • The medical expenses that you incur due to illness during the 60 days immediately before you are hospitalised.
  • The medical expenses you incur in the 90 days immediately after you are discharged from hospital.
  • The treatment expenses involved in getting a treatment done at home which otherwise would need hospitalization.
  • Treatment expenses for the organ donor at the time of organ transplant.
  • Expenses incurred if ambulance service is used on the way to hospital for hospitalization (up to Rs. 2000).
  • A lump sum amount given for selecting a shared room in a network hospital.
  • Lump sum benefit of Rs. 10000, if hospitalisation is for greater than 10 days - (For sum insured 15 lacs & above)
  • You get a Cumulative Bonus (CB) of 10% for every claim-free year accumulating up to 100% (in the event of a claim, CB will be reduced by 10% of SI on the next renewal).
  • If you are insured with some other company’s health insurance and you want to shift to us on renewal, you can. Our portability policy is customer friendly and aims to achieve the transfer of most of the accrued benefits and makes due allowances for waiting periods etc.

Stay Healthy Package

  • "Stay Healthy” Program that offers
  • Online health assessment
  • Customized diet & exercise plan from our experts
  • E- storage facilities to store your medical reports for 24X7 access
  • Great offers & discounts on heath products & services
  • Set alerts to track your health appointments and medicinal intake
  • Exclusive health newsletter & helpline services

Eligibility

  • Coverage from the age of 5 years onwards with maximum entry age of 65 years. A dependent child can be covered from the 91st day.

Our Top up Plan Optima Super is an aggregate plan that offers you varied sum insured & deductible combinations to choose so you can opt for the optimum coverage as per your needs. In addition, it is the only plan that gives you an option to convert to a Fully Nil Deductible plan near your retirement.

Benefits

  • The medical expenses covered for hospitalization of more than 24 hrs.
  • The medical expenses that you incur on consultations, investigations and medicines during 60 days before you are hospitalized.
  • The medical expenses you incur on consultations, investigations and medicines in 90 days immediately after you are discharged from hospital.
  • The medical expenses for 144 day-care procedures, which do not require 24 hours hospitalization due to technological advancement, are covered.
  • Treatment expenses for the organ donor at the time of organ transplant.
  • Expenses incurred if ambulance service is used on the way to hospital for hospitalization (up to Rs. 2000).
  • Cashless Service - You need to obtain a pre-authorization for all planned admissions at least 48 hours prior to actual admission or regularize any ‘emergency’ admission within 24 hours post the admission.

Eligibility

  • Coverage from the age of 5 years onwards with maximum entry age of 65 years. A dependent child can be covered from the 91st day.

OPTIMA SENIOR

Optima Senior is our plan exclusively for Senior citizens. The plan offers comprehensive cover for medical treatment of illnesses and accidents requiring in-patient hospitalisation.

Benefits.

  • Covers medical expenses for hospitalisation for more than 24 hrs.
  • The medical expenses that you incur due to illness during 30 days immediately before you are hospitalised.
  • The medical expenses you incur in the 60 days immediately after you are discharged from hospital.
  • The medical expenses for enlisted 140 day-care procedures, which do not require 24 hours hospitalization due to technological advancement, are covered.
  • The treatment expenses involved in getting a treatment done at home which otherwise would need hospitalization.
  • Treatment expenses for the organ donor at the time of organ transplant.
  • Expenses incurred if ambulance service is used on the way to hospital for hospitalization (up to Rs. 2000).
  • A second opinion will be arranged from a medical practitioner who is in the Apollo Munich panel (One opinion per policy year).
  • You get a Cumulative Bonus (CB) of 5% for every claim-free policy year provided policy is renewed with us without a break.
  • With Optima Senior Plan, you can presently avail tax benefits for the premium amount under Section 80D of the Income Tax Act. (Tax benefits are subject to changes in Tax Laws).

Eligibility.

  • Coverage from the age of 61 years above.

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