Dear Reader For those looking for reasonable and dependable financial security, Bajaj Allianz term insurance products provide an option. If the policyholder passes away during the term period, these plans offer complete coverage for your family.
Although there are no advantages to maturity, Bajaj Allianz makes sure that your loved ones have access to money when they need it most. Let’s examine the main characteristics and advantages of term insurance plans from Bajaj Allianz.
Key Features of Bajaj Allianz Term Insurance Plans
Flexible Options:
Bajaj Allianz offers both individual and group term insurance plans. You can choose between a single life plan or a joint life plan with your spouse. Under the single-life plan, the death benefit is paid upon the policyholder’s death.
In the joint life plan, the sum assured is paid upon the first death, and the plan continues. If a second death occurs during the term, an additional sum assured is paid.
Extended Coverage:
Bajaj Allianz Smart Protect Goal Term Insurance provides coverage until the age of 99 years, offering you long-term security. Additionally, you can opt for a Whole Life Plan, which extends the coverage even after a limited premium payment term.
Return of Premium:
With the Return of Premium Term Insurance (TROP) option, you have the opportunity to receive the total premiums paid at the end of the policy tenure.
No Medical Examinations:
For Group Term Life Insurance Plans, there is no requirement for medical examinations. This ensures hassle-free access to high life insurance coverage of up to Rs. 1 Crore.
Benefits of Bajaj Allianz Term Insurance Plans
Affordable Premiums:
Bajaj Allianz term insurance plans offer cost-effective premiums compared to other life insurance plans. The entire premium amount is dedicated to life cover, ensuring maximum value for your investment.
Additional Coverage:
You can enhance your Bajaj Allianz term insurance plan by adding riders available. These riders provide coverage for critical illness, accidental death, permanent disability, waiver of premium, and more. This ensures comprehensive protection during unforeseen circumstances, providing you peace of mind.
Read – Bajaj Allianz Health Insurance Hospital List
Tax Benefits:
Taking the plan for a Bajaj Allianz term insurance plan helps reduce your tax liability as per the Indian government. As per Section 80C of the Income Tax Act, 1961, the premiums paid plan are eligible for tax deductions, up to Rs. 1.5 LC every financial year. Additionally, the death benefit received is tax-exempt under Section 10(10D).
Inclusions and Exclusions
Inclusions:
Bajaj Allianz term plans cover natural and accidental deaths of the policyholder. Compensation can be claimed by submitting the necessary documentation, such as a death certificate. Additionally, partial or permanent disabilities caused by accidents are eligible for compensation if the relevant riders are added.
Exclusions:
Certain situations are not covered under the term plans. Claims for death benefits cannot be made if the death was a result of alcohol influence, suicide, self-inflicted injuries, substance abuse, or participation in life-threatening stunts causing temporary or permanent disabilities.
Claim Process for Bajaj Allianz Term Insurance Plans
To claim the death benefits of your Bajaj Allianz term insurance plan online, follow these steps:
Claim Reporting:
Fill out the claim form available on the Bajaj Allianz claim site. Print the document, attach the required documents, and submit them to the nearest Bajaj Allianz insurance office branch.
Claim Processing:
Claims documents submitted will be assessed, and additional reminders will be sent if necessary documents are not provided within the stipulated time. Regular updates will be communicated via SMS throughout the claims processing stages.
Claim Settlement:
Claim requirements will be addressed within 15 days of receiving the claim. If no investigation is required, settlement or rejection of claims will be made within 30 days from the receipt of the last necessary document.
In cases where the investigation is necessary, it will be completed within 90 days of claim intimation, followed by claim settlement within 30 days.
If you have purchased your Bajaj Allianz term insurance plan through Bajaj Markets, the nominees can also claim the death benefits through the same platform. The claim process remains the same.
Invest in Bajaj Allianz term insurance plans today and secure a brighter future for your loved ones. Protecting your family’s financial well-being has never been easier or more affordable.
Visit Official Website – Bajaj Allianz Term Insurance Plans