Bajaj Allianz Insurance Reviews, Ratings, Best Plans and USPs

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Bajaj Allianz was founded in 2001 in India as a joint venture between Bajaj Finserv Limited and Allianz SE. The private general insurance company obtained its certificate of registration from the Insurance Regulatory and Development Authority (IRDA) on May 2, 2001, and since then has exemplified strength, reliability, and stability in the insurance industry.

As an award-winning general insurance company in India, Bajaj Allianz is motivated by the goodwill to safeguard precious time and provide financial protection in times of need. They cater to a wide range of demographics in India with products that cover term plans, group insurance, riders, accident insurance, marine insurance, retirement, child savings, investment planning, car, travel insurance, health insurance, and everything in between.

Bajaj Allianz is known for its quick claim settlement process (60 minutes) and 24×7 customer assistance.

Its customer-centric approach has earned it ICRA’s iAAA rating for eleven consecutive years, establishing its strong position in the financial industry. It received the Best Insurer in India 2020 award by IDC Financial Insights Innovation Awards and the Best Customer Experience 2020 & Best Brand Experience 2020 at the CX Asia Excellence Awards.

    Prepare today for a relaxed and secure future.

    Check out the best health insurance plans here:

    Policy Type

    IndividualFloater

    Bajaj Allianz is believed to be one of the most comprehensive and reliable health insurance providers in India. Given the diverse range of economical and feature-rich plans they offer, policy buyers can rest assured of unmatched financial protection, personal, accidental, and medical coverage. 

    Some of the top benefits of Bajaj Allianz General Insurance plans include: 

     

    PAN India Partnerships

    Bajaj Allianz has a presence in over 800 cities and towns in India.

     

    High Solvency Ratio of 745%

    Bajaj Allianz's solvency ratio is 4 times the financial norm at 745%.

     

    Claim Settlement Ratio of 98.0%

    Bajaj Allianz's high claim settlement ratio is indicative of its unparalleled ability to settle claims.

     

    Add-on 1 Crore Health Insurance

    In addition to life insurance, they provide health insurance to protect you from potential critical illnesses and accidents.

     

    Cashless Claims

    Avail cashless treatments at network hospitals which include over 6,500 hospitals and 4000 garages across India. 

     

    Quick Claim Settlement

    Cashless claims are settled in under 60 minutes — one of the shortest claim settlement durations recorded in the insurance industry.

     

    Proactive 24×7 Customer Support

    Any queries you have regarding claim settlement, Bajaj health insurance assistants are available 24×7 on call.

     

    Quick Claim Processing

    Bajaj has an In-house Health Administration Team (HAT) to speed up the claim settlement process.

     

    Child Education Cover

    If one of the parents dies, the child is eligible for accidental education cover for up to 25 years of age. 

     

    Accidental Death Benefit: In case of accidental death, the family of the deceased receives a death benefit. 

     

    Affordable Plans

    Bajaj Allianz's health plans are designed to provide maximized coverage and benefits at affordable rates.

     

    Easy Renewability

    Customers can buy or renew preferred insurance policies online without the hassle of offline paperwork.

     

    Easy-to-use Health CDC App

    Bajaj Allianz's Health CDC (Claim by Direct Click) app offers the option of quick settlement of claims up to INR 20,000.

     

    Top-notch health care

    Policyholders have access to top-class healthcare facilities and hospitals across the countries.

     

    Coronavirus Cover

    Bajaj Allianz offers comprehensive coverage for medical expenses resulting from COVID-19 complications. 

     

    Tax Benefits

    Regardless of which health insurance plan you buy, individual, family, or senior citizen, you can avail tax exemption on your health insurance premium under section 80D of the Income Tax Act.

     

    Cumulative Bonus

    On renewing unclaimed health insurance without a break, you can avail a 5% increment in your Sum Insured (SI) in the first year and 10% for every claim-free year that follows (max limit 50%).

     

    Free Health Check-Ups

    Bajaj Allianz offers regular free health check-ups to ensure preventive care.

     

    Life-long Renewability

    Health insurance can be renewed at the end of every policy term with customizations if any required.

    Bajaj Allianz offers a wide range of general and life insurance products with a number of benefits and options to suit every possible need. The idea is to provide financial protection against unprecedented life events. 

     

    Here are the types of life insurance policies offered by Bajaj Allianz: 

     

    1. Bajaj Allianz ULIP Plan
    2. Bajaj Allianz Term Insurance
    3. Bajaj Allianz Savings Plans
    4. Bajaj Allianz Retirement/Pension Plans
    5. Bajaj Allianz Child Plans
    6. Bajaj Allianz Group Plans
    7. Bajaj Allianz Health Insurance

    Bajaj Allianz Term Insurance Plans

    Term insurance is basically coverage against accidents and uncertainties, with a death benefit offered in the form of a lump sum amount to a nominee upon the death of the policyholder. One can include riders into the term plan to become eligible for additional financial protection. 

     

    Here are the different term plans Bajaj Allianz offers: 



     

    iSecure

    iSecure More

    iSecure Loan Term Plan

    Life Secure

    Lifestyle Secure

    Entry Age

    18 - 60 years

    18 - 60 years

    18 - 60 years

    25 years

    18 - 50 years

    Exit Age

    28 - 70 years

    28 - 70 years

    28 - 65 years

    Option I and II: 55 years 

    Option III: 50 years

    23 - 60 years

    Sum Assured

    General category: Rs. 2,50,000 

    For Smoker, Preferred Non-Smoker, Non-Smoker: Rs. 20,00,000

    Min: Rs 2,50,000

    Max: No Limit

    Min: Rs. 3,00,000 

    Max: No Limit

    Rs. 20,00,000

    Min: Rs. 3,00,000

    Max: Rs. 15,00,000

    Death Benefit

    Paid on death which leads to policy termination

    Individual- Paid on death which leads to policy termination

    Joint - Prevailing Sum Assured of both policyholders

    Individual- Paid on death which leads to policy termination

    Joint - Prevailing Sum Assured of both policyholders

    Paid on death. Additional sum assured paid in case of accidental death

    Sum assured payable in monthly installments as regular income

     

     

    Bajaj Allianz iSecure Plan

     

    Key features of the iSecure Plan are as follows:

    • The plan provides no maturity benefit. There is excellent coverage offered as a death benefit.
    • Payouts as accepted in the form of installments.
    • Non-smokers and healthy people enjoy discounts.
    • Policyholders can include spouses in the plan. 
    • Best suited for non-smokers, high-income or low-income group people.

     

     

    Bajaj Allianz iSecure More Plan

     

    Key benefits of the iSecure More Plan are as follows:

    • Policyholders avail 5% incremental life insurance coverage every year.
    • Policyholders can include spouses in the plan. 
    • There is a rebate on high sum assured.
    • It has a maximum age of 60 as opposed to 70 in the case of iSecure.
    • Payouts as accepted in the form of installments.
    • Best suited for individuals with spouses; not at risk of age-related diseases. 

     

     

    Bajaj Allianz iSecure Loan Plan

     

    Key benefits of the iSecure Loan Plan are as follows:

    • Policyholders enjoy mortgage cover.
    • It covers outstanding loans or liabilities left behind by the policyholder.
    • Policyholders can include spouses in a joint life insurance plan.
    • There is a rebate on high sum assured.
    • There is a decrease in the sum assured every year. The premium decreases as well.
    • Best suited for those with plenty of dependents and outstanding loans.

     

     

    Bajaj Allianz Life Secure 

     

    Key features of the Life Secure Term Plan are as follows:

    • Policyholders enjoy covers until the age of 100 years.
    • There is a rebate on high sum assured.
    • Policyholders have a choice to pay premiums in 5 to 15 years.
    • Best suited for medically fit, low-risk, and high-income groups.

     

     

    Bajaj Allianz LifeStyle Secure

     

    Key features of the Lifestyle Secure Term Plan are as follows:

    • Family members enjoy financial protection in the form of regular income.
    • There is no need to present a medical certificate. 
    • There is a rebate on high sum assured.
    • There is covered for accelerated risk in case of terminal illnesses. 

    Bajaj Allianz ULIP (Unit Linked Insurance Plans)

    These plans are essentially designed so you get the best of life insurance and market-linked investments. Under these policies, a percentage of your premiums goes into equity, hybrids, debts, bank deposits, etc whereas the remaining part of the premium is used to pay for life insurance. 

     

    Here the different ULIPs offered by Bajaj Allianz:



     

    Future Gain

    Fortune Gain

    Life Principal Gain

    Future Wealth Gain

    Life Goal Assure

    Entry Entry

    1 - 60 years

    1 - 63 years

    7 - 60 years

    Wealth Plus: 0 t- 65 years

    Wealth Plus Care: 18 – 53/55 years

    0 - 60 years

    Age at Maturity

    18 -70 years

    18 - 70 years

    18 - 70 years

    Wealth Plus: 18 - 75 years

    Wealth Plus Care: 28 to 70 years

    75 years

    Death Benefit

    (i) Sum assured or regular fund amount (whichever is higher) +

    (ii) The top-up premium sum assured or premium fund value

    (i) Sum assured or regular fund amount (whichever is higher) +

    (ii) The top-up premium sum assured or premium fund value

    Sum assured or premium fund value or 105% of the total paid premium (whichever is higher)

    (i) Sum assured and top-up sum assured if applicable

    (ii) Fund value as reported when intimation of death is received.

    (iii) Income Benefit if in Wealth Plus Care 

    (i) Sum assured or premium fund value (whichever is higher) +

    (ii) The top-up sum assured or premium fund value (whichever is higher)

     

     

    Bajaj Allianz Future Gain

     

    Key features of the Future Gain Plan are as follows:

    • There are unlimited switches possible with this plan. 
    • Returns on maturity are applicable.
    • The two investment strategies included in the plan are the Investor Selectable Portfolio Strategy and Wheel of Life Portfolio Strategy.
    • There is maximum premium allocation.
    • Policyholders can partially withdraw or surrender ULIPs. 

     

     

    Bajaj Allianz Fortune Gain

     

    Key features of the Fortune Gain Plan are as follows:

    • Returns on maturity are applicable.
    • Policyholders can partially withdraw or surrender ULIPs. 
    • There are loyalty additions applicable.
    • Fund allocation of 99.5% is granted on a single premium above Rs. 10 lakh.
    • There are unlimited switches possible with this plan.
    • Policyholders can choose from seven funds. 
    • The investment strategy available is Selectable Portfolio Strategy.
    • Policyholders enjoy tax benefits under Section 80C and 10 (10D) of the Income Tax Act. 

     

     

    Bajaj Allianz Life Principal Gain

     

    Key benefits of the Life Principal Gain Plan are as follows:

    • Policyholders can partially withdraw or surrender ULIPs.
    • High returns are applicable on life cover and investments.
    • Guaranteed returns are applicable on the maturity of the principal amount.
    • There are guaranteed loyalty additions applicable on maturity.
    • Policyholders enjoy tax benefits under Section 80C and 10 (10D) of the Income Tax Act. 

     

     

    Bajaj Allianz Life Future Wealth Gain

     

    Key benefits of the Life Future Wealth Gain Plan are as follows:

    • There is accelerated cancer cover available. 
    • Policyholders can partially withdraw or surrender ULIPs.
    • High returns are applicable on life insurance and investments.
    • Guaranteed returns on the maturity of the principal amount.
    • There are guaranteed periodic loyalty additions applicable on maturity.

     

     

    Bajaj Allianz Life Goal Assure

     

    Key benefits of the Life Goal Assure Plan are as follows:

    • Policyholders can opt for a Fund Booster at maturity if the policy term is above 10 years. 
    • There is an option to avail maturity amount in installments via Return Enhancer.
    • Policyholders can choose from four investment portfolio strategies. 
    • There is a choice to reduce the sum assured.
    • Policyholders can modify the premium payment term. 
    • Policyholders enjoy tax benefits under Section 80C and 10 (10D) of the Income Tax Act 1961.

    Bajaj Allianz Savings Plan

    Bajaj Allianz Savings Plan is essentially designed for individuals with short or long-term financial objectives. It allows you to deposit money regularly in order to create backup savings to use as needed. Regardless of which income group you belong to, it is recommended you have a savings policy. 

     

    The advantage of opting for a Bajaj Allianz Savings Plans is that you avail maturity and death benefits. These can either be in the form of a lump sum payment or equated monthly instalments. Several Bajaj Allianz Savings Plans offer rebates on high sum assured. 

     

    Policyholders can also avail tax benefits under Section 80C of the Income Tax Act 1961 as well as tax rebates on maturity and death benefits, and surrender value under Section 10(10D).

     

    Bajaj Allianz offers the following Savings Plans:

     

    1. Bajaj Allianz Save Assure
    2. Bajaj Allianz Income Assure
    3. Bajaj Allianz Guarantee Assure
    4. Bajaj Allianz Cash Assure
    5. Bajaj Allianz Super Life Assure

     

     

    Entry Age

    Maturity Age

    Death Benefit

    Bajaj Allianz Save Assure

    1 - 60 years

    18 - 75 years

    If below 45; 10*annualised premium/105% of total paid premium/115% of sum assured

    If over 45; 7*annualised premium/105% of total paid premium/115% of sum assured (whichever is higher)

    Bajaj Allianz Income Assure

    0 - 50 years

    18 - 74 years

    Sum assured at death + vested bonus + terminal bonus/105% of paid premiums

    Bajaj Allianz Guarantee Assure

    9 - 60 years

    18 - 69 years

    Sum assured at death + accrued additions

    Bajaj Allianz Cash Assure

    0 - 54 years

    18 - 70 years

    Sum assured at death + vested bonus + interim bonus + terminal bonus/105% of paid premiums

    Bajaj Allianz Super Life Assure

    Super variant: 18 - 50 years

    Life variant 0 - 55 years

    Super variant: 30 - 70 years

    Life variant 18 - 70 years

    Sum assured at death + vested bonus + terminal bonus/105% of paid premiums

    Bajaj Allianz Retirement/Pension Plans

    Bajaj Allianz's Retirement or Pension Plans help individuals create a corpus and avail financial coverage against lifestyle expenses, healthcare costs, and inflation. The idea is to support retired people lead a rich and financially stable life through a systematically created pool of funds. 

     

    Bajaj Allianz's two most promising retirement plans are:

     

    1. Bajaj Allianz Retire Rich Plan
    2. Bajaj Allianz Pension Guarantee Plan

     

     

    Entry Age

    Policy Term

    Payout Frequency

    Bajaj Allianz Retire Rich Plan

    30 - 70 years

    7 - 30 years

    Yearly/half-yearly/monthly/quarterly

    Bajaj Allianz Pension Guarantee

    Annuity for life: 0 to 100 years For offer 37 - 80 years

    7 - 30 years

    Yearly/half-yearly/monthly/quarterly

     

    Bajaj Allianz Child Plans

    Child plans are usually opted for by parents to secure their children's education. Bajaj Allianz's Child insurance plans are designed to address a child's academic needs as well as co-curricular interests so your child doesn't face financial challenges in pursuit of his dreams. Some of the top features of Bajaj Allianz's Child insurance plans include policy term options, premium payment choices, maturity benefits, and so on. 

     

    In the event of a parent's death, Bajaj Allianz promises to help secure your child's future. The two child plans offered by the company are:

     

    1. Bajaj Allianz Lifelong Assure
    2. Bajaj Allianz Young Assure

     

     

    Entry age

    Sum assured

    Policy term

    Payment frequency

    Bajaj Allianz Lifelong Assure

    10 - 55 years

    Rs. 1 lakh (no max limit)

    100-entry age years

    Monthly/yearly/quarterly/half-yearly

    Bajaj Allianz Young Assure

    18 - 50 years

    10×annualised premium

    10, 15, 20 years

    Monthly/quarterly/half-yearly/annually

     

    Bajaj Allianz Group Plans

    Group Plans offer financial protection to employees or individuals covered under one policy. Benefits range from life cover to retirement planning and loan protector schemes, to name a few. 

     

    Bajaj Allianz offers the following Group Plans for both employer-employee and non-employer-employee groups:

     

    1. Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana.
    2. Bajaj Allianz Life Group Superannuation Secure
    3. Bajaj Allianz Life Group Sampoorna Suraksha Kavach
    4. Bajaj Allianz Life Group Credit Protection Plus
    5. Bajaj Allianz Life Group Employee Care
    6. Bajaj Allianz Life Group Term Life
    7. Bajaj Allianz Life Group Employee Benefit
    8. Bajaj Allianz Life Group Sampoorna Jeevan Suraksha

    Bajaj Allianz Health Plans

    Health insurance plans provide financial security for health care, be it regular check-ups or critical illnesses. Bajaj Allianz's health insurance plans aim to safeguard your life savings from being spent on medical bills, hospitalisation charges, prescription drugs, ambulance costs, etc. They provide you financial support during emergencies through cashless treatments and quick settlement processes.

     

    Bajaj Allianz has also added coronavirus cover to its health insurance plans to offer coverage against COVID-related infections. This includes hospitalization costs, daycare expenses, AYUSH treatment, ambulance costs, and so on.

     

    Here's listing the top health insurance plans by Bajaj Allianz as per individual requirements: 

     

    Requirement

    Best Health Insurance

    Senior citizens cover

    Bajaj Allianz Silver Health Insurance Plans

    Family cover

    Bajaj Allianz Health Infinity Plan, Individual Health Guard and Health Care Supreme

    Critical illness cover

    Bajaj Allianz Critical Illness Plans

    Coronavirus cover

    Aarogya Sanjeevani Policy and Health Indemnity clause mentioned in other Health products

    Women-specific critical illnesses cover

    Bajaj Allianz Critical Illness Plans for Women

    Bodily injury or accidental death cover

    Bajaj Allianz Personal Guard

    Vector borne diseases cover

    Bajaj Allianz M Care Health Insurance Plans

     

    Best Policies of Bajaj Allianz 

     

     

    Policy Type

    Entry Age

    Maturity Age

    Policy Term

    Isecure Plan

    Term Insurance Plan

    18 - 60 years

    28 - 70 years

    10, 15, 20, 25 years

    Retire Rich

    Unit-Linked Pension Plan

    30 - 70 years

    – 80 years

    7 - 30 years

    Young Assure Plan

    Traditional child plan

    18 - 50 years

    – 60 years

    10, 15, 20 years

    Save Assure Plan

    Traditional savings plan

    1 - 60 years

    18 - 75 years

    – 17 years

    Cash Assure

    Non-linked money-back plan

    0 - 54 years

    18 - 70 years

    16, 20, 24, or 28 years

    Life Long Assure Plan

    Non-Linked Whole Life Plan

    10 - 55 years

    N/A

    100-entry age years

    iSecure Loan Plan

    Decreasing Term Plan

    18 - 60 years

    28 - 65 years

    10, 15, 20, 25 years

    Life Goal Assure

    Unit-linked insurance plan

    0 - 60 years

    75 years

    20 years



    With a market share of 6.8 percent (fiscal year 2020), Bajaj Allianz is one of the leading insurance providers in India. The private company has listed 97 insurance products, 27 being health products, and has nearly 30 all-women branches in India. Bajaj Allianz has been making successful strides in the Indian insurance landscape through a customer-centric approach towards creating unique insurance products that address every possible needs of individuals. 

     

    The brand enjoys a rating of 4.5 on InsuranceDekho and 4.3/5 on Policy Bazar which is indicative of their quality services and customer satisfaction.

    Bajaj Allianz FAQs

    1. What is the maximum age that a customer can avail cover from Bajaj Allianz?

    85 years. A customer should be aged 85 years at policy maturity.

    2. What factors affect the term plan costs?

    Sum assured and policy duration are the two factors that determine term plan costs. For example, a higher sum assured is equivalent to a higher insurance premium, and vice versa. Age and lifestyle habits also play an important role.

    3. Are customers eligible for tax benefits on purchasing Bajaj Allianz health insurance?

    Yes, under section 80D of the Income Tax Act, individuals aged below 60 are eligible for up to INR 25,000 in tax deduction whereas senior citizens can claim up to INR 50,000.

    4. How can you avail cashless claims at network hospitals?

    All you need is your policy number; the hospital will reach out to the insurance company and arrange the pre-authorization letter and take care of bill settlement.

    5. What add-on covers can a policyholder avail with Bajaj Allianz Life Insurance?

    Here are the riders available on Bajaj Allianz Life Insurance Plans:
    Bajaj Allianz Critical Illness Benefit Rider
    Bajaj Allianz Waiver of Premium Benefit Rider
    Bajaj Allianz Accidental Death Benefit Rider
    Bajaj Allianz Accidental Permanent Total/Partial Disability Rider
    Bajaj Allianz Family Income Benefit Rider
    Bajaj Allianz ULIP Accidental Death Benefit Rider
    Bajaj Allianz ULIP Family Income Benefit Rider
    Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider
    Bajaj Allianz ULIP Waiver of Premium Benefit Rider
    Bajaj Allianz ULIP Critical Illness Benefit Rider

    What add-on covers can a policyholder avail with Bajaj Allianz General Insurance?

    Here are the rides available on Bajaj Allianz General Insurance Plans:
    Bajaj Allianz Life Group Accelerated Critical Illness Rider
    Bajaj Allianz Life Group Accidental Death Benefit Rider
    Bajaj Allianz Life Group Accidental Permanent Total/Partial Disability Benefit Rider

    How do I cancel my Bajaj Allianz policy online?

    Every customer has a free-look period of 15 days during which they can cancel their policy if not found suitable. The insurance company will check if any claim was made during that period. If not, your premium will be refunded on a pro-rata basis.