Aegon Life Term Plans vs Bajaj Allianz Term Plans
Looking for the right term plan from the pool of term insurance plans available in the market can be a daunting task. To opt for the right term insurance plan based on your requirements, you need to carefully go through the features, benefits along with other benefits and compare them against each of the term plans. You can compare Aegon Life Term Insurance and Bajaj Allianz Life Term Insurance on various parameters to see which one suits you the most.
Aegon Life Term Insurance vs Bajaj Allianz Life Term Plans Overview
|Parameters||Aegon Life||Bajaj Allianz Life|
|Number of Term insurance plans||1||3|
|E-services||Online consultation, buying policy, policy renewal, and claim settlement||Online consultation, buying policy, policy renewal, and claim settlement|
|Claim settlement ratio||98.01%||98.02%|
Term Insurance Policies – Aegon Life Insurance vs Bajaj Allianz Life Insurance
Aegon Life Insurance is a joint venture of Aegon and Bennett, Coleman & Company which started its operation in India in July 2008. The insurer provides high coverage insurance products at an affordable price with a view to providing stress-free life to its customers.
Bajaj Allianz Life Insurance started its operations in 2001 and since then it has spread its wings across all parts of the country. A joint venture between Bajaj Finserv Limited and Allianz SE, Bajaj Allianz Life Insurance is one of the top private insurers in the country offering a wide range of insurance products.
You can compare Aegon Life term insurance and Bajaj Allianz Life term insurance on various parameters mentioned below, to opt for the right one.
Term Insurance Plans by Aegon Life Insurance vs Bajaj Allianz Life Insurance
Aegon Life Insurance Term Plan
- Aegon Life Insurance offers a single term insurance plan – iTerm plan, which includes 3 different variants – Life Protect, Protect Plus, and Dual Protect, catering to different requirements in people’s life.
- Aegon Life iTerm Plan is backed with several features and benefits at a reasonable price giving complete protection to the policyholders.
- The term plan comes with flexible options for premium payment frequencies and payout which you can opt for as per your requirements.
- The plan covers 36 critical illnesses till the age of 80 years.
- You can also increase or decrease the insurance cover based on the requirements at various life stages.
- It also offers an option to add a rider which helps in expanding the scope of the base life cover.
Why choose Aegon Life Insurance Term Plan?
- Aegon Life Insurance term plans provide life cover as well as coverage for critical illness, terminal illness, and accidental death.
- It also covers COVID-19 death claims.
- Females and non-smokers can enjoy the benefit of low premium rates.
- Smokers can get their premiums reduced when they quit smoking.
Bajaj Allianz Term Plans
- Bajaj Allianz offers 3 term plans – Bajaj Allianz Life Smart Protect Goal Term Plan, Bajaj Allianz Life eTouch Online Term Plan, and Bajaj Allianz iSecure Term Plan, each carefully designed to match different requirements of the customers.
- The plan comprises different death benefit options, giving flexibility to the policyholder to opt for the right one as per their needs.
- Bajaj Allianz term plans offer the flexibility to increase the life cover along with enhanced terminal illness cover.
- Bajaj Allianz also gives the option to choose joint or single life cover under the same policy.
- Add-on benefits in the form of riders are available which broaden the scope of the base coverage.
Why choose Bajaj Allianz Term Plans?
- The term plans offered by Bajaj Allianz Life Insurance are affordably priced so that they do not burden the policyholder’s pocket.
- The insurer offers a wide range of customized term plans to meet all sorts of requirements of the policyholder.
- Policyholders opting for a higher sum assured, get a rebate in the premium amount.
- The insurer offers online as well offline term insurance plans.
Does adding a rider cost extra than the premium amount?
To add a rider to the base policy, you need to pay some extra amount along with the premium. However, some policies have the in-built feature of rider benefit, which you should know before buying a policy. You can check the policy documents of Aegon Life Insurance and Bajaj Allianz to know more details about rider benefits.
What is the process to file a claim for the Aegon Term Plan?
The first and foremost thing that a nominee needs to do while filing a claim is informing the insurer about the happening. Then submit all the required documents in the original form: application form, death certificate, medical reports, etc. After verifying the documents, the insurer will settle the claim within the stipulated time.
Does term insurance offer tax benefits?
Yes, the premium paid towards Aegon term plans and Bajaj Allianz term plans is eligible for tax exemptions under section 80C of the Income Tax Act. In addition, the payout amount of the term insurance is also tax-free under section 10(10D).
Can I pay term insurance premiums annually?
Yes, premiums for Aegon term plans and Bajaj Allianz term insurance can be paid annually, monthly, half-yearly, and quarterly. It depends on your requirements and feasibility; you can choose your preferred option.
What is the process to cancel Bajaj Allianz policy online?
If you have purchased your Bajaj Allianz Insurance policy online, you can only cancel it online within 30 days of buying the policy. Therefore, if 30 days have elapsed since the beginning of your policy, you need to visit the nearest Bajaj Allianz branch with the necessary documents.