Bajaj Allianz Life Term Insurance Vs Aditya Birla Sun Life Term Insurance

A term insurance plan from an eminent insurer is an excellent option if you have just started your career, are newly married, or have many dependent family members. Because term insurance allows you to spend a smaller amount on an insurance plan. As your assets grow huge with years rolling by, you can wrap up this plan as you like.  The premium payment is also low against the coverage. These days, many insurance companies are trying to inveigle customers with various term plans. But not all term plans are effective and beneficial for your future. You need to prudently choose the best plan that will give the highest protection and coverage to your family in your absence. Below are the details about the term plans offered by Bajaj Allianz Life Term Insurance vs Aditya Birla Sun Life Term Insurance that you can scrutinize and choose the most suitable one as per your financial needs.

Bajaj Allianz Life term insurance Vs Aditya Birla Sun Life term insurance plans overview

Parameters Bajaj Allianz Life insurance Aditya Birla Sun Life Insurance
Number of Term insurance plans 3 3
E-services Online consultation, purchasing and renewing the policy, premium payment, and claim settlement Online consultation, purchasing and renewing the policy, premium payment, and claim settlement
Claim settlement ratio 98.02% 92.41 %
     

Term insurance policies: Bajaj Allianz Life insurance Vs Aditya Birla Sun Life insurance

With its astounding insurance products and services, Bajaj Allianz has gained the huge trust and appreciation from customers. Bajaj Allianz Life Insurance is a partnership between two established companies (Bajaj Finserv Limited and Allianz SE). Commencing its operations in 2001, Bajaj Allianz is a household name today. As an illustrious insurance company in India, the company has more than 509 branches in the country. Though the company has a commendable line of products, still, it tries to make intriguing products to satisfy its customers.

When you are looking for a one-stop insurance provider in India, Aditya Birla Sun Life insurance will certainly grab your attention with its multifarious products like term insurance, child plans, savings & investment plans, and retirement plans. This is a subsidiary of Aditya Birla Capital Ltd and promoted by Aditya Birla Group of India and Sun Life Financial Inc. (Canada). The company gives utmost priority to its customers, and that’s why it tries to offer the best products to them.

By comparing Bajaj Allianz Life insurance term plans and Aditya Birla Sun Life insurance term plans on diverse parameters, you should select the best option that appeases all your financial requirements.

Term insurance plans by Bajaj Allianz Life insurance Vs Aditya Birla Sun Life insurance

Bajaj Allianz Life term insurance plans

  • Bajaj Allianz gives three different term plan options (Bajaj Allianz Life Smart Protect Goal Term PlanBajaj Allianz Life eTouch Online Term Plan, and Bajaj Allianz iSecure Term Plan) to its policyholder.
  • To access all these term plans, your minimum entry age should be 18 years and the maximum age would be 60 years.
  • Policyholders are free to choose different policy variants, premium payment, and payout options as per their financial needs.
  • These term plans offer you an array of riders like critical illness, accidental death, and disability, etc. All these riders will not only strengthen your policy coverage but also add an extra layer of protection to your family members.
  • The sum assured is paid to the beneficiary (if the policyholder dies during the policy period) that can be utilized to fulfill your financial responsibilities like children’s education, repayment of your loan, take care of your parents, etc.
  • The company offers an exciting rebate on premiums for non-smokers, preferred non-smokers, and women policyholders.
  • Policyholders can enjoy both joint and single life cover.
  • The death benefit option can be chosen by customers in monthly installments.

 

Why choose Bajaj Allianz term insurance plans?

  • The term plan offers tax benefits under Sections 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Bajaj Allianz term plans are budget-friendly and will never burn your pocket.
  • In certain cases and for some plans, partial withdrawal/surrender is applicable.

 

Aditya Birla Sun Life term insurance plans

  • Birla Sun Life Term Insurance plan offers 3 types of term plans (ABSLI life shield plan, ABSLI Digishield plan, and ABSLI Saral Jeevan plan).
  • ABSLI life shield plan offers 8 plan options (Level term insurance, Level term insurance with the waiver of premium benefits, Increasing term insurance, increasing term insurance with the waiver of premium benefits, Decreasing term insurance, Decreasing term insurance with the waiver of premium benefits, Return of Premium, Return of premium with the waiver of benefits) and ABSLI Digishield plan offers 10 options (Level cover option, increasing cover option, sum assured reduction option, income benefit, level cover plus income benefit, low cover option, return of premium, and level cover with survival benefit).
  • All plans offer a flexible premium payment option.
  • ABSLI life shield plan offers life coverage till 85 years and the ABSLI Digishield plan offers life coverage till 100 years.
  • To increase your family’s protection coverage, you can choose various riders (accidental death & disability rider, death benefit riders, critical care riders, and so on).

 

Why choose Aditya Birla Sun Life insurance plans?

  • Birla Sun Life Insurance’s term plans are simple and affordable.
  • The term insurance policies offered by Birla Sun Life Insurance are eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act.
  • Highest coverage at a nominal premium

 

FAQs:

What are the documents required to register the claim process of Birla Sun Life insurance?

Duly filled the claim initiation form
Death certificate of the policyholder
Cancelled cheque
Photocopy of the passbook of the nominee
Address and ID proof of the nominee

Can I add a rider during my term policy period of Birla Sun Life insurance?

Yes, you can add riders according to your term plan. You need to submit the documents including a letter from the policyholder, Rider plan, illustration, and an insurability certificate.

What if the nominee dies along with the insured policyholder for Birla Sun life term insurance plans?

In this scenario, the nearest blood relative can fill up the process for the claim settlement.

Who should purchase Birla Sun Life term insurance plans?

Breadwinner
Single parent
A homeowner with a mortgage
Entrepreneur with a loan

What if I want to surrender my Bajaj Allianz term insurance plan?

You can surrender your term policy plan only after 3 full years of premiums have been paid. Visit the nearest branch for more details.

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