Bajaj Allianz Life Term Insurance vs IndiaFirst Life Term Insurance

Term life insurance is a financial package that is specially designed to protect those who are dependent on you for financial support in the event of your passing. Term insurance is an important product that prepares you for the uncertainties and thus, you should carefully choose the insurer as well as the plan. To make your insurance worthy, you should purchase the best term insurance by comparing all the available plans in the market. The best term insurance plan will pacify all your financial needs and requirements. Below are the details about the term plans offered by Bajaj Allianz Life Term Insurance vs IndiaFirst Life Term Insurance that you can accumulate, assess and select the most suitable one according to your needs.

Bajaj Allianz Life term insurance Vs IndiaFirst Life term insurance plans overview

Term insurance policies: Bajaj Allianz Life insurance Vs IndiaFirst Life Insurance

Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited and Allianz SE. Bajaj Allianz is a Pune-based distinct Indian insurance company that is conscientiously serving customers with an array of products including term insurance plans, pension plans, child plans, savings, and investment plans. The company has aimed to offer the best insurance products that meet all evolving financial needs and requirements of customers.

Mr.Pranab Mukherjee, the President of India, launched IndiaFirst Life Insurance Co.Ltd in the year 2010 in Mumbai. This is India’s youngest life insurance company, which is a collaboration between Union Bank of India, Bank of Baroda, and Carmel Point India Investments Private Limited. To offer the best products to customers, the company leaves no stone unturned. Through its term insurance plans, retirement and savings plans, child and other plans, IndiaFirst ensures its customers will always get the best products and services.

By comparing Bajaj Allianz Life Insurance term plans and IndiaFirst Life insurance term plans on various parameters, you need to handpick the most suitable term plan for a wholesome future.

Term insurance plans by Bajaj Allianz Life insurance Vs IndiaFirst Life insurance

Bajaj Allianz Life term insurance plans

• Bajaj Allianz has meticulously designed three different term plans (Bajaj Allianz Life Smart Protect Goal Term Plan, Bajaj Allianz Life eTouch Online Term Plan, and Bajaj Allianz iSecure Term Plan) for its policyholders.
• The minimum entry age is 18 years and the maximum age is 60 years for term plans.
• To uplift your base policy’s coverage, you can incorporate various riders like critical illness, accidental death, and disability, etc., into your policy.
• The term plans come with flexible premium payment options. The policyholders have full freedom to pay the premiums on a monthly, quarterly, half-yearly, or annual basis.
• If the policyholder expires during the tenure period, the sum assured is paid as a lump sum amount to the family.
• Some term insurance plans tempted customers with a rebate in premium for choosing a higher range of sum assured.

Why Choose Bajaj Allianz Life insurance?

• Section 80C and 10(10D) under the Income Tax Act, the term plans offer tax benefits for premiums paid regularly
• Bajaj Allianz term plans are affordable and will never make a hole in your pocket
• Bajaj Allianz possesses a healthy claim settlement ratio. This means the company offers a hassle-free claim process to policyholders.
• No paperwork is needed for online policy purchases.

IndiaFirst Life Term insurance plans

• IndiaFirst Life insurance embraces its policyholders with two different types of term plans (India First Life Plan and India First Life Guaranteed Protection plan).
• The term plans cover ranges between 5 years and 40 years.
• The term plans offer a sum assured between Rs. 1 lakh (minimum) to Rs. 50 Cr. (Maximum)
• IndiaFirst Life term insurance provides coverage for COVID-19 
• Lower premium facility for non-smokers as compared to smokers
• Flexible premium payment options (monthly, quarterly, half-yearly, and yearly) for policyholders at their convenience.
• By adding riders like critical illness, accidental total permanent disability (ATPD), accidental death, etc., you can enhance your coverage.

Why choose IndiaFirst Life Term insurance plans?

• India First Term insurance plans are customer-friendly and affordable.
• Section 80C and 10(10D) under the Income Tax Act, offer tax benefits for term insurance premiums paid regularly.
• You can purchase online term policies at your convenience with the click of the mouse. No intermediaries are required.
• Though this insurance company doesn’t offer maturity amounts on its term insurance plans, it offers the benefit of the return of all the premiums (if you survived till the policy period).