Bajaj Allianz Life Term Insurance vs SBI Life Term Insurance

In this world of uncertainty and chaos, anything can happen to anyone, irrespective of their lifestyle, status, and age. Term insurance offers a foundation of security and protection when your family is in financial turmoil. Thus, everyone should purchase term insurance plans for their loved ones’ security and well-being. Term insurance plans are affordable and less expensive as compared to other insurance plans. The markets are flooded with various term plans from different insurance companies. All term plans have their own set of advantages and downsides. After evaluating certain parameters like the policy period, the premium amount, payment flexibility, benefits, rider options, the sum assured, etc., you should choose the best term plan for your financial needs. Below are the details about the term plans offered by Bajaj Allianz Life Term Insurance vs SBI Life term Insurance that you can assess, compare and choose the one that satisfies you the most.

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

Parameters Bajaj Allianz Life insurance SBI Life
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% 94.53%
     

Term insurance policies: Bajaj Allianz Life insurance Vs SBI Life insurance         

Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv Limited and Allianz SE. Headquartered in Pune, this prodigious company started its operations in August 2001. The company holds an unprecedented market reputation and is ardently serving millions of customers with an array of insurance products. After evaluating the customers’ financial needs and requirements, experts meticulously designed all insurance products. 

When you are talking about trustworthiness, credibility, and loyalty, SBI Life Insurance fulfills all your expectations and financial requirements. As an esteemed insurance company in India, SBI Life entered this industry in October 2000. With its diverse product range, it has been able to catch the attention of the customers. The company offers various insurance products, including term plans, protection plans, savings plans, pension plans, and so on. By incorporating new features into the products, the company is trying to make its products easily accessible to customers.

 To decide on the right term plan for a scintillating future, you can compare Bajaj Allianz Life Insurance term plans, and SBI Life Insurance term plans on various considerations mentioned below.

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

Bajaj Allianz Life term insurance plans

  • Bajaj Allianz greets its policyholders with three different term plans- Bajaj Allianz Life Smart Protect Goal Term PlanBajaj Allianz Life eTouch Online Term Plan, and Bajaj Allianz iSecure Term Plan).
  • The minimum entry age is 18 years and the maximum age is 60 years for term plans.
  • The term plans are ideal to cater to all your evolving needs and interests.
  • The term plans encourage policyholders to opt for different policy variants, premium payment, and payout options at their convenience.
  • By incorporating various riders like critical illness, accidental death, and disability, etc., you can make your base policy sturdier.
  • As a policyholder, you are free to pick either a joint or single life cover under a single term policy. 
  • A humongous sum assured amount is paid to the nominee if the insured policyholder dies during the policy tenure.
  • Discounts in premium are applicable for non-smokers and preferred non-smokers.

Why choose Bajaj Allianz Life term insurance plans?

  • Bajaj Allianz term plans are quite affordable and offer a comprehensive cover to policyholders.
  • The term plan offers tax benefits under Sections 80C and Section 10(10D) of the Income Tax Act, 1961.
  • If you choose a higher sum assured, you will get discounts on premiums.
  • You can purchase term insurance plans both online and offline.

SBI Life term insurance plans

  • SBI life insurance offers 3 different term plans and they are SBI Life Smartshield term planSBI Life eshield term plan, and SBI Life Grameen.
  • The term plans come with various rider options like accidental death benefit and accidental total & permanent disability benefits. These riders can make your policy stronger and effective.
  • The term plan offers a huge sum assured that you can utilize to settle your debts, loan amount, children’s education, and other financial needs.
  • The minimum entry age for the term plan is 18 years and the maximum age is 60 years (smartshield), 65 years (eshield plan), and 50 years (Grameen).
  • By choosing the higher sum assured, you will become eligible for rebates on your premiums.
  • If the policyholder dies during the policy period, the nominee will receive the sum assured.
  • The term plans offer flexible premium payment options to policyholders.

 

Why choose SBI Life term insurance plans?

  • SBI Life possesses an impressive claim settlement ratio (94.53%). This means the claim settlement process is hassle-free, and this is a trustworthy insurance partner.
  • All term plans are eligible to claim tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
  • Term insurance plans are cost-effective and cover most of your financial needs and requirements.

 

FAQs:

What is the claim settlement procedure for SBI Life insurance term plans?

To start the claim settlement process, you need to submit all imperative documents (mentioned on the website of the company) to the nearest branch. After verification, the bank will initiate your claim process.

What are the factors that will affect my SBI life term insurance plans?

The premium amount for your SBI Life term insurance depends on gender, age, occupation, pre-existing diseases, and the coverage of the plan.

What is the policy cancellation process for Bajaj Allianz term insurance?

As a policyholder, you need to submit all relevant documents along with a duly filled surrender form to the nearest branch. Based on the current NAV value, your refund will be calculated (if submitted within 3 p.m.). Else your refund will be calculated based on the next day’s market rate.

What are the exclusions for coverage of riders?

The riders will not cover any injury due to high-risk sports and other high-risk activities like disasters, criminal activities, drug abuse, and self-injuries.

Can I change the nominee for my SBI Life term plan?

Yes, you can change the name of the nominee for your policy. You need to submit the “change in nomination form: to the nearest SBI branch.

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