Quick Overview
Bajaj Life is among the early private insurers from India’s post-liberalization phase, with operations dating back to 2001. It scaled through a Bajaj–Allianz joint venture and a public rebranding, which marked a shift toward a fully Bajaj-led identity. The company manages approximately ₹1.23 lakh crore in Assets Under Management (AUM). This review breaks down Bajaj Life Insurance, its plans, premiums, and whether it is the right fit for your protection needs.
Bajaj Life: Performance Metrics
Note: The above metrics are sourced from Bajaj Life’s public disclosures and IRDAI annual reports.
Key Insights:
- The insurer shows strong claim settlement performance, slightly ahead of the industry, which reflects reliability in honoring claims.
- ASR is slightly below the industry average, but comfortably above the recommended 90%+ benchmark. This suggests Bajaj Life handles both high-value and low-value claims in a broadly fair and balanced manner.
- Complaint levels are significantly lower than the industry average, indicating a better customer experience and smoother service.
- Very strong solvency position and above-average business scale, which highlights financial stability and long-term strength as an insurer.
Top Plans Offered by Bajaj Life
1) Bajaj Life eTouch II
This is a feature-rich term plan with options for pure cover, added accidental benefits, and return of premium. Bajaj Life eTouch II offers flexible payouts, life-stage cover increases, and premium-support features. It works well if you want personal customization.
2) Bajaj Life iSecure II
This plan is more straightforward, with variants like Life, Return of Premium, and Easy. Bajaj Life iSecure II is suitable for both salaried and self-employed individuals, including those who may not have formal income documents such as Income Tax Returns (ITRs) or payslips.
3) Bajaj Life Diabetic Term Plan II
This plan is built specifically for people with pre-diabetes or Type 2 diabetes. It helps those who may find it difficult to get standard term insurance. It is practical and targeted, but less flexible, with shorter terms and fewer features, so it is better to compare it with regular term plans before deciding.
Point to Note
Riders Available in Bajaj Life Plans
- Critical Illness Rider (Recommended): Offers a lump sum payout on diagnosis of listed illnesses, provided survival conditions are met. You can choose from basic, enhanced, or comprehensive coverage. This benefit is separate and helps manage major medical expenses.
- Accidental Death Benefit Rider (Not Recommended): Pays an additional lump sum to the nominee if death occurs due to an accident. This sits over and above the base life cover and strengthens financial protection in such situations.
- Waiver of Premium Benefit (Recommended): If you are diagnosed with a terminal illness or suffer accidental total permanent disability, all future premiums are waived. Your policy continues as usual, with full benefits intact, ensuring your coverage stays active even if you are unable to pay premiums.
Besides the above-listed riders, the insurer offers a Family Protect Rider, which pays a lump sum plus monthly income to surviving parents in case of death or total permanent disability, and a Disability Benefit Rider, which provides compensation for accident-related total or partial disability.
Top 10 Term Insurance Companies in India by Claim Settlement Ratio
Bajaj Life ranks 9th among the best term insurers in India based on the claim settlement ratio, indicating a strong track record of honoring claims, though a few peers continue to perform slightly better on this metric.
Premium Comparison Across Ages
Note: The listed premiums are for Bajaj Life etouch II with ₹1 crore sum assured with coverage till age 70, based on a non-smoker profile. The figures are illustrative and without first-year discounts.
Bajaj Life offers affordable pricing, especially for younger and non-smoking buyers. Additionally, female policyholders benefit from a 15% discount in premiums.
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Conclusion
Bajaj Life stands out as a strong, reliable insurer with competitive pricing and well-designed term plans. While a few peers may edge ahead on certain metrics, it remains a solid choice for most buyers.
- Salaried professionals looking for long-term cover with added benefits.
- People who want to get insured but are facing hurdles due to insufficient documentation.
- Buyers who value strong solvency and brand credibility.
- Non-Resident Indians (NRIs) who want cost-effective and easy-to-access term cover.
We recommend exploring the eTouch II plan, which appears on our list of best term insurance plans for 2026.
Frequently Asked Questions
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