Is Bajaj Life Term Insurance Good?

If you’ve been comparing term insurance plans, chances are Bajaj Life has shown up in your search at least once. Many buyers naturally wonder, is Bajaj Life term insurance good enough to trust for long-term protection?

Let’s quickly break down how it stacks up and who it makes sense for.

Overview of Bajaj Life Term Insurance

Bajaj Life Insurance, earlier known as Bajaj Allianz Life Insurance, has been part of India’s private life insurance landscape since 2001. Headquartered in Pune, the company entered the market as a joint venture between the Bajaj Group and Allianz SE, before becoming a wholly owned subsidiary of Bajaj Finserv in 2025 after Bajaj acquired Allianz’s stake. 

Today, with a network of around 600 branches across India and a wide product portfolio spanning term insurance, ULIPs, child plans, group insurance, and health solutions, the insurer positions itself as a partner in helping customers achieve their long-term life goals.

Insight: Bajaj Life shows strong claim reliability, with a higher-than-average claim settlement ratio and one of the lowest complaint volumes in the industry. Its solvency ratio is more than double the industry average, reflecting a very strong financial buffer. The only relative lag is speed, as its 30-day claim settlement rate is slightly below the industry average.

Key Benefits of Bajaj Life Term Insurance

Strong In-built Features within Base Plans

Bajaj Life term plans come with several useful built-in benefits such as premium break options, early exit (zero-cost) benefit, terminal illness cover, waiver of premium, health management services, and instant partial payout of sum assured during claims.

Comprehensive Rider Options for Enhanced Coverage 

Buyers can further strengthen their protection with rider options, including comprehensive critical illness coverage (up to 60 illnesses), disability riders, and child care riders for more customized financial security.

Strong Claim Settlement Performance

Bajaj Life consistently reports a high claim settlement ratio, indicating dependable claim processing compared to industry averages, which builds confidence among policyholders.

Very Strong Solvency Ratio

Its solvency ratio is significantly higher than regulatory requirements and well above industry averages, showing the insurer has a strong financial cushion to meet future claim obligations.

Good Option for Buyers without Formal Income Proof

Plans like iSecure II are often considered suitable for applicants who may not have traditional income documents but still need life cover, subject to underwriting norms.

Among the Most Competitive Premiums

Bajaj plans frequently appear among the lowest premiums when compared with leading insurers, especially at younger entry ages.

More Practical Smoker Classification

Bajaj Life generally offers more cost-effective premiums for smokers across many profiles, and classifies applicants as smokers only if they have smoked within the last year (subject to medical tests), whereas some insurers apply a stricter 2–3 year smoking history rule.

NRI-friendly Purchase and Medical Support

Bajaj Life has traditionally been open to insuring NRIs across many countries and has supported overseas medical test arrangements through its international network, making policy purchase smoother for applicants living outside India.

Drawbacks of Bajaj Life Term Insurance

While Bajaj Life term insurance performs well on several parameters, there are a few aspects buyers should keep in mind before choosing a policy:

Smaller Scale Compared to Some Market Leaders

Compared to insurers like ICICI Prudential or HDFC Life, Bajaj Life has a relatively smaller market presence and operational scale, which can influence buyer comfort for some customers who prefer larger, long-established players.

Slightly Lower 30-day Claim Settlement Speed

Although overall claim settlement ratios remain strong, the proportion of claims settled within 30 days is slightly lower than the industry average, indicating that some cases may take longer to process.

Limited Waiver of Premium (WOP) Flexibility in Flagship Plans

In its flagship offerings, Waiver of Premium options may not be as comprehensive or flexible as those offered by certain competitors, which could matter for buyers specifically seeking extensive rider customization.

The following table illustrates the premiums of Ditto’s recommended term plans alongside Bajaj’s flagship term plan plan eTouch II:

Profile Considered: Premiums are calculated for a person seeking a ₹2 crore sum assured, with coverage up to age 70, for a non-smoking male, with no added riders or 1st year discounts.

Insights: Bajaj eTouch II consistently offers one of the lowest premiums across all age groups, making it a strong choice for buyers prioritizing affordability. The pricing advantage is especially visible at younger ages, while remaining competitive even as entry age increases.

Profile Considered: Premiums are calculated for a person seeking a ₹2 crore sum assured, with coverage up to age 70, for a non-smoking female, with no added riders or 1st year discounts.

Insight: Bajaj Superwoman Term is priced very competitively at younger ages, coming in as one of the lowest premiums at age 25 and remaining among the cheaper options at age 30. As age increases, premiums move closer to the market average, and by 40, the SuperWoman Term plan is slightly higher than some base plans. Note that the Superwoman Term plan has a built-in critical illness cover, which drives the premiums higher.

Things to Check Before Buying Bajaj Life Term Insurance

Choosing the right term insurance plan can be complicated, especially since a plan that may be right for your coverage and needs may not be well-suited to someone else’s requirements. 

Moreover, the ‘perfect term insurance plan for you’ depends on a myriad of diverse factors such as claim metrics, insurer reliability and solvency, built-in features, and customisation through riders. If you’re curious about your ideal fit, you can refer to this term insurance checklist. 

Another aspect that trips people up is choosing the amount of the sum assured. Use our term insurance cover calculator to check yours.

Also, ensure that you check the policy wording of your plan thoroughly for coverage and exclusions, and disclose all lifestyle and health habits, income, and age honestly.

Who Should Go for Bajaj Life Term Insurance

• Buyers looking for one of the most competitively priced term insurance options among leading insurers, while still getting strong claim reliability and financial stability, may find Bajaj Life a good fit.
• NRIs and customers with non-standard income profiles or flexible underwriting needs, including occasional smokers, may benefit from Bajaj Life’s comparatively accommodating underwriting approach.
• Customers who are comfortable choosing a growing insurer with improving operational metrics, instead of only opting for the largest brands, can consider Bajaj Life after comparing plan features and service expectations.

Why Choose Ditto for Term Insurance?

At Ditto, we’ve assisted over 8,00,000 customers with choosing the right insurance policy. Why customers like Aaron below love us:

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Conclusion

Bajaj Life term insurance offers a solid mix of competitive premiums, strong claim performance, and flexible underwriting, making it a practical option for many buyers. While it’s always wise to compare plans across insurers, Bajaj Life remains a dependable choice when affordability and claim reliability are key priorities.