Life Insurance
Bajaj Life
Bajaj Life Insurance Limited (formerly known as Bajaj Allianz Life) is one of India’s fastest-growing and most trusted private life insurers, serving over 3.85 crore Indians in securing their financial futures. The company has transitioned to 100% ownership by the Bajaj Group—a name that has earned decades of trust and credibility. As a subsidiary of Bajaj Finserv Limited, one of India’s most respected financial services groups, Bajaj Life Insurance is backed by a strong legacy. With a solid financial foundation, demonstrated by ₹1.30 lakh crores in Assets Under Management, Bajaj Life Insurance combines financial strength with operational excellence. The company operates through a wide network of 597 branches, supported by over 1.62 lakh insurance consultants and 25 thousand employees across the country. Bajaj Life Insurance offers a diverse and innovative range of life insurance products, designed to meet life goals at every stage. From Unit Linked Insurance Plans (ULIPs) with zero allocation charges to specialized protection solutions, Bajaj Life provides comprehensive offerings including term plans tailored for diabetics, the Superwoman Term Plan with enhanced critical illness benefits, and various retirement and savings plans to secure the future.
| Annual Business | ₹11,508 cr (avg. of last 3 years) |
| Claims Settled | 99.11% (avg. of last 3 years) |
| Claims settled within 30 days | 92.45% (avg. of last 3 years) |
Term Insurance offered by Bajaj Life
Smart Protection Goal
A popular plan from Bajaj Life, Smart Protect Goal offers plan options that suit your life goals and needs. Also, with this plan you have the option to cover your whole life till 99 years and avail a return of premium option as well.
This plan has one variant:
- Life Cover:
This is the most basic plan. Sum assured is paid on death.
Rider you can select with this policy:
- Critical Illness Benefit:
An additional lump sum amount is paid if you are diagnosed with any of the listed critical illnesses
eTouch II
A simple term plan that provides financial protection against uncertainties like developing a chronic disease, getting disabled in an accident and even allowing you to skip your premium payments altogether following a tragedy
There are four plan options available in this policy:
- Life Shield:
Sum assured is paid on the death of the life insured and if during the policy term you get permanently disabled due to an accident all your subsequent premiums will be waived off. Meaning you don’t have to pay any premiums and your policy still remains active
- Life Shield Plus:
This variant has an Accidental Death Benefit wherein an additional amount (as chosen) will be paid in case the cause of death is an accident. Besides, during the policy term, if you get permanently disabled due to an accident all future premiums will be waived off.
- Life Shield ROP:
This variant has a Return of Premium benefit wherein 100% of the total premiums paid will be refunded to you at the end of the policy term. Besides, if you outlive the policy duration, you receive this lump sum amount as a maturity benefit.
You also have the options to select riders:
- Accidental Death Benefit:
An additional lump sum amount is paid over and above the base death benefit on death because of an accident.
- Critical Illness rider:
A lump sum amount is paid if you are diagnosed with any of the 60 critical illnesses listed in the rider.
- Premium Holiday rider:
Under this benefit you can skip paying premiums for a certain period during the policy term. Besides, this flexibility ensures that your life cover remains active even during financial emergencies like job loss, pay-cuts, or sudden medical expenditures.
iSecure
This is a Standard Life Cover benefit wherein a lump sum death benefit is paid to your nominee in the event of your demise. Besides, this plan is specifically designed to provide essential financial security for individuals with non-standard income who seek straightforward protection.
Riders you can buy with this policy:
- Accidental Death Benefit Rider:
An additional lump sum amount is paid over and above the base death benefit if the cause of death is an accident.
- Accidental Permanent Total/ Partial Disability Benefit Rider:
If you get permanently or partially disabled following an accident, this rider pays out an additional lump sum amount.
- Critical Illness benefit:
A lump sum amount is paid if you are diagnosed with any of the 60 critical illnesses listed in the rider.
Bajaj Life Term Insurance plan details
| Plan Name | Entry Age | Sum Assured | Policy payment options |
|---|---|---|---|
Smart Protection Goal | 18-65 | ₹50,00,000-unlimited | Annually, Half yearly, |
eTouch II | 18-65 | Min: ₹50,00,000 Max: | Annually, Half yearly, |
iSecure | 18-65 | ₹25,00,000-₹50,00,000 | Annually, Half yearly, |
ULIP Plans
Unit Linked Insurance Plans or widely known as ULIPs are part insurance, part investment plans. So the premium that you pay, some of it is allocated towards providing a death cover and the rest is invested in equity and debt funds, whichever you choose. So if something were to happen to you, your family either gets death cover or the fund value, whichever is higher at that time.
Say you’re paying a premium of 1 lakh every year for 20 years and for a death cover of 10 lakhs. You die after 15 years and your family naturally gets 10 lakhs. However if at that time the value of your invested premiums is 13 lakhs, your family gets this 13 lakhs. But if the fund doesn’t earn good returns and values at 8 lacs, then you get the death cover. So 10 lacs, i.e., your death cover is the minimum payout. But if you survive after 20 years, then you get all those invested funds back, whatever the value is at that time. That’s your maturity payout.
But there are other things to look for as well. Firstly, there is a lock-in period of 5 years, meaning you won’t be able to get back your premiums before 5 years. It’s only after 5 years that you’re allowed to withdraw some funds and even that is partial withdrawal. You can never withdraw the entire amount. Also, there are different charges that are deducted from your premium every year like premium allocation charge, policy administration charge, fund management charge, etc. So the entire 1 lakh is never invested.
Make sure you read the policy document diligently. And remember ULIPs are largely dependent on how the market is performing, both stocks and bonds.
ULIP Plans offered by Bajaj Life
| Plan Name | Entry Age | No. of Funds |
|---|---|---|
| Goal Assure | 0-60 | Total: 8 Equity: 6 Debt: 2 |
| Smart Wealth Goal | 0-60 | Total: 8 Equity: 6 Debt: 2 |
| Future Gain | 1-60 | Total: 7 Equity: 5 Debt: 2 |
| Fortune Gain | 1-63 | Total: 7 Equity: 5 Debt: 2 |