How Does Group Term Life Insurance Work?
From premiums to claims understand the how a group term life insurance work.
By Pazcare
April 30, 2023
Bajaj Allianz Life Insurance
Key Insights
 |
Claim settlement ratio (2019-20) | |
Inception | |
| 98.48% | 2001 | |||
|
Presence | |
Total death benefit paid | |
| 750+ branches | 310.71 Crore | |||
|
Solvency ratio | |||
| 7.16 |
|
Claim settlement ratio (2019-20) |
| 98.48% | |
|
Inception |
| 2001 | |
|
Presence |
| 750+ branches | |
|
Total death benefit paid |
| 310.71 Crore | |
|
Solvency ratio |
| 7.16 |
About Bajaj Allianz Life Insurance
Bajaj Life Insurance company is one of the leading private sector insurers in India. It is a joint venture between Bajaj Finserv Limited, one of the non-banking financial institutions in the country and Allianz SE, one of the world’s top asset managers and insurers.
Commencing its operations in 2001, the Bajaj Allianz life insurance company has millions of customers. The insurer has over 500+ offices present pan India.
With Pazcare employers can provide their employees with a group term life insurance policy from Bajaj Allianz Life Insurance company. Get the best quotes for the Bajaj Allianz life group term insurance policy and manage the policy using Pazcare’s tech-enabled dashboard.
How to buy Bajaj Allianz group term life insurance from Pazcare?
These simple steps allow you to purchase Bajaj Allianz group term life insurance policy online from Pazcare.
Visit Pazcare, and choose group term insurance. If you are new to buying a group term policy, we recommend you review our offerings before purchasing the Bajaj Allianz Life group term life insurance policy.
- Consult with our insurance experts
After submitting the form, our insurance experts will call you within 24 hours. Share your requirements to personalize your Bajaj Allianz Life group term insurance policy offering with Pazcare.
- Product demo & sharing active employee data
We provide you with a product demo of how to administer the Bajaj Allianz Life group term life insurance plan using the Pazcare dashboard. Once approved, share with us your active employee data to proceed with the process of buying the Bajaj Allianz Life group term life insurance for employees.
- Getting quotes & onboarding
We get you competitive quotes from Bajaj Allianz Life Life Insurer and other 4+ life insurers. Choose the best offering, say Bajaj Allianz Life group term insurance policy and the onboarding process begins in 24 hours. You are covered with the best employee benefits from Pazcare.
Bajaj Allianz life group term insurance renewal with Pazcare
The Bajaj Allianz life group term insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.
- Visit Pazcare
Visit Pazcare, and choose group term insurance. If you are new to renewing your Bajaj Allianz Life group term insurance policy, we recommend you review our offerings before purchasing the Bajaj Allianz Life group term life policy.
- Consult with our insurance experts
After submitting the form, our insurance experts will call you within 24 hours regarding the Bajaj Allianz Life group term insurance policy renewal. Please submit active employee data, policy copy, claim dump report & claim analysis report to proceed.
- Product demo & personalisation
We provide you with the product demo if you are new to buying/renewing the Bajaj Allianz Life group term insurance plan with Pazcare. The above-submitted documents allow us to personalise your Bajaj Allianz Life group term policy according to the previous offerings.
- Getting quotes & onboarding
We get you competitive quotes from Bajaj Allianz Life Life Insurance and other 4+ insurers. Choose the best Bajaj Allianz Life group term life insurance policy renewal offering and the onboarding process begins in 24 hours. You are covered with the best employee benefits from Pazcare.
Bajaj Allianz Life Insurance claim settlement ratio
The claim settlement ratio is the percentage of the claims settled by the Bajaj Allianz life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled.
In the financial year, 2020-21, the claim settlement ratio of Bajaj Allianz Life Insurance is 98.48%.
Bajaj Allianz life group term insurance premium
The Bajaj Allianz life group term insurance premium depends on various factors like
Bajaj Allianz group term insurance benefits from Pazcare
Purchasing your group term life insurance policy for employees from Bajaj Allianz Life Insurance company has the following benefits with Pazcare
Tax benefits
As employers, when you pay the premium towards the Bajaj Allianz group term life insurance policy from Pazcare, you are eligible to avail tax benefits under Section 37(1) of the Income Tax Act of 1961.
Choose your riders
Your Bajaj Allianz group term life insurance policy comes with customizable riders like critical illness rider, income benefit rider, accidental death benefit, etc at a much lower price from Pazcare.
750+ offices
Bajaj Allianz Life Insurance company has 750+ offices present in pan India. This means the offices are easily accessible near most geographical locations for paying the premiums offline or filing for claims offline for your group term insurance plan from Pazcare.
Bajaj Allianz group term insurance claim
Documents required to claim Bajaj Allianz group term insurance
Here are the documents that you require to claim the Bajaj Allianz group term insurance policy
Why buy a group term life insurance
policy online from Pazcare?
- Choose the suitable policy with our consulting approach
- Custom-made plan with health and mental wellness add-ons
- The tech-enabled Pazcare dashboard to manage endorsements
- Integrate the dashboard with your HRMS tool
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Bajaj Allianz Life Insurance customer care number
Bajaj Allianz Life Insurance customer care is available 24X7 for any group term insurance plan related assistance and queries.
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
Bajaj Allianz Life Insurance FAQs
What is Bajaj Allianz life Insurance claim settlement ratio?
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The claim settlement ratio of Bajaj Allianz Life Insurance company for the financial year 2020-2021 is 98.48%.
What is Bajaj Allianz Life Insurance company customer care number?
The Bajaj Allianz Life Insurance company customer care number is 1800 209 7272. Alternatively, you can email them at customercare@bajajallianz.co.in
How is Bajaj Allianz group term insurance premium calculated?
The Bajaj Allianz group term insurance premium is calculated based on certain factors like
- CTC of the employee
- Employee grade
- Sum assured
- Covid status of the employee
Does Bajaj Allianz Life insurance offer ‘Riders’?
Yes, Bajaj Allianz Life insurance offers you an option to add the additional benefit riders in your existing insurance plan. Opting for riders will enhance the protection from uncertainty of life.
What are the KYC documents required to purchase a Bajaj Allianz Life insurance plan?
Documents required to purchase a Bajaj Allianz Life insurance plan are:
- Applicant’s Age Proof
- Applicant’s Address Proof
- Applicant’s Photo ID Proof
- Applicant’s Passport Size Photographs
- Applicant’s Income Proof
- Applicant’s Medical Records
How can I renew my Bajaj Allianz life insurance policy?
With Pazcare, you can easily renew your Bajaj Allianz life insurance policy. Just get in touch with Pazcare and submit all the basic details. You can also opt for additional riders and after you decide, the team will get back with the best quote. After you agree with terms & conditions, just pay the premium and your policy will get activated.
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