Bajaj Allianz Life Insurance

Key Insights

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.

Step 1: Visit https://www.pazcare.com/ and click on the products drop down and choose group term life insurance.

Step 2: You will see a form that asks for details like your name, phone number, work email address and the number of employees you wish to purchase Bajaj Allianz group term life insurance.

Step 3: Once you submit this form, our insurance consultants will get back to you to understand what policy you want to offer your employees. We will also ask for the active employee data like the employee ID, the CTC, the designation, etc. to give you quotes.

Step 4: Once the data is submitted, we will get back to you with the best quotes for the group term life insurance policy from Bajaj Allianz Life Insurance company.

Step 5: You can accept the terms and conditions of the policy and pay the premium quoted for that particular year. The policy gets activated immediately after the purchase.

Step 6: Our team will help you with the whole process and also take you through the Pazcare dashboard where you can manage the Bajaj Allianz group term life insurance policy.

For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596.

Bajaj Allianz group term life insurance plan

Bajaj Allianz group term insurance for employees is a tailor-made life insurance plan. The premiums paid are much lower than those of other retail term insurance plans. The plan comes with optional rider benefits like

  • Critical illness riders
  • Accidental death riders
  • Accidental death riders
  • Total and permanent disability riders

These are some of the rider options available for your Bajaj Allianz group term insurance policy. The riders can be claimed according to the terms and conditions of the policy.

Bajaj Allianz life group term insurance renewal

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.

Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address and phone number.

Step 2: Once the form is submitted, our life insurance consultants will get in touch with you and request you to submit the following documents.

  • Active data of the employees - name, age, gender, designation, CTC, Covid status and vaccination report, etc
  • Claim history of the last 3 years along with the reason for the death of the employees (if any)
  • Policy copy

Step 3: After submitting these details you can choose any additional riders to the policy at your convenience. These riders are critical illness riders, accidental death benefit riders, accidental death and dismemberment rider etc. Once you decide, we will get back to you with the best quotes for your Bajaj Allianz life group term insurance policy.

Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your Bajaj Allianz life group term life insurance policy. 

Step 5: The policy gets activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process too. 

We make sure that your Bajaj Allianz Life group term insurance experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available on both the app store and the play store.

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

Designation & CTC of the employee

The designation and the CTC of the employee determine the premium of the group term insurance. For instance, some organisations choose the term insurance plan based on the CTC of the employees. So, higher CTC means a higher sum assured, hence the premiums may increase. Similarly, you can also give it based on designations. 

Covid status

The Covid-19 pandemic has caused a lot of deaths in recent times. Hence, the covid status and the vaccination status of the employee impact the premium of the Bajaj Allianz group term life insurance plan.

Sum assured

Premium will also be based on how much sum assured the employer wants to offer. 

Risk category

The nature of the job and the risks involved for the employees also determine the group premium.

Claim history

In case of renewals, the claims history for the last 3 years, the reason for the death of the employee also determines the premium of Bajaj Allianz group term life insurance policy.

Bajaj Allianz group term insurance benefits

Purchasing your group term life insurance policy for employees from Bajaj Allianz Life Insurance company has the following benefits.

Tax benefits

As employers, when you pay the premium towards the Bajaj Allianz group term life insurance policy, 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 

No medical screening needed

The group term life insurance policy does not require any medical tests to be taken before purchasing the policy. However, this depends on the terms and conditions of the policy and insurer

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.

High claim settlement ratio

The claim settlement ratio of Bajaj Allianz Life Insurance company for the financial year 2020-21 is 98.50%. This means the chances of settling the claims for your group term life insurance policy are high.

Bajaj Allianz group term insurance claim

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise a death claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the deceased employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly with the nominee or the employer.

4

Contact us for assistance

Contact Pazcare for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise the rider claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the insured employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly to the insured employee.

4

Contact us for assistance

Contact us for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

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

  1. Duly filled claim form
  2. Original Death certificate of the insured employee or attested copy (death claim)
  3. Certificate of insurance
  4. Photo ID proof of the claimant
  5. Current address proof of the claimant
  6. Cancelled cheque/ Bank book xerox of the claimant
  7. Letter/confirmation from the employer

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

Bajaj Allianz Life Insurance customer care number

For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.

Bajaj Allianz Life Insurance

1800 209 7272

Available 24X7

Bajaj Allianz Life Insurance FAQs

What is Bajaj Allianz life Insurance claim settlement ratio?

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

  1. CTC of the employee
  2. Employee grade
  3. Sum assured
  4. Covid status of the employee