Bajaj General Life Insurance FAQs

If your age is above the minimum age limit set by the insurance company, then you will have to go through a medical test.

Bajaj General Life Insurance Company offers a 15 days free-look period in which the policyholder can review the policy. The policyholder needs to provide appropriate reasons for cancelling the insurance policy within 15 days from receiving the policy documents.

Insurance companies provide several options for premium payment. You can choose to pay monthly, quarterly, semi-annually, or annual payment options. Some insurance plans are available with a single premium.

If the original policy document is lost or destroyed in any case then the policyholder needs to make a request to Bajaj General Life Insurance to issue a copy of policy documents. The copy of policy documents is issued with an endorsement showcasing issuance after the loss or destruction of original documents.

No, the claimant has to submit the claim form and required documents at any Bajaj General Life Insurance branch only.

Bajaj General Life Insurance takes 30 days to deliver the claim decision. If the claim requires any type of investigation it may take 120 days for the claim to be settled.

The claimant will receive the claim payout through electronic funds transfer and will directly be transferred to the claimant’s bank account.

The claim should be reported by the earliest for smooth processing of the claim.

Bajaj General offers a wide range of insurance plans such as Term Insurance, Unit-Linked Insurance Plans, Child, Retirement, Investments, Savings and Health Insurance plans. Bajaj General also offers a vast array of riders for added protection.

Bajaj General provides life insurance plans online and offline. Purchasing a Bajaj Allainz Life insurance plan is very convenient and requires minimum paperwork. Purchasing the life insurance plan online not only saves time but saves one from the hassle of visiting the insurance company. It also provides real-time tracking.

Bajaj General Life strives to provide the best comprehensive budget friendly insurance plan. Bajaj General Life offers an option to enhance the insurance policy life cover by adding riders. Bajaj General Life also offers 24x7 digital customer assistance and the insurance company has robust customer care service both online and offline.

All the insurance plans are different from each other and have different features and advantages. However, among all the life insurance plans provided by Bajaj General, the utmost preference of one and all is Term Insurance Plan as it gives high coverage at minimal premium.

Following are the documents required to purchase a Bajaj General Life insurance plan:

• 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

Yes, Bajaj General Life Insurance offers tax benefits on the life insurance plans. Under Section 80C of the Income Tax Act, premiums paid towards a life insurance policy qualify for a deduction up to Rs.1.5 lakh. Also under Section 10(10D), income received from a life insurance plan on maturity is tax-free if the premium is not more than a certain amount of the sum assured.

Anybody from the age group between 18-25 years can apply to purchase Bajaj General Life Insurance plans.

Bajaj General Life Insurance offers various additional optional riders that are Bajaj General Waiver of Premium Benefit Rider, Bajaj General Family Income Benefit Rider, Bajaj General Accidental Death Benefit Rider, Bajaj General Critical Illness Benefit Rider and Bajaj General Accidental Total/Partial Disability Rider.

Factors that affect premium calculation for term insurance plans are Age, Gender, Medical History, Geographic location, BMI Index and lifestyle of a person who is purchasing the insurance plan.

The premium for smokers and tobacco/alcohol consumers are generally higher because any individual who consumes tobacco/alcohol are considered in the high-risk category. The premium varies for tobacco/alcohol consumers and non tobacco/alcohol consumers.

The ‘Basic Premium Amount’ will remain constant throughout the term of policy. However, the renewal premiums will change due to taxes and change in premium payment frequency.

Bajaj General Life Insurance offers various additional optional riders that are Bajaj General Waiver of Premium Benefit Rider, Bajaj General Family Income Benefit Rider, Bajaj General Accidental Death Benefit Rider, Bajaj General Critical Illness Benefit Rider, etc.