Bajaj Allianz Saral Jeevan Bima
Bajaj Allianz Life Insurance
Our Verdict
Bajaj Allianz Life Saral Jeevan Bima is ideal for individuals seeking a simple, no-frills life cover. It offers flexible premiums and accidental death coverage but lacks maturity benefits and riders. Best for first-time buyers, women, and non-smokers seeking affordable protection.
About the Plan
Bajaj Allianz Life Saral Jeevan Bima is a pure risk life insurance plan providing financial security in case of the policyholder’s demise. It offers flexible premium payment options—single, limited (5/10 years), or regular pay—with a policy term of 5 to 40 years and a maximum maturity age of 70 years. The sum assured ranges from ₹5 lakh to ₹25 lakh. A 45-day waiting period applies, covering only accidental deaths initially. The plan has no maturity, surrender benefits, or riders, and female policyholders enjoy lower premiums.
About the Plan
Eligibility
• Entry Age :
18 to 65 years
• Maximum Maturity Age :
70 years
• Policy Term :
5 to 40 years
• Minimum Sum Assured :
₹5,00,000
• Premium Payment Term :
Single, Limited, or Regular Pay
• Premium Payment Frequency :
Monthly, Half-Yearly, or Yearly
• Citizenship :
Indian residents and NRIs (subject to underwriting)
Eligibility
Features of the Product
Death benefit
The Bajaj Allianz Life Saral Jeevan Bima plan provides a death benefit where the nominee receives the sum assured in case of the policyholder’s demise during the policy term, ensuring financial security for their family.
Premium Payment Customizations
Single Premium; Limited Premium for 5 years or 10 years
Regular Premium Premium payment modes Single/Yearly/Half yearly, Monthly Monthly is available only under ECS/NACH
Total Permanent Disability Payout
The plan does not include a separate payout specifically for Total and Permanent Disability (TPD).
Exclusions
If the life assured commits suicide within 12 months from the policy commencement or revival, the policy becomes void.
For regular/limited premium policies, 80% of the premiums paid (excluding extra premiums, taxes, and rider premiums) will be refunded.
For single premium policies, 90% of the single premium paid (excluding extra premiums, taxes, and rider premiums) will be refunded.
No benefit is payable in case of death due to participation in hazardous activities, war, or involvement in illegal acts.
Death due to intoxication, drug abuse, or self-inflicted injury is not covered.
Pre-existing diseases may not be covered as per policy terms.
Death resulting from aviation accidents, except as a fare-paying passenger in a commercial flight, is excluded.
Exclusions
Lack of riders - The Bajaj Allianz Life Saral Jeevan Bima plan does not offer any add-on riders as per its standard policy structure. It is a pure-term insurance plan with only a death benefit, and it lacks additional coverage options like critical illness, waiver of premium, or accidental disability riders.
Add-ons
If you are a woman
Lower premiums for women.
If you smoke
Higher premiums for smokers.
Note :
Grace period : The grace period for the Bajaj Allianz Saral Jeevan Bima Plan is 30 days for annual and semi-annual premiums and 15 days for monthly premiums, ensuring continued coverage without policy lapse during this period.
Free Look period : The Bajaj Allianz Saral Jeevan Bima Plan offers a free look period of 15 days (30 days for online policies), allowing policyholders to review terms and cancel for a full refund if unsatisfied.
Suicide clause : If the life assured dies by suicide within 12 months of policy commencement or revival, the nominee receives 80% of premiums paid (90% for single premium), excluding taxes and extra charges.
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About the Company
Bajaj Allianz Life Insurance is a leading private life insurance company in India, formed as a joint venture between Bajaj Finserv Limited and Allianz SE founded in August 2001 in Pune headquarters. Known for its strong claim settlement ratio and innovative products, the company emphasizes customer-centric solutions with features like flexible premiums, rider options, and online services. Bajaj combines the financial expertise of Allianz SE with the trust and legacy of Bajaj Group, making it a preferred choice for long-term financial security.
The managing director and CEO of Bajaj Allianz is Mr Tarun Chugh.