The Bajaj Allianz Life Insurance Company offers a term insurance plan called the Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c, which is intended to give individuals who have diabetes with a term life insurance policy. The family will get a death benefit if the person passes away within the policy's term. This gives their family the funds they need to maintain their standard of living as they pursue their dreams.

Although this plan comes at an affordable price and is designed to satisfy the demands of diabetics, its customisation options are limited. For instance, there are no options for increasing coverage, variable claim payout methods, critical illness coverage, or limited pay. Nonetheless, research shows that the insurer receives comparatively few complaints about policy purchase and claim settlements, indicating that individuals and their families have a generally favourable experience.

Here’s the term plan review-

Key product features of Bajaj Allianz Life Diabetic Term Plan

The Bajaj Allianz Life Diabetic Term Plan's key characteristics are as follows:

Life Cover Benefit: If the person covered passes away during the policy term, the plan provides a sum assured as a death benefit to the family. Additionally, it offers tax benefits under Section 80C of the Income Tax Act.
Early Exit Option: Some term insurance plans offer an early exit option, giving you the flexibility to cancel your coverage within a specified period, even while the plan remains active. However, the Bajaj Allianz Life Diabetic Term Plan does not offer this option.
Increasing Cover: The Increasing Cover option allows your cover amount to grow regularly at specified intervals, continuing until it reaches a predetermined maximum limit. This feature ensures that your protection keeps pace with inflation or other factors over time. But remember that the Bajaj Allianz Life Diabetic Term Plan does not provide this feature.
Coverage Duration: In contrast to many other products that provide coverage only until the age of 60-65, this plan extends your protection all the way to 75 years. This ensures that you remain covered even during your retirement years, offering peace of mind as you age.
Limited Pay Options: Limited Pay options enable policyholders to pay premiums over a shorter period, reducing financial strain in later years. However, this feature is not available with the Bajaj Allianz Life Diabetic Term Plan. Premium payment modes available include Monthly and Yearly options.
Claim Payout Options: In the event of a death benefit claim, the nominee will receive the specified sum of money as a one-time payout option.

What are the Riders available with Bajaj Allianz Life Diabetic Term Plan?

Additional benefits, known as riders, allow you to tailor the coverage to suit your specific needs:

Critical Illness Rider: If you are diagnosed with a critical illness as outlined in the policy terms during the policy period, this rider provides a sum of money. However, the Bajaj Allianz Life Diabetic Term Plan does not include this rider.
Accidental Death Benefit Rider: This rider offers an additional payment if the insured person passes away in an accident during the policy term. The payment is provided on top of the basic life insurance benefit. However, the Bajaj Allianz Life Diabetic Term Plan does not offer this rider.
Waiver of Premium Rider: This add-on ensures that if you become disabled or are diagnosed with a serious illness covered by the policy, you are exempt from paying future premiums. This helps avoid additional payments throughout the term insurance policy. However, the Bajaj Allianz Life Diabetic Term Plan does not provide this rider.

Each rider serves a specific purpose, and not all families may need every option. Choose the riders that best align with your family's financial needs and goals.

Why should you choose Bajaj Allianz Life Insurance Company Company?

Here is an overview of Bajaj Allianz Life Insurance Company's claims experience:

Speed of Claim Settlement: The company provides an efficient claims process, with 99.78% of claims being settled within 30 days after all necessary documentation is submitted. This ensures that your family receives the claim amount promptly.
Online Claim Tracking: The online claim tracking feature enhances transparency and accessibility, allowing your family to easily monitor the progress of their claims.
Claims Settlement Ratio: The insurer has a 99.23% claims settlement ratio in processing claims.
Claim Complaints: Research shows that the company has a low claim complaint rate of 0.04%, which is better than many other insurers. This indicates that policyholders and their families are likely to experience a smooth claims process. It also has received fewer complaints during policy purchase in comparison to other insurers.
Short Death Claim Form: The company's death claim form is relatively concise compared to other insurers. This may result in a simpler and potentially more convenient process for your family.

What are the drawbacks of buying from Bajaj Allianz Life Insurance Company Company?

The following are some potential limitations that may apply when dealing with Bajaj Allianz Life Insurance Company:

Absence of Personal Relationship Manager: Unlike some insurers, Bajaj Allianz Life Insurance Company does not assign a personal relationship manager to guide your nominee through the claim settlement process. This may result in a lack of personalised support during the process.
No Home Pickup for Claims: The company does not offer a home pickup service for claim-related documents. As a result, the nominee will need to visit a branch in person to submit the necessary paperwork, which could be inconvenient in some cases.

How is the customer service quality of Bajaj Allianz Life Insurance Company Company?

The customer service quality of Bajaj Allianz Life Insurance Company is as follows:

Toll-Free Support: Research indicates that the company's toll-free number has an average response time when compared to other insurers.
X (Twitter Response): Bajaj Allianz Life Insurance Company is recognized for delivering prompt customer service through its X (Twitter) handle, maintaining a reputation for providing timely assistance.
Percentage of Complaints Received for After-Sales Service: Research shows that 0.32% of customers express dissatisfaction with the after-sales service.

About the Insurer - Bajaj Allianz Life Insurance Company Company

Bajaj Allianz, officially known as Bajaj Allianz Life Insurance Company Limited, is a life insurance provider in India. Established in 2001, it is a joint venture between Bajaj Finserv Limited, a prominent non-banking financial institution in India, and Allianz SE, a leading global insurer and asset manager. The company's headquarters is located in Pune, and the CEO / CMD is Mr. Tarun Chugh.

Final Review on Bajaj Allianz Life Diabetic Term Plan

After assessing over 100+ parameters, including product benefits, customer service, and claims experience, our in-house research team has given the Bajaj Allianz Life Diabetic Term Plan an overall Beshak⭐Rating of 2.9/5.