Bajaj Allianz Life Smart Protection Goal is a term insurance plan offered by Bajaj Allianz Life Insurance Company.

This product stands out for its affordability in comparison to other plans available in the market. While it comes with several limited pay options and allows you to choose a comprehensive critical illness rider, it doesn't offer important customizations like increasing cover, early exit option, etc. Moreover, the plan lacks flexibility in customising how the claim amount will be disbursed to your family. As per our research, the insurer has received fewer complaints related to claim settlement and policy purchase, as compared to other insurers. This shows their strong track record when it comes to purchasing process and claims service.

Here’s an in-depth Bajaj Allianz Life Smart Protection Goal review.

Key product features of the Bajaj Allianz Life Smart Protection Goal Plan

Life Cover Benefit: With this term plan, your family will receive an assured sum of money if you pass away during the policy duration. With this term insurance policy, you can claim tax benefits under Section 80C of the Income Tax Act. However, there is no maturity benefit in this policy - meaning, you won’t get anything back in case you survive the policy term.
Early Exit Option: This option lets you opt out of the plan while it is active. You can do so during a specific timeframe determined by the insurer and you’ll receive a refund of all the premiums you’ve paid up to that point. However, this plan has no early exit option.
Cover Duration: The Bajaj Allianz Life Smart Protection Goal Plan offers you a term cover, up to the age of 85 years. This means you can enjoy the plan benefits even after your retirement age.
Increasing Cover: In this option, your cover amount will gradually increase at regular intervals until it reaches a maximum limit. The Bajaj Allianz Life Smart Protection Goal Plan does not provide the increasing cover option to grow your cover automatically. So, every time you want to upgrade your coverage, you will have to buy a new term insurance policy manually.
Limited Pay Option: Using this option, you can finish paying off all your premiums in larger and quicker instalments within 5, 10, 15, 20 and Pay till 60 years. This feature is suitable if you want to get the burden of premiums off your chest while you still have a dependable income.
Claim Payout Options: The Bajaj Allianz Life Smart Protection Goal Plan only allows a one-time claim payout. Meaning, your nominee will receive the entire claim in one go as a lump-sum amount. This might get risky if your nominee is someone who cannot deal with a large sum of money.

What are the riders available with Bajaj Allianz Life Smart Protection Goal Plan?

The Bajaj Allianz Life Smart Protection Goal Plan offers comprehensive critical Illness rider. This add-on pays an additional amount as a lump sum, in case you get a serious disease listed in the policy document. This money can be used to replace the loss of income and to pay for any additional health-related expenses your family might face due to the disease.

Why should you choose Bajaj Allianz Life Insurance Company?

Here are a few reasons why you can consider purchasing from Bajaj Allianz Life Insurance -

Speed of claims: Bajaj Allianz Life Insurance has settled 99.91% of its claims in less than 30 days. This indicates that your family may receive the claim payout promptly after submitting the claims documents.
Claims Complaint: According to our research, we found that Bajaj Allianz Life Insurance has a very less number of complaints in comparison to other insurers, accounting to 0.08%. This indicates a smooth claim settlement process and that your family is likely to have a seamless experience.
Online Tracking of Claims: Bajaj Allianz Life Insurance provides your nominee the option to track their claim online as well.
Length of the Claim Form: Bajaj Allianz has a short claim form compared to other insurers.
Claim Settlement Ratio: The claim settlement ratio of Bajaj Allianz Life Insurance is 99.04% and their claim amount settlement ratio is 93.45%.

What are the disadvantages of buying a term insurance policy from Bajaj Allianz Life Insurance Company?

Home Pick-up for Claims: The insurer does not provide the option to pick up the documents from home. Your family will have to visit the branch to submit the documents personally.
Personal Relationship Manager for Claims: The insurer does not provide a personal relationship manager to help your nominee with claims.

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

Response on Toll-Free Service: When it comes to customer service, our research found the insurer’s response over the toll-free to be quick compared to other insurers.
Response on Twitter: Your nominee would also have the option to connect over Twitter for any doubts or queries with regard to the status of their claims. Our research suggests that Bajaj Allianz Life Insurance Company’s response rate over twitter is slow.

About the Insurer - Bajaj Allianz Life Insurance Company

Bajaj Allianz also known as Bajaj Allianz Life Insurance Company Limited is a Life Insurance Company in India. Founded in the year 2001, it is a joint venture between Bajaj Finserv Limited, renowned diversified non-banking financial institutions in India, and Allianz SE, leading global insurer and asset manager. The company is headquartered in Pune. The CEO / CMD of the company is Mr. Tarun Chugh.

Final review of Bajaj Allianz Life Smart Protection Goal

Considering all the product benefits, customer service, and claims experience, and on the basis of 100+ parameters analyzed by our in-house research team, the Bajaj Allianz Life Smart Protection Goal plan gets a Beshak⭐Rating of 3.3/5.