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Bajaj Life Saral Jeevan Bima is a standardised pure-risk term insurance plan intended to provide basic financial protection to a policyholder’s family. The official product offers a sum assured between ₹5 lakh and ₹25 lakh, with a policy term of 5 to 40 years. Buyers can choose single, limited or regular premium payment, subject to the product rules. It does not provide a maturity benefit if the life assured survives the policy term, and its initial 45-day waiting-period provision has specific rules for death claims.
Standardised term cover with flexible premium-payment options
Saral Jeevan Bima is designed for people who want a straightforward term policy with a relatively modest sum assured. Its standardised structure can make the basic benefit easier to understand, while single, limited and regular premium options provide payment flexibility. However, the maximum cover is ₹25 lakh, which may not be enough for families with substantial liabilities or income-replacement needs. Compare the available cover, premium payable over the full term and initial waiting-period provisions before choosing the policy.
Bajaj Allianz Life
Key Insights
Founded
2001
Bajaj Allianz Life was established 25 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
99.3% CSR, calculated as a 3-year average
Bajaj Allianz Life settles 99.3% of all claims it receives, demonstrating strong credibility.
Contact Details
1800-209-7272
Headquarters: Bajaj Insurance House, Airport Road, Yerawada, Pune – 411006, Maharashtra, India
The nominee receives the death benefit calculated under the policy if the life assured dies while the policy is in force and the claim is admissible.
The benefit depends on premium-payment type and the policy’s definition of Sum Assured on Death.
The product allows a basic sum assured between ₹5 lakh and ₹25 lakh.
Cover above the product’s stated maximum should not be assumed available under this plan.
Eligible applicants can select a policy term between 5 and 40 years.
The selected term must satisfy the applicable entry-age and maturity-age conditions.
The policy offers single premium, limited premium payment for 5 or 10 years, and regular premium payment.
Availability depends on the chosen policy term and applicable product rules.
Premiums can be paid using the available yearly, half-yearly or monthly modes.
Monthly payments are subject to the product’s specified electronic payment requirements.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
Bajaj Allianz Life plans and claim process
It is a standardised pure-risk term insurance plan designed to provide a death benefit to the nominee, subject to the policy terms.
The official product page lists ₹5 lakh as the minimum sum assured.
The official product page lists ₹25 lakh as the maximum sum assured.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official Bajaj Allianz Life website before purchasing.
Official Website
bajajallianzlife.com
Visit the official Bajaj Allianz Life website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
The official product page lists a minimum entry age of 18 years and a maximum entry age of 65 years, subject to applicable channel rules.
The official product page lists a maximum maturity age of 70 years.
The official product page lists a maximum policy term of 40 years, with a minimum of 5 years.
There is no single annual premium for all customers. The premium depends on age, sum assured, policy term, premium-payment option and payment frequency. Obtain an official quote for the intended applicant rather than relying on a generic amount.
No maturity benefit is payable if the life assured survives until the policy term ends.
During the initial 45-day period, accidental death is covered subject to policy terms. For non-accidental death during this period, the policy provides for payment of 100% of premiums received, excluding taxes and other specified amounts, rather than the full sum assured.
Yes. The official product page lists single premium, limited premium for 5 or 10 years, and regular premium options, subject to the policy rules.