Life insurance is a type of insurance that pays out a sum of money to the policyholder or the person's estate when he or she dies. It provides coverage for the financial consequences of death, typically for income loss, funeral expenses, and final medical expenses. Life insurance companies are a great way to help people buy a life insurance policy. They provide a service in helping people find the right life insurance policy for them and they offer a wide variety of policies.
There are many life insurance providers for buying a life insurance policy. Bajaj Allianz Life Insurance, one of the leading life insurance providers in India, has been providing online insurance services to customers for the last 10 years. With over a million policies sold, they are the clear leader in this space. However, with changing times and innovations, customers are looking for more options.
This article will explore the top Bajaj Allianz Life Insurance online alternatives available to consumers. Before diving into the top alternatives of Bajaj Allianz life insurance let’s know about Bajaj Allianz life insurance benefits, claim settlement ratio, and plans offered.
Bajaj Allianz Life Insurance
Bajaj Allianz Life Insurance Company is one of India's leading private life insurance companies. It is a joint venture between Bajaj Finserv Limited owned by Bajaj Group of India and Allianz SE, a European Financial Services company. Bajaj Allianz life insurance Company limited has launched innovative insurance solutions taking into consideration the time to the time change in customers’ needs and requirements. Bajaj Allianz Life Insurance Company offers a wide variety of life insurance products that serve different sections of society.
| Foundation |
2001 |
| Claim Settlement Ratio |
99.02% |
| Solvency Ratio |
6.66 |
| Number of Branches |
509 |
| Plans |
Term Plans, Endowment Plans, Pension Plans, ULIP Plans, Group Plans, Child Plans, Investment Plans, Health Care Plans
|
| Benefits & Features |
Return of Premium option, Pays off Liabilities, Flexibility in Premium Payment, Tax Benefits, Long-Term Coverage, Affordable premiums, Death Benefits |
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Why Should Consider Bajaj Allianz Life Insurance Alternatives?
Bajaj Allianz Life Insurance is a leading life insurance company in India. It offers a wide range of products for different needs and budgets. However, as there are many competitors in the market too offering similar products at competitive prices, it is best to compare these options before buying any product from Bajaj Allianz Life Insurance.
Here are reasons why you should compare Bajaj Allianz Life Insurance Alternatives & Competitors:
- You can find out if there are better rates available for your needs
- For better security features available for your needs
- You can find out if there are better benefits available for your needs
- For better customer service features available for your needs, etc.
Where to Find Best Bajaj Allianz Life Insurance Alternatives?
There are many ways to find the best Bajaj Allianz Life Insurance Alternatives. Online comparison is the best way you can start by looking at the list of top 10 Bajaj Allianz Life Insurance Alternatives in India. The key to finding the best Bajaj Allianz Life Insurance Alternatives is understanding what you need and what your budget is.
The list of top 10 Bajaj Allianz Life Insurance Alternatives in India will help you choose between a variety of products based on your needs and budget. You can also find out about the number of complaints against a particular company before choosing them for your insurance needs. This will help you make an informed decision about which company to go with for your insurance needs.
PolicyBachat is an online insurance comparison website that offers a platform to compare and buy the best insurance plans from various companies. It sorted out a list of the best alternatives and competitors to Bajaj Allianz Life Insurance based on benefits, claim settlement, and discounts offered by them.
Top 10 Bajaj Allianz Life Insurance Alternatives & Competitors
Here is a list of the top 10 competitors or alternatives to Bajaj Allianz Life Insurance.
#1. Max Life Insurance
Max Life insurance is a leading life insurance company in India. Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life Insurance offers different life insurance products such as term insurance, return of premium insurance, Annuity insurance, child plans, investment plans, money-back plans, ULIPs, and other life insurance products to individuals and groups. Max Life has positioned itself on the quality platform and has maintained a strong presence in the Indian market.
Foundation: 2000
Claim Settlement Ratio: 99.35%
Solvency Ratio: 2.02
Number of Branches: 277
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Benefits & Features:
- Affordable Premiums
- Easy Policy issuance
- Financial Security
- Product Variety
- Tax Benefits
- Online Availability
- Riders as Additional Benefits
Plans Available:
- Term I Plans
- ULIP Plans
- Child Plans
- Online Plans
- Retirement Plans
- Savings Plans
- Health Plans
- Group Plans
#2. AEGON Life Insurance
AEGON Life is one of the top digital life insurance companies in India. AEGON Life insurance was launched together with AEGON N. V, an international provider of life insurance, pensions, and asset management, and Bennett Coleman & Company, India's largest media conjunction popularly known as the Times Group. AEGON Life Insurance Company offers an array of reasonably priced life insurance policies. Their insurance plans are made-to-measure to shield you against the mounting financial outlays post-death. AEGON Life insurance, you can rest assured knowing that you and your family’s unique needs are being taken note of and fulfilled.
Foundation: 2008
Claim Settlement Ratio: 99.25%
Solvency Ratio: 2.41
Number of Branches: 83
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Benefits & Features:
- Tax Benefits
- Guaranteed Income
- Wealth Creation
- Savings & Loan Facility
- Investment Option
- Superior customer service
- Hassle-free claim settlement
Plans Available:
- Term Plans
- ULIP Plans
- Savings Plans
- Retirement Plans
- Money Back Plans
- Group Plans
- Other Plans
#3. Bharti AXA Life Insurance
Bharti AXA life insurance is a collaboration of Bharti Enterprises which is one of India’s leading business groups and the AXA Group with has its headquarters in Paris. It is one of India's leading business groups with interests in Telecom, agricultural business, and financial services. Bharti AXA life insurance company offers various types of insurance products on a wide scale. It consists of saving plans, children's education plans, term insurance plans, ULIP plans, etc. Bharti AXA Life Insurance provides long-term value to its customers.
Foundation: 2006
Claim Settlement Ratio: 99.05%
Solvency Ratio: 1.78
Number of Branches: 268
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Benefits & Features:
- Variety of Plans
- Pays off Liabilities
- Excellent Customer Support
- Tax Benefits
- Long-Term Coverage
- Cost Effective
- Flexibility in Premium Payment
Plans Available:
- Term Plans
- Child Plans
- Savings Plans
- Investment Plans
- Protection Plans
- ULIP Plans
- Retirement Plans
#4. HDFC Life Insurance
HDFC Life Insurance Company Limited is a standard life insurance company supporter of housing development Finance Corporation limited. It is a joint venture between HDFC Ltd and standard life Aberdeen, a global investment company. HDFC life insurance provides innovative and customer-centric insurance plans that can help our customers secure their family's future as well as help them with other benefits such as tax savings. It offers a wide range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, and Health Solutions.
Foundation: 2000
Claim Settlement Ratio: 98.66%
Solvency Ratio: 2.01
Number of Branches:390
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Benefits & Features:
- Long-Term Coverage
- Variety of Products
- Hassle Free Claim Settlement
- Award-Winning Services
- Excellent Customer Support
- Affordable products
- Death Benefits
- Tax Benefits
Plans Available:
- Term Plans
- ULIP Plans
- Savings Plans
- Child Plans
- Health Plans
- Pension Plans
- POS Plans
- Combo Plans
#5. Pramerica Life Insurance
Pramerica Life Insurance Limited erstwhile DHFL Pramerica Life Insurance Company Limited is headquartered in Gurugram. Pramerica Life Insurance is a joint venture between DHFL Investments Limited, a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL) Prudential International Insurance Holdings. The company provides a wide range of life insurance solutions for individuals as well as groups. Pramerica life insurance company’s target is to provide affordable, efficient, and effective life insurance life cover. It offers various financial protection needs such as securing their child’s future, retirement planning, tax saving, and wealth creation.
Foundation: 2013
Claim Settlement Ratio: 98.61%
Solvency Ratio: 4.42
Number of Branches:133
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Benefits & Features:
- Long-Term Coverage
- Affordable Premiums
- Excellent Customer Services
- Wide Range of Products
- Financial Assistance
- Tax Benefits
- Return of Premiums
- Easy Claim Settlement
Plans Available:
- Protection Plans
- ULIP Plans
- Savings Plans
- Child Progress Plans
- Health Plans
- Retirement Plans
- Group Plans
#6. Exide Life Insurance
Exide Life Insurance is one of the Top 10 Most trusted companies in India. It was formerly known as ING Vysya Life Insurance Company. It is a non-government and commercial life insurance company headquartered in Bengaluru. The Exide Insurance Company is owned by Exide Industries Limited and serves over 15 lakh customers. The Company is focused on providing long-term protection and savings solution plans and has a strong traditional product portfolio with a consistent bonus track record in the insurance sector. The company steps beyond life insurance and provides need-based life insurance solutions.
Foundation: 2000
Claim Settlement Ratio: 98.54%
Solvency Ratio: 2.24
Number of Branches:200+
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Benefits & Features:
- Wide Range of Products
- Affordable Premiums
- Customized Premium Payment Options
- Incredible Claim Settlement Ratio
- Customer-Friendly Procedures
- Excellent customer service
- Tax Benefits
Plans Available:
- Term I Plans
- Child Plans
- Retirement Plans
- Savings Plans
- Investment Plans
- Health Plans
- Rider Plans
#7. Kotak Mahindra Life Insurance
Kotak Mahindra Life insurance company limited is one of the best and fastest-growing insurance companies in India. It is a joint venture between Kotak Mahindra Bank Limited and Old Mutual Limited, a pan African investment, savings insurance, and banking group operating. It provides an extensive range of financial products to meet both corporate and individual investment needs. Kotak life insurance secures your future and makes sure that all your investments keep giving you profitable returns. Kotak Life Insurance Company provides a wide range of affordable Life Insurance Policies.
Foundation: 2001
Claim Settlement Ratio: 98.50%
Solvency Ratio: 2.90
Number of Branches:232
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Benefits & Features:
- Wide Range of Products
- High Coverage At Low Premiums
- Easy Policy issuance
- Award Winning Services
- Long-Term Coverage
- Tax Benefits
Plans Available:
- Term Plans
- Child Plans
- Savings and Investment Plans
- Protection Plans
- Retirement Plans
- ULIP Plans
- Health Plans
#8. Reliance Nippon Life Insurance
Reliance Nippon Life Insurance Company Limited is one of India's leading private sector life insurance companies. Reliance Nippon Life Insurance Company is an important part of Reliance Capital and it is a private-sector financial services and Non-banking Company. Reliance Capital has diversified businesses in insurance of all kinds, asset management, mutual funds, commercial finance, and other financial services. Reliance Life has a huge variety of life insurance plans that offers tailor-made plans as per the customers’ requirements.
Foundation: 2001
Claim Settlement Ratio: 98.49%
Solvency Ratio: 2.45
Number of Branches:713
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Benefits & Features:
- Affordable Premiums
- Multiple Premium Payment Frequencies
- Excellent Customer Services
- Multiple Add-On Covers
- Wide Range of Products
- Tax Benefits
- Customized Protection
Plans Available:
- Term Plans
- Savings Plans
- Retirement Plans
- ULIP Plans
- Health Plans
- Group Plans
#9. PNB MetLife Insurance
PNB MetLife India Insurance Company Limited is one of the major life insurers in India. PNB MetLife is a collaboration between MetLife International Holdings Inc., Punjab National Bank Limited, Jammu and Kashmir Bank Limited, M.Pallonji and Company Private Limited, and other private investors. This company offers a wide range of products for protection and retirement. It is a one-step solution toward a safe future for you and your loved ones.
Foundation: 2001
Claim Settlement Ratio: 98.17%
Solvency Ratio: 1.90
Number of Branches:117
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Benefits & Features:
- Affordable Premiums
- Maximum Sum Assured
- Excellent Customer Services
- Multiple Add-On Covers
- Wide Range of Products
- Return of Premiums
- Flexible Tenure
- Tax Benefits
Plans Available:
- Family Protection Plans
- Online Plans
- Long-Term Plans
- Child Education Plans
- Retirement Plans
- Health Insurance Plan
- Group Plans
#10. Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and Sun Life Financial Inc. The company offers a wide range of life insurance products to suit the needs of different customers. It is one of India's largest and most trusted life insurance providers in India. Aditya Birla Sun Life Insurance Company was well known for its product innovations as per customers’ needs and commitment to customer services.
Foundation: 2001
Claim Settlement Ratio: 98.04%
Solvency Ratio: 1.80
Number of Branches:340
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Benefits & Features:
- Excellent Customer Service
- Easy And Hassle-Free Claim Settlement
- Flexibility in Premium Payment
- Tax Benefits
- Long-Term Coverage
- Affordable Premiums
- Easy Policy Issuance
Plans Available:
- Term Plans
- Retirement Plans
- Health Plans
- Child Plans
- ULIP Plans
- Savings Plans
Conclusion & Key Takeaways
The right life insurance policy can be difficult to find. There are a lot of different options out there and it can be hard to know which one is best for you. Many factors go into selecting the best life insurance for your needs and budget. There are many different types of life insurance. Some are cheaper than others, some have more coverage than others, and some are more personalized to your needs than others.
To help you make a decision, PolicyBachat created an easy-to-use comparison tool. You can enter your personal information and our tool will automatically suggest options that match your needs. We have compiled a list of the best Bajaj Allianz Life Insurance Alternatives for you to compare and this list helps you find the one that is right for you!