Bajaj Allianz Life Insurance (now rebranded as Bajaj Life Insurance following the exit of Allianz SE in 2025-26) has a claim track record that puts it in the top tier of Indian private life insurers: a 99.32% Claim Settlement Ratio for FY 2024-25, a solvency ratio of 3.33 (more than double the IRDAI minimum), and a complaint rate of 2.5 per 10,000 claims. Where it falls short, according to independent assessments, is in how quickly it settles claims. The 30-day settlement rate of 93.94% is below top peers like HDFC Life and ICICI Prudential.
The company was originally a joint venture between Bajaj Finserv (74%) and Germany’s Allianz SE (26%), registered with IRDAI in August 2001. In March 2025, Allianz SE agreed to sell its entire 26% stake to the Bajaj Group for approximately Rs 10,400 crore (part of a combined Rs 24,180 crore deal covering both Life and General insurance businesses). The first tranche of 23% was transferred in January 2026; the remaining 3% is expected by Q2 2026. The company rebranded from “Bajaj Allianz Life Insurance” to “Bajaj Life Insurance,” though most buyers still search for it under the original name.
This guide covers Bajaj Life’s plan lineup, five-year claim record, what the numbers say it does well, where the data shows gaps, and who this insurer fits.
At a Glance
- Claim Settlement Ratio: 99.32% for FY 2024-25; steady improvement from 98.48% in FY 2020-21
- Solvency ratio: 3.33 as of December 2025; the 3-year average of 4.37 is the highest among private life insurers, per Ditto Insurance
- Death claims paid: ₹862.79 crore across 13,994 individual claims in FY 2024-25; 96% of non-investigative claims settled within one day
- Flagship plan: eTouch II (min ₹50 lakh), with coverage to age 99 and a non-accelerated CI rider
- Credit rating: AAA (Stable) from CARE Ratings, maintained for three consecutive years
- Ownership: now effectively Bajaj Group-controlled (Allianz SE exiting; 23% transferred, 3% pending)
- Watch-out: 30-day claim settlement rate of 93.94% is below top peers
Sources: IRDAI Handbook on Indian Insurance Statistics FY 2024-25, Bajaj Allianz Life Annual Report FY 2024-25
First-year premium, individual + group
Apr – Sep 2026 (H1 FY27)
+39.8% year-on-year; 54% of it group business
Share of all life insurers’ first-year premium
Apr – Sep 2026 (H1 FY27)
3.17% in FY 2025-26
Individual policies sold
Apr – Sep 2026 (H1 FY27)
+10.3% year-on-year
Source: IRDAI, First year premium of Life Insurers as at 30.09.2026 and 31.03.2026.
Bajaj Life’s term insurance plans
Bajaj Life has four term insurance plans currently available, each built for a different buyer profile. The flagship eTouch II is the online-first plan most buyers will evaluate. Smart Protect Goal adds built-in critical illness coverage. iSecure II targets buyers without formal income documentation. Superwoman is exclusively for women.
eTouch II (flagship online term plan)
This is the plan most buyers will compare against HDFC Click 2 Protect and ICICI iProtect Smart. It is available online and through advisors, with entry from age 18 to 65 and coverage extending to age 99 under the whole life option.
| Parameter | Details |
|---|---|
| Min sum assured | ₹50 lakh |
| Max sum assured | No stated upper cap (subject to underwriting) |
| Entry age | 18-65 years |
| Policy term | 10-40 years (or whole life to age 99) |
| Max maturity age | 99 years |
| Premium payment | Regular pay, limited pay (5, 6, 10, 12, 15, 20 years), or pay till 60 |
| Variants | Life Shield (base), Life Shield Plus (+ATPD), Life Shield Super (+accidental death), Life Shield Supreme (+CI acceleration) |
Source: Ditto eTouch II comprehensive review; BankBazaar.
In-built features:
- Terminal illness benefit: payout up to ₹2 crore on diagnosis of terminal illness (expected survival under 180 days)
- Waiver of premium: on terminal illness or accidental total permanent disability
- Life stage benefit: increase cover at marriage, childbirth, education milestone, or home loan disbursal without fresh medical underwriting (up to 100% of original cover)
- Zero cost exit: if policy term is 35+ years and you are 70+ at maturity, you can exit and get a refund of premiums paid (exercisable within 5 years after age 60)
- Auto cover continuance: pause premiums for up to 12 months after 3 policy years, with a minimum 5-year gap between uses
- Instant advance payout: ₹2 lakh within 3 working days of claim notification (for sum assured ₹50 lakh or above)
Available riders (optional add-ons):
- Critical Illness Benefit: three tiers covering 10, 25, or 60 illnesses. Coverage range ₹50,000 to ₹1.5 crore. 90-day waiting period. Active for first 20 years. Non-accelerated — CI payout does not reduce the base death benefit.
- Return of Premiums: full premium refund at maturity (excluding rider premiums and GST)
- Premium Holiday: skip payments for 1-3 years (begins after 5 policy years)
- Family Protect: on death or ATPD, pays 105% of rider premiums as lump sum plus lifetime monthly income to parents
- Accidental Death Benefit: additional payout beyond base cover on accidental death
Source: Ditto eTouch II comprehensive review.
Smart Protect Goal
This plan has built-in critical illness coverage (not just as a rider) covering 55 conditions: 19 minor and 36 major. Up to 4 minor CI conditions can be claimed over the policy term. The ROP (return of premium) option is available, but not with the whole life variant.
| Parameter | Details |
|---|---|
| Min sum assured | ₹50 lakh |
| Entry age | 18-65 years |
| Max maturity age | 75 (with ROP), 85 (without), 99 (whole life) |
| Variants | Life Cover, Life Cover with Child Education Extra Cover, Joint Life, Increasing Life Cover |
Source: eIndiaInsurance; Bajaj Life official product page.
iSecure II
Built for buyers without formal income documentation (uses bank statements, CIBIL scores, and property as proof). Sum assured ranges from ₹25 lakh to ₹2 crore. However, premiums are approximately double what competitors charge for comparable coverage, and Ditto notes it lacks several features found in eTouch II, including terminal illness coverage and life stage benefit.
Superwoman Term (women only)
A women-only plan with mandatory built-in critical illness coverage for 60 conditions, including breast, cervical, and ovarian cancer. Entry age 18-60 (housewives: up to 50). Sum assured ₹25 lakh to ₹1 crore (₹50 lakh for housewives). Includes up to ₹36,500 in health management benefits (cancer screening, pregnancy support, mental wellness, nutritionist guidance).
Summary: which plan targets which buyer
| Plan | Min SA | Best for |
|---|---|---|
| eTouch II | ₹50 lakh | Most buyers; want the full feature set, online purchase, competitive pricing |
| Smart Protect Goal | ₹50 lakh | Buyers who want built-in CI coverage without selecting a separate rider; joint life needed |
| iSecure II | ₹25 lakh | Self-employed buyers without ITR or formal income documents |
| Superwoman Term | ₹25 lakh | Women who want mandatory CI cover and women-specific health benefits |
Bajaj Life’s claim track record
The CSR has been above 98% for five consecutive years and above 99% for four. The trend is consistently upward.
| Financial year | CSR (individual death claims) |
|---|---|
| FY 2020-21 | 98.48% |
| FY 2021-22 | 99.02% |
| FY 2022-23 | 99.06% |
| FY 2023-24 | 99.26% |
| FY 2024-25 | 99.32% |
Source: Ditto Insurance citing IRDAI public disclosures; Company press release FY 2024-25. CSR calculated using IRDAI Handbook formula: Claims Paid ÷ (Claims Paid + Claims Repudiated + Claims Rejected), by policy count.
Beyond the headline ratio, 13,994 individual death claims were settled in FY 2024-25, totalling ₹862.79 crore. The company reports that 96% of non-investigative claims were settled within one day of notification. The complaint ratio has dropped each year, from 5.6 per 10,000 claims in FY 2022-23 to 2.5 in FY 2024-25.
The number that needs scrutiny is the 30-day settlement rate. At 93.94%, it is below peers like HDFC Life and ICICI Prudential. In FY 2023-24, this figure dipped to 85% before recovering. While most claims are paid quickly, roughly 1 in 16 claimants face waits beyond 30 days. If your nominee is in a situation where every week counts (loan EMIs, immediate living expenses), this is the metric to watch.
Where Bajaj Life has a genuine edge
Industry-leading solvency ratio. At 3.33 as of December 2025, Bajaj Life’s solvency is more than double the IRDAI minimum of 1.50. The 3-year average of 4.37 is the highest among private life insurers, per Ditto Insurance. For context, HDFC Life is at 1.80 and Tata AIA at 1.80. Solvency measures the insurer’s ability to meet future claims obligations from its existing assets; a higher number means a larger financial buffer. Source: Ditto Insurance; company press release.
Low and declining complaint ratio. From 5.6 per 10,000 claims in FY 2022-23 to 2.5 in FY 2024-25. The three-year average of 3.95 places Bajaj Life among the top performers by this metric (though HDFC Life at 1.33 is still ahead). Fewer complaints per claim indicate smoother claims processing for the majority of policyholders. Source: Ditto Insurance.
Non-accelerated CI rider on eTouch II. The critical illness rider on eTouch II pays out without reducing the base death benefit. A buyer with ₹1 crore cover who receives a ₹25 lakh CI payout still has ₹1 crore of death cover for nominees. This is the same structure Tata AIA offers on Maha Raksha Supreme Select, but Bajaj Life offers it starting at ₹50 lakh (vs ₹2 crore minimum for Tata AIA). Source: Ditto eTouch II review.
Competitive pricing for young and female buyers. In Ditto’s head-to-head comparison for ₹1 crore coverage to age 65, eTouch II is priced at ₹9,524/year for a 25-year-old male, cheaper than HDFC (₹10,945) and ICICI (₹10,273). For a 30-year-old female, it’s ₹9,914 vs HDFC’s ₹12,105. The price gap is consistent across profiles. Source: Ditto premium comparison, 2026.
936.99
1,235.93
1,503.87
1,386.17
1,953.99
1,830.86
Source: IRDAI, monthly First year premium of Life Insurers statements, April–September 2026. Includes individual and group business.
AAA credit rating maintained for three consecutive years. CARE Ratings has maintained Bajaj Life at AAA (Stable). Per CARE’s definition, this is the highest degree of safety regarding timely servicing of financial obligations. Combined with the solvency ratio, this gives Bajaj Life one of the strongest financial stability profiles in the private insurer segment. Source: CARE Ratings; company press release.
Where to look before you sign
30-day claim settlement rate trails the industry. At 93.94%, Bajaj Life settles a smaller proportion of claims within 30 days than top peers like HDFC Life and ICICI Prudential. In practical terms, roughly 1 in 13 claimants face a wait beyond a month. The FY 2023-24 figure was worse (85%), and while FY 2024-25 shows recovery, it remains below peers. Source: Ditto Insurance citing IRDAI data.
Amount Settlement Ratio (ASR) is below top peers. The 3-year average ASR of 93.5% means that for every ₹100 claimed, ₹93.50 was paid out. ICICI Prudential is at 95.1% and Axis Max Life at 96.2%. A lower ASR may reflect partial settlements or disputed claim amounts, not outright rejections. Source: Ditto Insurance.
iSecure II pricing is nearly double competitors. If you are considering iSecure II because of documentation constraints, note that Ditto describes its premiums as “nearly double” what competitors charge for equivalent coverage. Explore whether eTouch II works for your income documentation first before defaulting to iSecure II. Source: Ditto iSecure II review.
Ownership transition is still in progress. Allianz SE has transferred 23% of its 26% stake to the Bajaj Group as of January 2026; the remaining 3% is expected by Q2 2026. Existing policyholders are unaffected by this change (policies are contracts with the insurance company, not with the shareholders). But the loss of Allianz’s global reinsurance network and expertise is a consideration for long-horizon planning. Source: Allianz SE press release, January 2026.
Who should consider Bajaj Life term insurance
Bajaj Life is worth considering if you:
- Want strong financial stability backing: the solvency ratio of 3.33 and AAA credit rating give Bajaj Life one of the strongest balance sheets among private life insurers
- Are a young buyer (under 35) or a woman, where eTouch II pricing is most competitive against HDFC and ICICI
- Want a non-accelerated CI rider starting at ₹50 lakh cover (lower entry point than Tata AIA’s ₹2 crore minimum for the same feature)
- Need coverage to age 99 under the whole life option
- Are self-employed without formal income documents (iSecure II accepts bank statements, CIBIL scores, and property as proof, though the premium is higher)
- Are a woman who wants a plan with mandatory built-in CI cover and health management benefits (Superwoman Term)
Bajaj Life may not be the optimal fit if you:
- Place high weight on claims being settled within 30 days: HDFC Life and ICICI Prudential both have better 30-day settlement rates
- Want the highest possible Amount Settlement Ratio: Axis Max Life (96.2%) and ICICI (95.1%) are ahead of Bajaj Life’s 93.5%
- Need cover below ₹50 lakh: the flagship eTouch II starts at ₹50 lakh. Only iSecure II and Superwoman go down to ₹25 lakh, with trade-offs in pricing or eligibility
Illustrative premiums
The table below shows indicative annual premiums for eTouch II sourced from Ditto Insurance’s 2026 review. All profiles are non-smoker, ₹1 crore sum assured, coverage to age 65. GST is not included.
| Profile | Bajaj eTouch II | HDFC Click 2 Protect | ICICI iProtect Smart |
|---|---|---|---|
| Male, age 25 | ₹9,524 | ₹10,945 | ₹10,273 |
| Female, age 25 | ₹9,044 | ₹9,303 | ₹8,732 |
| Male, age 30 | ₹12,117 | ₹14,241 | ₹12,154 |
| Female, age 30 | ₹9,914 | ₹12,105 | ₹10,331 |
Source: Ditto Insurance, Bajaj Life Term Insurance Review 2026. Coverage to age 65, non-smoker, Tier 1 city. Actual premium depends on health profile, lifestyle, chosen variant, city, and options at time of application. Verify at bajajlifeinsurance.com for a live quote. Online purchase gets a 6% first-year discount; salaried customers get an additional 5% discount.
How this decision plays out: an illustrative scenario
The following is a fictional scenario. Names and amounts are illustrative only.
Priya is 28, a software developer in Pune earning ₹18 lakh per year. She has a ₹40 lakh home loan and a 2-year-old daughter. She is comparing Bajaj Life eTouch II with HDFC Click 2 Protect Supreme Plus for ₹1 crore cover to age 65.
Bajaj Life’s eTouch II quote comes in at ₹9,044/year (female, 25-age-bracket pricing). HDFC’s equivalent is ₹9,303. The ₹259 annual difference is minimal. She compares the solvency ratios: Bajaj Life at 3.33 vs HDFC at 1.80. Both are above the 1.50 minimum, but Bajaj Life’s buffer is notably larger.
Then she checks the 30-day claim settlement data. HDFC settles a higher proportion of claims within 30 days. Priya’s mother, who would be the secondary nominee, lives in Solapur, a tier-2 city. She considers that a delayed payout could mean her mother manages loan EMIs for an extra month or two. The solvency difference gives financial confidence; the settlement speed difference introduces a practical concern.
She opts for Bajaj Life eTouch II with the non-accelerated CI rider (25-illness tier). The ₹1 crore death benefit stays intact even if she makes a CI claim. The slightly lower premium and substantially higher solvency ratio tip her decision. A buyer with a nominee in a smaller city with more immediate cash-flow needs might weigh the 30-day metric more heavily.
What should you do next?
- Get a live quote from the eTouch II calculator. Visit bajajlifeinsurance.com and run the premium calculator for your profile. Compare the Life Shield (base) and Life Shield Supreme (with CI acceleration) variants to see the premium difference.
- Compare against two other insurers. Run the same profile on HDFC Life, ICICI Prudential, or Axis Max Life. Pay attention to the premium gap, the 30-day settlement rate, and the ASR, not just the CSR.
- Read the policy document for the Zero Cost Exit conditions. If you are considering a 35+ year policy term, confirm the exact conditions under which the zero cost exit applies (age 70+, exercisable within 5 years after age 60). This feature is not available on shorter-term policies.
The policyholder held a ₹55 lakh Bajaj Allianz Life policy that had been renewed between ages 79 and 82. After his death from cancer, the insurer repudiated the claim citing non-disclosure of pre-existing hypertension. The Goa High Court applied the principle of estoppel: Bajaj Allianz had renewed the policy with full knowledge of the policyholder’s age and health history, and could not later repudiate on that basis. The court also found no nexus between hypertension and cancer. The claim was allowed.
Why it matters for Bajaj Life buyers: If an insurer renews your policy year after year with knowledge of your health profile, courts hold the insurer to that decision. Estoppel prevents the insurer from later using that same information to reject a claim.
Source: High Court of Bombay at Goa, May 2025 (doc ID 93195318). From Gyansurance’s 782-case court case analysis.
Frequently asked questions
What is Bajaj Allianz Life’s Claim Settlement Ratio for FY 2024-25?
99.32%, per the company’s own press release. Ditto Insurance cites 99.32% for the same period; the difference may reflect measurement timing. In FY 2024-25, 13,994 individual death claims were settled totalling ₹862.79 crore. The complaint ratio was 2.5 per 10,000 claims, among the lowest in the private insurer segment.
Is Bajaj Allianz Life Insurance the same as Bajaj Life Insurance?
Yes. The company was rebranded from “Bajaj Allianz Life Insurance” to “Bajaj Life Insurance” after Allianz SE agreed to sell its 26% stake to the Bajaj Group in March 2025. The first 23% was transferred in January 2026. Existing policies, plan features, and claims processes remain unchanged; this is a shareholder-level change, not a product or operational one.
Which is the best Bajaj Life term plan?
For most buyers, eTouch II is the right starting point. It has the broadest feature set (life stage benefit, zero cost exit, whole life option, CI rider) and the most competitive pricing. Smart Protect Goal is relevant if you want built-in CI coverage without adding a rider separately. iSecure II only makes sense if you cannot produce formal income documentation. Superwoman Term is for women who want mandatory CI cover with health management benefits.
Can NRIs buy Bajaj Life term insurance?
Yes. NRIs can buy when visiting India or send documents by mail and undergo medical tests at available facilities outside India (or via tele-medical examination). Premium must be paid in INR from an NRO or NRE bank account. Minimum sum assured for preferred/non-smoker categories is ₹20 lakh.
Why did Allianz exit Bajaj Allianz Life Insurance?
Allianz SE sold its 26% stake to the Bajaj Group as a strategic portfolio decision. The Allianz press release (March 2025) described it as part of the company’s global portfolio management. The sale was valued at approximately ₹10,400 crore for the Life insurance stake. Existing policyholders are not affected. Insurance policies are contracts between the policyholder and the insurance company (Bajaj Life), not with the shareholders.
Is Bajaj Life term insurance safe?
Bajaj Life is a licensed insurer regulated by IRDAI, with a solvency ratio of 3.33 (more than double the 1.50 minimum), a AAA (Stable) credit rating from CARE Ratings maintained for three years, and AUM of ₹1.23 lakh crore as of March 2025. The CSR of 99.32% and complaint ratio of 2.5 per 10,000 claims confirm strong claims payment. The concern raised by independent assessors is not financial stability; it is the 30-day claim settlement speed, which at 93.94% trails top peers.
Related reading
- Tata AIA term insurance: complete guide (2026)
- LIC Term Insurance: Complete Guide (2025)
- HDFC Life Term Insurance: Full Guide
- ICICI Prudential Term Insurance: Full Guide
- SBI Life Term Insurance: Full Guide
Browse all our Bajaj Allianz Life term insurance articles for more guides and analysis.
Related data analysis: Bajaj Allianz Life’s CSR by count (99.32%) and CSR by amount (93.78%) reveal one of the largest gaps in the industry. See our full CSR ranking of all life insurers by amount paid (FY 2024-25) for the complete picture.
CSR methodology: All Claim Settlement Ratios on this page use the IRDAI Handbook formula: Claims Paid ÷ (Claims Paid + Claims Repudiated + Claims Rejected), by policy count. Pending claims and unclaimed amounts are excluded from the denominator. Source: IRDAI Handbook on Indian Insurance Statistics.