The second ranked private player has introduced this product to mark its fifth anniversary.
The product -- Samrakha -- is single premium term assurance plan, which is available in two terms -- 5 and 10 years -- for a life cover of Rs 5,000 and Rs 10,000 respectively.
This plan is available for persons aged between 18 to 45 years, the insurance company said in a statement.
"To further align with the demands of the rural community, we decided to offer a product that would meet their needs in the most flexible way providing comprehensive security with premium as low as Rs 75,"
Bajaj Allianz Life Insurance Chief Executive Sam Ghosh said.
The company has tied up with Godrej Aadhar, various other rural organisations, Self Help Groups and NGOs to reach out to the masses.
The insurer has branches at over 900 locations.
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