Bajaj Allianz Accidental Death Benefit Rider provides an additional layer of life insurance coverage for extra financial protection for the family of the policyholder. The rider offers an additional sum assured in the event of untimely death of the life assured in an accident. The customer can approach an insurance consultant or refer to the Bajaj Allianz website to understand the products with which the Bajaj Allianz Accidental Death Benefit Rider can be used.
A customer has to fulfill certain conditions to be eligible to buy the Bajaj Allianz Accidental Death Benefit Rider. These factors are listed in the table below:
|Minimum Entry Age||18 years|
|Maximum Entry Age||60 years|
|Maximum Maturity Age||65 years|
|Rider Term||This is according to the base policy, subject to a minimum of 5 years and a maximum of 47 years|
|Rider Premium Payment Term (PPT)||This is according to the base policy, subject to a maximum of 30 years|
The policy offers a death benefit if the life assured dies in an accident. Maturity benefit is not offered under this rider. The limits on the rider sum assured is as shown below:
|Minimum Rider Sum Assured||As per the base plan.|
|Maximum Rider Sum Assured||Sum assured under the base policy. This is subject to a maximum limit of Rs.1 crore for all the Accidental Death Benefit riders under which the life assured is covered.|
A policyholder is required to pay an additional premium for the rider coverage. This amount is over and above the base policy premium, and it is dependent on the entry age of the life assured, the rider term, rider sum assured, and rider premium payment term. The premium payment frequency is as per the base policy.
The Bajaj Allianz Accidental Death Benefit Rider works in the following manner:
|Death Benefit||If the life assured faces death in an accident during the rider term, the rider sum assured chosen is payable as death benefit. If the rider is taken with a joint life base plan, at the accidental death of any one of the assured lives the rider sum assured for that life assured is paid. The rider and base policy will continue on the life of the survivor.|
The benefit under the Bajaj Allianz Accidental Death Benefit Rider is not payable in the following scenarios:
The key features of the Bajaj Allianz Accidental Death Benefit Rider are described below:
|Grace Period||If the policyholder does not pay due rider premiums, then he/she is allowed a grace period that is the same as the base plan. The policyholder is required to pay the outstanding premiums within the grace period to retain the rider benefits. If the life assured dies in an accident during the grace period, the rider benefit is payable after deduction of the outstanding premiums as on the date of death.|
|Discontinuance of premiums||If the policyholder does not pay due premiums during the rider PPT, the rider cover will lapse at the end of the grace period. No rider benefits shall be paid, except the surrender value. The rider can be revived on the basis of conditions that are applicable to the base policy.|
|Free-look Period||Within 15 days of receipt of the rider, the policyholder can review the terms and conditions mentioned therein. If he/she does not agree to these terms, then the rider can be returned back to Bajaj Allianz, stating relevant reasons. The policyholder is then liable to receive a refund of the paid rider premiums minus the insurer’s expenses. The free-look period for policies that were purchased through distance marketing channels is 30 days.|
|Rider termination||The rider will automatically terminate when the following conditions are met:
The Bajaj Allianz Accidental Death Benefit Rider does not offer any specific tax benefits. Direct and indirect taxes will be charged on the paid premiums, as applicable.
Bajaj Allianz Life Insurance Company Ltd. is a joint venture between Bajaj Finserv and Allianz SE, two leading players in the financial market on a global scale. The partner companies in the venture have immense global exposure and local expertise.
Bajaj Allianz has a comprehensive suite of insurance products that cater to the needs of customers across various age groups and income brackets. The insurance plans offered by the company range from child plans to ULIPs, group insurance and pure term plans.
Bajaj Allianz is known for the competitive pricing of their products and the quick turnaround time they observe for claim settlement. The claim settlement ratio of the insurer was a commendable figure of 98.07% in the financial year 2015-16. The individual products had a ratio of 91.3% while the ratio for group products was 98.87%. The company has grown to be one of the top insurers in India within a short span of time. Bajaj Allianz is now focussing on the propagation of insurance in the rural segments of the country.
The insurer has received several awards and recognitions for its marketing initiatives, customer centricity, and use of technology. Some of the awards that the company was honoured with include:
The insurer also has several customer-friendly policies, some of which include the following: