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Bajaj Allianz Critical Illness Benefit Rider Plan

Bajaj Allianz Critical Illness Benefit Rider is offered by Bajaj Allianz Life Insurance Company Limited. This rider is a regular or limited premium payment critical illness benefit rider attached to the base policy. The critical illness benefit is payable on the first diagnosis of any of the 11 critical illnesses covered by this rider. Additional 30% of the sum assured is paid to women policyholders with breast cancer diagnosis for reconstructive breast surgery. The critical illness should be intimated to the company within 60 days from the date of diagnosis.

Eligibility - Who is the Bajaj Allianz Critical Illness Benefit Rider for?

Listed below are the eligibility factors for Bajaj Allianz Critical Illness Benefit Rider:

Entry age (minimum to maximum) 18 years to 50 years
Maturity age (maximum) 65 years

Sum Assured and Premium Range - What you get and what it costs?

Listed below are the Sum Assured, Policy Term, PPT for Bajaj Allianz Critical Illness Benefit Rider:

Policy Term Depends on base policy, minimum 5 years to maximum 30 years
Premium Payment Term (PPT) As per base policy
Sum Assured As per base policy, maximum Sum Assured is Rs.50 lakhs

Premium: The rider premium is collected in addition to the base policy premium. Rider premium is calculated based on the entry age of the life assured, chosen Sum Assured, PPT, and the policy term.

Plan Coverage - What Bajaj Allianz Critical Illness Benefit Rider covers?

Listed below are benefits offered by Bajaj Allianz Critical Illness Benefit Rider:

  • Rider Benefit: The Sum Assured is paid once the life assured is diagnosed of a covered critical illness.
  • There is no maturity benefit or death benefit covered under this plan.
  • Listed below are the 11 critical illnesses covered by this rider:
    • Kidney failure requiring regular dialysis
    • Alzheimer's disease
    • Breast cancer
    • Cancer of specified variety
    • First heart attack
    • Aortic surgery
    • Primary Pulmonary Hypertension
    • Multiple sclerosis with persisting symptoms
    • Permanent paralysis of limbs
    • Major organ or bone marrow transplant
    • Open chest CABG

Exclusions - What the Plan doesn’t cover?

Bajaj Allianz Critical Illness Benefit Rider doesn't cover the following:

  • If the life assure is dead within 30 days from the time of critical illness diagnosis.
  • If the life assured is diagnosed with a critical illness during the Waiting Period of 90 days from the date of policy inception or reinstatement.
  • Any pre-existing medical condition.
  • Suicide or attempted suicide, self-inflicted injury
  • Rider benefit will be not payable if the life assured is under the influence of drugs, alcohol, criminal activities, riots, civil unrest, etc.
  • Illness caused by sports activities such as mountaineering, racing, scuba diving, etc.
  • Existence of HIV or any STD.
  • Participation in flying activity other than in the capacity of a fare-paying passenger in a commercial flight.
  • Nuclear reaction, exposure radioactive substance, biological or chemical contamination, etc.

Other Key Features - Free Look Period, Surrender Values, Grace Period, etc.

Listed below are other key features of Bajaj Allianz Critical Illness Benefit Rider:

  • Rider Inclusion: This critical illness rider can be added to the base policy only at the time of policy inception.
  • Rider Discontinuance: This critical illness rider can be excluded at any time during the rider policy term. Once excluded, all benefits under the rider plan will cease and no further premium will be collected.
  • Surrender Value: The rider attains surrender value if the PPT is less than the policy term and minimum 2 full years' premium have been paid for a policy term below 10 years and 3 full years' premium for policy term of 10 or more years.
  • Grace Period: If the premium is not paid on the due date, then the policyholder is offered a grace period within which to pay the premium without interest. If the life assured is diagnosed with a critical illness during the grace period, the full rider benefit is payable with the deduction of the outstanding premiums.
  • Rider Reinstatement: If the premium is not paid within the grace period, the rider benefits will cease and only the surrender value is payable. The rider can revived as per the base policy terms.
  • Free Look Period: You are given 15 days from the time of receiving the rider policy document to review the terms and conditions. If you have any objections to the terms and conditions, you can return the rider plan and get refund of the premiums paid with certain deductions such as stamp charges, if any. If the rider was purchased through distance marketing, the free look period is 30 days.
  • Waiting Period: The critical illness benefit is payable after 90 days from the date of policy inception or reinstatement. The company should be intimated of the critical illness within 60 days from the date of diagnosis.
  • Survival Period: The life assured must be alive for minimum 30 days from the date of diagnosis to receive the critical illness benefit.

Rider Termination: Once the rider benefit is paid, the rider policy ceases. If the base policy is terminated, the rider also ceases. If the life assured reaches 65 years of age on the policy anniversary, the rider policy is terminated. If the premium is not paid within the grace period or the rider policy reaches maturity, the rider is terminated.

Other Benefits of Bajaj Allianz Critical Illness Benefit Rider Plan:

There are several other benefits of purchasing critical illness insurance rider and life insurance plans from Bajaj Allianz Life Insurance Company Limited such as:

  • Customer Service: The company offers excellent customer service with a dedicated hotline for any insurance policy related queries. A live chat option with a customer care representative is available on the company website.
  • Application process: Purchasing an insurance plan or rider from Bajaj Allianz Life Insurance is simple and easy.
  • Life cover and premium calculator: Using the online life cover and premium calculator, you can determine how much life cover you require and the premium amount to be paid for a policy.
  • Online customer portal: Policy can be managed easily by logging into the online customer portal, designed to make the process convenient for the policyholders.
  • Premium payment: Payments can be made via several online and offline payment channels.

Why should you buy Bajaj Allianz Critical Illness Benefit Rider from Bajaj Allianz Life Insurance Company Limited?

Following are the reasons why you should buy critical illness plans from Bajaj Allianz Life Insurance:

  • Critical illness riders can beneficial to the life assured in case a terminal illness strikes at an unexpected moment. With the critical illness benefit, the unexpected medical expense can be met without having to borrow a loan.
  • Bajaj Allianz has proved itself to be a stable and strong company with expertise in traditional insurance products. It has been a leading insurance provider in India because of quick and honest response in addition to competitive pricing and in depth knowledge of the insurance market.
  • The Claim Settlement Ratio of Bajaj Allianz Life Insurance is 98.07% for FY15-16.
  • Total asset under management is Rs.44,107 crores.
  • The company has won many awards for achievement in the insurance field.