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Bajaj Allianz Family Income Benefit Rider Plan

Bajaj Allianz is a leading insurance company in India that provides a plethora of insurance plans and rider plans. The company offers both individual riders as well as group riders. With a rider, you will receive additional coverage. When you are looking for a rider, you can choose a traditional rider or a ULIP rider. If your family members depend on your income for meeting their requirements, you should take extra care to make sure that they are financially secure even in your absence. This is where the Bajaj Allianz Family Income Benefit Rider comes into the picture.

Eligibility - Who is the Bajaj Allianz Family Income Benefit Rider for?

The Bajaj Allianz Family Income Benefit Rider is great for anyone who wants to safeguard his or her family when the policyholder dies or suffers from a permanent disability or any of the critical illnesses that have been listed by the company.

Minimum entry age 18 years
Maximum entry age 50 years
Minimum maturity age Information not provided
Maximum maturity age 65 years
Rider term At least 5 years and not more than 30 years

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

The sum assured for Bajaj Allianz Family Income Benefit Rider is determined by the sum assured that is fixed in the base policy. The premium charge for the rider will be reduced from the main fund of the base policy. This reduction will happen on the payment date of every month. Let us take a look at the details regarding sum assured as well as premium:

Minimum rider sum assured Rs.50,000
Maximum rider sum assured This depends on your sum assured of your base policy and which will be subject to only up to Rs.50,000 for every policy that you have taken with Bajaj Allianz.
Premium amount The premium for this rider is determined by the rider sum assured as on the due date for each month and the age of the policyholder.

Premiums vary based on age, location, plan term and other factors.

Plan Coverage - What Bajaj Allianz Family Income Benefit Rider covers?

Bajaj Allianz Family Income Benefit Rider is an add-in rider that gives a benefit when the policyholder is forced to avoid going to work due to an accidental permanent total disability. Due to the disability, when the policyholder cannot earn an income, he or she will be given this rider benefit. The benefit is also given when the policyholder dies or is diagnosed with any of the critical illnesses that are covered by Bajaj Allianz. This particular rider does not give any maturity benefit.

When any of the above cases occur, 1% of the rider sum assured will be provided to the policyholder or the nominee on a monthly basis. This rider sum assured will be given for the full rider term and it will last for at least 10 years.

Let us take a look at the critical illnesses that are covered by Bajaj Allianz Family Income Benefit Rider:

  • Open chest CABG
  • Cancer of specified severity
  • Stroke that leads to permanent symptoms
  • First heart attack that is very severe
  • Transplant of major organ or bone marrow
  • Kidney failure that needs frequent dialysis
  • Multiple sclerosis with persevering symptoms
  • Alzheimer’s disease
  • Primary pulmonary hypertension
  • Aortic surgery

Under this Bajaj Allianz Family Income Benefit Rider, accidental total permanent disability refers to loss of 1 leg and 1 arm, loss of both the eyes, loss of both feet, loss of 1 foot and 1 hand, etc.

Exclusions - What Bajaj Allianz Family Income Benefit Rider doesn’t cover?

The Bajaj Allianz Family Income Benefit Rider does not cover a few instances.

These are the details regarding the exclusions of this rider for critical illnesses:

  • When the policyholder dies in 30 days after the critical illness has been diagnosed
  • When the policyholder has a medical condition that already exists
  • When there is war, rebellion, invasion, etc.
  • When the policyholder has any sexually Transmitted Disease (STD) or Human Immuno-deficiency Virus (HIV) or Acquired Immune Deficiency Syndrome (AIDS)
  • When there is any nuclear reaction or chemical pollution or radioactive reaction
  • When the policyholder participates in any underwater activity

These are some of the exclusions for disability:

  • When the policyholder commits any criminal activity
  • Under the influence of alcohol or drugs
  • Self-injury
  • Participating in defence operations

Other Key Features of Bajaj Allianz Family Income Benefit Rider:

Let us now take a look at some of the other significant characteristics of Bajaj Allianz Family Income Benefit Rider:

Free look period You can enjoy a free look period for 15 days with this rider. With this feature, you can return your rider to the company if you are not interested. You will need to provide a reason while returning it.
Grace period Bajaj Allianz Family Income Benefit Rider comes with a grace period. If you miss your premium payment date, you will be allowed to make your payments within this grace period.
Nomination This rider enables you to nominate another person according to the rules of Section 39 of the Insurance Act, 1938.
Assignment This rider plan allows you to assign another person as per the regulations of Section 39 of the Insurance Act, 1938.

Tax Benefits – How you can save with the Bajaj Allianz Family Income Benefit Rider?

The Bajaj Allianz Family Income Benefit Rider does not offer any tax benefits. When you pay the premiums for this rider, you will need to pay both direct as well as indirect taxes.

Other Benefits – How you can save with the Bajaj Allianz Family Income Benefit Rider?

Let us discuss some of the other benefits of taking the Bajaj Allianz Family Income Benefit Rider:

  • Your premium payments will be made very easily for this rider as the premium amount will be reduced from the value of your main policy. This method will be followed on a monthly basis for the full tenure of the rider plan.
  • Bajaj Allianz has a superb online live chat facility where you can get quick solutions for all your queries.
  • You can make your premium payments and renewals online simply by visiting the official website of the insurance company.

Why you should buy the Family Income Benefit Rider from Bajaj Allianz?

Bajaj Allianz is a reputed company that is committed to offering reliable and superior quality insurance services. With the Family Income Benefit Rider from Bajaj Allianz, you can be rest assured that your dear folks will be absolutely safe in case something unfortunate happens to you. When you choose Bajaj Allianz, you will have a smooth claim process. The company has received several accolades over the years for delivering timely and precise solutions.