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.
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|
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.
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:
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.
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:
These are some of the exclusions for disability:
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.|
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.
Let us discuss some of the other benefits of taking the Bajaj Allianz Family Income Benefit Rider:
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.