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Bajaj Allianz Riders Plans

A rider is an add-on facility to a basic insurance policy that offers additional benefits to the policyholder, at an extra cost. Standard policies usually have less room for customization; hence opting for a rider is usually the best solution to enhance the policy benefits.

Benefits of Bajaj Allianz Rider Plans:

The rider plans from Bajaj Allianz provide a host of benefits to the policyholder, such as:

  • Some of the riders offer coverage for Accidental Permanent Total/Partial Disability or the first diagnosis of a Critical Illness.
  • Few of the add-on plans from the insurer also offer Accidental Death Benefit and Waiver of Premium cover.
  • There are add-on plans that provide a Family Income Benefit when the policyholder faces death, diagnosis of a critical illness, or permanent or total disability caused by accidents.
  • These benefits are available for individual and group policies.

List of Rider Plans Provided by Bajaj Allianz:

The Rider Plans provided by Bajaj Allianz are the following:

Bajaj Allianz Individual Riders:

Bajaj Allianz Waiver of Premium Benefit Rider:

This rider provides the facility of waiver of all future premiums payable under the base plan at the occurrence of a critical illness, accidental permanent total disability, or untimely death of the life assured.

Benefits and Features of Bajaj Allianz Waiver of Premium Benefit Rider:

  • The most significant advantage of the rider is the waiver of all future premiums under the base policy and riders, subject to a maximum of Rs.50 lakh.
  • The benefits are provided to the life assured under the base policy, the proposer under the base policy, or joint lives assured under the base policy, based on the earlier occurrence of the trigger event.
  • There is no maturity benefit offered by this rider.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz Waiver of Premium Benefit Rider Minimum : 18 Maximum : 50 Maximum : 65 Varies based on the age of the life assured at entry, rider term, and Rider Sum Assured.

Bajaj Allianz Accidental Death Benefit Rider:

This rider provides an additional layer of life insurance coverage for extra financial protection of the family of the life assured.

Benefits and Features of Bajaj Allianz Accidental Death Benefit Rider:

  • In the event of death of the life assured, the Rider Sum Assured is paid as Death Benefit.
  • If the rider is appended to a joint life plan, at the death of one life assured in an accident, the Rider Sum Assured is paid. Following this, the rider and the base policy will continue on the surviving life assured.
  • The rider does not offer any maturity benefits.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz Accidental Death Benefit Rider Minimum : 18 Maximum : 60 Maximum : 65 Varies based on the age of the life assured at entry, rider term, Rider Sum Assured, and rider premium payment term.

Bajaj Allianz ULIP Waiver of Premium Benefit Rider:

This rider provides you the benefit of waiver of all future premiums to be paid under a Unit Linked Insurance Plan at the earlier occurrence of a critical illness, accidental permanent total disability, or untimely death.

Benefits and Features of Bajaj Allianz ULIP Waiver of Premium Benefit Rider:

  • An amount that equates to all the future premiums will be infused in the funds under the base plan. This will be done at periodic intervals on the premium due dates, subject to a maximum of Rs.50 lakh under all policies.
  • The benefits are provided to the life assured under the base policy or the proposer under the base policy, based on the earlier occurrence of the trigger event.
  • There is no maturity benefit offered by this rider.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz ULIP Waiver of Premium Benefit Rider Minimum : 18 Maximum : 50 Maximum : 65 Varies based on the age of the life assured and the total of all outstanding premiums that are due under the base policy, as on the monthly premium due date.

Bajaj Allianz ULIP Accidental Death Benefit Rider:

This rider provides additional life insurance coverage for the family of the policyholder, so that they are financially protected in an eventuality.

Benefits and Features of Bajaj Allianz ULIP Accidental Death Benefit Rider:

  • In the event of death of the life assured in an accident, the chosen rider sum assured is paid out.
  • There are no maturity benefits under this plan.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz ULIP Accidental Death Benefit Rider Minimum : 18 Maximum : 60 Maximum : 65 Varies based on the age of the life assured and the Rider Sum Assured as on the monthly premium due date.

Bajaj Allianz Accidental Permanent Total/Partial Disability Rider:

This rider offers financial protection to the family of the life insured, when he/she is not able to do so. The add-on plan provides an additional rider sum assured in the event of Permanent Disability of the life insured in an accident.

Benefits and Features of Bajaj Allianz Accidental Permanent Total/Partial Disability Rider:

  • If the life assured suffers a permanent disability in an accident, and if the disability is identified within 180 days from the accident date, the benefit payable is as detailed below:
    1. In case the disability is permanent and partial, the benefit payable is 50% of the Rider Sum Assured.
    2. If an Accidental Permanent Partial Disability Benefit was not paid out through the rider before, and if the disability is total and permanent, the benefit amount payable is the Rider Sum Assured. Following the payout, the rider will terminate.
    3. If an Accidental Permanent Partial Disability Benefit was already paid out through the rider before, and if the disability is total and permanent, and is within one year from the previous occurrence of the same, the benefit amount payable is 50% of the Rider Sum Assured. Following the payout, the rider will terminate.
    4. If an Accidental Permanent Partial Disability Benefit was already paid out through the rider before, and if the disability is total and permanent, and is after one year from the previous occurrence of the same, the benefit amount payable is the Rider Sum Assured. Following the payout, the rider will terminate.
    5. In a joint life base policy, the rider can be taken for each life assured. The benefits will be paid out for each life assured as well.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz Accidental Permanent Total/Partial Disability Rider Minimum : 18 Maximum : 60 Maximum : 65 Varies based on the entry age of the life assured, rider term, Rider Sum Assured, and rider premium payment term.

Bajaj Allianz Critical Illness Benefit Rider:

The rider offers financial support to the family of the life assured when he/she is diagnosed with a life-threatening disease.

Benefits and Features of Bajaj Allianz Critical Illness Benefit Rider:

  • The Bajaj Allianz Critical Illness Benefit Rider provides the benefit of a Rider Sum Assured in the event of first diagnosis of any of the 11 critical illnesses specified in the policy documentation.
  • There are no death benefits and maturity benefits provided by the plan.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz Critical Illness Benefit Rider Minimum : 18 Maximum : 50 Maximum : 65 Varies based on the age at entry of the life assured, rider term, Rider Sum Assured, and rider premium payment term.

Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider:

This rider provides additional life insurance coverage to the family of the life assured, so that they are financially protected in the event of an unforeseen incident.

Benefits and Features of Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider:

  • If the life assured faces permanent disability in an accident, and if the disability is seen within 180 days from the accident date, the benefit payable is as follows:
    1. In case the disability is partial and permanent, the benefit amount is 50% of the Rider Sum Assured. After this payment, no further benefit is payable for permanent partial disability.
    2. If the life assured has not received a benefit for accidental permanent partial disability earlier, and the disability suffered is total and permanent, the benefit payable is the Rider Sum Assured. The policy terminates after the payout.
    3. If the life assured has not received a benefit for accidental permanent partial disability earlier, and the disability suffered is total and permanent, and within 1 year from the previous occurrence, the benefit payable is 50% of the Rider Sum Assured. Following the payout, the rider terminates.
    4. If the life assured has not received a benefit for accidental permanent partial disability earlier, and the disability suffered is total and permanent, and is after 1 year from the previous occurrence, the benefit payable is the total Rider Sum Assured. Following the payout, the rider terminates.
    5. The plan does not offer maturity and death benefits.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider Minimum : 18 Maximum : 60 Maximum : 65 Varies based on the age of the life assured and the Rider Sum Assured as on the monthly premium due date.

Bajaj Allianz ULIP Critical Illness Benefit Rider:

Bajaj Allianz ULIP Critical Illness Benefit Rider offers financial assistance to the life assured during difficult situations in life. In the event of an emergency like the diagnosis of a critical illness, the family of the policyholder is offered a lump sum amount to overcome the financial difficulty.

Benefits and Features of Bajaj Allianz ULIP Critical Illness Benefit Rider:

  • When the life assured is diagnosed with any of the 11 critical illnesses predefined in the policy, the Rider Sum Assured is paid as benefit.
  • There are no maturity and death benefits under the plan.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz ULIP Critical Illness Benefit Rider Minimum : 18 Maximum : 50 Maximum : 65 Varies based on the age of the life assured and the Rider Sum Assured as on the monthly premium due date.

Bajaj Allianz Family Income Benefit Rider:

The Bajaj Allianz Family Income Benefit Rider guarantees income security to the family of the life assured during unfavorable events in life.

Benefits and Features of Bajaj Allianz Family Income Benefit Rider:

  • The plan provides 1% of the Rider Sum Assured at the first occurrence of accidental permanent total disability, death, or diagnosis of a predefined critical illness. The benefit is payable monthly for the duration of the rider term, subject to a minimum of 10 years.
  • There are no maturity benefits offered by the plan.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz Family Income Benefit Rider Minimum : 18 Maximum : 50 Maximum : 65 Varies based on the age of the life assured at entry, rider term, Rider Sum Assured, and rider premium payment term.

Bajaj Allianz ULIP Family Income Benefit Rider:

The Bajaj Allianz ULIP Family Income Benefit Rider ensures that the family of the life assured is financially protected in the event of unforeseen circumstances.

Benefits and Features of Bajaj Allianz ULIP Family Income Benefit Rider:

  • The plan provides 1% of the Rider Sum Assured at the first occurrence of accidental permanent total disability, death, or diagnosis of a predefined critical illness. The benefit is payable monthly for the duration of the rider term, subject to a minimum of 10 years.
  • There are no maturity benefits offered by the plan.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz ULIP Family Income Benefit Rider Minimum : 18 Maximum : 50 Maximum : 65 Varies based on the Rider Sum Assured and the age of the life assured, as on the monthly premium due date.

Bajaj Allianz Group Riders:

Bajaj Allianz Group Accidental Permanent Total/Partial Disability Benefit Rider:

This rider offers financial protection to the family of a member, when he/she is not able to do so.

Benefits and Features of Bajaj Allianz Group Accidental Permanent Total/Partial Disability Benefit Rider:

  • In the event of permanent partial disability through an accident, the amount payable is the lower of the following:
    1. 50% of the Rider Sum Assured.
    2. Rs.50 lakh per member under all group policies from Bajaj Allianz.
  • If a member faces accidental permanent total disability, and hasn’t received a benefit before, the amount payable is the lower of:
    1. The Rider Sum Assured
    2. Rs.1 crore per member under all the group policies purchased from Bajaj Allianz.
  • If a member had faced accidental permanent partial disability less than a year back, and has received a benefit for the same, the amount payable when he/she faces an accidental permanent total disability is the lower of:
    1. 50% of the Rider Sum Assured
    2. Rs.50 lakh per member under all the group policies purchased from Bajaj Allianz.
  • If a member had faced accidental permanent partial disability at least a year back, and has received a benefit for the same, the amount payable when he/she faces an accidental permanent total disability is the lower of:
    1. The Rider Sum Assured
    2. Rs.1 crore per member under all the group policies purchased from Bajaj Allianz.
  • The plan does not offer maturity, surrender, or death benefits.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz Group Accidental Permanent Total/Partial Disability Benefit Rider Minimum : 18 Maximum : 64 Maximum : 65 Varies based on the age at entry of the member, Rider Sum Assured, type of group, and the member’s occupation as per the base policy.

Bajaj Allianz Group Accidental Death Benefit Rider:

This is a traditional, non-participating add-on plan that can be attached to a base group policy. The rider provides accidental death benefit that equates to the cover chosen under the rider.

Benefits and Features of Bajaj Allianz Group Accidental Death Benefit Rider:

  • In the event of death of a member through an accident, within 180 days from the accident date, an amount equal to the chosen Rider Sum Assured is paid out.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz Group Accidental Death Benefit Rider Minimum : 18 Maximum : 64 Maximum : 65 Varies based on the age at entry of the member, Rider Sum Assured, type of group, and the member’s occupation as per the base policy.

Bajaj Allianz Group Accelerated Critical Illness Rider:

The rider offers financial protection to the members in a group policy from critical illnesses.

Benefits and Features of Bajaj Allianz Group Accelerated Critical Illness Rider:

  • When a member is diagnosed with any of the 11 predefined critical illnesses under the plan, the Rider Sum Assured is payable.
  • This amount is also paid in the case of a joint policy where the first of the joint members is diagnosed with a critical illness.
  • If the sum assured under the base policy is equal to the Rider Sum Assured, then the risk cover for the member under the base policy and the rider terminates after the benefit is paid out.
  • If the sum assured under the base policy is higher than the Rider Sum Assured, then the coverage under the rider will terminate after the payout. The coverage under the base policy will, however, continue for the remaining sum assured.
  • The rider does not offer any maturity benefit.
Plan Name Entry Age (yrs) Maturity Age (yrs) Premium
Bajaj Allianz Group Accelerated Critical Illness Rider Minimum : 18 Maximum : 69 In the case of a joint policy, the younger member should have attained the minimum age limit. The older member should be within the maximum attained age as well. Maximum : 70 Varies based on the age at entry of the member, Rider Sum Assured, type of group, and the member’s occupation as per the base policy. For joint life policies where the critical illness benefit is paid at the first occurrence of an illness, the joint life premium rates are 90% of the sum of the individual premium rates for the joint members.

Why do you need Bajaj Allianz Rider Plans?

Bajaj Allianz rider plans help in enhancing the life insurance policies of customers at a nominal cost. These plans also provide tax benefits under Section 80C of the Income Tax Act. Some of the rider plans enable the member to avail rider benefits in the form of monthly installments over a period of time.