The Bajaj Allianz ULIP Accidental Death Benefit Rider is an add-on cover that you can take over and above your life insurance plan to provide your family with added financial protection, if you are no longer around. In case the policyholder passes away following an accident, the sum assured under the rider will be paid to the policyholder’s chosen next of kin. Premiums for this rider will be included under the policy.
In order to be eligible for the ULIP Accidental Death Benefit Rider, Bajaj Allianz has established an eligibility criteria which policyholders must follow.
|Minimum age at entry||Policyholder must be at least 18 years of age|
|Maximum age at entry||Policyholder must not be above 60 years of age|
|Maximum age at maturity||Policyholder must not be above 65 years of age|
|Rider Term||The term of the rider will be determined on the basis of the base plan (over which the rider has been taken). It is subject to a minimum of 5 years and a maximum of 47 years.|
Under the Bajaj Allianz ULIP Accidental Death Benefit Rider, the policyholder and their family is covered in case the former passes away following an unexpected accident. The rider sum assured in this case, following the policyholder’s death, will be paid to their family members. Under this rider plan, the minimum amount of sum assured payable is Rs.50,000. The maximum amount of sum assured payable will be on the basis of the base policy. The same will be subject to a maximum of Rs.1 Crore (for all individual policies offered by Bajaj Allianz).
The Bajaj Allianz ULIP Accidental Death Benefit Rider has been designed specifically to provide financial assistance to your family members at a time you are no longer around to provide for them. This rider offers a Death Benefit (sum assured) to the family of the life assured individual, if the latter passes away following an accident. In this case, the term ‘accident’ pertains to an unexpected, unintentional and sudden event caused due to external, uncontrollable source. Death in this case must have been caused directly because of the accident and under 180 days of the unforeseen event.
Following is the list of exclusions which are not covered under the Bajaj Allianz ULIP Accidental Death Benefit Rider.
Some other key features of the Bajaj Allianz ULIP Accidental Death Benefit Rider are as follows.
|Maturity Benefit||No Maturity Benefit payable under this rider.|
|Products Allowed Along With This Rider||Please contact Bajaj Allianz to know more about the products which can be taken along with this rider.|
|Free Look Period||• Policyholders will be provided a free look period of 15 days (30 days if the policy has been issued via distance marketing under IRDAI provisions), counting from the date of receipt of the policy. • For cancelling the policy, the policyholder must intimate the company about cancellation via a written notice , also citing the reason for cancellation. They must send the Cancellation Letter, along with Rider document to Bajaj Allianz within 15/30 days. • Subject to intimation of cancellation, the insurer will reverse the rider charges after deducting proportionate rider charges for rider cover duration, medical examination expenses, stamp duty, etc.|
|Termination||The Rider will be terminated if: • The rider life assured cancels the same; • Risk cover that is part of the base plan has been ceased; • On the policy anniversary when policyholder has attained 65 years of age; • Base policy has matured; • If policyholder dies.|
Bajaj Allianz was established following a partnership between the Europe-based financial services company, Allianz SE and Bajaj Finserv Limited. Working with the motto of offering affordable and specialized insurance products, Bajaj Allianz has already secured a sizeable chunk of the market due to the popularity it enjoys among its customers. Under its insurance arm, the company provides a number of additional benefits along with their plans, such as quick claim settlement, online renewal, cashless hospitalization and much more.