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Bajaj Allianz ULIP Accidental Death Benefit Rider Plan

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.

Eligibility - Who is the Bajaj Allianz ULIP Accidental Death Benefit Rider For?

In order to be eligible for the ULIP Accidental Death Benefit Rider, Bajaj Allianz has established an eligibility criteria which policyholders must follow.

Parameter Eligibility
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.

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

Sum Assured

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).

Premium

  • The premium charges for this ULIP Accidental Death Benefit Rider shall directly be subtracted on the monthly due date from the fund value of the base policy.
  • The premium charge for the rider will be determined on the basis of the life assured amount and sum assured chosen under the rider.
  • There will not be any variation in the premium charged for the rider on the basis of gender or smoker/non-smoker preference of the Rider policyholder.
  • If the insured policyholder has a severe medical history of life-threatening conditions, the insurance company may charge them an extra premium on the rider premium charge, n the basis of the decision made by the Board and after approval of the company’s underwriting norms. In such cases, the insurer may also ask the applicant to undertake medical tests.

Plan Coverage - What the Bajaj Allianz ULIP Accidental Death Benefit Rider Covers?

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.

Exclusions - What the Bajaj Allianz ULIP Accidental Death Benefit Rider does not cover?

Following is the list of exclusions which are not covered under the Bajaj Allianz ULIP Accidental Death Benefit Rider.

  • If the insured’s death happens as a result of a criminally motivated event or breach of law.
  • If the life assured passes away due to a consequence of being intoxicated (alcohol, drugs, etc.) except if the same has been prescribed to the life assured by a certified and qualified medical professional.
  • If the life assured dies due to self-inflicted injuries which they have caused to themselves while in a sane or insane state of being.
  • If the life assured passes away due to participation in any military, air force or naval operation during peaceful times.
  • If the life assured passes away following participation or training for any life-threatening or hazardous sport/competition/driving/race.
  • If the life assured commits suicide.
  • If the life assured passes away due to any kind of an air-bound flight (aviation, gliding, etc.) which is other than travelling as a regular fare passenger on a recognized airline operating on regular routes, according to a set timetable.
  • If the life assured passes away due to a war, riots, civil war, invasion, etc.

Other Key Features - Free Look Period, Termination, etc.

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.

Other Benefits - How you can save with Bajaj Allianz ULIP Accidental Death Benefit Rider?

  • Bajaj Allianz has established a very simple and hassle free claims process to facilitate quick settlement of claims.
  • Customers can not only apply but also review their policy document on the Bajaj Allianz website.
  • The website provides several services such as purchase of policies, renewal of policies, payment of premiums, access to your policy documents and much more.
  • Payment of premiums can be done in multiple ways - via debit/credit cards, bill junction, net banking, etc.
  • Bajaj Allianz has also set up a committed customer service helpline to help customers resolve any queries relating to their policy or claims.
  • The insurer also provides SMS and Callback facility for active resolution of customer’s queries.

Why you should buy the Bajaj Allianz ULIP Accidental Death Benefit Rider?

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.