Bajaj Allianz ULIP Accidental Permanent Total/ Partial Disability Benefit Rider is a special rider benefit associated with base ULIP Policies of Bajaj Allianz. It covers the insured’s income in case he/she is rendered totally or partially disabled in an accident. The rider continues to provide cover as long as the base policy is active.
Eligibility - Who is the Bajaj Allianz ULIP Accidental Permanent Total/ Partial Disability Benefit Rider for?
|Minimum Entry Age
|Maximum Entry Age
|Maximum Age at Maturity
|*Minimum Policy Term
|*Maximum Policy Term
*The rider policy term can be lower or equal to that of the base policy. It can’t be higher than the term of the base policy.
Sum Assured and Premium Range - What you get and what it costs?
With riders, the Sum Assured can go up to Rs.1 crore. However, the Sum Assured associated with the rider cannot be higher than the Sum Assured under the base policy.
|Minimum Rider Sum Assured
|Maximum Rider Sum Assured
The following disability benefits can gained from this rider, provided the disability occurs within 180 days from the day of the accident:
- If the said disability is partial but permanent, the amount of benefit payable is 50% of the Sum Assured with the Rider. No other benefit for permanent and partial disability would be payable after this payment.
- If the disability is permanent and total, and any disability benefit has not been received by the insured earlier under this rider, then the amount of benefit payable would be the Rider Sum Assured. The rider will get terminated after this.
- If the disability is permanent and total, and benefit under this rider has been received once before within a year from the previous claim, the benefit amount will be 50% of Rider Sum Assured. The rider will get terminated after this.
- If disability is permanent and total, and benefit under this rider has been received once before anytime a year after the last claim, the amount of benefit payable is equal to the Sum Assured under the rider. The rider will get terminated after this.
Rider Premium charges depend on the age of the base policyholder and the Sum Assured under the rider. The rider charges get deducted on the monthly due date of deducting charges from the original value of funds associated with the base policy as additional charges.
*Disclaimer: Premiums vary based on age, location, plan term and other factors.
Plan Coverage - What the ULIP Accidental Permanent Total/Partial Disability Benefit Rider covers?
This rider plan covers a ny total and/or partial disability a Rider Life Assured faces due to an accident. This disability will be the result of physical injury caused by visible and external means. Also this injury should have appeared within 180 days of the accident, without being the result of any new cause. The disability may of one of the following forms:
- In case of partial permanent disability, an accident must have resulted in the loss of one of the following:
- One eye.
- One leg.
- One arm.
- One foot.
- One hand.
- In case of total permanent disability, an accident must have resulted in the loss of one of the following:
- Both eyes.
- Both arms/Both hands.
- One leg and one arm.
- One foot and one arm.
- One foot and one hand.
- One leg and one hand.
- Both legs.
- Both feet.
- Lower jaw.
- For amputation/dismemberment cases, loss of a hand will imply loss above the wrist, loss of an arm will imply amputation/dismemberment above the elbow, loss of a foot will imply loss above ankle, loss of a leg will mean a cut above the knee.
- If disability is due to other than amputation/dismemberment, loss will imply loss of the ability to use any of the limbs by a motor-grade power of 0/5, 1/5 or 2/5 only.
- In the disability is total and permanent, then both limbs should have less than or equal 2/5 of motor-grade power.
- Loss of one or both eyes imply a total loss of the power of vision, and this should be accompanied by the certificate from an ophthalmologist.
Exclusions - What the ULIP Accidental Permanent Total/ Partial Disability Benefit Rider doesn’t cover?
Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider does not cover the following under its ambit:
- Any disability arising while committing a criminal offence or any law-breaching activity or any activity with criminal intent.
- Any disability occurring as a result of civil war, riot, war, rebellion, invasion, etc.
- Any disability arising as a result of the policyholder being under the influence of alcohol/drug or any other substance that has not been prescribed by or taken according to the prescribed dosage of a registered doctor.
- Any disability due to the policyholder taking part in operations conducted by the military, naval or air force.
- Any disability arising due to participating/training for any hazardous sport/competition or taking part in any type of competition or race.
- Any disability as the result of any aerial flight activities like gliding, parachute jumps, etc. other than as a passenger who has bought a ticket on a passenger airline plying on regular courses according to planned schedules.
- Any disability arising due to an attempt at self-injury, regardless of whether the actions are deemed insane or sane.
Other Key Features of Bajaj Allianz ULIP Accidental Permanent Total/ Partial Disability Benefit Rider:
|Rider Inclusion or Exclusion
||The policyholder get the option to either include or to exclude this rider under their base ULIP plan at the monthly anniversaries of the policy. If the policyholder chooses to exclude, the benefit of the rider will cease immediately and no rider charges will be debited henceforth. The rider can also be added back anytime subject future rider charges and underwriting.
||Policyholders get a freelook period of 15 days or 30 days (if the policy is issued following IRDAI Guidelines on Distance Marketing of Insurance Products) from the day of receiving the Rider. If the Rider Life Assured is unhappy with the terms and conditions for whatever reason, they can send a written notice to Bajaj Allianz asking for a cancellation and stating the reasons for it. On returning the Rider Document, Bajaj Allianz will reverse the charges deducted for the rider to the account holding the fund units of the policyholder, after deducting an adequate charge for the period of cover already provided under this rider, expenses incurred for medical exams (if any), and charges for stamp duty.
||The various conditions for rider termination are as follows:
- If the policyholder terminates it.
- If the base plan fund value is too low to deduct charges for the rider.
- If the the base plan itself is discontinued.
- If the policy attains anniversary at which the policyholder is 65 years in age.
- If the base plan attains maturity.
- If the benefits under the rider has already been claimed and received.
Tax Benefits – How you can save with the ULIP Accidental Permanent Total/Partial Disability Benefit Rider?
Since this is a rider and not an insurance policy in itself, the ULIP Accidental Permanent Total/Partial Disability Benefit does not fall under the ambit of tax benefits.
Cess and Service Tax is levied on the rider wherever applicable. The policyholder is responsible for all such payments. If the rider call for any any direct taxes, such charges get deducted at applicable rates from the rider payments in accordance to the provisions of the Income Tax Act, 1961.
Other Benefits – How you can save with the ULIP Accidental Permanent Total/ Partial Disability Benefit Rider?
- Bajaj Allianz offers customer service to its policyholders via phone.
- Policyholders can also access customer service via Bajaj Allianz’s online chat platform and SMS support facility.
- Bajaj Allianz presents the policyholders with a wide range of premium payment methods to choose from. Payments of all premiums can be made using the following channels:
- Credit card.
- Net banking.
- Debit card.
- Bill junction.
- Bajaj Allianz has a website that provides comprehensive information about all the insurance products that it offers.
- Policyholders can also use an enquiry form online if they want to speak to a Bajaj Allianz customer care executive.
Why you should buy the ULIP Accidental Permanent Total/ Partial Disability Benefit Rider from Bajaj Allianz?
Bajaj Allianz observed a remarkable claim settlement ratio of 98.07% for the financial year 2015-16. The individual products had a ratio of 91.3% and group products observed a ratio of 98.87%. The insurance company has received multiple awards in the past, highlighting its customer service excellence and innovative marketing strategies. Some of the awards received by the insurer are:
- Bajaj Allianz received the BFSI Sector Award for Marketing Excellence at the National Awards in 2016.
- It also received the ‘Best Life Insurance Company’ award by ABP News at the BFSI Awards in 2017.
- The insurer was honoured with the title of 'Company with Highest Claim Settlement' at the BFSI Awards by ABP News in 2017.
- Bajaj Allianz Life Insurance was conferred with the ‘Seal of Gold’ in 2016, which is a recognition for its marketing connect, brand reputation, customer centricity, and product variants.