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.
|Minimum Entry Age||18 years|
|Maximum Entry Age||60 years|
|Maximum Age at Maturity||65 years|
|*Minimum Policy Term||5 years|
|*Maximum Policy Term||47 years|
*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.
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||Rs.50,000|
|Maximum Rider Sum Assured||Rs.1 Crore|
The following disability benefits can gained from this rider, provided the disability occurs within 180 days from the day of the accident:
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.
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:
Bajaj Allianz ULIP Accidental Permanent Total/Partial Disability Benefit Rider does not cover the following under its ambit:
|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.|
|Freelook Period||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.|
|Termination||The various conditions for rider termination are as follows:
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.
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:
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.