Bajaj Allianz ULIP Critical Illness Benefit Rider is a rider that provides financial security to your family in case a critical illness occurs. This rider is beneficial in making sure that your family remains financially secured during this emergency.
|Minimum Entry Age||18 years|
|Maximum Entry Age||50 years|
|Maximum Age at Maturity||65 years|
|Minimum Policy Term||Depends on the policy taken|
|Maximum Policy Term||Depends on the policy taken|
*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 under the base policy, under all individual policies put together with the Company Sum Assured can be lower or equal to base policy sum assured but cannot be higher than the base policy Sum Assured.
|Minimum Rider Sum Assured||As per the base plan|
|Maximum Rider Sum Assured||As per the base policy but subject to a limit of Rs.50,00,000 combining all the policies under the company|
The Bajaj Allianz Critical Illness Benefit Rider covers the following:
The benefit under the Bajaj Allianz Critical Illness Benefit Rider is not payable in the following scenarios:
Within 15 (30 days if the policy was sold under the distance marketing guidelines of the IRDAI) of the receipt of this Rider, you may, if dissatisfied with any of the terms and conditions for any reason, give the Company a written notice of cancellation along with reasons for the same, and return the Rider Document to the Company. Subject to which the Company shall reverse the rider charges to the unit account after deduction of proportionate rider charge for the period of rider cover, expenses incurred on medical examination, if any, and stamp duty charges, if any.
The rider will terminate in the following cases:
There are no tax benefits provided under the Bajaj Allianz ULIP Waiver of Premium Benefit Rider. A certain amount of service tax and CESS will be charged wherever applicable and the policyholder will have to pay it. Taxes will be in addition to the premium amount and other charges payable by you. If there are any direct taxes, it will be deducted at the applicable rate from the payments made under the policy as per the provisions of the Income Tax Act, 1961. Tax rules may change from time to time and you are advised to seek the assistance of a tax consultant for the latest provisions.
Bajaj Allianz Life Insurance Company Ltd. is a joint venture between Bajaj Finserv and Allianz SE, two leading players in the financial market on a global scale. The partner companies in the venture have immense global exposure and local expertise.
The company has a comprehensive suite of insurance products that cater to the needs of customers across various age groups and income brackets. The insurance plans offered by the company range from child plans to ULIPs, group insurance and pure term plans.
Bajaj Allianz is known for the competitive pricing of their products and the quick turnaround time they observe for claim settlement. The claim settlement ratio of the insurer was a commendable figure of 98.07% in the financial year 2015-16. The individual products had a ratio of 91.3% while the ratio for group products was 98.87%. The company has grown to be one of the top insurers in India within a short span of time. Bajaj Allianz is now focusing on the propagation of insurance in the rural segments of the country.
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