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.
Eligibility - Who is the Bajaj Allianz ULIP Critical Illness Benefit Rider for?
| 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 and Premium Range - What you get and what it costs?
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
Inclusions - What does the Bajaj Allianz Critical Illness Benefit Rider cover?
The Bajaj Allianz Critical Illness Benefit Rider covers the following:
- A tumour that is malignant in nature and has an uncontrolled growth and spreads while destructing normal tissues. This includes sarcoma, leukemia, and lymphoma.
- If the rider life assured is diagnosed with breast cancer and the policy company is informed about it within 30 days of diagnosis, the policyholder will receive a benefit amount of 30% extra on the sum assured for the reconstructive breast surgery.
- This rider will cover the first heart attack.
- This rider includes coverage of open chest CABG. However, it doesn't include angioplasty, laser and key-hole surgery.
- In the case of kidney failure where the patient needs regular dialysis.
- In the case of a cerebrovascular accident leading to permanent neurological disorders.
- A situation in which the life assured is undergoing a major organ transplant or a bone-marrow transplant.
- Permanent paralysis of arms because of an injury to the spinal cord or the brain.
- In the situation in which the policyholder is suffering from multiple sclerosis.
- In a situation in which the policyholder is undergoing aortic surgery.
- The rider provides coverage in case of primary pulmonary hypertension.
Exclusions - What the Bajaj Allianz Critical Illness Benefit Rider doesn’t cover?
The benefit under the Bajaj Allianz Critical Illness Benefit Rider is not payable in the following scenarios:
- If the policyholder has a condition that magnifies within 90 days of the commencement of risk.
- If the policyholder suffers from an illness where death occurs within 30 days of diagnosis.
- Any medical condition that existed before taking the policy.
- Death due to the life assured committing a crime with criminal intent.
- Death due to the life assured being under the influence of drugs or alcohol.
- Death due to self-inflicted injuries, irrespective of the sanity of the life assured.
- Death due to participation of the life assured in military, naval, or air force operations.
- Death due to participation in dangerous sports or competitions, including riding or driving.
- Death due to suicide.
- Death due to gliding, aviation, or any other form of aerial flight, except as a passenger in a commercial aircraft.
- Death due to invasion, war, rebellion, civil war, or riots.
- Death that was not a direct result of the accident.
- Death that is not within 180 days from the date of the accident.
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:
- If the rider life assured stops paying the premium
- If the policyholder decides to discontinue service to the life assured
- If the risk cover under the base plan is discontinued
- On the policy maturity which is attained at the age of 65 years
- On maturity of the base plan
- Once the rider matures
Tax Benefits – How you can save with the Bajaj Allianz ULIP Critical Illness Benefit Rider?
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.
Other Benefits – How you can save with the ULIP Critical Illness Benefit Rider?
- The policyholder can take advantage of the customer service offered by Bajaj Allianz via phone.
- Bajaj Allianz also offers online chat support to their customers.
- Policyholders can choose from a wide range of payment options while paying their premiums. Premium payments can be done using your credit card/debit card/eWallet/bill junction/net banking.
- Customers can also make use of the SMS support facility offered by Bajaj Allianz.
- Customers can use the Bajaj Allianz website for detail information about any insurance product that the company offers.
- Customers can fill an online enquiry form if they wish to speak with a customer care executive from Bajaj Allianz.
Why you should buy the ULIP Critical Illness Benefit Rider from Bajaj Allianz?
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.