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Bajaj Allianz ULIP Family Income Benefit Rider Plan

ULIP Family Income Benefit Rider from Bajaj Allianz offers the benefit of 1% of the Rider Sum Assured and it is payable each month in the event of death, the first diagnosis of any of the 11 critical illnesses, or accidental permanent total disability. This plan guarantees the security of income in case of unfortunate events. You do not get any maturity benefit under this plan. The premium for this rider is collected with the base policy premium.

Eligibility - Who is the Bajaj Allianz ULIP Family Income Benefit Rider for?

The customer will have to meet certain eligibility conditions to be qualified to buy Bajaj Allianz ULIP Family Income Benefit Rider. The eligibility factors are as follows:

Parameter Eligibility
Minimum entry age 18 years
Maximum entry age 50 years
Maximum maturity age 65 years
Rider term As per the base policy, subject to a maximum of 30 years and a minimum of 5 years.
Premium payment frequency As per the base policy.
Minimum Rider Sum Assured Rs.50,000
Maximum Rider Sum Assured As per the base policy, subject to a maximum of Rs.50,00,000.

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

Sum Assured:

This is a rider that can be attached to another life insurance policy. You will not get any maturity benefit under this rider. The limits on the rider is as follows

Minimum Rider Sum Assured As per the base policy.
Maximum Rider Sum Assured As per the base policy, subject to a maximum of Rs.50,00,000 under all the policies put together with Bajaj Allianz.

Premium:

A policyholder has to pay an additional premium for the rider coverage. The amount is based on the age of the life assured, rider sum assured, rider term, and rider premium payment term. The premium payment frequency is as per the base policy.

Plan Coverage - What the Bajaj Allianz ULIP Family Income Benefit Rider covers?

The Bajaj Allianz ULIP Family Income Benefit Rider offers the security of income on the first instance of the occurrence of accidental permanent total disability, the diagnosis of any of the listed 11 critical illness or death. The assured person will get 1% of the Rider Sum Assured that is payable on a monthly basis for the period of the rider term. The minimum term for which the benefit is offered is 10 years. There is no maturity benefit offered under this plan.

The critical illnesses covered are:

  • Cancer of specified severity.
  • First heart attack of specified severity.
  • Open chest surgery.
  • Stroke resulting in permanent symptoms.
  • Kidney failure requiring regular dialysis.
  • Permanent paralysis of limbs.
  • Bone marrow or major organ transplant.
  • Alzheimer’s disease.
  • Primary pulmonary hypertension.
  • Aortic surgery,
  • Multiple sclerosis with persisting symptoms.

Exclusions - What the Bajaj Allianz ULIP Family Income Benefit Rider doesn’t cover?

The Bajaj Allianz ULIP Family Income Benefit Rider exclusions are as follows:

  • Critical illness conditions where death occurs within 30 days of the diagnosis.
  • Medical condition that manifests within 90 days of the risk commencement.
  • Pre-existing medical conditions.
  • Suicide or attempted suicide by the life insured whether sane or insane.
  • Influence of narcotics, alcohol, drugs, or psychotropic substances.
  • Hostilities, war, civil war, invasion, terrorist activity, rebellion, strikes, revolution, or industrial action.
  • Participation in the unlawful act with the criminal intent of breaching the law.
  • Treatment for illness or injury caused by activities such as mountaineering, hunting, professional sports, steeple chasing, ballooning, professional sports, scuba diving, hand-gliding, and deliberate exposure to exceptional danger.
  • Underwater activity.
  • Participation in flying activity other than as a bona fide passenger.
  • Radioactive, nuclear reaction, chemical or biological contamination due to a nuclear accident.

Exclusions of Accidental Permanent Total Disability are as follows:

  • A disability resulting from any breach of law.
  • Disability as a result of civil war, war, rebellion, invasion, or riot.
  • Disability as a consequence of being under influence of drugs or alcohol.
  • Disability as a result of taking part in military, naval, or air force operation.
  • A disability resulting from participating in hazardous sport, race, or competition.
  • Disability as a result of gliding or aviation other than as a fare-paying passenger.
  • Disability as a result of attempted self-injury even if it was caused if you are sane or insane.

Other Key Features – Free-look Period, Surrender Values and Grace Period etc.

The key features of Bajaj Allianz ULIP Family Income Benefit Rider are as follows:

Grace period If the payments are not paid by the date specified, you will be given a grace period that is applicable to the base policy to pay the premium due. If the disability occurs during the grace period, the rider benefit is paid if the policy was in full force. The outstanding premium will be deducted from the Rider Sum Assured.
Discontinuance of premiums If the premiums are not paid during the rider premium paying term, the rider benefit will cease on the expiry of the grace period. Rider benefit is not paid. The rider can be revived based on the conditions that are applicable to the base policy.
Free-look period You have the option to return the rider within 15 days or 30 days if the rider has been issued under the Distance Marketing provisions of IRDA. You will have to state the reasons for objections. You will be entitled to a refund excluding the applicable taxes and other expenses.
Rider termination The rider will be terminated if:
  • The rider premium is discontinued.
  • On the anniversary of the policy when the life assured is 65 years old.
  • The rider is terminated.
  • On termination of the base policy.
  • On maturity of the rider.
  • On commencement of family income benefit.
Nomination You can nominate a person in accordance with the provisions of Section 38 of the Insurance Act, 1938.
Assignment Assignment can be done in accordance with the provisions of Section 38 of the Insurance Act, 1938.

Tax Benefits – How you can save with the Bajaj Allianz ULIP Family Income Benefit Rider?

The Bajaj Allianz ULIP Family Income Benefit Rider does not offer any tax benefits. You will be charged direct and indirect taxes on the premiums paid.

Other Benefits – How you can save with the Bajaj Allianz ULIP Family Income Benefit Rider?

  • Bajaj Allianz has a dedicated customer portal online. You can login and access any policy related information.
  • You can renew your policy online and also make payments. The payments can be made using your debit cards, credit cards, e-Wallets, Netbanking, and Bill Junction.
  • You can chat with the customer care representative through the website.
  • You can request a callback from the customer service through the SMS Support Facility.
  • You can also request for a call back through the Bajaj Allianz Website.

Why you should buy the ULIP Family Income Benefit Rider from Bajaj Allianz?

Bajaj Allianz is a joint venture between Allianz SE and Bajaj Finserv Limited. You can enjoy the reputation of expertise, strength, and stability. Bajaj Allianz integrates local and global expertise.

The insurance products offered by Bajaj Allianz caters to the needs of the customers across various age groups and income brackets. It offers insurance products ranging from group plans to term plans, child plans, and ULIPs. They have been known for the competitive pricing and the turnaround for claim settlement is fast. The claim settlement ratio for the financial year 2015-2016 was 98.07%. It is one of the top insurers in India and is now focusing on spreading to the rural segment in India.