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.
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:
|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.|
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.|
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.
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:
The Bajaj Allianz ULIP Family Income Benefit Rider exclusions are as follows:
Exclusions of Accidental Permanent Total Disability are as follows:
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:
|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.|
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.
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.