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Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan

Bajaj Allianz is one of the leading private general insurance company in India. It is a joint venture between Bajaj Finserv and Allianz SE which is a German financial services Company. Currently, the company offers more than 97 financial products, out of which 27 are health-related financial products.

Life is very uncertain. We never know when a dreaded disease or accidental disability can strike us. Are you financially secure if you face a medical emergency? Apart from the physical and mental pain that once has to face during a medical emergency, they also have to suffer loss of income during the recovery period. In this case, one will not be able to continue paying their insurance premiums. To help people during these stressful situations, Bajaj Allianz has introduced ULIP Waiver of Premium Benefit Rider Plan that provides the benefit of waiver of all future premiums payable in the event of death, accidental permanent total disability, or critical illness.

Eligibility - Who can avail Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan?

Check out the eligibility criteria of Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan below:

Parameter Eligibility
Minimum Entry Age 18 years
Maximum Entry Age 50 years
Maximum Maturity Age 65 years
Minimum Policy Term 5 years
Maximum Policy Term 30 years

All ages mentioned are as per last birthday of the individual.

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

Sum assured:

Please note that is no sum assured amount that a policyholder will get upon maturity under the Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan. The prime benefit under this plan is that it waives the future premium payments in case of in the event of death, accidental permanent total disability, or critical illness.

Premium:

The premiums for the Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan will be directly deducted from the fund value of the base policy every month. It will appear under the “Charges” section of the base policy. The amount is based on the age of the rider and all total outstanding premiums which are due under the base policy.

Plan Coverage - What the Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan covers?

Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan provides the insured person with the benefit of waiver of all future premiums that are payable under the policy in the event of death, accidental permanent total disability, or critical illness. With the help of this rider, policyholders can make sure that they do not burden their loved ones after their demise or in case of any eventuality.

Rider Benefit The policyholders who have opted for Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan will get Rider Benefit under which an equivalent to all the future premiums that is payable by the insured person will be infused in the funds under the base policy if the event of death, accidental permanent total disability, or critical illness. Please note that the maximum amount that can be infused under the Rider Benefit is Rs.50 lakhs. The Rider Benefit amount will be infused at regular intervals on the corresponding premium due dates.
Death Benefit All future premium payments will be waived in the event of death of the policyholder.
Maturity Benefit There is no Maturity Benefit payable under Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan. The rider will be terminated at the end of the policy term.

Additional coverage under the Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan:

As Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan is an add-on plan, there is no additional coverage under this plan.

Exclusions - What the Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan doesn’t cover?

Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan has some exclusions. The waiver benefit with respect to critical illness will not be given by the insurer if:

  • The insured person is diagnosed with any one of the critical illnesses conditions where death occurs within 30 days of the diagnosis.
  • A medical condition is detected within 90 days from the risk commencement date or reinstatement date, whichever is earlier.
  • The policyholder is claiming for a pre-existing medical condition.
  • If the policyholder is caught in the act of suicide or attempted suicide.
  • If the insured person has self-inflicted injuries, whether insane or in insane mind.
  • Rider Life Assured being under the influence of drugs, narcotics or psychotropic substance, alcohol or anything that is not prescribed by a Registered Medical Practitioner.
  • In the event of wars, invasion, rebellion, terrorist activity, or strike.
  • Any underwater or subterranean operation or activity.
  • The existence of any sexually Transmitted Disease (STD), AIDS or HIV.

The waiver benefit with respect to accidental disability will not be payable if:

  • The disability is caused while committing any breach of law with criminal intent.
  • The disability is a result of wars, invasion, rebellion, terrorist activity, or strike.
  • If the disability is caused under the influence of drugs, alcohol, narcotics or psychotropic substance, or anything that is not prescribed by a Registered Medical Practitioner.
  • If the disability is caused in a naval, military or air force operation.
  • If the disability occurs while participating in a dangerous sport or competition.
  • If the insured person has self-inflicted injuries, whether insane or in insane mind.
  • If the policyholder is caught in the act of suicide or attempted suicide.

*Please refer to your policy document for a complete list of exclusions under the HDFC Life Critical Illness Plus rider.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Other key features of the Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan are as follows:

Plans with which the Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan can be purchased Please note that Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan can be opted only when a policyholder has a base policy. For the list of policies to which Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan can be attached, please contact Bajaj Allianz.
Discontinuance of premium If the life assured does not pay the due premiums before the grace period, the waiver benefit will cease. In this case, the policyholder will not get the waiver benefit in the event of any eventuality.
Termination of Policy The policy will terminate on fulfilment of either of the conditions mentioned below:
  • If risk cover under the base policy is discontinued
  • If the fund value under the base policy is not sufficient to deduct the due rider charges
  • If waiver of premium benefit is already given
  • If the insured person terminates the base policy or the rider
  • On the policy anniversary when the insured person attains 65 years of age
  • Upon maturity of the rider
Revival of policy The revival of the Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan will be as per the revival conditions of the base policy to which this rider is attached. If the base policy is revived, this rider will be revived automatically.
Waiting period There is a waiting period of 90 days from the date of risk commencement.
Nomination Nomination for the Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan will be as per the Nomination Schedule under the base policy. All nominations will be as per provisions of Section 39 of the Insurance Act,1938 and will be amended from time to time.
Assignment Assignment for the Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan will be as per the Nomination Schedule under the base policy. All nominations will be as per provisions of Section 38 of the Insurance Act, 1938 and will be amended from time to time.

Tax Benefits – How you can save with the Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan?

Please note that there are no tax benefits available under the Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan. Service Tax and Cess will be levied wherever applicable and the policyholder will be responsible for paying 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 Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan?

  • 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 Bajaj Allianz ULIP Waiver of Premium Benefit Rider Plan from Bajaj Allianz?

If you are looking to buy a comprehensive health insurance plan from a reputable insurance provider, look no further than Bajaj Allianz. Bajaj Allianz is one of the leading health insurance providers in India. They offer customised life insurance products at prices that won’t break the bank. They have introduced life insurance solutions to every sector and age-income profiles. From ULIPs to child health insurance, they offer it all. With their determination and excellent customer service, they bagged the Golden Globe Tigers Award in the year 2017 for Best Life Insurance Company of the year. They also received the 7th CMO Asia Awards for excellence in branding and marketing. Apart from these awards, they have bagged several other awards.