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Bajaj Allianz Waiver of Premium Benefit Rider Plan

Apart from the long list of insurance products on offer by Bajaj Allianz, the insurance company has also offered their subscribers with the benefit of the Waiver of Premium Benefit Rider Plan. Taking into consideration the expenses met by individuals and families in the case of a critical illness, untimely death or an accident causing permanent disability, this insurance riders offers subscribers with a premium waiver in the occurrence of the aforementioned situations. The premium payment term for the Bajaj Allianz Waiver of Premium Benefit Rider Plan is a minimum of 5 years and a maximum of 30 years.

Eligibility - Who is the Bajaj Allianz Waiver of Premium Benefit Rider Plan for?

In order to be eligible for the Bajaj Allianz Waiver of Premium Benefit Rider Plan, subscribers have to meet certain criteria with regard to their age and the term length of the policy.

Parameter Details
Minimum Entry Age 18 years
Maximum Entry Age 50 years
Maximum Maturity Age 65 years
Rider Term Minimum 5 years and a maximum of 30 years

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

Sum Assured:

For those with the Bajaj Allianz Waiver of Premium Benefit Rider Plan, in the occurrence of an untimely death, permanent disability as a result of an accident, or critical illness, all the future premiums of the base policy as well as the riders will be waived - subject to a maximum of Rs.50 lakh.

Premium:

For the Bajaj Allianz Waiver of Premium Benefit Rider Plan, the premium is not fixed. The rider premium is additional over the base policy and depends on the sum assured in the base policy, the entry age of the applicant and the term of the rider.

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

The Bajaj Allianz Waiver of Premium Benefit Rider Plan is effective over the base policy and the addition riders only in the case of an untimely death, permanent disability resulting from an accident and critical illness. Listed below is the coverage for particular disabilities caused by an accident and in the case of critical illness:

Accidental coverage in the case of permanent disability: Coverage for permanent total disability in the case of an accident is covered only if the accident results in a disability within 180 days of the occurrence. The rider covers the following disabilities:

  • Loss of both eyes
  • Loss of both hands and arms
  • Loss of one arm and one leg
  • Loss of one arm and one foot
  • Loss of one hand and one foot
  • Loss of one hand and one leg
  • Loss of both legs
  • Removal of lower jaw
  • Loss of both feet
  • Disability due to amputation

Certification of a medical practitioner is necessary in the case of permanent disability.

Critical illness coverage:

  • Cancer from a malignant tumor
  • First attack (depending on the severity)
  • Open chest coronary artery bypass graft
  • Kidney failure resulting in the patient requiring regular dialysis
  • Stroke leading to permanent symptoms
  • Organ or bone marrow transplant
  • Total and permanent paralysis of limbs
  • Multiple sclerosis
  • Aortic surgery
  • Primary pulmonary hypertension
  • Alzheimer’s
Accidental coverage
  • Loss of both eyes
  • Loss of both hands and arms
  • Loss of one arm and one leg
  • Loss of one arm and one foot
  • Loss of one hand and one foot
  • Loss of one hand and one leg
  • Loss of both legs
  • Removal of lower jaw
  • Loss of both feet
  • Disability due to amputation
Critical illness coverage
  • Cancer from a malignant tumor
  • First attack (depending on the severity)
  • Open chest coronary artery bypass graft
  • Kidney failure resulting in the patient requiring regular dialysis
  • Stroke leading to permanent symptoms
  • Organ or bone marrow transplant
  • Total and permanent paralysis of limbs
  • Multiple sclerosis
  • Aortic surgery
  • Primary pulmonary hypertension
  • Alzheimer’s

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

The policyholder is not eligible for the Bajaj Allianz Waiver of Premium Benefit Rider Plan coverage in case of the following conditions:

  • If death due to a critical illness occurs within the first 30 days of the diagnosis.
  • Any pre-existing condition or disease.
  • If disability due to an accident, death or a critical illness occurs within 90 days of commencement of the rider.
  • Suicide or attempted suicide.
  • If the condition prevails as a result of the individual being under the influence of drugs, alcohol, psychotropic substances, non-prescription drugs or narcotics.
  • Civil war, war, terrorist activity, riot, civil unrest, industrial catastrophe, invasion, etc.
  • If the subscriber was involved in any criminal activity or an unlawful act.
  • Injury or death caused by extreme sports or any sports and recreational activity.
  • Any sort of racing other than on foot.
  • Presence of any STD (sexually transmitted disease), HIV or AIDS.
  • Any flying activity - gliding, aviation, or any sort of aerial flight.
  • Self-injury caused by insane activity.
  • If the subscriber is injured or dies due to taking part in any naval, military or air force activity or operation.

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

The key features of the Bajaj Allianz Waiver of Premium Benefit Rider Plan are listed below:

Premium Waiver The premium waiver on the base policies and the riders held by the insurer is subject to a maximum of Rs.50 lakh.
Term of the rider The policyholder shall be enrolled for a minimum of 5 years and a maximum of 30 years
Maturity Benefit There is no maturity benefit with this rider
Rider exclusion Once the policyholder excludes the rider, the rider will play no affective part over the base policy. The premium for the rider will cease as well. Once the rider is excluded, it cannot be added over the base policy again.
Failure to pay premiums If the policyholder fails to pay the premium (within the grace period), the rider will cease to be effective immediately.
Grace period The policyholder is granted a grace period if he/she fails to pay the premium within a specified date.
Termination The rider will be terminated under certain circumstances:
  • The policyholder fails to pay the rider premium in time.
  • If the base policy is terminated due to some reason.
  • If the policyholder accepts a waiver on the premium benefit.
  • Maturity of the rider.
  • If the policyholder is 65 years of age.

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

Policyholders can visit the Bajaj Allianz website where they can login and get in touch with the customer support for requests, grievances, etc. In addition, policyholder can even pay their premiums with ease, check the status of their policies, and avail insurance policies, riders and so on, making the whole process a lot more convenient. For policyholder who wish to pay their premiums online, they can do so via the listed payment channels.

Credit Cards Visa, MasterCard, American Express, Diners Club cards, and Maestro can be used for making payments
Debit Cards Visa, Maestro, RuPay cards MasterCard, and can be used for making payments
Bill Junction By registering at Bill Junction, customers can authorise premium payments online
Netbanking Customers can even facilitate the net banking service through their online banking account to pay for the premiums, make top-ups, etc.
e-Wallets Customers can also make payments towards the premiums via e-Wallets like Idea Money, ITZCash, iCashCard, Airtel Money, PayCash, Jio Money, Oxigen.

Apart from the above listed services related to premium payments and so on, customers can even facilitate the use of the online chat service where an executive will guide one through certain processes, address a grievance or take requests. In addition, customers can also use the SMS call-back service if they’re not able to get through to the customer service or if the line is busy.

Why you should buy the Bajaj Allianz Waiver of Premium Benefit Rider Plan from Bajaj Allianz?

Established in the year 2001, Bajaj Allianz was formed following a joint venture between Bajaj Finserv Limited and Allianz SE, a top European financial company. Headquartered in Pune, Maharashtra, Bajaj Allianz currently has its presence with over 750 branches spread across the country. Currently, Bajaj Allianz offers a large number and a variety of insurance products and is one of the leading insurance companies in the country. In the financial year of 2015-2016, Bajaj Allianz accomplished a claim settlement percentage ratio of 98.07%. 91.3% of claims for individuals products saw the light of day while the claim settlement ratio for group insurance products was at 98.87%.

Over the years, Bajaj Allianz has received several awards and recognitions for its exceptional work in the fields of customer service initiatives, technological advancements and marketing strategies.

  • Bajaj Allianz bagged the honour for excellence in “Direct Benefit Transfer” with the ASSOCHAM Awards on ICT for Development 2015.
  • In 2016, they received the ABP News award for the “Best Life Insurance Company in the Private Sector”.
  • The Economic Times awarded Bajaj Allianz the “Best Corporate Brand 2016”.
  • For the fourth consecutive year, Bajaj Allianz received the “Financial Inclusion and Deepening Award 2015” by SKOCH in 5 categories.

In order to keep the standard high and deliver claims as soon as possible, Bajaj Allianz forwards their claim settlement through direct electronic transfer and if the claim settlement by chance is delayed by more than 30 days as promised by the company, the insurer grants the policyholder a 10.5% interest as compensation for each day.