Claim Settlement Ratio of 99.02%~

Notifications11

  • World's First Music Video Created Retired Senior Citizens

    WATCH VIDEO
  • Apne life goals ki guaranteed1 hona Ye Bhi Sahi Hai

    WATCH VIDEO
  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

    KNOW MORE
  • Here's a Comprehensive Tool To Plan Your Child's Future

    START NOW
  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

    WATCH VIDEO
  • Get Life Cover worth Rs.1 Crore at Rs.20 per day2 – Bajaj Allianz Life Smart Protect Goal

    CALCULATE NOW
  • Get your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR

    KNOW MORE
  • Paying your Renewal Premium is Quick and Easy!

    PAY NOW
  • Know the right amount of Insurance you need in just a few steps!

    START NOW
  • Avail Term Insurance Tax Benefits under Section 80D

    READ MORE
  • Know how to invest money during the covid-19 pandemic!

    READ MORE

Thanks for sharing your details, A Sales representative from
Bajaj Allianz Life will contact you shortly.

Dear Customer, we request you to connect with us in our next business working hours, (Monday to Saturday 24*6) Thank you, Have a great day ahead

X

Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

Get 1 Crore Life Cover@ Rs.21 Per Day2

Covers COVID-19 Claims##

Critical Illness Rider and Waiver of Premium Rider - An attractive add-on to a Life Insurance Policy

Pay lower premium3 on online term plans

Please enter a Name
Please enter a Mobile No.
Please check the box to proceed
WS_LIGuideHome_Banner_EN 307 38983691 WS_LIGuideHome_Banner_HI 307 38983695
WS_LIGuideHome_Banner_Mob_EN 307 38983693 WS_LIGuideHome_Banner_Mob_HI 307 38983677
Please Select Language

2,3,##T& C Apply | BJAZ-WB-EC-02299/21

2,3,##T& C Apply | BJAZ-WB-EC-02299/21

Critical Illness Rider and Waiver of Premium Rider – An attractive add-on to a Life Insurance Policy


calender-blue

March 22, 2016

By : Bajaj Allianz Life

Critical illness is a life changing event which hinders our dreams and wipes out savings. Due to the change in lifestyle, the count of critical and life-threatening illnesses are only increasing and inviting the burden of expensive treatment. Affordability towards critical illness treatment from a critical care hospital becomes major concern for many. Critical illness may also result in loss of income, change in life style. If someone is diagnosed with a critical illness, he may become jobless and it directly impacts the family income. The financial hardships due to exorbitant medical costs coupled with loss of income becomes difficult to cope with.

To combat this issue, one needs to plan for a Critical Illness insurance support (rider) to meet the large medical cost as well as a lump sum compensation for meeting day to day expenses without making someone face a financial crunch.

Critical illness Rider “cover is an additional benefit in which Insurer is contracted to pay a lump sum payment if the policyholder is diagnosed with one of the specific illness on a predetermined list as a part of an insurance policy. While the financial benefit is paid against the Critical Illness rider(11 critical Illnesses covered), the basic policy remains in force even after such a claim payment.

People should consider taking Critical Illness, since they are more likely to suffer a critical illness than die before retirement. Different people will need such a cover for different reasons. If someone is single, he or she might want a policy to ensure her mortgage is paid. If someone is married, the person may want to ensure his or her family is provided for if he or she cannot work due to illness.

Critical illness rider along with a life insurance policy is more beneficial than a standalone Critical Illness Health Plan in many ways;

  • It is usually economical and flexible to buy a critical illness rider alongside a life insurance policy. According to the paying capability, one can choose the benefit sum.
  • No need to renew the policy separately.
  • Policy pays out a tax free lump sum.
  • Premium remains same for the entire duration of the base policy and therefore tends to be cheaper than an indemnity plan or a comprehensive health plan.
  • In case CI is taken from the same insurer and with term plan, it can be issued within the medical underwriting of term plan.
  • The financial burden due to an acute illness will be far more than what an Indemnity health Plan would cover.

So, buying a critical illness Rider alongside life Insurance policy is the best way to get over the shortcoming. In short, CI acts as a hedge against monetary crunch. After the roll out of new breed of Rider benefits, now the “Waiver of Premium” rider not only provides the benefit of waiver of all life insurance future premiums on the earlier occurrence of untimely death or accidental permanent total disability, but also waives of premium on the first diagnosis of a Critical Illness.

The WOP rider is to protect life insurance customers from an unexpected disability or Illness that make it difficult to pay premiums. The benefit against Critical Illness rider is paid on the first diagnosis of any of the predefined 11 critical illnesses. A total disability or a serious illness will inevitably decrease a person’s income, so it is even more difficult to pay premiums of life insurance. When people have a difficult time, they often will terminate their life insurance quickly as a way to make spending cuts. And the effect can be very severe to their families. Disabled people have lower expectancy than average because of medical troubles. Their medical bill puts their family in a tough financial situation. If they pass away without life Insurance, the family can be left without necessary financial support or no retirement income for the spouse. The real benefit of WOP rider is that it preserves a life insurance contract when it is most needed. A WOP rider not only eases the burden of paying life insurance premium but it prevents the life insurance policy from lapsing.

Thus investing in life insurance plan with a combination of CI & WOP riders safeguards an individual from the unexpected financial burdens.

Bajaj Allianz Life Videos

Play

Bajaj Allianz Life | Children's Day

Contact Us

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Fax No: 020-66026789

Branch Visit Timings:

Monday to Friday - 9:00 AM to 3:30 PM

Saturday - 9:00 AM to 1:00 PM

Customer Care Helpline:

1800-209-7272

Monday to Sunday: 9:00 AM to 7:00 PM (IST)

NRI Services Helpline

24/7 (All week days)

Sales Enquiry Helpline:

1800-209-4040

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

For NRI: +91-20-35125850 (Call charges apply)

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

Find Us Online

##Our policy covers COVID 19 claims subject to policy terms and conditions being met

3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Non -medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.