Life Insurance is a vast subject and it is
very important to understand every aspect of it. It’s a complex financial
product and in reality the base product is not enough to cover and the
complexity in Life Insurance Plans, hence Life Insurance Rider and their benefits and required.
Riders are the
additional coverage to your basic Life Insurance Policy, understanding the rider and attaching it to your
basic plan as per life insurance coverage needs helps one to secure families from all eventualities.
These supplementary benefits come at very nominal cost.
1). Waiver of Premium Benefit Rider
We very well understand
that a dreaded disease or accidental disability or even death can rob us of
regular earnings for ourselves or our family. Such dreadful situations can take
a toll on our long term financial goals due to want of funds. An life
insurance plans in place would definitely take care of the immediate
crisis. But, how do we provide for our long term goals?
We at Bajaj Allianz Life
Insurance understand the need-come what may! Bajaj Allianz Life Insurance
Waiver of Premium Benefit Rider (WOP) provides you the benefit of waiver
of all future premiums payable under the policy on the earlier occurrence of
untimely death, accidental permanent total disability or critical illness
2). Accidental Death and Total/ Partial Disability Benefit
Rider
In case of death due to accident, rider sum
assured and basic sum assured will be given the nominee of Life Insurance
Policy holder. Accidents are unfortunate and can happen with anyone leaving the
loved ones affecting family economically and emotionally. Thus this rider is
very crucial. It may happen that the insured would be disabled for life
then he is entitled to get survival benefit which will be calculated as a
percentage of the rider sum assured in line to the severity of the disability.
3). Family Income Benefit Rider
We work hard and earn to fulfill all our
family’s needs. We are, to a large extent, dependent on our income to
financially secure our families. But, what if an unfortunate event like death,
accidental disability or critical illness hampers our income flow?
We understand this concern and present
Family Income Benefit
Rider (FIB) which guarantees security of income to your family in case of such
unfortunate events. Making sure your family is financially protected always for
a worry free life.
4). Return of Premium Rider
Return of Premium rider is a valuable add-on
to a term life
insurance policy. A conventional term plan pays out nothing in case the
insured outlives the policy term. However, with ROP rider, the insured gets
entitled to receive a survival benefit. The sum of all the premiums paid over
the term is paid back to the insured.
5). Critical Illness Benefit Rider
Our life’s objectives and future plans get
impacted when an unfortunate event like a critical illness strikes. Such
emergencies require lump-sum money to overcome the financial trauma.
We understand this concern, and present Bajaj
Allianz Life Insurance Critical Illness Benefit Rider (CI), which protects you
financially in case of occurrence of a critical illness; so that money is
available to you when you need it the most.
Disclaimer
The information being provided under this section ‘Investor Education’ is for the sole purpose of creating awareness about Life Insurance and for their understanding, in general. The views being expressed only constitute opinions and therefore cannot be considered as guidelines,
The information being provided under this section ‘Investor Education’ is for the sole purpose of creating awareness about Life Insurance and for their understanding, in general. The views being expressed only constitute opinions and therefore cannot be considered as guidelines,
Recommendations or as a
professional guide for the readers.
Many of the statements
and assertions contained in this section merely reflect the views, opinions
& belief of the individual writers and therefore BALIC does not in any
manner guarantee the completeness, efficacy, accuracy or authenticity of such
information.
This information is not
intended to be an offer or solicitation for the purchase or sale of any
financial product or instrument. Before making any investments, the readers are
advised to seek independent professional advice, verify the contents in order
to arrive at an informed investment decision.
