Some Frequently asked questions on Life Insurance

Life FAQ's

Basic FAQ

1. What is Insurance?

Life Insurance is a contract between the insurance company (insurer) and the policyholder (insured). In return for a consideration (the premium), the insurance company promises to pay a specified amount to the insured on the happening of a specific event such as death, disability, critical illness.

Life insurance ensures financial protection on accident or death. It enables maintenance of the same lifestyle even after the unfortunate demise of a loved one. The beneficiaries can utilize the monetary benefits to replace the income one would have earned or help pay off debts or other expenses. Life insurance boosts the confidence of the insured, and offers satisfaction of being covered for illness, life or financial loss.

2. What is Life Insurance?

Life Insurance is a contract between the insurance company (insurer) and the policyholder (insured). In return for a consideration (the premium), the insurance company promises to pay a specified amount to the insured on the happening of a specific event such as death, disability, critical illness.

Life insurance ensures financial protection on accident or death. It enables maintenance of the same lifestyle even after the unfortunate demise of a loved one. The beneficiaries can utilize the monetary benefits to replace the income one would have earned or help pay off debts or other expenses. Life insurance boosts the confidence of the insured, and offers satisfaction of being covered for illness, life or financial loss.

3. Why is insurance important?

Insurance is a risk mitigation technique where policy owner can ensure that his/her untimely demise will not result in financial hardship for loved ones and lenders.

4. How can I plan my insurance for different stages of life?

It absolutely depends on the priorities of different stages of life: that can be

  • Protection of future income
  • Protection for self and family from medical / health problems
  • Planning for education
  • Planning for marriage
  • Protection against home and car loan
  • Planning for retirement
5. What are ULIPs?

Unit-linked insurance plans offer the benefits of both life insurance and returns on investment. They give the insured the option to participate in the growth of the capital markets. On the death of the insured the sum insured or the market value of the investment (fund value), whichever is higher, is paid. On maturity of the plan the fund value is payable. Returns are subject to movements in the capital markets or debt market where investments such as equities (shares) or bonds (debt) are transacted. Unit-linked policies carry a higher risk than with-profit policies and contain fewer guarantees. However, they are much more flexible. Unit-linked policies are suited for people prepared to undertake some investment risk to obtain the benefits of flexibility.

Read our complete section on ULIP FAQ

6. What are traditional insurance plans?

Traditional Insurance Plans are Money Back Plans/Endowment Plans/Term Plans. Before the advent of ULIPs, these were the instruments of choice for insurance as well as investment. However, they offered no option to choose between various asset classes and the investments were made solely at the discretion of the insurance company. Traditional plans provided returns in the form of sum insured plus bonus (if and when declared). The amount of bonus depends upon profits made by the insurance company and the declaration of the bonus is at the sole discretion of the life insurance company.

7. What are the benefits of buying a term or traditional plan online?

One can purchase the policy conveniently and avail attractive web rebates if purchased online, also when taking an online term insurance plan, the insured ties up directly with the insurance company and no agent is involved in the process. The individual uploads all his data online and submits the same to the insurance company. The insurance company does the necessary medical check-ups, accepts/rejects the proposal and informs the insured through mail. The premium is usually cheaper when buying term insurance online as the company saves on commission + other operating costs involved in issuing a policy offline. The only disadvantage is that this is a DIY (Do It Yourself) service and hence there is no assistance from an advisor.

When a product is specifically designed for online sales, the distribution cost is saved and the benefit is transferred to the policy holder.

8. What is a Term Insurance?
Term insurance is a life insurance which provides coverage for the policy term decided between the policy holder and insurer at the onset of the policy. After this policy term expires coverage is no longer valid. If the insured dies during this term, the death benefit is paid to the nominee. Read more
9. What are Life Insurance Riders?

The most important tool you can add to your life insurance policy, is a rider. Riders are additional provisions made to an insurance contract, to extend or reduce the benefits payable by the policy. They can also affect the overall policy quote. Knowing how riders can get you extra benefits is a great boost to your ability to customize your insurance policy. Read complete section on Riders

10. What is a Benefit Illustration?

Benefit Illustration in the context of Life Insurance is a projection of cash flows and benefits pertaining to a Life Insurance Plan.

11. What do you mean by free look period and is this standard for all products?

While forwarding the policy to the insured, the insurer will inform the policyholder by letter that they have a period of 15 days from the date of receipt of the policy document to review the terms and conditions of the policy.

Where the insured disagrees with any of the terms or conditions of the policy, they have the option to return the policy stating the reasons for their objection.

The policyholder is entitled to a refund of the premium paid, subject only to a deduction of a proportionate risk premium for the period on cover, the expenses incurred by the insurer on medical examination of the proposer and stamp duty charges.

This 15 day period is known as the free-look period or the cooling off period and it is standard for all the policies.

12. What do you mean by Sum Assured (S.A.)?

The Sum Assured is generally referred to as the amount of insurance in a policy. The Sum Assured is actually the reason for which we buy life insurance. This amount affects the insured while living as well as afterlife. It is the amount that would be paid to the nominee in case of the death of the insured person (the afterlife effect) and plays a crucial role in determining the premium one has to pay to get the policy (The effect on an alive person). Sum Assured is the minimum death benefit in an endowment policy.

13. What is a premium paying term (PPT)?

Premium paying term (PPT) is period during which the policyholder pays the premium. It can be equal to or less than the total policy term. Please refer to the product circular to know about a particular product's PPT.

14. What do we mean by Death Benefit?

The amount received by the nominee at the time of death of policy holder during the policy term is called death benefit. It is generally sum assured + bonuses in endowment policies, sum assured or fund value (whichever is higher) in ULIPs.

15. What is Proposed Insured?

A Proposed Insured is a person whose interests are protected by an insurance policy. Example - If you are the individual whose life is going to be covered under the insurance policy, then you are the proposed insured.

16. How much insurance cover can be provided to a non working woman?

Please see the below table

Marital Status Non working Woman
Married 50 % of husband's cover OR 25 L whichever minimum
Unmarried / Divorcee No cover
Widow No cover
17. What riders can be provided to the non working and the working women? All riders are given to working woman (for FIB - Proof of income is insisted)

All riders are given to working women
For Non Working Women please see the below table - (please use full names for riders not shortforms)

  • HC - Hospital Cash
  • CI - Critical Illness
  • Mahila Gain I and II
Marital Status Non working Woman
Married HC + CI + Mahila Gain I andII
Unmarried / Divorcee No cover
Widow No cover
18. Is a pregnant lady covered in the policy?

A pregnant lady is not covered if claim falls under exclusions as per Pregnancy Clause imposed while issuing the policy, not covered if any non-disclosures are found with regard to pregnancy related questions(history of abortion, miscarriage, ectopic pregnancy and pregnancy status as at the time of proposal)

19. What do you mean by preferred non smoker and how is an individual declared as preferred non smoker?

Non Smoker refers to a person who does not consumed tobacco in any for. A preferred non-smoker is a healthy non-smoker. (For example, one can be a non-smoker but an obese person)

20. Can we increase or decrease Sum Assured in future?

No, SA cannot be increased / decreased in future

21. What will happen if the I start drinking or smoking after taking the policy?

There is no effect as such for base cover. Only accidental injuries suffered under the influence of alcohol resulting into disability or death will not be covered (Only disability claim and Accidental Death Benefit portion of death claim payout is not payable). Nothing adverse for smoking habits started after policy issuance

22. What are the reasons for the rejection of the claims?

Below are some of the reasons for claims rejection
Lapsation status of policy on the date of incidence of claim, non-coverage of a particular event/loss as per policy conditions, loss not qualifying under the definition of loss either marginally or totally as per coverage definition, losses falling under exclusions.

23. How do I pay my premiums?

Depending on the product your premium could be a one time "single premium" plan or a "regular premium" plan. In case of a regular premium plan, you will have the option to pay premiums either annually, half yearly, quarterly or monthly, depending on the product you take. Payment of Renewal premiums online have also been made very simple. Click Here to Pay Renewal Premium

24. How do we change the communication address initially communicated at the time of policy purchase?

You may visit any branch office and communicate these changes at the policy servicing department, or else log on to the customer portal and change the address there online.

25. What is Grace Period?

Grace Period is the time provided to the customer over and above the exact due date to make the payment for the renewal premium without lapsing the insurance policy or reducing any of the policy benefits. So it is an extra time window given to the customer to make the premium payment just in case he forgets to make the payment in time or needs some more time to arrange for the funds. The grace period for annual, half yearly and quarterly mode is 30 days, and 15 days for monthly mode.

Riders FAQ

1. What are Life Insurance Riders?

The most important tool you can add to your life insurance policy, is a rider. Riders are additional provisions made to an insurance contract, to extend or reduce the benefits payable by the policy. They can also affect the overall policy quote. Knowing how riders can get you extra benefits is a great boost to your ability to customize your insurance policy.

2. If a customer has purchased the policy on his Childs name, who will get the benefit of term rider?

Term rider can be opted by the proposer in case of a minor life assured. The death benefit shall be paid to the family in case of the unfortunate death of the proposer.

3. How many times can a customer avail the benefits of all the riders in a year and what is the CAP for each rider?

CI if triggered is paid in full and the rider cease to exist. A total of 60 days in a policy year can be claimed under HCB.

4. What are the riders available?
You can enjoy following extra coverage by choosing the optional additional rider benefits at policy inception or at any subsequent policy anniversary at a nominal extra cost.
  • Bajaj Allianz UL Family Income Benefit Rider
  • Bajaj Allianz UL Term Rider
  • Bajaj Allianz UL Waiver of Premium Benefit Rider
  • Bajaj Allianz UL Critical Illness Benefit Rider
  • Bajaj Allianz UL Hospital Cash Benefit Rider
  • Bajaj Allianz UL Accidental Permanent Total / Partial Disability Benefit Rider
Also at any policy anniversary you have the option to exclude the rider coverage but once the rider cover is excluded cannot be included again.
If you choose any of the following riders then the minimum premium paying term should be 10 years.
  • Bajaj Allianz UL Family Income Benefit
  • Bajaj Allianz UL Term Rider
  • Bajaj Allianz UL Critical Illness Benefit Rider
  • Bajaj Allianz UL Hospital Cash Benefit Rider
5. What is Bajaj Allianz UL Family Income Benefit Rider?

The aim of this additional rider benefit is to ensure steady cash flow in case of death or Accidental Total Permanent Disability of the Life Assured. Life Assured is the person whose life is insured under this UL Family Income Benefit, whose name appears in the Schedule and who is either the proposer of the base Policy issued on the life of a minor or the Life Assured himself. Herein is referred to as UL FIB LA.

The minimum age at entry of UL FIB LA is 18years and maximum age at entry of UL FIB LA is 50yrs.

In case of Death of the UL FIB LA, provided the Policy is in-force at the time of Death, a monthly income benefit of 1% of the Sum Assured is payable to the Nominee over the term of Benefit Payout Period. The Benefit Payout Period for UL FIB rider is at the end of the Policy Term or for a period of 10 years whichever is higher

In case of Accidental Total Permanent Disability of the UL FIB LA, provided the Policy is in-force at the time of Accidental Total Permanent Disability, a monthly income benefit of 1% of the Sum Assured is payable to the UL FIB LA or nominee over the term of the Benefit Payout Period.

6. What is Bajaj Allianz UL Term Rider?

The aim of the rider is to provide life cover to the Life Assured (UL Term Rider). Life Assured (UL Term Rider) is the person whose life is insured under this UL Term Rider Benefit, whose name appears in the Schedule. The Life Assured of the Term Rider can be either the proposer of a base Policy issued on a minor or the Life Assured himself.

In case of death of UL Term Rider LA, provided that the base policy is in force and the rider cover has not ceased, on death of the Life Assured (UL Term Rider) during the term of the policy, the company will be liable to pay to the nominee the UL Term Rider Sum Assured(equal to the Sum Assured under the base plan).

UL Term Rider can be included at inception or at any policy anniversary of the base policy subject to underwriting norms by the Company.

7. What is Bajaj Allianz UL Waiver of Premium Benefit Rider?

The Policyholder has an option to choose the UL WOP rider for the benefit of the minor Life Assured. The aim of this additional rider benefit is to ensure continuation of the base policy in case of Death or Accidental Total Permanent Disability of the proposer.

In case of Death or Accidental Permanent Total Disability of the Proposer, the payment of future Regular Premium(s) by the Proposer shall be waived during the Benefit Payment Period and all the future Regular Premium(s) falling due during the Benefit Payment Period shall be allocated by the Company to the Unit Account of the Policy on the Premium Due Dates and at the Allocation Rate as specified in the Policy or Schedule.

8. What is Bajaj Allianz UL Critical Illness Benefit Rider?

The Policyholder may select Critical Illness coverage. The Critical Illness coverage can only be chosen if the issue age of the Life Assured is not less than 18 and not more than 50 years. The minimum coverage is Rs. 50,000/- and the maximum coverage is equal to Rs.50 lacs. Coverage is provided until the age being 65 or termination of the policy, whichever happens earlier.

There is a waiting period of 6 months, i.e. the Critical Illness Benefit can only be claimed if the illness is diagnosed at least 6 months after the date of commencement of risk or reinstatement of risk.

9. What is Bajaj Allianz UL Hospital Cash Benefit Rider?

The Policyholder may select Hospital Cash coverage with a daily hospital cash amount @ Rs.4 per Rs.1000 Sum Assured subject to a minimum Hospital Cash Sum Assured of Rs. 50,000 and maximum of Rs. 2,50,000 or the basic Sum Assured, whichever is lower. For Example, if the basic Sum Assured chosen is Rs. 5,00,000/-, the Policyholder can choose the Sum Assured for Hospital Cash between Rs. 50,000 and Rs. 2,50,000/-

10. What is Bajaj Allianz UL Accidental Permanent Total / Partial Disability Benefit Rider?

The Policyholder can choose Accidental Permanent Total/Partial Disability Benefit. The minimum age at entry is 18, and maximum age at entry is 50. This benefit includes coverage for both, Accidental Permanent Partial Disability and Accidental Permanent Total Disability. Coverage is provided until the age being 65 or termination of the policy, whichever happens earlier. The amount payable in the event of Accidental Permanent Partial Disability will be the lower one of:

  • 50% of the basic Sum Assured
  • Rs 25, 00,000 under all the BAJAJ ALLIANZ LIFE INSURANCE policies of the Policyholder taken together
The amount payable in the event of Accidental Permanent Total Disability will be the lower one of:
  • the basic Sum Assured
  • Rs 50, 00,000 under all the BAJAJ ALLIANZ LIFE INSURANCE policies of the Policyholder taken together

Claims FAQ

1. If a customer has purchased the policy on his Childs name, who will get the benefit of term rider?

Term rider can be opted by the proposer in case of a minor life assured. The death benefit shall be paid to the family in case of the unfortunate death of the proposer.

2. Is a pregnant lady covered in the policy?

A pregnant lady is not covered if claim falls under exclusions as per Pregnancy Clause imposed while issuing the policy, not covered if any non-disclosures are found with regard to pregnancy related questions(history of abortion, miscarriage, ectopic pregnancy and pregnancy status as at the time of proposal)

3. What will happen if the I start drinking or smoking after taking the policy?

There is no effect as such for base cover. Only accidental injuries suffered under the influence of alcohol resulting into disability or death will not be covered (Only disability claim and Accidental Death Benefit portion of death claim payout is not payable). Nothing adverse for smoking habits started after policy issuance

4. What are the reasons for the rejection of the claims?

Below are some of the reasons for claims rejection
Lapsation status of policy on the date of incidence of claim, non-coverage of a particular event/loss as per policy conditions, loss not qualifying under the definition of loss either marginally or totally as per coverage definition, losses falling under exclusions

Tax FAQ

1. Tax Law: Section 80C

Under Section 80C of the Income Tax Act:

  • The assesses is free to invest up to Rs.100000/- in any one or more of the specified instruments; there are no sectoral caps (except in PPF - i.e.: Rs.70000/-) on investment in the new section
  • Amount invested in these instruments would be allowed as deduction irrespective of whether (or not) such investment is made out of income chargeable to tax.
  • Section 80C deduction is allowed irrespective of the assessee's income level. Even persons with taxable income above Rs.1000000/- can avail the benefits of Section 80C.
  • The deduction is allowed from taxable income, the exact savings in tax will depend upon the tax slab of the individual. Thus, a person in the 30% tax slab can save income tax up to Rs.30900/- by investing Rs.100000 in the specified schemes under Section 80C.

Specified Instruments u/s 80C:

  • Life insurance premiums (see our section on tax saving)
  • Contributions to Employees Provident Fund/GPF
  • Public Provident Fund (maximum Rs.70000/- in a year)
  • NSC (National Savings Certificates)
  • Unit Linked Insurance Plan (ULIP)
  • Repayment of housing loan (principal)
  • Equity Linked Savings Scheme (ELSS) of mutual funds
  • Tuition fees including admission fees or college fees paid for fulltime education of any two children of the assessee (any development fees or donation or payment of a similar nature shall not be eligible for deduction)
  • Infrastructure bonds issued by institutions/banks such as IDBI, ICICI, REC, PFC, etc.
  • Interest accrued in respect of NSC VIII issue
  • Pension scheme of LIC of India or any other insurance company
  • Life insurance premiums
  • Fixed deposit with banks having a lock-in period of 5 years
2. Tax Law: Section 80D

Under this section, deduction of up to Rs.40000/- can be claimed in respect of premium paid by cheque towards health insurance policy of various insurance companies.

a. Such premium can be paid towards health insurance of spouse, dependent parents as well as dependent children as per following table

on whose life healthinsurance policy is taken Individual taxpayer, his/her spouse, and dependent children Additional Deduction for parents of the individual whether depedent or not Total
General Deduction 15,000 15,000 30,000
Additional Deduction if one of the insured is Senior Citizen 5,000 5,000 10,000
Total 20,000 20,000 40,000
** Accordingly a person who falls in the 30% tax bracket can save income tax up to Rs.4635/- by paying Rs.15000/- as premium for mediclaim policy in a year.
3. Tax Law: Section 10 (10D)

As per Section 10 (10D) of the Income Tax Act of 1961, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, is exempt from tax.

However, this rule does not apply to any sum received other than death benefit, if the premium paid in any of the years during the term of the policy is more than 20% of the actual capital sum assured.

Term FAQ

1. How much insurance cover can be provided to a non working woman?

Please see the below table

Marital Status Non working Woman
Married 50 % of husband's cover OR 25 L whichever minimum
Unmarried / Divorcee No cover
Widow No cover
2. What riders can be provided to the non working and the working women?

All riders are given to working women
For Non Working Women please see the below table - (please use full names for riders not shortforms)

  • HC - Hospital Cash
  • CI - Critical Illness
  • Mahila Gain I and II
Marital Status Non working Woman
Married HC + CI + Mahila Gain I andII
Unmarried / Divorcee No cover
Widow No cover
3. Is a pregnant lady covered in the policy and what are the terms and conditions and the claims included and also if the lady dies at the time of pregnancy is the claim settled for the same?

A pregnant lady is not covered if claim falls under exclusions as per Pregnancy Clause imposed while issuing the policy, not covered if any non-disclosures are found with regard to pregnancy related questions(history of abortion, miscarriage, ectopic pregnancy and pregnancy status as at the time of proposal)

4. What do you mean by preferred non smoker and how is an individual declared as preferred non smoker?

Non Smoker refers to a person who does not consumed tobacco in any for. A preferred non-smoker is a healthy non-smoker. (For example, one can be a non-smoker but an obese)

5. Can we increase or decrease Sum Assured in future?

No, SA cannot be increased / decreased in future

6. What will happen if the I start drinking or smoking after taking the policy?

There is no effect as such for base cover. Only accidental injuries suffered under the influence of alcohol resulting into disability or death will not be covered (Only disability claim and Accidental Death Benefit portion of death claim payout is not payable). Nothing adverse for smoking habits started after policy issuance

7. What are the reasons for the rejection of the claims?

Below are some of the reasons for claims rejection
Lapsation status of policy on the date of incidence of claim, non-coverage of a particular event/loss as per policy conditions, loss not qualifying under the definition of loss either marginally or totally as per coverage definition, losses falling under exclusions.

8. How do I pay my premiums?

Depending on the product your premium could be a one time "single premium" plan or a "regular premium" plan. In case of a regular premium plan, you will have the option to pay premiums either annually, half yearly, quarterly or monthly, depending on the product you take. Payment of Renewal premiums online have also been made very simple. Click Here to Pay Renewal Premium

9. How do we change the communication address initially communicated at the time of policy purchase?

You may visit any branch office and communicate these changes at the policy servicing department, or else log on to the customer portal and change the address there online.

ULIP FAQ

1. What is allocation?

Under unit-linked policies the investment of the premium in the particular funds after deduction of allocation charge is called allocation. It differs with every policy and year

2. What is Partial Withdrawal?

Partial withdrawal of a policy implies withdrawal of only a part of the funds of your policy. The applicable norms for partial withdrawal may differ for every product. For product-specific details on the same, please refer to the respective product circulars.

3. Explain Wheel of Life Portfolio Strategy?

Wheel of Life Portfolio Strategy:

  • This strategy provides the policyholder with "Years to maturity based portfolio management"
  • The policyholder can opt for this portfolio strategy at the commencement of the policy or can switch to this portfolio strategy at any subsequent policy anniversary by giving a 30-day advance written notice to the Company
  • If the policyholder has opted for this portfolio strategy at the commencement of the policy, the regular premium and the top up premium, if any, would be allocated in the funds mentioned (namely Blue Chip Equity Fund, Equity Growth Fund II, Accelerator Mid-Cap Fund II, Bond Fund and Liquid Fund) in the proportion as mentioned in the table below, depending on the outstanding years to maturity
  • If the policyholder has switched to this portfolio strategy at any subsequent policy anniversary:
    • The Company will reallocate the regular premium fund value and top up premium fund value, if any, among equities, debt and cash in the proportion mentioned in the table below, depending on the outstanding years to maturity of the policy
    • The regular premiums and the top up premiums, if any, would also be allocated in the funds mentioned (namely Blue Chip Equity Fund, Equity Growth Fund II, Accelerator Mid-Cap Fund II, Bond Fund and Liquid Fund) in the proportion mentioned in the table below, depending on the outstanding years to maturity of the policy
  • On each policy anniversary, the company will reallocate the regular premium fund value and top up premium fund value, if any, among various funds in the proportion based on the outstanding years to maturity of the policy.
  • The regular premiums and top up premiums, if any, paid in that particular policy year will also be allocated in the same proportion.
  • All allocation and de-allocation of units shall be based on the prevailing unit price. This will ensure that a balance is maintained between the policyholder's "years to maturity" and level of risk on investments to optimize the returns
Years to Maturity Proportion in following three funds (%) Bond Fund (%) Liquid Fund (%)
Bluechip Equity Fund Equity Growth Fund Accelerator Mid-cap Fund II Total
20 20 50 30 100 0 0
19 30 50 20 100 0 0
18 30 50 20 100 0 0
17 30 50 20 100 0 0
16 30 50 20 100 0 0
15 40 40 15 95 5 0
14 40 40 10 90 10 0
13 40 40 5 85 15 0
12 40 40 0 80 20 0
11 40 35 0 75 25 0
10 40 30 0 70 30 0
9 40 25 0 65 35 0
8 40 20 0 60 40 0
7 40 15 0 55 45 0
6 40 10 0 50 50 0
5 40 0 0 40 55 5
4 30 0 0 30 60 10
3 20 0 0 20 65 15
2 10 0 0 10 70 20
1 0 0 0 0 80 20
4. What is Investors Selectable Portfolio strategy?

Under this portfolio strategy, the policyholder has the choice to choose one or more of the investment funds. The policyholder has the option to switch units from one fund to another, by giving written notice to the Company.

The policyholder also has the option to switch out of or into this strategy at any policy anniversary by giving a written notice to the Company 30 days in advance

5. What is Net Asset Value (NAV)? How it is calculated?

ULIPs invest the premium in the equity or debt market or both. The premium is allocated in the fund of your choice. The fund has particular value associated to it which is better known as Net Asset Value.

Net Asset Value is the market value of the fund less the liabilities divided by total number of units. NAV on any current day is equivalent to assets minus liabilities divided by total outstanding units.

Net Asset Value (NAV) = {(Market Value of Investments Held by the Fund + Value of Any Current Assets) - Value of any Current Liabilities and Provisions (if any)} / Number of Units Existing at Valuation Date (before creation/redemption of any units). This gives the unit price of the fund under consideration.

6. What do you mean by funds?

A ULIP fund is a fund that brings people with a common objective together. Money collected from these people is invested on their behalf and the returns are shared back amongst them. ULIP funds are managed by a fund manager. The fund manager invests the money according to the objective of the scheme in equities, debt instruments, money markets, etc. The experienced fund managers (also referred to as portfolio managers) are responsible for investing the funds based on the type of fund that is chosen by the investor.

7. What do we mean by fund value?

Fund value is the value of investment made by the policy holder in a ULIP policy. It is calculated as:

Fund Value = Number of Units X Unit Price

Therefore, fund value is equal to the number of units under the policy multiplied by the respective unit price on the relevant valuation date.

8. What are Money Market Instruments? What comes under Money Market Instruments?

Money market means a market where money or its equivalent can be traded. Money is a synonym of liquidity. Money market consists of financial institutions and dealers in money or credit who wish to generate liquidity. It is better known as a place where large institutions and governments manage their short term cash needs. For generation of liquidity, short term borrowing and lending is done by these financial institutions and dealers. Money market is part of the financial market where instruments with high liquidity and very short term maturities are traded. Due to the highly liquid nature of securities and their short term maturities, money market is treated as a safe place to trade. Hence, money market is a market where short term obligations such as treasury bills, commercial papers and bankers' acceptances are bought and sold.

9. Explain Pure Stock Fund?

The investments in this fund will specifically exclude companies dealing in gambling, contests, liquor, entertainment (films, TV, etc.), hotels, banks and financial institutions. Investment would be at least 60% in equities and not more than 40% in bank deposits and money market instruments.

10. What are infrastructure bonds?

Infrastructure bonds are those bonds the proceeds of which are invested by the company in the infrastructure facilities of the country. Such bonds carry a fixed rate of interest, to be paid at the time of maturity.

Under Section 80CCF of the Income Tax Act, notified infrastructure bonds are exempt from tax, up to maximum of Rs.20000/- per year

11. What is a bond fund?

Bond funds are debt funds. The objective of the fund is to provide accumulation of income through investment in high quality fixed income securities. This fund will have an exposure of maximum 20% in money market instruments and minimum 80% in G-Secs, bonds and fixed deposits.

These funds are meant especially for investors with a relatively less appetite for risk and having an intention to earn returns higher than what are possible to earn from other safe avenues like Fixed Deposits. So, safety and returns, both are of equal concern for those investing in bond funds. Most bond funds pay income regularly and their NAVs tend to fluctuate less than those of an equity fund.

12. What is a liquid fund?

Liquid funds are cash funds. The objective of this fund is to protect the invested capital through investments in money market and short term debt instruments. This fund will invest 100% of its portfolio in bank deposits and money market instruments. Not more than 20 % of the apportioned premium can be put in this fund.

Liquid funds are used primarily as an alternative to short-term fix deposits. Liquid funds invest with minimal risk. A liquid fund provides good liquidity, low interest rate risk and prevailing yield in the market.

13. What is asset allocation fund?

The investment objective of this fund will be to realize a level of total income, including current income and capital appreciation, which is consistent with reasonable investment risk. The investment strategy will involve a flexible policy for allocating assets among equities, bonds and cash. The fund strategy will be to adjust the mix between these asset classes to capitalize on the changing financial markets and economic conditions. The fund will adjust its weights in equity, debt and cash depending on the relative attractiveness of each asset class. Equity: 0% - 100%, Debt: 0% - 100%, Money market instruments: 0% - 20%.

14. What is accelerator mid-cap fund?

The objective of this fund is to achieve capital appreciation by investing in a diversified basket of mid-cap and large-cap stocks. This fund will have an exposure of maximum 40% in bank deposits and money market instruments and 60% in equities. Of the equity investment at least 50% will be in mid-cap shares.

Mid-cap is a type of stock fund that invests in mid-sized companies. A company's size is determined by its market capitalization, with mid-sized firms. Most stocks held in a mid-cap fund are firms with established businesses that are still considered developing companies. These funds tend to offer more growth than large-cap stocks and less volatility than the small-cap segment.

15. What is equity index fund II?

The objective of the fund is to provide capital appreciation through investment in equities forming part of NSE Nifty. This fund will have an exposure of maximum 40% in bank deposits and money market instruments and minimum 60% in equities.

16. What is Systematic Switching Option?

Systematic Switching Option (SSO) is to help policyholders with a winning approach in volatile market situation and optimize returns. One can invest a lump-sum amount (single premium) in liquid fund and a pre-determined amount gets systematically transferred every month into any of the available fund(s) as specified by the policyholder.

SSO gives the security of liquid fund (protection of the invested capital through investments in liquid money market and short-term instruments) while systematically transferring a pre-determined amount to selected investment fund(s). It ensures rupee cost averaging in a volatile market.

17. What is blue chip equity fund?

The objective of the fund is to provide capital appreciation through investment in equities forming part of NSE Nifty. This fund will have an exposure of maximum 40% in bank deposits and money market instruments and minimum 60% in equities.

18. Can we get the last 5 years fund performance?

The inception dates of the funds are mentioned on page 120 of the Annual Report 10-11. The report can be found on the BALIC website.

The link is: http://www.bajajallianz.com/Corp/content/BALIC-Annual-Report10-11.pdf.

The returns can be calculated by comparing NAV at inception with the current NAV. The NAV history is also available on our website

19. What is a difference between traditional plans and ULIPs?
ULIP Traditional Plan
ULIP means a "Unit Linked Insurance Plan." It combines the characteristics of a mutual fund and life insurance product. Part of the premium goes into buying life insurance cover while the remaining part of the premium is invested in an asset class (equity/debt), based on one's choice. Asset class investment is made after deduction of known charges These are Money Back Plans/Endowment Plans/Term Plans. Before the advent of ULIPs, these were the instruments of choice for insurance as well as investment. However, they offered no option to choose between various asset classes and the investments were made solely at the discretion of the insurance company. Traditional plans provided returns in the form of sum insured plus bonus (if and when declared). The amount of bonus depends upon profits made by the insurance company and the declaration of the bonus is at the sole discretion of the life insurance company.
20. What is the Difference between Wheel of life portfolio strategy and Investor Selectable portfolio strategy?

Investor selectable Portfolio Strategy: If you want to allocate your premiums based on your personal choice and decision, you can opt for this strategy. Bajaj Allianz iGain III Insurance Plan offers you choice of seven (7) funds to suit your investment needs

Those are:
  • Equity Growth Fund
  • Accelerator Mid-Cap Fund II
  • Pure Stock Fund
  • Asset Allocation Fund
  • Blue-chip Equity Fund
  • Bond Fund
  • Liquid Fund
Wheel of Life Portfolio Strategy:
  • We provide you with "Years to maturity based portfolio management".
  • At the commencement of the Policy, your premium (regular premium and top up premium, if any) would be allocated in various funds in the proportion as mentioned below.
  • On each policy anniversary, we will reallocate your fund value among various funds in the proportion based on your outstanding years to maturity.
  • The premiums (regular premium and top up premium, if any) paid in that particular policy year will also be allocated in the same proportion.
  • All allocation & re - allocations of units shall be based on the prevailing unit price.
  • This will ensure that a balance is maintained between your "years to maturity" and level of risk to your investments to optimize the returns
  • The rates of allocation/reallocation of your premium /fund value into various funds based on your outstanding years to maturity will be as follows:
  Proportion in following three Funds (%)    
Years to Maturity Bluechip Equity
Fund
Equity Growth
Fund II
Accelerator Mid-Cap
Fund II
Total Bond Fund (%) Liquid Fund (%)
20 20 50 30 100 0 0
19 30 50 20 100 0 0
18 30 50 20 100 0 0
17 30 50 20 100 0 0
16 30 50 20 100 0 0
15 40 40 15 95 5 0
14 40 40 10 90 10 0
13 40 40 5 85 15 0
12 40 40 0 80 20 0
11 40 35 0 75 25 0
10 40 30 0 70 30 0
9 40 25 0 65 35 0
8 40 20 0 60 40 0
7 40 15 0 55 45 0
6 40 10 0 50 50 0
5 40 0 0 40 55 5
4 30 0 0 30 60 10
3 20 0 0 20 65 15
2 10 0 0 10 70 20
1 0 0 0 0 80 20

Retirement FAQ

1. How much will I need to Retire Rich?

There really isn't a single number that will guarantee a comfortable retirement. It depends on many factors, including your desired standard of living, your expenses (including any medical costs) and your target retirement age. However, it's entirely possible to determine a reasonable number for your own retirement needs. If you plan ahead and estimate, it's certainly possible for you to accumulate a fund sufficient to last through your retirement years. There are several key tasks you need to complete before you can determine how much you will needing order to fund your retirement.

Key Tasks to Consider

  • Decide your retirement age
  • Decide your annual retirement income

Adding up the Current Market Value of your Savings and Investment Estimate your future health expenses

Download whitepaper on retirement planning

2. What do I need to do to Retire Rich?

The most important task is to decide your retirement age.

Adding up the Current Market Value of your Savings and Investment estimate for your future health expenses is the next step. While estimating the retirement fund, one should keep in mind the cost of living for the surviving spouse after one's death.

Finally you should estimate your future health expenses

Deciding how much retirement fund you need is only the first step to your dream retirement. There are other important questions to be answered too like - how to build your retirement fund and how to manage your fund during your non-retirement years.

Download whitepaper on retirement planning

3. What is a difference between traditional plans and ULIPs?
ULIP Traditional Plan
ULIP means a "Unit Linked Insurance Plan." It combines the characteristics of a mutual fund and life insurance product. Part of the premium goes into buying life insurance cover while the remaining part of the premium is invested in an asset class (equity/debt), based on one's choice. Asset class investment is made after deduction of known charges These are Money Back Plans/Endowment Plans/Term Plans. Before the advent of ULIPs, these were the instruments of choice for insurance as well as investment. However, they offered no option to choose between various asset classes and the investments were made solely at the discretion of the insurance company. Traditional plans provided returns in the form of sum insured plus bonus (if and when declared). The amount of bonus depends upon profits made by the insurance company and the declaration of the bonus is at the sole discretion of the life insurance company.
4. What are the types of bonus and when are they received?

There are three types of bonus given by insurance companies.

  • 1. Compound Reversionary Bonus: This shall be payable along with and as and when the sum assured becomes payable. In case of Bajaj Allianz's Cash Rich insurance plan, the CRB is payable at the end of the premium paying term
  • 2. Terminal Bonus: Upon receipt of a valid claim in respect of the life assured's death or maturity, the Company may pay terminal bonus if the policy is in force for full sum assured.
  • 3. Interim Bonus: If the Company receives a valid claim in respect of the life assured's death or maturity of the policy part way during the course of the financial year or before the valuation result is declared, an interim bonus will be payable as per the appointed actuary's recommendation.
5. What is interim bonus and when is it received

Bonus is usually declared on policies which are in force on the date of valuation. The Company may pay interim bonus as well for the policies where any premium has been paid after the last valuation date and the death or survival benefit at the end of premium paying term is payable before the next valuation date.

For example, the bonus after the valuation as on 31.3.2003 will be declared sometime in September 2003 and will benefit holders of policies which were in force on 31.3.2003. Policies which become claims after 31.3.2003 before the next results are announced in September 2003 would not get the benefit of bonus, although they have the right to participate till the date of claim. In order to overcome such anomalies, actuaries usually declare interim bonuses payable on such policies, which become claims between two valuations.

6. What is Terminal Bonus and when is it received?

If in the policy all due premiums have been paid, the Company may pay a terminal bonus as well on the termination of the policy, due to death or maturity.

Terminal bonus refers to an additional bonus or additional sum of money paid to indicate the overall performance of a with-profits life assurance policy during the maturity of the policy or death of the assured prior to the maturity. This additional sum or bonus is paid is only on with-profits policies, usually during the death of the policy holder or at maturity period. The amount paid depends upon the profits made by the insurance provider. In practice, the additional bonus is paid by the insurance companies when the policy is claimed on the event of death or maturity.

iSecure FAQ

1. What type of product is iSecure Insurance Plan?

Bajaj Allianz iSecure Insurance Plan is a Non-Linked, Non-Participating, Regular Premium, Level Term Assurance Plan.

2. What is the minimum and maximum entry age for this plan?

Minimum age at entry is 18 years and maximum age at entry is 60 years for the base plan.

3. What is the choice of policy term available?

Policy Terms of 10, 15, 20, 25 and 30 years are available.

4. What is the minimum and maximum premium for this plan?

Minimum Regular Premium for sum assured less than 20 lacs is Rs. 1,000 per Yearly Installment, Rs. 500 per Half-yearly Installment, Rs. 250 per Quarterly Installment, Rs. 100 per Monthly installment.

Minimum Regular Premium for sum assured 20 lacs and above is Rs. 3,000 per Yearly Installment, Rs. 1,500 per Half-yearly Installment, Rs. 750 per Quarterly Installment, Rs. 250 per Monthly installment.

Maximum Premium: Will depend upon the Sum Assured chosen.

5. What is the Sum Assured under this plan?

Minimum Sum Assured is Rs. 2,50,000. However, for polices sold through the web, the minimum sum assured is Rs. 2,000,000

Maximum Sum Assured is Rs. 100 crores.

Sum Assured can be chosen in specific multiples only (as stated below):

Sum Assured Band Multiple
Upto Rs. 4,00,000 Rs. 50,000
Rs. 4,00,000 to 100,00,00,000 Rs. 1,00,000
6. Will there be any difference in the premium rates for smokers and non smokers?

Yes. For sum assureds of 20 lacs & above, the premium rates under the plan will depend on lifestyle category (from Preferred Non-Smoker, Non-Smoker and Smoker).

7. How does the Proposer know the lifestyle category in which he/she falls?

The category applicable for the proposer will be decided by the company based on the medical tests results. The premium amount collected at the time of proposal will be the one corresponding to the smoker or non-smoker category. After the category is decided upon, any excess will be refunded to the policyholder.

8. How does the Proposer know if he/she belongs to the category preferred nonsmoker?

To be eligible for preferred non-smoker category, one has to be a necessarily non-smoker. The company will further determine the category based on the medical tests results done.

9. Does the Proposer necessarily have to undergo the medical tests?

If the Sum Assured chosen is Rs. 20 lacs and above, the proposer will have to necessarily undergo the medical tests.

10. Can the Policyholder pay premiums in advance?

No, the Policyholder cannot pay premiums in advance.

11. Does the Policyholder get any rebate/discount for High Sum Assured?

Yes. High Sum Assured rebate will be offered under the plan for choosing sum assured of Rs. 5,00,000 and above.

12. Is the product available for joint lives?

Yes. The policyholder has the option to take an individual or a joint life cover with spouse.

13. Can the policyholder (first Life Assured) add his/her spouse in the existing policy if he/she is married at policy inception?

No. The spouse can only be added if the first life assured is not married at the inception of the policy.

14. Can the Life Assured and the second Life Assured under the joint life option, choose different sum assureds?

Yes. The second life can take a sum assured less than or equal to the first life’s sum assured, subject to the minimum sum assured conditions under the plan.

15. What will happen if the lives terminate their marriage or apply for separation during the policy term?

In such a case, the company needs to be informed of the same (giving sufficient proof) by the first life; and the second life shall be excluded from the policy. On exclusion, the policy can be continued as an individual life policy with a reduced premium. Once excluded, the life cannot be included again.

16. What will happen if the first life does not inform the company about the divorce?

If the company is not informed by the first life in case of divorce, then on death of the second life only the premium/s paid (pertaining to the second life) from the date of divorce will be refunded. The policy shall continue on the surviving life assured.

17. Will the Sum Assured remain the same through out the policy term?

Yes. The Sum Assured under the plan will remain the same.

18. What is the Death Benefit under the plan?

In case of Individual Life:

In case of unfortunate death of life assured during the policy term and provided all the due premiums have been paid, the company will pay the Sum Assured to the nominee.

The policy will terminate immediately on death of the life assured.

In case of Joint Life:

In case of unfortunate death of each life assured during the policy term and provided all the due premiums have been paid, the company will pay the Sum Assured in respect of the deceased life assured to the surviving life assured or to the nominee on 2nd death.

The policy will terminate immediately on death of the second life assured.

19. How does the policy work if one of the Life Assured has passed away?

On death of any one of the life assureds, the policy will automatically continue on the surviving life assured with a reduced premium. The reduced premium will be based on the age at entry, policy term premium payment frequency, lifestyle category (if applicable) and the sum assured in respect of the surviving life as at the inception/latest revival or alteration of the policy.

20. Can the policyholder take the Death Benefit in installments?

You or your nominee will have the option to take the death benefit in equal monthly installments over a period of 5 or 10 years from the date of intimation of death. The same needs to be informed in writing at the time of filing the death claim form

Each monthly installment will be an amount equivalent to:

  • For 5 years: 1.04 * death benefit divided by 60
  • For 10 years: 1.08 * death benefit divided by 120

After approval from IRDA, these factors can be revised in the future, based on the prevailing economic scenario, so that better terms can be given to the nominee.

The nominee will have the option at any time to discontinue receiving the monthly installment during the installment period. On receiving the request, the nominee will be eligible for an amount equal to the death benefit less the total amount of installments already paid as on the date of request.

21. What is the Maturity Benefit under the plan?

There is no maturity benefit under this plan.

22. What is the surrender benefit payable under this plan?

No surrender benefit is payable under the plan.

23. Can the Survival Benefit be adjusted against the premium due?

No.This option is not available.

24. Does the policyholder have the option to change Premium Payment Frequency?

The premium payment frequency may be changed at any policy anniversary during the term of the policy, subject to minimum premium limits.

25. What happens if the Policyholder is unable to pay regular premiums?

If premiums are not paid by the end of the grace period, the policy will lapse and no benefits under the policy is payable. The policyholder can revive the policy within a revival period of two (2) years from the first unpaid premium.

26. Can the Policyholder avail loan under this plan?

No Policy loan is available under this plan.

27. When and how can the policyholder revive the policy?

A Policy, which has lapsed for non-payment of premium after the grace period, may be revived subject to the following conditions:

  • The application for revival is made within two years from the due date of the first unpaid premium.
  • The arrears of premiums together with interest, at such rate as the Company may decide from time to time, are paid;
  • The policyholder furnishes, at his/her own expense, satisfactory evidence of health of the life assured;
  • The revival of the policy may be on terms different from those applicable to the policy before it lapsed/became paid-up, based on prevailing Board approved underwriting policy of the Company framed from time to time;
  • The revival will take effect only on it being specifically communicated by the Company to the policyholder;
  • The Company may at its sole and absolute discretion refuse to revive the policy, based on its Board approved underwriting guidelines.
28. When will the policy terminate?

This Policy shall automatically terminate on the earlier occurrence of either of the following events:

  • On the Full Surrender of the policy.
  • On death of the Life Assured(in case of individual life)/both the Life Assureds (in case of joint life)
  • On expiry of the revival period.
  • On the Maturity Date

iSecure More FAQ

1. What type of product is iSecure More Insurance Plan?

Bajaj Allianz iSecure More Insurance Plan is a Non-Linked, Non-Participating, Regular Premium, Increasing Cover Term Assurance Plan.

2. What is the minimum and maximum entry age for this plan?

Minimum age at entry is 18 years and maximum age at entry is 60 years for the base plan.

3. What is the choice of policy term available?

Policy Terms of 10, 15, 20, 25 and 30 years are available.

4. What is the minimum and maximum premium for this plan?

Minimum Regular Premium for sum assured less than 20 lacs is Rs. 1,500 per Yearly Installment, Rs. 750 per Half-yearly Installment, Rs. 400 per Quarterly Installment, Rs. 150 per Monthly installment.

Maximum Premium: No Limit

5. What is the Sum Assured under this plan?

Minimum Sum Assured is Rs. 2,50,000 and Maximum Sum Assured is unlimited.

Sum Assured can be chosen in specific multiples only (as stated below):

Sum Assured Band Multiple
Upto Rs. 4,00,000 Rs. 50,000
Rs. 4,00,000 to 45,00,000 Rs. 1,00,000
Rs. 45,00,000 and above Rs. 5,00,000
6. Can the Policyholder pay premiums in advance?

Yes, the Policyholder may pay premiums in advance in lump sums. The company shall allow appropriate discount on payment of advance premiums at rate of interest declared by the For Internal Circulation Only company every financial year. For the financial year 2011-12, the rate of discount will be 7% p.a. compounding annually. In case of death of the Life Assured(s) or if the policy is surrendered, such advance premiums paid will be refunded to the Policyholder.

7. Does the Policyholder get any rebate/discount for High Sum Assured?

Yes. High Sum Assured rebate will be offered under the plan for choosing sum assured of Rs. 5,00,000 and above.

8. Is the product available for joint lives?

Yes. The policyholder has the option to take an individual or a joint life cover, with his/her spouse, provided he/she is married at policy inception. Joint life cover can be taken only at the inception of the policy. The plan offers the flexibility to include the spouse after marriage in the existing individual policy, if the first life assured is not married at the inception of the policy.

9. Can the policyholder (first Life Assured) add his/her spouse in the existing policy if he/she is married at policy inception?

No. The spouse can only be added if the first life assured is not married at the inception of the policy.

10. Can the Life Assured and the second Life Assured under the joint life option, choose different sum assureds?

Yes. The second life can take a sum assured less than or equal to the first life's prevailing sum assured, subject to the minimum sum assured conditions under the plan.

11. What will happen if the lives terminate their marriage or apply for separation during the policy term?

In such a case, the company needs to be informed of the same (giving sufficient proof) by the first life; and the second life shall be excluded from the policy. On exclusion, the policy can be continued as an individual life policy with a reduced premium. Once excluded, the life cannot be included again.

12. What will happen if the first life does not inform the company about the divorce?

If the company is not informed by the first life in case of divorce, then on death of the second life only the premium/s paid (pertaining to the second life) from the date of divorce will be refunded. The policy shall continue on the surviving life assured.

13. Will the Sum Assured remain the same through out the policy term?

No. The Sum Assured under the plan will increase at 5% per annum at each policy anniversary, subject to a maximum Sum Assured of twice the Sum Assured at inception.

14. What is the Death Benefit under the plan?

In case of Individual Life:

  • In case of unfortunate death of life assured during the policy term and provided all the due premiums have been paid, the company will pay the Prevailing Sum Assured to the nominee.
  • The policy will terminate immediately on death of the life assured.

In case of Joint Life:

  • In case of unfortunate death of each life assured during the policy term and provided all the due premiums have been paid, the company will pay the Prevailing Sum Assured to the surviving life assured or to the nominee on 2nd death.
  • On death of any one of the life assureds, the policy will automatically continue on the surviving life assured with a reduced premium. The reduced premium will be based on the age, policy term and the sum assured in respect of the surviving life as at the inception of the policy.
  • The policy will terminate immediately on death of the second life assured.
15. Can the policyholder take the Death Benefit in installments?

Yes. The policyholder/nominee will have the option to take the death benefit in annual installments over a settlement period of ten (10) years from the date of intimation of death. The same needs to be informed in writing at the time of filing the death claim form.

16. What is the Maturity Benefit under the plan?

There is no maturity benefit under this plan.

17. What is the surrender benefit payable under this plan?

No surrender benefit is payable under the plan. However if advance premium(s) has been paid, the discounted premium amount paid-but-not-yet-due (as paid) will be refunded without interest.

18. Is there an option of additional riders?

Yes. The policyholder has the option to choose the following riders:

  • (i) Comprehensive Accidental Protection
  • (ii) Critical Illness Benefit
  • (iii) Hospital Cash Benefit
  • In case of a joint life, CAP can be opted by the First Life assured only. This restriction is not applicable in case of selection of Hospital Cash Benefit and Critical Illness riders.

19. If CAP is opted by the First Life Assured, then in case of Total Permanent Disability is the entire premium for both the lives waived off or only the premium pertaining to the first life assured?

If WOP is triggered under the policy the future premiums under the policy, whether individual or joint ,shall be waived off.

20. Does the policyholder have the option to change Premium Payment Frequency?

The premium payment frequency may be changed at any policy anniversary during the term of the policy subject to minimum premium.

21. What happens if the Policyholder is unable to pay regular premiums?

If premiums are not paid by the end of the grace period, the policy will lapse and no benefits under the policy is payable. The policyholder can revive the policy within a revival period of two (2) years from the first unpaid premium.

22. Can the Policyholder avail loan under this plan?

No Policy loan is available under this plan.

23. When and how can the policyholder revive the policy?

A Policy, which has lapsed for non-payment of premium after the grace period, may be revived subject to the following conditions:

  • The application for revival is made within 2 years from the due date of the first unpaid premium but before the maturity date;
  • Payment of all due premiums along with applicable interest at such rate as the company may decide from time to time;
  • Satisfactory evidence of good health, at the Policyholder's expense, is submitted;
  • The revival of the policy may be on terms different from those applicable to the policy before it got lapsed depending upon the prevailing underwriting norms of the Company.
  • The Company may at its sole and absolute discretion refuse to revive the Policy.
24. When will the policy terminate?

This Policy shall automatically terminate on the earlier occurrence of either of the following events:

  • On the Full Surrender of the policy.
  • On death of the Life Assured(in case of individual life)/both the Life Assureds (in case of joint life)
  • On expiry of the revival period.
  • On the Maturity Date.

Disclaimer: 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) under either Fully or Partially Blocked category, any call made or SMS 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.
Disclaimer: Insurance is the subject of the solicitation. For more details about risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. Please note that the name of the Bajaj Allianz product/plan does not indicate the quality of the insurance contract and its future prospects or returns. Investment in ULIPs is subject to market risks associated with capital markets. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Service tax and education cess will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.