Why Bajaj Allianz Life Saral Jeevan Bima?

• This plan essentially offers the buyers the flexibility to choose the desired policy term from 5-years to 40 years.
• The Bajaj Allianz Life Saral Jeevan Bima also offers coverage for up to 70 years of age.
• An individual also has the flexibility to choose from the various premium payment mode.
• The policyholder can choose to pay the Bajaj Allianz Life Saral Jeevan Bima premium via single, regular or limited pay of 5/10 years.
• This policy can be easily bought online and is easy to understand.

Key Features of Bajaj Allianz Life Saral Jeevan Bima

Listed below are the key features of Bajaj Allianz Life Saral Jeevan Bima plan:

• Death Benefit

  Let us primarily understand the death benefit under the following conditions:

  • Within the Waiting Period: In case of demise of the life assured other than because of an accident within the waiting period then a sum equal to 100 per cent of the premiums received excluding the taxes in case of any will be paid. When in case of an accidental demise, the sum assured will be paid to a nominee in lumpsum.
  • After the Waiting Period: On the demise of the life assured because of any reason within the policy period, the opted sum assured will be payable to the nominee in the lumpsum when all the due premiums will be paid.

• Premium Payment Term

  The premium payment term selected by you is on the premise of, which the benefit illustration has been drawn and will be stated in the policy schedule.

• Termination

  The risk cover will automatically and immediately terminate on any of the occurrences of the following event:

  • The date when the death benefit becomes payable
  • The refund date if applicable is settled when the policy is cancelled
  • Date of maturity
  • Revival period expiry in case the policy hasn’t been revived
  • Free-look cancellation sum payment

• Non-premium of Payment

  If the premium is unpaid before the grace period ends the policy will automatically and immediately lapse at the expiry of grace period from the initial unpaid premium date and no benefit within the policy will be payable.

• Waiting Period

  The waiting period of forty-five days right from the commencement date of risk. In the case of revival of the policy, the waiting period will not be applicable.

• Revival

  You can revive the lapsed policy within the revival period of five years right from the date of due to the initial unpaid premium and is subject to revival conditions within the policy.

• Free Look Cancelation

  The policyholder has the free look period of fifteen days and thirty days in case of the electronic policies that are obtained through distance mode from the receipt date of the policy document and policy terms and conditions and the policyholder disagrees to any terms and conditions then the policyholder has an alternative to return the policy to the company for cancellation and state the reason for the objection and the policyholder will be eligible to the paid premium refund subject to the deduction of the proportionate risk premium for the term of cover and expenses that are incurred by the company on the medical investigation of the proposal and the stamp duty charges.

• Tax Benefit

  The policyholder will be eligible for tax exemption for the paid premiums towards the policy under Section 80C. However, tax benefits are subject to change. Therefore, consult a tax advisor for any further information on tax benefits or implications.

Note: Bajaj Allianz Life Saral Jeevan Bima neither offers any maturity benefit nor any surrender value is applicable.

Eligibility Criteria of Bajaj Allianz Life Saral Jeevan Bima

Note: The sum assured would be in the multiples of Rs 50, 000.