The Bajaj Allianz Life Saral Jeevan Bima is the non-linked and non-participating individual pure risk premium life insurance plan that is not only simple but also an effective way of securing the life objectives for you and the family.
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Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
Listed below are the key features of Bajaj Allianz Life Saral Jeevan Bima plan:
Let us primarily understand the death benefit under the following conditions:
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.
The risk cover will automatically and immediately terminate on any of the occurrences of the following event:
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.
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.
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.
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.
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.
|Entry Age||18 years-65 years|
|Maturity Age||70 years|
|Policy Term||5 years-40 years|
|Sum Assured||Rs 5 lakh – Rs 25 lakh|
|Payment Term||Single/ Regular Pay- Equal to Policy Term
Limited Pay- 5/ 10 years
|Premium Payment Option||Monthly, Quarterly, Half-yearly or Yearly|
Note: The sum assured would be in the multiples of Rs 50, 000.
The following suicide exclusion will be applied to the Bajaj Allianz Life Saral Jeevan Bima policy:
The policy will become nullified when the life assured commits suicide within twelve months from the beginning date of risk, provided the policy is active or within twelve months from the policy revival date. The insurer will not consider any claim apart from 80 per cent of the premium sum that excludes the additional sum if charged within the policy due to underwriting decisions, the taxes and the rider premiums until the demise date or the policy cancellation value as on demise date whatever is paid higher to the beneficiary of a policy provided the policy is active.
The policy will become nullified when the life assured commits suicide within twelve months from the beginning date of risk. The insurer will not consider any claim apart from 90 per cent of the paid single premium that excludes the additional sum if charged within the policy due to underwriting decisions, the taxes and the rider premiums until the demise date or the policy cancellation value as on demise date whatever is paid higher to the beneficiary of a policy provided the policy is active.