Bajaj Allianz Term Plan for Diabetics

** HbA1c is called glycated haemoglobin: It is a blood test that examines what is your average glucose (blood sugar) level over the last 2 to 3 months.

Key Features of Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c

• This term insurance plan is specifically designed for Individuals with Prediabetes and Type-2 diabetes (having HbA1c level ≤ 8%).

• Plan offers comprehensive financial stability to your loved ones

• Flexibility to select from a number of premium payment frequencies

• ‘Keep fit benefit’ helps improve your health and you get the flexibility of discounts on premiums on completing the policy year

• Services regarding health management will also be provided via medical consultations, webinars, etc., to help customers in managing their diabetes and health.

• Low premium rates for individuals who are non-tobacco users

• Get tax benefits as per the prevailing laws of the Income Tax Act, of 1961.

How does The Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c Work?

Step 1: Choose your sum assured: Assess the protection level by choosing the sum assured amount you need to secure the future of your family.

Step 2: Select your policy Term: Choose the time for which you wish to receive a life insurance protection. You are required to pay the premium amounts throughout the policy tenure to continue the life cover.

*Policy term and premium payment term are equivalent under this plan

Step 3: Select your premium payment frequency: You can choose to pay your premium amounts monthly or yearly, depending on your convenience.

Step 4: Click on ‘Check Premium’

Step 5: Fill in your basic details (email address, salary, pincode etc.). Answer Health questions as per your health condition (The premium amount will depend on your age, sum assured, gender, smoker status, HbA1c, health status, premium payment frequency, policy term, etc. ). Click on proceed to get your premium

Eligibility Criteria of The Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c

Benefits of Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c

1. Death Benefit

   In case of the life assured’s death during the policy tenure, provided the plan is active, your legal heir/nominee will get the sum assured on death chosen at the policy’s inception. The plan will terminate on the life assured’s death.

   SA on death is explained as the highest of:

   • Sum assured

   • 10X of annualized premium

   • 105% of the total amount of premium paid till the death date

2. Maturity Benefit

   As it is a pure-term plan, no benefit shall be paid in case of survival till the date of maturity. The plan will terminate on the date of maturity.

3. “Keep fit” Benefit

   This benefit encourages you to take measures to improve your health quality. Improving the parameters of diabetes from the last revival date or policy inception (whichever is later), this benefit helps to get a discount of 10% on your premium installment on the plan anniversary.

Policy Details: Terms & Conditions

1. Free Look Period

   A free look period of 15 days from the receipt date of the policy documents and 30 days of time in case of policies obtained from distance mode or electronic policies is provided to review the terms and conditions of the plan. If you do not agree with these T&Cs, you have the option to return the plan for cancellation, mentioning the reasons for objection, and then a refund of regular premiums will be paid (excluding applicable taxes).

2. Grace Period

   If you forget to pay premiums by the due date mentioned, you will be provided with a grace period of 30 days for yearly, half-yearly and quarterly payments and 15 days for monthly payment frequency to pay the due amount of premium. The life assured will be covered for the death benefit during the grace period. In case of death during the grace period, the outstanding premium amounts will be deducted from the paid benefits.

3. Non-payment of premiums

   In case you have failed to pay the due amount of premium before the expiration of the grace period, then, your plan will lapse at the grace period expiration and no other benefits will be paid under this plan.

4. Revival

   You have the option to revive the plan under certain conditions if your policy gets lapsed because of non-payment of premiums. A written notice for revival is made within 5 years from the due date of 1st unpaid premiums.

Exclusions

In case of a life assured's death because of suicide within 1 year (12 months) from the commencement date of risk or recent policy revival date (whichever is later), the beneficiary/nominee of the policyholder shall be eligible to receive 80% of the full premium amount paid in form of the death benefit under the plan, provided the policy is active.