Bajaj Allianz Life Insurance T&Cs

The terms and conditions of Bajaj Allianz Life Insurance policy are as discussed below:

1. Free-look Period: Bajaj Allianz Life Insurance Company offers a free-look period in which the policyholder can review the policy. The policyholder can cancel the policy if unsatisfied with the policy terms and conditions. The policyholder needs to provide proper reasons within 15 days from receiving the policy documents. On cancellation of the policy during the free look period, Bajaj Allianz Life Insurance Company will return the premium paid with deductions such as expenses incurred by the company on medical examination and proportionate risk premium for the period of policy cover.
2. Grace Period: Bajaj Allianz Life Insurance Company provides a grace period of 30 days for the premiums due for life insurance plans if the premium payment frequency is other than monthly. The grace period is 15 days for monthly premium payment frequencies. If the policyholder passes away during the grace period of the life insurance, the death benefits payable under this policy shall be paid after deducting the premiums due. The premiums shall be paid on the due date or within the grace period without the insurance company being obligated to notify the policyholder about the due premiums. The policy will lapse if the premiums are not paid on the due dates or even within the grace period.
3. Revival: If the life insurance policy lapses due to non-payment of regular premiums, the policyholder will have to pay policy revival in the revival period offered. The policyholder can apply for revival of the life insurance policy within 5 years from the first due date of unpaid regular premium. The policy shall be revived after payment of balance premiums, with applicable taxes and current rate of interest.
4. Change of Premium Payment Frequency: The policyholder can choose to change the premium payment frequency any time during the premium payment details. The existing premium payment frequency and the requested premium payment frequency are arranged in such a manner that the minimum premium is not affected. Monthly Premium Payment frequency modes are allowed by salary deduction scheme and through ECS.
5. Suicide Exclusions: If the policyholder commits suicide within 12 months of issuance/renewal of policy, Bajaj Allianz Life Insurance comapny will pay 80% of the total premium paid till the death of the policyholder to nominee/beneficiary.
6. Age Proof: The age of the policyholder is acknowledged on the basis of age mentioned in the proposal of the issued insurance policy. The policy will be cancelled or considered void if the age of the policyholder is different from that mentioned in the proposal of the issued insurance policy. If the age mentioned by the policyholder is higher than that mentioned then the policy shall be altered according to the correct age of the policyholder, the difference between the corrected premium and the previous premiums shall be collected by the insurance company. If the age mentioned by the policyholder is lower than that mentioned then the insurance policy shall be altered according to the correct age and the insurance company shall refund the extra premium received that is the difference between the original premium and the calculated premium.
7. Assignment: Assignment of the policy is permitted under section 38 of Insurance Act, 1938. Assignment of the policy can be made by an endorsement on the insurance policy.
8. Nomination: The policyholder can make a nomination at any given time during the policy tenure. Nomination can be done by endorsement on the policy or by giving in writing to the insurance company. Nomination is permitted as per section 39 of Insurance Act, 1938.
9. Termination: The life insurance policy shall be immediately terminated on the expiry date of the revival period offered by the insurance company after the date of first unpaid premium. The policy will be considered terminated immediately on the maturity date or full surrender of the policy. The life insurance policy shall also be considered terminated on cancellation in the free-look period.
10. Loss of Original Policy Document: If the original policy document is lost or destroyed in any case then the policyholder needs to make a request to Bajaj Allianz Life Insurance to issue a copy of policy documents. In this case, the insurance company conducts an investigation to ensure that the original policy document is lost or destroyed. The copy of policy documents is issued with an endorsement that showcases that the copy was issued after the loss or destruction of original documents.