Bajaj Allianz Life Launches Waiver of Premium Rider

• Applicable with traditional participating and non-participating polices

• Offers an opportunity to waive off all the future premiums in case of early unfortunate event

Bajaj Allianz Life Insurance has launched a special Waiver of Premium Rider for its traditional plans to offer complete waiver of premium in case of earlier of accidental permanent total disability or critical illness or death of the life assured.

The Bajaj Allianz Waiver of Premium Benefit Rider can be attached to both non-participating and participating individual non-linked products. This rider has to be taken at the inception of the base policy. This can be taken either on the life assured or on the proposer/ policyholder under the base policy and by joint life.

Commenting on the launch of this special benefit rider Anuj Agarwal, MD & CEO, Bajaj Allianz Life Insurance said: “Such a rider is designed to offer people an opportunity to continue their life cover or financial security to family even in case of non-availability of money to continue paying premiums in exigency. We hope WOP rider to be a game changer in terms of securing lives in unfortunate events.”

Bajaj Allianz Waiver of Premium Benefit Rider ensures that the future premiums of the policy get waived in case of earlier of death, accidental permanent total disability or critical illness of the premium payor. This assures that the financial goals are achieved even in case of unfortunate events.

The base policy’s life assured (age 18 years and above) can buy the rider for himself and can avail waiver of premium benefit in case of earlier of accidental permanent total disability or diagnosis of critical illness. The policyholder of the base policy can avail this benefit in case the life assured is a minor. In that case waiver of premium will happen on earlier occurrence of unfortunate death, accidental permanent total disability and critical illness of the policyholder.

On occurrence of the contingent event during the covered period, all the future premiums due under the policy will be waived. The rider shall be attached to the following base policies 1. Bajaj Allianz Invest Assure, 2. Bajaj Allianz Save Assure, Bajaj Allianz iSecure, Bajaj Allianz iSecure More, Bajaj Allianz iSecure Loan, Bajaj Allianz Guarantee Assure, Bajaj Allianz Life Long Assure. Currently, it is available with Bajaj Allianz Life Long Assure.

Bajaj Allianz Waiver of Premium Benefit Rider can also be taken with Joint Life policies. In a joint life policy, the rider can be opted by both the lives assured.

About Bajaj Allianz Life Insurance:

Bajaj Allianz Life Insurance is a joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited. Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world. Bajaj Allianz Life Insurance is one of the leading private life insurance companies in India. The Company has developed insurance solutions that cater to every segment and age-income profiles. Currently, Bajaj Allianz Life Insurance has a strong product portfolio with adequate flexible products to cater to all kinds of customer needs from ULIPs to Child plans, from group insurance to health insurance. The Company began its operations in 2001 and today has a pan-India presence with 759 branches in India. Bajaj Allianz Life Insurance has been constantly expanding its operations to be close to their customers.