Max Advantage Insurance Plan - Bajaj Allianz

Max Advantage Insurance PlanWhat happens if you are unable to pay your regular premiums?• If you are unable to pay your regular premium before the expiry of the grace period then a notice will be sent to youwithin fifteen days after the expiry of the grace period. You can choose one of the following options within 30 days of receiptof such notice:OR(i)Pay all due regular premiums and keep the policy in force(ii) Convert to Discontinued policy without any risk cover.• If you opt to discontinue the policy or we do not get any response from you in writing within the stipulated period of 30 daysfrom the date of receipt of such notice, your policy shall be converted to a discontinued policy and all the risk cover shall ceasewith immediate effect.• Till the discontinuance action is taken, your policy shall continue with full risk cover, levying all appropriate charges.• If the date of discontinuance of the policy falls before the fifth policy anniversary the Regular Premium Fund Value lessthe Discontinuance Charge plus the Top Up Premium Fund Value, if any, shall be transferred to the discontinued policy fundon the date of discontinuance of the policy Such a Discontinued Policy can be revived. In case you do not revive the policythen the Discontinuance Value shall be paid to you after the fifth policy year. In case of death of the life assured before thefifth policy anniversary the Discontinuance Value as on date of intimation of death shall be payable.• If the date of discontinuance of the policy falls on or after the end of the fifth policy year the fund value as on date ofdiscontinuance of the policy shall be paid to you and the policy shall terminate immediately Such a Discontinued Policycannot be revived.Revival• The Discontinued Policy can be revived subject to following:• The Company receives the request for revival by you within two (2) years from the Date of Discontinuance of the Policybut before the fifth (5th) Policy Anniversary i.e. before the expiry of the lock-in period• All the due but unpaid Regular Premiums are paid and• Such information and documentation as may be requested by the Company is submitted by you at your own expense.• The Company may disallow the revival of the Policy on the original Policy Terms and Conditions.• On revival of the Discontinued Policy, the Discontinuance Value of the Policy together with the amount of DiscontinuanceCharge (without any interest) as deducted by the Company on the Date of Discontinuance of the Policy, shall be split intoRegular Premium Fund Value and the Top Up Premium Fund Value ,if any, in the same proportion as existed on the Date ofDiscontinuance and will be allocated across the various Funds at their prevailing Unit Price again in the same proportion asit existed on the Date of Discontinuance.Days of GraceA grace period of 30 days is allowed under the policy.