Download Brochure - Bajaj Allianz

What 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 besent to you within fifteen days after the expiry of the grace period. You can choose one of the following optionswithin 30 days of the receipt of such notice:i) Pay all due regular premiums and keep the policy in force ORii)Convert to a discontinued policy without any risk cover. If you opt to discontinue the policy or we do not get any response in writing within the stipulated period of 30days from the date of receipt of such notice, your policy shall be converted to a discontinued policy and allthe risk cover shall cease with immediate effect. If the date of discontinuance of the policy falls before the fifth policy anniversary the regular premium fundvalue less the discontinuance charge plus the top up premium fund value, if any, shall be transferred to thediscontinued policy fund on the date of discontinuance of the policy. Such a discontinued policy can berevived. In case you do not revive the policy, then, the discontinuance value shall be paid to you after the fifthpolicy year. In case of death of the life assured before the fifth policy anniversary, the discontinuance valueas 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 ondate of discontinuance of the policy shall be paid to you and the policy shall terminate immediately. Such adiscontinued policy cannot be revived. Till the discontinuance action is taken, your policy shall continue with full death cover including spousecover, if any, levying all appropriate charges. For such policies the rider cover will cease on the expiry of thegrace period and surrender value, if any, will be payable as per the respective riders. The discontinuance charge as applicable to arrive at the discontinuance value is given in the table below:Policy discontinuedduring the policy year1234For the policies having annualised premiumup to ` 25000/-20% of lower of (AP or RPFV) subject tomaximum of ` 3,00015% of lower of (AP or RPFV) subject tomaximum of ` 2,00010% of lower of (AP or RPFV) subject tomaximum of ` 1,5005% of lower of (AP or RPFV) subject tomaximum of ` 1,000For the policies having annualised premiumabove ` 25000/-6% of lower of (AP or RPFV) subject tomaximum of ` 6,0004% of lower of (AP or RPFV) subject tomaximum of ` 5,0003% of lower of (AP or RPFV) subject tomaximum of ` 4,0002% of lower of (AP or RPFV) subject tomaximum of ` 2,0005 & above Nil NilWhere: AP – Annual Premium and RPFV – Regular Premium Fund ValueNo discontinuance charge will be applied on units in respect of top-up premium