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The FAQs are meant for general reading only and should not be construed as legal
advice. The answers provided would vary depending on the specifics of each case. FAQ
contents may be subject to change from time to time on account of changes in laws or
company rules and are not updated frequently. Please contact the company for specific
information.
What is Nomination?
Nomination establishes a clear title to the policy. Section 39 of the Indian Insurance Act
1938 provides for nomination of a person(nominee) who would receive the benefits of
the claim on the death of the life assured. This prevents dispute and also prevents delay in
settlement of a death claim.
When can a nomination be done?
The nomination can be done at the start of the policy, by providing details of the nominee
in the proposal form. However, if the nomination is not given at the beginning, it can be
done at any time during the term of the policy. This nomination has to be effected by
giving a notice in a prescribed form to BALIC.
Can Nomination be changed?
Yes, nomination can be changed during the term of the policy. Change in nomination
should
be
intimated
through
a
specified
Nomination
form.
Change in nomination cancels all previously executed nominations.
What would be status of Nomination if the policy is Assigned?
The assignment shall automatically cancel any nomination made in the policy, except for
assignment in favor of BALIC in which case the rights of nominee would get affected to
the extent the companys interest in the policy.
On assigning the policy, the assignor (life assured/policy holder) loses his right
over the policy and the assignee gets the right and becomes the owner of the
policy.
The assignee can further re-assign the policy and he also has a right to sue under
the policy.
A valid Assignment once made cannot be cancelled.
It is only another valid assignment the earlier assignment gets cancelled.
In all the cases, Assignment automatically cancels the nomination. However,
when the policy is assigned to the Insurer, nomination gets affected and it does
not get cancelled.
Under absolute assignment, if the absolute assignee dies, the benefits under the
policy go to the legal heirs of the assignee.
Riders are additional benefits that you can opt for with your insurance plan for an extra
amount. Riders are the optional contracts, which offer additional benefits for customers.
They are always attached to a basic policy a person takes. They cannot be bought
separately or independently of a basic policy. Each Rider will have its own premium rate
and separate policy conditions.
Can Riders be added/deleted ?
Following riders can be added during the policy tenure as per policy conditions Accidental Death Benefit
Accidental Permanent Total/Partial Disability Benefit
Yes, riders can be deleted during the policy tenure as per policy conditions.
What are the documents required for addition/deletion of rider?
Letter duly signed by the policy owner mentioning the Policy Number and the desired
rider to be deleted is required for such request. Evidence of Good health and/or Medical
may also be required.
What is a ULIP?
A ULIP(Unit Linked Insurance Policy) is a life insurance policy, which provides a
combination of risk cover and investment. The dynamics of the capital market have a
direct bearing on the performance of the ULIPs.
What is a Unit Fund?
The allocated (invested) portions of the premiums after deducting for all the charges and
premium for risk cover under all policies in a particular fund as chosen by the customers
are pooled together to form a Unit fund.
Are Investment Returns Guaranteed in a ULIP?
Investment returns from ULIP may not be guaranteed. In unit linked products/policies,
the investment risk in investment portfolio is borne by the customer.
What is a Fund Switch ?
Fund Switch is the facility provided to the Policy Owner to change the investment pattern
by moving from one Investment Fund to another Fund amongst the available funds under
the policy. Fund Switch is Applicable to accumulated funds only and not for future
premium allocations. A switch is permissible only for Unit Link Policies.
By using online facility, a customer can view his/her policy details including the
fund value on our website.
Non Ulip Policies acquires surrender value after 3 years . You can know surrender value
of your policy Online by log in into Customer Portal or by contacting our Toll free
numbers given below or you can walk in to our nearest branch.
Ulip plans can be surrendered as per conditions mentioned in the policy Document.
Surrender charges are deducted wherever applicable. For details contact our Toll free
numbers or walk in to nearest Branch.
What are the documents required for Surrender of the policy?
What will happen to policy where Insured person is child when he becomes major?
On attaining Age 18 all the rights under the policy automatically vests to the child and
will become policy holder.
Customer can remit the premium by Cash / Cheque / DD at your nearest Customer care
center. In case if you remit the renewal premium by cheque or DD please note that the
Cheque/DD should be drawn in favour of Bajaj Allianz Life Insurance Company
Limited.
Direct debit facility
Our customers, who are the customers of the Standard chartered bank, now can give
Direct Debit mandate to the bank to debit their account to the extent of the renewal
premium amount as and when the due falls and remit to us for accounting. Please fill up
the Direct Debit mandate form and submit to the nearest Standard Chartered Bank
Branch
Online Premium payment
We have introduced the facility of online premium payment to our customers, partnering
with Bill Junction.
Payment by Credit Card
We accept the renewal premium payment by credit card in the selected centers. You can
also submit the standing instruction to charge your credit card (VISA or MASTER
CARD) for remittance of future premiums.
Contact Us
You can contact us at our below mentioned Toll free numbers
BSNL
TATA
Bharti
Reliance
1800-3000-7272