Q. What are the conditions for renewal of the plan? The insured may renew his plan after discontinuing to pay his premiums, under the following conditions: The renewal request is made within 2 years from the due date of first premium due date before plan maturity. All the premiums due and the interests applicable, are duly paid by the insured. Agreeable proof of sound health is given by the insured at his own expenses The reason to renew the plan can be different from the reasons when plan got lapsed or became paid up, based on the current underwriting by the company board. The company has the rights to reject the renewal application, under current guidelines approved by the company board. Q. What are the conditions for termination of the plan? The plan automatically gets terminated, immediately after the occurrence of any of the below events: Payment of premature termination value On Policy Surrender At renewal period end, if the premiums have not been paid during the first 3 plan years. On the date of foreclosure of the plan, if any loan is taken under the plan. On Maturity Q. What if the insured dies within the grace period? If the insured dies within the grace period, then, death benefits under the plan shall be payable which is the complete sum assured after making applicable deductions of the premiums due. If the insured fails to pay his premiums by the due date given, then, he is allowed a grace period of 30 days for any premium payment mode other than monthly, as monthly premium payment modes have 15 days grace period. Q. What is the early termination value? If the insured has paid at least 1 year of premiums completely, but 3 full years of premiums have not been paid, then the early termination value shall be applicable. In case of early termination of the plan by the insured or in case of premium non-payment during this period, below shall be the Early Termination to be paid: On payment of 1 full years premium, Early Termination Value shall be 11% of the premiums paid till date. On payment of 2 full years premium, Early Termination Value shall be 15% of the premiums paid till date. Note: The premiums which are considered for calculations are excluding the additional premiums or any service tax on the premiums. The early termination value shall be paid for sending prior termination request by the policyholder, death or end of the renewal period, whichever is earlier. Q. What happens on the failure of premium payment? On failure of premium payment for 3 years, then, the policy is subject to lapse immediately after the expiry of the grace period. If the insured has paid his premiums for 3 years continuously, and subsequently stops paying thereafter, then his policy shall immediately convert into a paid-up policy, under which the assured sum amount will reduce into Reduced Sum Assured. Micro-Insurance Business Of Bajaj Allianz Life Expected To Grow Bajaj Allianz Selects Remedinet Technologies to Offer Speedy Cashless Insurance Settlement Health Care Supreme by Bajaj Allianz Insurance Surgical Protection Plan got Recently Introduced by Bajaj Allianz General.
