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Bajaj Allianz life insurance Family Protect or the Parent Income Protect Rider is a newly launched optional rider benefit that you can add to your base Bajaj Allianz term insurance to provide an extra layer of security and enhance the benefits of the base plan.
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Let us take a look at how adding this rider to your base plan can benefit you:
Term Plans
The Bajaj Allianz Parent Income Protect Rider is a term insurance rider that is important in securing your family's financial future by safeguarding your income against unexpected events. As the primary breadwinner, financial support is essential to your family's security and well-being. This rider provides an added layer of protection to ensure that your family's financial stability is maintained even if you cannot work due to unforeseen circumstances. By adding this rider into your base term insurance plan, you can lead a stress free life knowing that your parents will lead a financially secure life, even in the event of your unfortunate demise.
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Here is how adding the Bajaj Allianz Parent Income Protect rider can benefit you and your parents:
You can opt for the Parent Income Protect rider for a single or both parents together.
The benefit under this rider will be payable in case of the Death or the Accidental total and permanent disability of the life assured, whichever occurs earlier. The rider will be payable as follows:
Lumpsum amount equal to 105% of Total premiums paid till date as per the option will be paid immediately; plus
A monthly income as a percentage (0.1% to 0.5%) of Rider Sum Assured as opted at inception will be paid to the surviving parent/(s) for the rest of their life
* In case the parent’s suffer an unfortunate death before the death of the policyholder, no benefits will be payable.
You can add this Bajaj Allianz Family Protect Rider to your base term or life insurance plans when buying the insurance or at any of the policy anniversaries. The availability of these riders depends on
Let us take a look at the eligibility requirements to buy the Bajaj Allianz Family Protect Rider:
| Parameters | Minimum | Maximum |
| Entry Age (Life Assured) | 18 years | 65 years |
| Entry Age (Rider Life Assured) | 35 years | 99 years |
| Rider Premium Pay Term |
|
|
| Maximum Rider Tenure | 57 years | |
| Maturity Age (Life Assured) | 19 years | 75 years |
| Sum Assured | 50,000 | No limit |
* You can use the term insurance calculator to check the premiums applicable to your profile for the desired life cover.
Here are some important details to keep in mind about the Bajaj Parent Income Protect Rider:
The rider will be triggered for a payout in case of whatever occurs earlier, the death or the accidental total permanent disability of the rider life assured.
The rider's life assured and the base life assured will be the same under the policy.
The rider premiums will be collected along the base premium of this Bajaj Allianz life insurance policy, and will depend on the rider sum assured, rider policy term, and the rider premium pay term.
Here is how you can get the benefits of the Bajaj Allianz Parent Income Protect Rider with your Bajaj Allianz term insurance plan in India:
Step 1: Visit the term insurance page of Policybazaar
Step 2: Fill out the required details like name, gender, and contact information
Step 3: Select the right annual income, educational qualifications, occupation types, and smoking habits
Step 4: Click on the Bajaj Allianz eTouch term plan and select the Parent Income Protect Rider option
Step 5: Review the plan and benefit details and proceed to pay
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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