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FAQs

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.

We welcome you as a customer and as a prospective customer to our customer portal.


FAQs will help you understand the various intricacies of a life insurance contract and the
facts that you must be aware to make the best out of your life insurance policy.

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.

Can a minor become a Nominee?


A Minor can be made a nominee provided; an appointee, who is major and is a person
other than the life assured, is named in the form.

What are the documents required for effecting nomination?


A duly filled nomination form containing Full name of the nominee, address, age, and the
relationship between the life insured & the nominee and details of an Appointee, incase
the nominee is a minor.
What is Assignment ?
Assignment is a mean whereby the beneficial interest, right and title under a policy get
transferred from the assignor to the assignee.
'Assignor' is the customer who transfers the title and 'Assignee' is the person who derives
the title from the assignor.
What is the difference between nomination and assignment?
While nomination is an authorization to receive the policy monies in the event of death of
the life assured, it does not give the nominee an absolute right over the money received to
the exclusion of other legal heirs. Further, the nomination can be revoked or cancelled at
any time during the lifetime of the customer at his will and pleasure or by a subsequent
assignment.
On the other hand, assignment of an insurance policy is a transfer or assignment of all
rights and liabilities of the insurance policy in favor of the assignee.
Which are the different types of assignments?
There are 2 types of assignments.
Conditional Assignment : usually effected for consideration of natural love and affection.
Absolute Assignment : usually affected for valuable consideration
What are the documents required for an assignment?

Duly filled Assignment Form


Policy Document
AML documents

What are the pre-requisites for a valid assignment?

Assignor must be a major.


Policy should not be a pension product or registered under the MWP Act.
Assignor must have an absolute right over the policy.
Assignment must be in writing.
Notice of assignment to BALIC should be submitted alongwith the other
necessary documents mentioned above

What are the rights of an assignor and assignee?

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.

What is lapsation of Policy?


A policy lapses when the premium is not paid even within the grace period. In this case,
the policy loses all its benefits.

What is Reinstatement of Policy?


Reinstatement is the restoration of a lapsed policy to in-force status. Reinstatement can
only occur after the expiration of the grace period. The company requires evidence of
good health form(DGH) if policy is lapse more than six months and medicals if lapse
more than a year , and will always require payment of the total amount of past due
premium along with interest where applicable.

What is the procedure to change the Address / Contact information?


The customer can send a request for change in Address/Contact details, through a policy
service request form or the same should be mentioned on the policy request form/Letter.
Address
change/correction
letter
signed
by
him/her.
If there is a change in contact details, n should be supported with any of the following:
Telephone bill not older than 6 months
Bank account statement not older than 6 months
Electricity bill not older than six months
Ration card
Passport
Driving License
Written confirmation from the banks
Lease agreement along with rent receipt not older than 3 months
Current Employers certificate mentioning residence

Domicile certificate with communication address and photograph


Central/ State Government certified Address proof
What is the procedure to change the Name?
The customer can send a request for change in Name, through a duly signed policy
service request form.
In addition, we would require any one of the following documents (as applicable)
Standard age proof (for minor changes)
Copy of marriage certificate, mentioning old name and new name
Gazette notification and the copy of affidavit submitted for the notification to be issued in
case the name is changed through gazette notification

What Are Riders ?

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 the procedure to change the Frequency of premium payment?


The customer can send a request for change of premium payment frequency, through a
duly signed policy service request form/letter. The effective date of the change will be the
Policy anniversary date.

Is the loan facility eligible for all plans?


Loan facility is available in Invest Gain and Safe care products only

What are the documents and details required for Loan?

Policy Loan Forms completed and signed by the Policy Owner/Trustee.


Notice of Assignment and Form of Absolute Assignment for an absolute
assignment of the Policy in favour of the BALIC.
Original Policy Contract

When can I repay my loan?


Interest on Loan is payable every half year. Loan Principal can be repaid anytime during
the term of the policy.
What is the rate of interest on a loan?
At present rate of interest is 10% payable half-yearly.

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.

What is Fund Apportionment ?


Fund Apportionment is a facility that allows a Customer to modify the allocation of
amount of future premiums into a different investment pattern. Change of allocation shall
not apply for accumulated funds.

How can I place my request for a Fund switch/Fund Apportionment?


A Policy owner can
give an online request with the help of a O-PIN through the Web-site
http://www.bajajallainzlife.co.in or
Visit any of our offices and submit a Fund Switch / Fund Apportionment Form
duly filled and signed.
How can a client track the performance of his policy fund?

Fund statements can be requested at BALIC branch office.

By using online facility, a customer can view his/her policy details including the
fund value on our website.

The daily NAVs of our funds is available on our website www.bajajallainzlife.co.in

Is it possible to invest additional contribution above the regular premium?


Yes, one can invest additional contribution over and above the regular premiums as per
their choice subject to the feature being available in the product. This facility is known as
TOP UP facility.
Can a partial encashment/withdrawal be made?
Partial withdrawal of funds can be made from a unit linked policy subject to policy terms
and conditions.

Can I surrender my Policy ?

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?

Documents required are:

Original Policy document


Policy Servicing Form

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.

What are various Premium payment option available ?

A customer can pay premium through option given below:


By Cash / Cheque/DD

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

1800- 233- 7272

TATA

1800- 209- 7272

Bharti

1800- 103- 7272

Reliance

1800-3000-7272