Bajaj Allianz Life Insurance Company Limited

Transcription

1 Bajaj Allianz Life Insurance Company Limited Preamble Bajaj Allianz Life Insurance Company Limited, e Company, has been requested by, e Policyholder, by a written Proposal Form dated to grant e benefits of Life Insurance Cover, under Bajaj Allianz Niyamit Sanchay Suraksha as per e Scheme Rules of e (..name of e scheme. ), certified copy of which has been furnished to e Company by e Policyholder, to e Members whose names have been recorded in e Membership Register maintained by e Policyholder. The Policyholder has also furnished to e Company all necessary statements completed and signed by e Policyholder, on behalf of e Members for whose benefit e Policy hereunder is being effected. The Policyholder and e Company have accepted and agreed at e said Proposal Form, certified copy of e Scheme along wi oer statements, reports or oer documents leading to e issuance of is Policy shall be e basis of e contract of cover under e Policy Name of e Policyholder Address Address Address Pin code Schedule Non Linked Non Participating Group Savings Variable Insurance Product Product Name Bajaj Allianz Niyamit Sanchay Suraksha () Policy No. Unique Identification No: 116N120V01 Policy Commencement Date Regular Premium/Single Premium Charges under e Policy All e Charges mentioned below will be subject to applicable service tax which shall be deducted along wi e respective Charge. A. Premium Allocation Charge Regular Premium Membership Year Premium Allocation Charge % 6+ Nil Single Premium : The Premium Allocation Charge is % of Single Premium

2 B. POLICY ADMINISTRATION CHARGE : Regular Premium : Nil for e first five years and ` 12 per annum from e 6 Policy Year for Member onwards 5% p.a. subject to a maximum of ` 6000/- per annum per member. Single Premium : Nil C. FUND MANAGEMENT CHARGE 1.25% p.a. D. DISCONTINUANCE CHARGE For Regular Premium: Where e membership is discontinued during e Policy Year for Member & above Discontinuance Charge of e membership having Annual Premium up to ` 25,000 Lower of 20% * (AP or FV) subject to maximum of ` 3,000 Lower of 15% * (AP or FV) subject to maximum of ` 2,000 Lower of 10% * (AP or FV) subject to maximum of ` 1,500 Lower of 5% * (AP or FV) subject to maximum of ` 1,000 Nil Discontinuance Charge of e membership having Annual Premium above ` 25,000 Lower of 6% * (AP or FV) subject to maximum of ` 6,000 Lower of 4% * (AP or FV) subject to maximum of ` 5,000 Lower of 3% * (AP or FV) subject to maximum of ` 4,000 Lower of 2% * (AP or FV) subject to maximum of ` 2,000 Nil AP Annualized Premium & FV Individual Account Value For Single Premium : Where e membership is discontinued during e Policy Year for Member & above Discontinuance Charge of e membership having Single Premium up to ` 25,000 Lower of 2% * (SP or FV) subject to maximum of ` 3,000 Lower of 1.5% * (SP or FV) subject to maximum of ` 2,000 Lower of 1% * (SP or FV) subject to maximum of ` 1,500 Lower of 0.5% * (SP or FV) subject to maximum of ` 1,000 Nil Discontinuance Charge of e membership having Single Premium above ` 25,000 Lower of 1% * (SP or FV) subject to maximum of ` 6,000 Lower of 0.5% * (SP or FV) subject to maximum of ` 5,000 Lower of 0.25% * (SP or FV) subject to maximum of ` 4,000 Lower of 0.10% * (SP or FV) subject to maximum of ` 2,000 Nil SP Single Premium & FV Individual Account Value E. Miscellaneous Charge A Miscellaneous Charge of ` 100/-, will be deducted per transaction in respect of alteration of premium mode, partial widrawal or issuance of copy of Policy Document or Certificate of Insurance. To whom e Benefits are Payable: The Benefits are payable to e Member or e Nominee(s) where a valid nomination has been registered by e Company (in accordance wi section 39 of e Insurance Act 1938), or e executors, administrators or e legal representatives who should take out representation to e estate or to such persons as directed by e court of competent jurisdiction in India, limited at all times to e monies payable under is Policy.

3 The Policy shall be subject to and governed by e terms of e Policy Document along wi e Schedule contained herein and endorsements if any, made from time to time and all ese shall togeer form a single agreement All taxes, including service tax, eier existing or ose at may apply in future (including enhancements of existing taxes) will be deducted from e premium as per e applicable rates prevailing. Payment of such taxes shall be e responsibility of e Policyholder/Member/Nominee. Bajaj Allianz Life Insurance Company does not provide any warranty or assurance at e Policyholder or e Member will be, by virtue of purchasing is Policy or enrollment as a Member under e group insurance scheme, eligible for any income tax or oer tax rebate or relief. Bajaj Allianz Life Insurance Company does not provide any warranty or assurance at e Policyholder/ Members enrolled under e group insurance will be, by virtue of purchasing is Policy/enrolment as Member, eligible for any income tax or oer tax rebate or relief. On Examination of e Policy, if e Policyholder notices any mistake in e above Schedule, e Policy Document is to be returned for correction to e Company. If any of e details of e Member contained in e statement signed by e Policyholder on behalf of e Member are incomplete, false or incorrect, coverage in respect of such Member under e Policy shall be void. Agent s details: Name: License No.: Phone No: Address: Signed on behalf of Bajaj Allianz Life Insurance Company Limited for Policy No Issued on date Auorized Signatory:

4 1. Definitions POLICY DOCUMENT This Policy is issued on e basis of e information given and declarations made by e Policyholder in e Proposal Form, which is incorporated herein and forms e basis of is Policy. The following terms shall have e meaning assigned to em as below. The singular includes e plural,and references to e male include e female where e context so permits. Unless contrary to e context, e following shall be deemed to mean: Member/Policyholder shall refer to a Member in case of Non Employer Employee Group and Policyholder in case of Employer Employee Group Membership Register/Certificate of Insurance shall refer to Membership Register as maintained by e Policyholder in Employer Employee group and Certificate of Insurance as issued by e Company to each individual member on admission into group insurance scheme in non Employer Employee Group. No separate Certificate of Insurance is issued by e Company to each individual Member on admission into group insurance scheme in Employer Employee Group a b c Account Account Value Additional Interest Rate (AIR) refers e Individual Regular Premium Account / Individual Single Premium Account, as applicable means e accumulated value in e Account of e Regular Premium or Single Premium (as applicable) received in respect of at Member less e Mortality Charge, Premium Allocation Charge, Policy Administration Charge, less service tax applicable on all Charges, increased at e rate/s of GIR, AIR and any residual additions less e Fund Management Charge shall mean e guaranteed annualized rate of return of 2.5% p.a. for e first five (5) Policy Years of Member and nil ereafter, and which will be credited to e Account Value at e end of each calendar quarter or at e time of e benefit payment (if earlier), as per Section 5 below, after crediting e Account Value wi e Guaranteed Interest Rate (GIR). d Annual Renewal Date shall mean e anniversary of e Policy Commencement Date in each Policy Year. e f g h I Age Business Day Certificate of Insurance Charges Company means age at last birday. means e common working day of e Corporate Office of e Company. means certificate issued by e Company on e basis of e details mentioned in e Member s enrolment form to each Member as an evidence of acceptance of risk on e life of e Member under e Policy. means e charges applicable to is Policy as mentioned in e Schedule and detailed in Section 29, Section 30 and Section 31 below. means BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED. j Date of Commencement of Risk means e Entry Date as mentioned in e Certificate of Insurance from which e risk cover of e Member commences under e Policy. k Date of Discontinuance means e date on which e Company receives e written communication from e Member/Policyholder, as per Section 7a) below, to discontinue e Membership (Option II) OR if e Company does not receive any written communication, from e Member/Policyholder, en, e date at e expiry of 30 days from e date of receipt of e discontinuance notice by e concerned Member/Policyholder r, as e case may be, in accordance wi Section 16 below. l m Discontinued Membership Discontinued Life Policy Account means e membership wherein e Member/Policyholder has discontinued e payment of Regular Premium wi respect to at Member and, as a result of at, e membership has been subject to e action as per Section 7 below. means a segregated account, maintained by e Company at is set aside and is constituted by e discontinuance account value of e Discontinued Policies, determined in accordance wi e IRDAI Linked Insurance Products Regulations, 2013 and any subsequent modification made erein by e IRDAI.

5 n o p q r s Entry Date Grace Period Guaranteed Interest Rate (GIR) IRDAI Individual Regular Premium Account Individual Single Premium Account means e Policy Commencement Date in relation to a Member already existing as a Member under e Scheme on e Policy Commencement Date and in relation to a new Member e date when his name is recorded in e Membership Register as a Member, after due approval from e Company. means period of 15 days for monly frequency of Regular Premium and 30 days for oer frequencies of Regular Premium, from e Regular Premium Due Date (specified in e Membership Register), allowed for e payment of Regular Premium and after which e risk cover will lapse if due Regular Premiums in respect of Member remains unpaid. shall mean e annualized rate of return of 1.5% per annum guaranteed for e entire term of e Membership and which will be credited to e Account Value at e end of each calendar quarter or at e time of e benefit payment (if earlier), as per Section 5 below. means e Insurance Regulatory and Development Auority of India. shall mean e account maintained for each Member by e Company under is Policy to manage e investment of Regular Premium received in respect of e Member. shall mean e account maintained for each Member by e Company under is Policy to manage e investment of Single Premium received in respect of e Member. t Maturity Date means e date specified in e Membership Register/Certificate of Insurance on which e Maturity Benefit as specified per Section 5b) below shall become payable to e Member rough e Policyholder. u v Member Membership Register means a person who meets e eligibility criteria specified in e Scheme Rules and whose name has been recorded in e Membership Register/Certificate of Insurance as a Member after due approval from e Company and whose life is assured under is Policy. is a record of Members maintained by e Policyholder which contains information about Members including but not limited to any unique identification number of Member, name, Age, gender, Sum Assured, Entry Date, Regular Premium /Single Premium, Premium frequency, Premium Paying Term Nominee and Maturity Date, etc. w x y z aa bb cc dd ee Membership Anniversary Monly Due Date Nominee Paid up Sum Assured Policy Policy Anniversary Policy Commencement Date Policyholder Policy Terms and Conditions means e date corresponding numerically wi e Entry Date of a Member in each subsequent year during e Policy Term of Member means e date corresponding numerically wi e Entry Date of a Member in each subsequent mon during e Policy Term of Member. means e person who has been appointed by e Member as nominee and whose name has been entered in e Membership Register/Certificate of Insurance as being eligible under e Scheme to receive e benefits payable under e Policy on dea of e Member. is equal to Sum Assured of e Member multiplied by e proportion of e total number of Premiums paid to e number of Premiums payable in e Premium Paying Term wi respect to e Member, under a membership referred to in Option C of Section 7b(i) below. means e arrangements established by e Policy Terms and Conditions. means e date corresponding numerically wi e Policy Commencement Date in each subsequent year during e term of e Policy. means e date from which is Policy takes effect and as specified in e Schedule. means e entity named in e Schedule who has concluded e Policy wi e Company. means is Policy wording, e Schedule (which is attached herewi and forms part of is Policy and, if endorsed, en, wi e endorsed version), any Annexure and e Proposal Form submitted by or on behalf of e Policyholder for e purpose of obtaining is Policy and any oer information or documentation provided to e Company for at purpose and based upon which is Policy has been issued and risk on life of Member has been assumed.

6 ff Policy Term of Member means e period between e Entry Date and e Maturity Date for a Member as specified in e Membership Register/Certificate of Insurance. gg Policy Year for Member means e year commencing on e Entry Date or an anniversary ereof for a Member. hh Policy Year ii Premium Paying Term jj Proposal Form kk Regular Premium means e year commencing on e Policy Commencement Date or an anniversary ereof means e period specified in e Membership Register /Certificate of Insurance during which e Regular Premium is payable. means e Policyholder s statements in e proposal for is Policy submitted by or on behalf of e Member along wi any oer information or documentation provided to e Company prior to inception of e Policy. means e amount of premium payable by e Member/Policyholder (as specified in e Membership register) for e Members at regular intervals during e Premium Paying Term. ll Regular Premium Due Date shall be e date depending on e frequency (as mentioned in e Membership Register) in respect of each Member in each calendar year on which e Regular Premium wi respect to at Member is payable. mm Scheme Rules nn Single Premium means e rules of e Bajaj Allianz Niyamit Sanchay Suraksha Scheme adopted by e Policyholder and a certified copy of which has been furnished to e Company by e Policyholder. means e amount of premium payable by e Member/Policyholder for eir Members, in case of a single premium cover, as and when any person is enrolled as a Member on Entry Date. oo Sum Assured is e amount as specified in e Membership Register/Certificate of Insurance, which is referred to determine e amount payable to e Nominee per Section 5a) below upon e dea of e Member after e Date of Commencement of Risk.

7 2. Policy Description a) The Policy is a traditional non linked, non participating group savings variable insurance plan where premium is payable on Regular Premium or Single Premium basis (as mentioned in e Schedule). b) On e Entry Date, e Company shall open an Account for each Member. The Regular Premium / Single Premium received by e Company less e Mortality Charge, Premium Allocation Charge, Policy Administration Charge, less service tax applicable on all Charges shall be credited to e Account of e Member. c) At e end of each calendar quarter, e Company will credit e Guaranteed Interest Rate (GIR) and, en, any Additional Interest Rate (AIR) in to each Account. Then, applicable Fund Management Charge will be deducted from e Account. d) The GIR & AIR shall be credited and e Fund Management Charge deducted only to e extent and duration for which e monies remained invested in e Account. e) Non-zero positive residual additions, if any, shall be credited to e Account in order to meet e maximum reduction in yield criteria stipulated in Sub-regulation 37 of IRDA (Linked Insurance products) Regulations, 2013, at e end of each Policy Year of Member, starting from e fif (5) Policy Year of Member. Such non-zero positive residual additions shall be determined as: Gross Investment Yield earned in e shadow account at e end of each Policy Year of Member less e Actual yield earned in e Account at e end of each Policy Year of Member less Yield referred in e reduction in yield at at duration as stipulated in Sub-regulation 37 of IRDA (Linked Insurance Products) Regulations, The yield earned on e Account shall be calculated using e money weighted rate of return meod at e end of each Membership Year. 3. Eligibility Criteria a) A person who satisfies e eligibility criteria established under e Scheme Rules is eligible to become a Member herein. But, becoming a Member herein does not establish any right or entitlement of e Member against e Company under is Policy. b) No person shall become a Member unless and until his name has been entered into e Membership Register/ Certificate of Insurance is issued by e Company, who has e sole and absolute right to decide wheer a person s name should be entered in e Membership Register/Certificate of Insurance; for which purpose e Company may call for such information or documentation (medical or oerwise) as to e satisfaction of e eligibility criteria contained in e Scheme Rules (which shall not be amended wiout e Company s prior written consent) or oerwise as e Company deems fit. In a Non-Employer-Employee Policy, Certificate of Insurance shall be e conclusive evidence of entitlement of a person name to be entered into e Membership Register. c) If e Company calls for information or documentation in respect of any Member, e Member/Policyholder shall forward e same to e Company wiin irty (30) days of it having been requested. 4. Regular Premium / Single Premium a) Single Premium (as specified in e Membership Register/Certificate of Insurance) is payable as and when any person is enrolled as a Member on Entry Date. b) Regular Premium (as specified in e Membership Register/Certificate of Insurance) is payable in full by e due date rough-out e Premium Paying Term. The Company does not have any obligation to issue a notice at Regular Premium is due or for e amount at is due. c) The Company will not accept any amount lesser an e Regular Premium due as e Regular Premium. d) The Member/Policyholder may, at any Membership Anniversary, change e frequency of payment of Regular Premium by giving a written notice to e Company at least irty (30) days before any Membership Anniversary, subject to e notice satisfying e minimum Regular Premium requirements as determined by e Company from time to time. 5. Policy Benefits a) Dea Benefit On e dea of e Member before e Maturity Date, e Company, subject to Section 13 and Section 20 below, provided e Policy or membership has not been terminated per Section 19 below, shall pay e following amount to e Nominee rough e Policyholder: Sum Assured/Paid Up Sum Assured as applicable plus e Account Value including interest accrual as on e date of receipt of intimation of dea at e Company s office, subject to a minimum of 105% of total Regular Premium or Single Premium (as applicable) paid, excluding e service tax. b) Maturity Benefit

8 If e Member is alive on e Maturity Date, Account Value including interest accrual as at e Maturity Date is payable by e Company to e Member rough e Policyholder as a Maturity Benefit, provided e Policy or membership has not been terminated per Section 19 below c) Surrender Value i. Membership Surrender (1) The Member may, at any time, surrender e membership under e Policy. (2) On membership surrender during e lock-in period of e first five (5) Policy Years of Member, Account Value wi interest accrued till e date of surrender less e discontinuance charge as on e date of surrender will be transferred to e Discontinued Life Policy Account, and all risk cover will be terminated immediately. The option to revive e membership will not be available to such a surrendered membership. The discontinuance value (as per Section 8 below) as at e end of e lock-in period will be paid to e Member as membership surrender value. (3) On membership surrender after e lock-in period of e first five (5) Policy Years of Member, e Account Value wi interest accrued till e date of surrender will be paid immediately as membership surrender value. (4) On payment of e membership surrender value, e membership terminates. ii. Policy Surrender The Policyholder cannot surrender e Policy. But, e Policyholder can stop enrolment of new Members any time after Policy Commencement Date. The Company reserves e right to stop enrolment of new Members by sending not less an ninety (90) day's advance notice in writing to e Policyholder. 6.Flexibilities The Member/Policyholder may, subject to prior approval of e Company, exercise any of e following options by using e application form specified by e Company and meeting e conditions set out erein. a) Partial widrawal i. Partial widrawal is allowed at any time after e fif (5 ) Membership Anniversary. ii. After any partial widrawal, e Account Value should not fall below one (1) times e Single Premium or two (2) times e Regular Premium, as applicable. iii. Minimum partial widrawal amount is ` 2000/-. b) Change in premium frequency The Member/ Policyholder will have e option to change e Regular Premium payment frequency at any time during e Premium Paying Term provided e prevailing Premium frequency and e requested frequency can be aligned subject to minimum Regular Premium available under e plan. Premium modal factors shall be applied for changed premium frequency. Monly payment frequency is permitted only by salary deductions or ECS. c) Dea benefit in installments i. The Nominee will have e option to take e dea benefit [as in Section 5a) above] in equal monly installments over a period of five (5) or ten (10) years (as per his choice). The first installment shall be due from e date of intimation of dea. The option needs to be exercised in writing at e time of filing e dea claim form. ii. Each monly installment will be an amount equivalent to: (1) If e installment period chosen is 5 years: 1.04 * amount of dea benefit divided by 60. (2) If e installment period chosen is 10 years: 1.08 * amount of dea benefit divided by 120. iii. The Company will review ese factors from time to time, subject to IRDAI approval. iv. The Nominee will have e option, at any time, to request for a discontinuance of e monly installments even after e installments have commenced. (1) The Nominee will be eligible for e amount of dea benefit less e total amount of installments already paid as on e date of discontinuance, provided e amount payable is non-zero. No furer monly installments shall be payable. (2) If e amount of dea benefit less e total amount of installments already paid as on e date of discontinuance is less an or equal zero, e future installments will not be discontinued. The future installments will be paid as and when ey become due 7. Non Forfeiture a) On discontinuance of Regular Premiums due during e first five (5) Policy Years for Member, i. The Member/Policyholder shall be entitled to one of e below options.

9 Option I Revive e Membership under e Policy or, in writing, agree to revive e Membership wiin e Revival Period by paying all due Regular Premiums and subject to e conditions for revival OR Option II In writing, intimate e Company to surrender e Membership wiout any risk cover and receive e discontinuance value (as per Section 8 below) as surrender value eier at e end of e (1) Lock-in period of five (5) Policy Years of Member or (2) Revival Period in case e lock-in period of five (5) Policy Years of e Member expires before e expiry of Revival Period. ii. A notice will be sent by e Company to e Member/Policyholder wiin fifteen (15) days of e expiry of e Grace Period, requesting e Member/ Policyholder to exercise one of e options mentioned in Sub-Section i) above wiin irty (30) days of receipt of such a notice. iii. Till e Date of Discontinuance, e membership under e Policy shall be treated as in-force wi all risk cover by deduction of all applicable Charges for e Member. iv. On receipt of communication from e Member/Policyholder choosing Option I and e membership under e Policy has not been revived before e Date of Discontinuance, e membership under e Policy shall be converted to a Discontinued Membership; and e Account Value less e discontinuance charge (as per Section 29 below) will be transferred to e Discontinued Life Policy Fund. The discontinuance value (as per Section 8 below) shall be available as surrender value to e Member at e end of e lock-in period of five (5) Policy Year of e Member or Revival Period, whichever is later. v. On receipt of communication from e Member/Policyholder choosing Option II above, e membership under e Policy shall be converted to a Discontinued Membership; and e Account Value less e discontinuance charge (as per Section 29 below) will be transferred to e Discontinued Life Policy Fund. The discontinuance value (as per Section 8 below) shall be available as e surrender value to e Member at e end of lock-in period of five (5) Policy Year of e Member or Revival Period in case e lock-in period expires before e expiry of Revival Period. vi. Where e Company does not receive any intimation in writing from e Member/Policyholder about e preferred option wiin e notice period of irty (30) days mentioned above, it shall be deemed by e Company at e Member/Policyholder has exercised e Option II above. The membership under e Policy shall be converted to a Discontinued Membership at e end of notice period of irty (30) days; and e Account Value less e discontinuance charge (as per Section 29 below) will be transferred to e Discontinued Life Policy Fund. The discontinuance value (as per Section 8 below) shall be available as e surrender value to e Member at e end of e lock-in period of five (5) Policy Year of e Member or Revival Period, whichever is later. b) On discontinuance of Regular Premiums due after e lock-in period of five (5) Policy Years of Member, i. A notice will be sent by e Company to e Policyholder/ Member wiin fifteen (15) days of e expiry of e Grace Period to exercise one of e options mentioned below wiin irty (30) days of receipt of such notice: Option A: Revive e membership under e Policy before e end of e Revival Period by paying all due Regular Premiums, subject to e conditions for revival, OR Option B: In writing, intimate e Company to surrender e membership under e Policy. The surrender value for e Member under e Policy as on e date of receipt of such intimation shall be available to e Member, OR Option C: In writing, intimate e Company to continue e membership under e Policy as a paid-up membership wi a Paid-up Sum Assured, wi all e oer benefits as per e Policy Term & Conditions and subject to deduction of all applicable Charges. ii. Till e expiry of e above mentioned period of irty (30) days or till e Member/Policyholder exercises one of e options under Sub-Section b)i) above (whichever is earlier), e membership under e Policy shall be treated as in-force, by deduction of all applicable Charges for e Member under e Policy. iii. If e Company does not receive any intimation in writing from e Member/Policyholder or if e Member/Policyholder decides to surrender e membership under e Policy as per Option B above, e surrender value for e Member under e Policy as on e date of receipt of such intimation or expiry of period of irty (30) days, as e case may be, will be available to e Member iv. If e Member/Policyholder has chosen e Option A above, during e Revival Period e membership under e Policy shall be treated as in-force wi all e available risk cover, by deduction of all applicable Charges for e Member under e Policy. At e end of e Revival Period, if e membership under e Policy has not been revived, e surrender value for e Member under e Policy as at e end of e Revival Period will be available to e Member. c) Under a Discontinued Membership, e dea benefit during e lock in period or e period of revival as mentioned in Sub Section a) above shall be e discontinuance value (as per Section 8 below) as on e date of intimation of dea at e Company s office and, en, e Membership under e Policy will terminate. 8. Discontinuance Value a) The discontinuance value will be e higher of i. The Account Value wi interest accrued less e discontinuance charge (as per Section 29 below) all as on Date of Discontinuance/surrender, accumulated at e rate of return earned on e Discontinued Life Policy Fund net of Fund Management

10 Charge (FMC) on e Discontinuance Policy Fund OR ii. The Account Value wi interest accrued less e discontinuance charge (as per Section 29 below) all as on Date of Discontinuance/surrender, accumulated at e minimum guaranteed rate of investment return net of Fund Management Charge (FMC) on e Discontinuance Policy Fund. The current minimum guaranteed rate of investment return, as prescribed by IRDAI, is 4% p.a. b) The current Fund Management Charge on e Discontinuance Policy Fund, as prescribed by IRDAI, is 0.50% per annum. c) The Fund Management Charge and e minimum guaranteed rate of investment return as mentioned above, for e calculation of e discontinuance value may change from time to time as per e IRDAI guidelines. 9. Revival The discontinued Membership can be revived subject to e following: a) The Company receives e request for revival from e Member/Policyholder wiin e revival period of two (2) years from e Date of Discontinuance, provided e membership is not terminated already. b) All e due-but-unpaid Regular Premiums are paid. c) The Premium Allocation Charge and Policy Administration Charge (as per Section 29 below), as applicable during e discontinuance period shall be deducted from e Regular Premiums paid at e time of revival. d) Such information and documentation as may be requested by e Company is submitted by e Member at his own expense. e) The Company may allow e revival of e membership as per prevailing board-approved underwriting norms, on e original Policy Terms and Conditions or on terms and conditions which may be at variance wi original Policy Terms and Conditions, which shall be duly intimated in writing to e Member along wi intimation of acceptance of revival. f) On revival of e Discontinued Membership, e discontinuance value (as per Section 8 above) of e Member togeer wi e amount of discontinuance charge (wiout any interest) as deducted by e Company on e Date of Discontinuance shall be added back to e Account Value. No AIR/ GIR will be credited for e period e money was not in e in-force in e Individual Regular Premium Account. 10. Admission of Age a. The Mortality Charge payable under e Membership is calculated on e basis of e Member Age and gender as admitted in e records of e Policyholder in case of an Employer-Employee group insurance scheme. The Age of e Member in case of a Non- Employer-Employee group insurance scheme has to be substantiated by production of documents accepted by e Company as standard proof of age. b. If any of e Age so admitted (e correct Age ) is found to be different from e Age in e Membership Register, en wiout prejudice to e Company s oer rights and remedies including ose under e Insurance Act 1938, e following actions shall be taken: i. If e correct Age is such as would have made e Member uninsurable under is Policy, e Membership shall stand discontinued/terminated wi immediate effect by e Company and: 1. If e Membership is discontinued before e fif (5 ) Membership Anniversary, e Discontinuance Value shall become payable at e end of e fif (5 ) Membership Year, 2. If e Membership is terminated after e fif (5 ) Membership Year, e Surrender Value shall be payable immediately. ii. If e Members correct Age is higher an e Age in e Membership Register, e Mortality Charge payable under e Membership shall be altered corresponding to e correct Age of e Member (e corrected Mortality Charge ) and e accumulated difference between e corrected Mortality Charge and e original Mortality Charge from e Entry Date up to e date of such payment shall be recovered. iii. If e Members correct Age is lower an e Age declared in e Membership Register, e Mortality Charge payable under e Membership shall be altered corresponding to e correct Age of e Member (e corrected Mortality Charge ) from e next Monly Due Date. 11. Nomination Each individual Member shall nominate a Nominee to whom e dea benefit of e Member [as per Section 5a) above] shall be payable as per e Scheme Rules. The nomination shall be recorded in e Certificate of Insurance/Membership Register maintained by e Policyholder. Nomination should be in accordance wi provisions of section 39 of e Insurance Act 1938 as amended from time to time. [A Leaflet containing e simplified version of e provisions of section 39 is enclosed in Annexure AA for reference]

11 12. Loans No loan is available under is Policy. 13. Suicide Exclusion Where e Member commits suicide, wheer sane or insane, wiin one (1) year from e Entry Date or date of latest revival of membership, dea benefit [as mentioned Section 5a) above] shall not be payable and e Account Value wi interest accrual as on e date of intimation of dea shall be paid, subject to recovery of any dues wi respect to e Member. The applicability of e suicide exclusion clause will be determined in accordance wi e actual date of dea of e Member and not e date of intimation of dea. 14. Currency All moneys payable to or by e Company hereunder shall be paid in Indian Rupees and e cover affected hereunder shall also be expressed in Indian Rupees. 15. Notices Any notice, direction or instruction under is Policy which may be in writing or in any kind of electronic/digital format and if it is to: a) The Member/Policyholder : i. Shall be sent by hand, post, facsimile, Short Messaging Service (SMS), Voice call, or rough any oer digital/electronic media to e Policyholder or e Member as per e details specified by e Policyholder in e Proposal Form/Membership Register or as per subsequent change of address intimation submitted by e Policyholder to e Company. ii. The Company shall not be responsible for any consequences arising out of non-intimation of change of e Policyholder s/member s address and/or communication/correspondence details. In case e notice comes back to e Company undelivered to e Policyholder due to any reason, ere shall be no obligation upon e Company to make any attempt again towards dispatch of e notice which was returned undelivered. b) The Company shall be submitted by hand, post, facsimile or to: Bajaj Allianz Life Insurance Company, GE Plaza, Airport Road, Yerawada, Pune Tel No. : (020) Fax No. : (020) Toll Free No ID: customercare@bajajallianz.co.in 16. General Conditions a) The Policyholder shall furnish to e Company all such data, information or evidence as e Company may reasonably require upon or wi regard to any matter affecting e Life Insurance Cover effected or to be effected herein under and e Company shall not be liable for any action taken in good fai upon any data, information, or evidence so furnished which shall be or shall prove to have been erroneous or inaccurate. Such of e Policyholder s records in original (or certified Photostat copies ereof) as in e opinion of e Company have a bearing on e benefits to be provided or e Premiums payable hereunder shall be open for inspection by e Company at all times. b) It is Hereby expressly agreed between e Policyholder and e Company at is Policy is effected in accordance wi e provisions of e Scheme Rules and in e event of e Scheme Rules being amended, such amendments, if ey have any bearing on or affect in any way, e Policy Terms and Conditions shall become effective only if e said amendments are approved in writing by e Company on such terms as e Company may stipulate. Any alteration or amendment at may become necessary in e Policy Terms and Conditions on account of any amendment or alteration, approved by e Company in e provisions of e Scheme Rules shall be given effect to by appropriate endorsements to e Policy signed by an auorized officer of e Company. In e event of e Scheme Rules being amended by e Policyholder and such amendments, if ey have any bearing on or affect in any way, e Policy Terms and Conditions and is not acceptable to e Company en e Policy shall be terminated and surrender benefit shall be payable as per Section 5c) above. c) The Company shall have e right to stop enrollment of new members by sending not less an ninety (90) day's advance notice in writing to e Policyholder expiring on e Annual Renewal Date. Once e Company has made e payment to e Policyholder as per Section 5 above, e Policyholder is completely responsible to give e entire amount sent by e Company to e Beneficiary and e Company shall not have any furer responsibility in respect of such payment. The Policyholder hereby agrees at it is only handling e payment to e Beneficiary on behalf of e Company and at it is not entitled to receive any payment under is Policy. The Policyholder hereby agrees to indemnify and hold e Company free and harmless from and against any claims, disputes or losses

12 which may arise in connection wi any payment made by e Company to e Policyholder. d) The Company reserves e right to recover e amount from e Policyholder or e Member or any oer person, if it is found at e Benefits are erroneously paid due to e fault of e Policyholder. In case we are not in a position to recover such amounts from e Member or any oer person, e Policyholder will be liable to pay e said amount to e Company wiin 15 days from e date of its demand. However, e Policyholder will not be liable or responsible for any wrong payments made by e Company wiout any fault on e part of e Policyholder. e) The Membership Register as per e annexure to proposal form has to be updated periodically by e Policyholder. All additions and deletions of members must be sent to e Company in e same format eier electronically or in hard copy for updating e Company s records. f) It is hereby furer expressly agreed between e Policyholder and e Company at all disputes of any kind whatsoever which may arise under or in connection wi is Policy shall be submitted to e appropriate Court or Courts having jurisdiction in India 17.Waiver Failure or neglect by e Company to enforce at anytime any of e provisions of is Policy shall not be construed or be deemed to be a waiver of e Company s right herein, nor in anyway affect e validity of e whole or any part of is Policy nor prejudice e Company s right to take subsequent action. 18. Termination Conditions The Membership under e Policy shall immediately and automatically terminate on e earlier occurrence of any of e following events: a) The in-force Membership is fully surrendered. b) On receipt of intimation at e Company s office of dea of e Member. c) The date on which Member completes age 70 years or reaches Maturity Date. d) On expiry of e 2 years from e date of first unpaid Regular Premium for e Member where e Member has opted Option A under clause 7 (b) herein above. e) On payment of discontinuance value (as per Section 8 above) for e Members whose Membership has lapsed for non-payment of Premium or who have voluntarily opted for Discontinuance of eir Membership. 19.Payment of claim All Claims are payable to e Member or Nominee/Legal heir of e Member.The Policyholder can be auorized by e claimant to receive e cheque in e name of e claimant. Before any dea claim becomes payable due to e dea of a Member, e Company shall be entitled to receive all information and documentation sought which includes but is not limited to e following: a) Membership certificate issued by e Policyholder for an Employer-Employee group scheme or Certificate of Insurance issued by e Company for a Non-Employer-Employee group scheme. b) Dea certificate issued by e local municipal auority and e medical cause of dea certification. c) Medical records from e physician last seen. d) Coroner s / post mortem report / FIR (First Information Report) / PIR (Police Inquest Report) / Final inquest report in case of unnatural / accidental dea. e) Copy of crematorium/burial record specifying e date, day and time of cremation/burial. f) Documents to establish right of e claimant in case of no valid nomination being in existence at e time of dea. g) Report from police in case of accident/unnatural dea. h) Any oer document at may be relevant in establishing e validity of e claim. 20. Loss of Policy Document a) If e Policy Document is lost or destroyed, en subject to Sub Section c) below, at e request of e Policyholder, e Company, if satisfied at e Policy Document has been lost or destroyed, will issue a copy of e Policy Document duly endorsed to show at it is issued following e loss or destruction of e original Policy Document. b) Upon e issuance of a copy of e Policy Document e original Policy Document will cease to have any legal effect. c) The Company reserves e right to make such investigations into and call for such evidence of e loss or destruction of e Policy Document at e expense of e Policyholder, as it considers necessary before issuing a copy of e Policy Document. d) It is hereby understood and agreed at e Policyholder will protect e Company and hold e Company harmless from and against any claims, costs, expenses, awards or judgments arising out of or howsoever connected wi e original Policy Document or arising out of e issuance of a copy of e Policy Document.

13 21. Governing Law Any and all disputes arising out of and under is Policy shall be governed by and determined in accordance wi Indian law and by e Indian courts. All Benefits payable under e Policy are subject to e tax laws and oer financial enactment as ey exist from time to time. Service tax, education cess or any oer form of tax are payable under e Policy as per tax laws and oer financial enactments as ey exist from time to time. Such monies will be charged to e Member/Policyholder as per prevailing rates and regulations wherever applicable as per Company Policy. All provisions stated in is Policy are subject to e current guidelines issued by e IRDAI as on date. All future guidelines at may be issued by e IRDAI from time to time will also be applicable to is Policy. 22. Taxation The Member/Policyholder agrees to pay and/or allows e Company to deduct from any of e benefits payable or e Account under is Policy, a sum on account of any tax or oer payment which may be imposed by any legislation, order, regulation or oerwise, upon e Company, e Policyholder or any oer beneficiary, which, in e opinion of e Company, is necessary and appropriate 23. Grievance Redressal In case you have any query or compliant/grievance, you may contact e Grievance Officer of any nearest Customer Care Center at Branch Office of e Company during e Company s office hours from 9 am to 6 pm. Alternatively, you may communicate wi e Company: By post at: Customer Care Desk, Bajaj Allianz Life Insurance Company Ltd., GE Plaza, Airport Road, Yerawada, Pune By Phone at: Toll Free No By Fax at: By customercare@bajajallianz.co.in In case you are not satisfied wi e resolution provided to you by e above office, or have not received any response wiin 10 days, or you have any suggestion in respect of is Policy or on e functioning of e office, you may contact e following official for resolution: Grievance Redressal Officer, Bajaj Allianz Life Insurance Company Ltd. 3rd Floor, Bajaj Finserv, Survey No: 208/1-B, Behind Weik Field IT Park, Viman Nagar, Pune Tel. No: Fax: (+91 20) , ID: customercare@bajajallianz.co.in If Policyholder is not satisfied wi e response or does not receive a response from e Company wiin fifteen (15) days, he may approach e IRDAI Grievance Cell Centre (IGCC) on e following contact details: By Phone: TOLL FREE NO: , By complaints@irda.gov.in By post at: Consumer Affairs Department Insurance Regulatory and Development Auority of India 9 floor, United India Towers, Basheerbagh, Hyderabad , Andhra Pradesh By Fax at: The Policyholder can also register his complaint online at 24.Ombudsman a) In case you are not satisfied wi e decision/resolution of e Company, you may approach e Insurance Ombudsman if your grievance pertains to any of e following: i. Insurance claim at has been rejected or dispute of a claim on legal construction of e Policy ii. Delay in settlement of claim iii. Dispute wi regard to premium iv. Non-receipt of your insurance document b) The address of e Insurance Ombudsman is provided as per Address & Contact Details of Ombudsman Centres attached herewi. For e latest list of insurance ombudsman, please refer to e IRDAI website at c) The current list of Insurance Ombudsman and eir details are as given in e Address & Contact Details of Ombudsman Centres attached below. d) The complaint should be made in writing and duly signed by e complainant or by his legal heirs wi full details of e complaint and e contact information of complainant. e) Also please note at as per provision 13(3) of e Redressal of Public Grievances Rules 1998, e complaint to e Ombudsman can be made i. Only if e grievance has been rejected by e grievance redressal mechanism of e Company.

14 ii. The complaint should be filed wiin a period of one year from e date of rejection by e Company. iii. The complaint should not be simultaneously under any litigation. 25. Fraud, Misrepresentation and Forfeiture Fraud, Misrepresentation and forfeiture would be dealt wi in accordance wi provisions of section 45 of e Insurance Act 1938 as amended from time to time. [A Leaflet containing e simplified version of e provisions of section 45 is enclosed in Annexure BB for reference] 26. General Terms and Conditions These Policy Terms and Conditions override and supersede all prior communications, arrangements, agreements, and understandings between e Policyholder and Bajaj Allianz Life Insurance Company Limited. In all events, ese Policy Terms and Conditions will be e conclusive agreement governing e legal relationship between e parties and no oer documents, oer an appropriate endorsements to e Policy signed by an auorized officer of e Company. Policy Document, terms and conditions of e Policy and all e endorsements by e Company, if any, will form an integral part of is contract and will be binding on e parties 27. Investment Policy a) The Company shall create a separate fund for e Policies issued under Bajaj Allianz Niyamit Sanchay Suraksha and selection of e underlying investments of such fund shall be such as e Company, in its sole and absolute discretion, may from time to time determine in accordance wi IRDAI regulation on controlled fund and it is furer provided at e assets of such Fund would comprise in such proportion as at stipulated for e non-linked funds in e Insurance Regulatory and Development Auority s rules and regulations on investments as amended from time to time. b) All assets relating to e Fund shall be and shall remain in e absolute beneficial ownership of e Company. There is no trust created, wheer expressly or impliedly, by e Company in respect of e assets or investments. 28.Charges All e Charges mentioned below will be subject to applicable service tax which shall be deducted along wi e respective Charge. a) Mortality Charge i. The Mortality Charge will be deducted from e Account at e rate e Company applies to e attained Age of e Member, on e Date of Commencement of Risk and on subsequent Monly Due Dates whilst e Membership continues/policy remains in-force. The Mortality Charge may vary from year to year according to e attained Age of e Member at e time of deduction of e same. ii. The Mortality Charge per ousand sum at risk is given in Annexure A. The Mortality Charge is applied on e sum at risk iii. Mortality charge is guaranteed for e entire Membership Term of e Member. b) Fund Management Charge The Fund Management Charge for managing and administering e Funds shall be at e rates as specified in e Schedule. c) Policy Administration Charge The Policy Administration Charge, as mentioned in e Schedule, will be deducted from Account on e Entry date and on subsequent Monly Due Dates. d) Premium Allocation Charge The Premium Allocation Charge is mentioned in e Schedule. e) Discontinuance Charge The Discontinuance Charge applicable under Regular Premium or Single Premium (as applicable) are as mentioned in e Schedule. f) Miscellaneous Charge A Miscellaneous Charge of ` 100/-, will be deducted per transaction in respect of alteration of premium mode, partial widrawal or issuance of copy of Policy Document or Certificate of Insurance. 29.Recovery of Charges a) The Fund Management Charge will be deducted from e Account after crediting e GIR and e AIR, if any. b) The Mortality Charges will be deducted from Account at Monly Due Dates c) The Policy Administration Charge, if any, will be deducted from Account at Monly Due Dates

15 d) Premium Allocation Charge shall be deducted as and when Regular Premium is paid. 30. Revision of Charges Wi prior approval from e IRDAI, e Company reserves e right to revise e following charges: a) Fund Management Charge up to a maximum of 1.35% per annum. b) Policy Administration Charge upto a maximum of ` 20 per annum 5% p.a c) Miscellaneous charge up to a maximum of ` 200/- per transaction The Company will give a notice of ree mons to e Policyholders for any changes in Charge. The Member/Policyholder who does not agree wi e revised Charges shall be allowed to widraw immediately or at e end of five (5) Policy Years of Member in respect of each Member, whichever is later and terminate e Membership/Policy. 31. Free Look Period Wiin 15 days [30 days in case e Policy is issued under e provisions of IRDAI Guidelines on Distance Marketing of Insurance Products] from e date of receipt of e Policy e Policyholder has e option to review e terms and conditions of e Policy and if e Policyholder disagrees to any of e terms & conditions, give e Company, a written notice of cancellation along wi e reasons for e objections and return e Policy to e Company. All e Members shall be entitled to a refund of e Regular Premium/Single Premium paid, subject to deduction of e stamp duty expenses, e proportionate Mortality Charge, if any, for e period e Members whereon cover, e expenses incurred on medical expenses, if any. Wiin 15 days [30 days in case e Policy is issued under e provisions of IRDAI Guidelines on Distance Marketing of Insurance Products] from e date of receipt of e Certificate of Insurance, e Member has e option to review e terms and conditions of e Policy and if e Member disagrees to any of e terms & conditions, give e Company, directly/rough e Policyholder, a written notice of cancellation along wi e reasons for e objections and return e Certificate of Insurance to e Company. The Member shall be entitled to a refund of e Regular Premium/Single Premium paid, subject to deduction of e stamp duty expenses, e proportionate Mortality Charge, if any, for e period e Members whereon cover, e expenses incurred on medical expenses, if any. THIS IS AN IMPORTANT DOCUMENT AND SHOULD BE PRESERVED SAFELY. PLEASE CHECK THE POLICY DOCUMENT UPON RECEIPT, AND IF ANY MISTAKE OR ERROR IS FOUND, THE SAME BE INFORMED IMMEDIATELY TO BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED