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.
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.
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.
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 company’s interest in the policy.
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.
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
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.
*· 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
*· 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
*· The assignee can further re-assign the policy and he also has a right to sue under
*· 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.
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.
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
Written confirmation from the banks
Lease agreement along with rent receipt not older than 3 months
Current Employer’s certificate mentioning residence
Domicile certificate with communication address and photograph
Central/ State Government certified Address proof
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
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.
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
*. 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
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.
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.
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.
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.
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.
*. 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
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.
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.
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.
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.