Bajaj Allianz Life Insurance Policy Surrender Process
- Surrender Insurance Policy
- Documents Required to Surrender
- Process of Policy Surrender
Are you thinking of surrendering your Bajaj Allianz Life Insurance Policy? Then it becomes mandatory to read all the terms of charges related to surrendering your policy.
Life insurance covers you and your family in tough times. No matter what, it’s quintessential to protect your loved ones and their future under life insurance and stay prepared for any constraints. But there might be instances where you don’t wish to continue with a policy. The reason(s) can vary from person to person. But it generally occurs due to financial inability to pay monthly premiums, or there may be an incidence of not having a beneficiary anymore to transfer your death benefit to. Whatever the reason for surrendering the Bajaj Allianz Life Insurance Policy, this article will guide you extensively to catch the fine lines between it.
The surrender value is an amount that life insurance companies guarantee to pay to the policyholder in the condition of policy termination or surrender without completing their maturity period. In terms of Bajaj Allianz Life Insurance, the surrender value can be claimed only after paying premiums for a continuous 3 years from the policy purchase.
Bajaj Allianz Life Insurance Policy surrender value generally depends on the policy plan that you’ve purchased. Moreover, it also counts on the year of policy surrender.
The formula that’s used to calculate a surrender value is:
Guaranteed Surrender Value=30% X Total Paid Premiums
However, the first-year premium, the premiums of accidental death or disability benefit riders, and additional riders shall not be included in the surrender value. Meaning the insured individual will have to bear a broad deduction if he/she wants to surrender their policy.
As a condition of your policy’s free look period completion, if you want to drop your policy with Bajaj Allianz, follow the guidelines that are given below:-
Carry the documents that are mentioned below in case you want to surrender a Bajaj Allianz Life Insurance Policy:-
Surrender Policy:-
Partial Withdrawl:-
Reason(s) of partial withdrawal along with the pay-out form should be submitted at the nearest branch of Bajaj Allianz Life Insurance with the documents mentioned below:-
For Bajaj Allianz Life Insurance policy surrender the charges for surrender initiates from 10% if the policyholder cashes in the investment. But if the policy surrender during the 9th year occurs, then the surrender fees will drop by 9%. There will not be any surrender fees if the policy is surrendered after 9 years and beyond.
Bajaj Allianz Life Insurance provides seamless customer support to its policyholders. You can reach out to their customer support at the following contact details:-
| Contact Mode | Contact Details |
| Toll-free Numbers (24/7) | 1800 209 5858 |
| Give a missed call & customer care executive will call you back | 8080945060 |
| Telephone Number (STD applicable) | +91 020 66026666 |
| SMS | to 575758 |
| Email ID | bagichelp@bajajallianz.co.in |
| Mailing Address | Bajaj Allianz House, Airport Road, Yerawada, Pune- 411006 |
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Lives In: Delhi, NCR Expertise: Health & Term Insurance Simran has an experience of 4 years in content writing. She transitioned from hospitality and digital marketing to the insurance industry after her emerging interest in how vast insurance is. With her ability to write complex insurance concepts in a simple, relatable manner, she keeps her audience hooked and solves their doubts smoothly.
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