A. Terms of Use

In addition to the primary Terms of Use of our website and other digital properties at https://www.bajajfinserv.in/terms-of-use, please see some additional terms below. These terms are also applicable to you and are deemed to be accepted by you in similar manner as mentioned in the above link.

1. Freelook Period Cancellation & Refund

As per IRDAl Rules and Regulations, you have the right to cancel your insurance policy within 30 days from the date of receipt of insurance policy (referred to as “Free look period”) and refund of your premium amount shall be processed as per the applicable process and procedures followed by the insurer. This Free look facility can be availed only for Life and Health insurance policies, subject to certain other terms and conditions specified by IRDAI. We encourage all our customers to read the insurance policy document carefully and avail the free look facility in case the terms and conditions of the insurance policy document don’t match your insurance requirements. Further, you understand that once you place a cancellation request within the Free look period, the policy gets cancelled and entire premium is refunded to you subject to deduction of

1. Charges pertaining to medical tests conducted
2. Administrative and service cost like stamp duty etc. and;
3. Charges for mortality for the period the policy was in force.

Please note such deduction is at the sole discretion of the insurer.

All payments with respect to refunds as stated under this paragraph 1 shall be the sole responsibility of the insurer per the rules and regulations laid down by the IRDAI. You understand that BFL has tied up with RBI authorized payment gateways to allow you to make online payments towards your insurance premium amount and is only acting as a mere facilitator and providing its assistance to its customers for speedy refunds.

In case of cancellation and surrender of insurance policy/value added services/extended warranty and/or on death of the customer, BFL shall have the right to appropriate insurance claim paid there under or pursuant to cancellation or the surrender value of the insurance policy/value added services/extended warranty towards the Outstanding Dues of any loan(s) availed from BFL. If there is any surplus leftover, it shall be paid to the Customer. If there is any deficit, then the Customer shall be liable to pay entire deficit forth with.

2. Digital Communication Interruptions

Internet transactions may be subject to interruption, transmission blackout, delayed transmission and incorrect data transmission. BFL is not liable for malfunctions in communications facilities not under its control that may affect the accuracy or timeliness of messages and transactions the user may initiate.

3. Additional Terms and Conditions of proposal form (applicable for health insurance products only):

1. You hereby declare, on your behalf and on behalf of all persons proposed to be insured, that the statements, answers and/ or particulars given by you are true and complete in all respects to the best of your knowledge and that you are authorized to propose on behalf of these other persons.
2. You understand that the information provided by you will form the basis of the insurance policy, is subject to the Board approved underwriting policy of the insurer and that the policy will come into force only after full payment of the premium chargeable.
3. You further declare that you will notify in writing any change occurring in the occupation or general health of the life to be insured/proposer after the proposal has been submitted but before communication of the risk acceptance by the insurance company.
4. You declare that you consent to the insurance company seeking medical information from any doctor or hospital who/which at any time has attended on the person to be insured/proposer or from any past or present employer concerning anything which affects the physical or mental health of the person to be insured/proposer and seeking information from any insurer to whom an application for insurance on the person to be insured/proposer has been made for the purpose of underwriting the proposal and/or claim settlement.
5. You authorize the BFL/insurance company to share information pertaining to your proposal including the medical records of the insured/ proposer for the sole purpose of underwriting the proposal and/or claims settlement and with any Governmental and/or Regulatory authority.
6. You consent to and authorize any of insurance company’s authorized representatives not being direct employees of the company to seek medical information required for the purpose of policy issuance or claim settlement under this policy from any hospital/medical practitioner that you or any person proposed to be insured/insured has attended or may attend in future concerning any disease or illness or injury.

4. Third Party Payment of Premium not Allowed:

You are hereby advised that third party payments to insurance policies is not allowed. You agree and understand that you shall ensure that any payment towards insurance premium is remitted only through your bank account or from a joint bank account in which you are a joint holder or though other instruments owned by you. In the event, payment towards insurance premium is remitted through a bank account (or other instruments) opened in the name of a third party (i.e. not being in your name), you agree and acknowledge that Our Company can undertake enhanced due diligence measures (including any documentation), to satisfy itself relating to customer due diligence requirements. You further agree and acknowledge that, in line with the requirements and obligations under the PMLA Act and rules, all refunds shall be processed by the insurance company(ies) through us to the instrument which was used to remit payment of insurance premium.

Others:

1. Customers are requested to opt for nomination and update their nominee/appointee details wherever provisioned in their insurance policies.
2. You are hereby informed about the duty and obligation of disclosure on your part including the necessity of advise the insurer about the changes affecting the policy, which have occurred since the policy inception or the last renewal date.
3. You are required to keep a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract.

B. Disclaimers

Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101.

Insurance is the subject matter of solicitation. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly.

These products provide insurance coverage. Please refer insurer's website for Policy Wordings.

For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale.

Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product.

Insurance product information displayed on the Site is of the respective Insurer with whom BFL has a Corporate Agency or Group Insurance scheme agreement. The information and data provided on this Site, of our ability, is accurate. While all reasonable care has been taken with regards to the information published on the Site, BFL does not claim that the Site shall be free or errors or inconsistencies or accept any legal responsibility for the same.

Please note that BFL is also a Master Policyholder under multiple group insurance schemes. These group insurance covers are only available for our select existing customers. These group insurance covers are also governed by the Master Policy Terms & Conditions in additional to the terms & conditions mentioned on the Certificate of Insurance (CoI) issued by the insurer. Please go through both these terms & conditions while concluding your purchase.

The information provided by you will form the basis of the insurance policy, and that the policy will come into force only after full payment of the premium by the respective Insurance Company.

You declare that you will notify in writing any change occurring in the occupation or general health of the life to be insured/proposer after the proposal has been submitted but before communication of the risk acceptance by the Insurance Company. You authorize BFL/Insurance Company to share information of your proposal including the medical records of the insured/ proposer for the sole purpose of underwriting the proposal and/or claims settlement with the Insurance Company and with any Governmental and/or Regulatory authority, as and when required.

Online Discounts, if any, offered on insurance products are provided by respective Insurance Company(ies) as approved by IRDAI.

Section 41 of the Insurance Act, 1938:

You understand and agree that:

1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurers.
2. Any person making default in complying with the provision of this section shall be liable for a penalty which may extend to ten lakh rupees.

ULIP Disclaimers

1. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.
2. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the Customer/Policyholder shall be responsible for his/her decision. ULIPs are different from Traditional products.
3. By choosing to invest via this Site you hereby voluntarily declare that you have understood the benefits and agree to the terms & conditions of the product/plan chosen by you. You further declare that the product/plan selected by you suits your requirements.
4. The name of an Insurance Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. Also, Past performance is no guarantee of future results and is of indicative nature.
5. The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

C. Privacy Policy

In order to go through the detailed terms as to how we handle customer privacy and read through our Privacy Policy, we request you to kindly click the following URL: https://www.bajajfinserv.in/privacy-policy
We would like to specifically point out that BFL may, for the purpose of rendering its services, collect personal information such as:

1. Sensitive Personal Information - Name, gender, residential / correspondence address, telephone number, date of birth, marital status, email address or;
2. Aadhaar, PAN, KYC / Central KYC Status, Signature and Photograph, any other document as Address Proof;
3. Bank account or other payment instrument details;
4. Any other detail for providing services.

BFL offers online platform for offering financial products and services to you and to carry out the transaction that collects such personal data or information to process your transaction requests.
The information so collected may be shared with other group companies/ affiliates/subsidiaries/Product owner etc. solely for the purpose of processing your transaction requests or serving you better or in case of your claims processing.

D. Servicing TATs

Turn around times (TAT) prescribed under the Protection of Policyholders’ Interests Regulations 2017 issued by Insurance Regulatory and Development Authority of India:

General Insurance

S. No	Service	Description of Item of Service	Regulatory Turnaround Time
1	New Business Proposal Processing	Processing of Insurance Proposal and seeking further requirements for consideration of the proposal	7 days
		Decision on proposal from the date of receipt of proposal or from the date of Free-Look Cancellation Policy Servicing receipt of additional requirement whichever is later
		Providing copy of the policy along with the proposal form	15 Days
2	Post Policy Service Request	Post Policy Service Requests concerning mistakes / corrections in the Policy document	7 days
3	Policy Servicing (from the date of receipt of request for the service specified)	Change of Address (KYC Norms to be complied) specified)	7 days
		Registration /Change of Nomination, Assignment.
		Alteration in ORIGINAL POLICY conditions (where applicable)
		Change of Location of Risk
		Inclusion of new member in case of group policies
		Any other non-claim related changes
		Cancellation of policy and refund of premium
		Appointment of Surveyors (through Tech based solution)	24 hours
4	Claims	Submission of final report after receiving Insurer's request	15 days
		Communicating acceptance or rejection of the claim	7 days
5	Auto Action by the Insurer	Premium Due Intimation	One month before due date
6	Complaints	Acknowledgement to complainant	Immediately
		Action on Complaint and Intimation of Decision to the complainant	14 days
		If complaint is NOT resolved by the Insurer, communicate the details to the Policyholder of options including referring the complainant to Insurance Ombudsman /Consumer Court.	14 days from the original date of receipt of complaint

Life Insurance

S. No	Service	Description of Item of Service	Regulatory Turnaround Time
1	New Business Proposal Processing	Processing of Insurance Proposal and seeking further requirements for consideration of the proposal	7 days
		Decision on proposal from the date of receipt of proposal or from the date of Free-Look Cancellation Policy Servicing receipt of additional requirement whichever is later
		Providing copy of the policy along with the proposal form	15 Days
2	Post Policy Service Request	Post Policy Service Requests concerning mistakes / corrections in the Policy document	7 days
3	Free-Look Cancellation	Free Look Cancellation and Refund from the date of receipt of request
4	Policy Servicing (from the date of receipt of request for the service specified)	Change of Address (KYC Norms to be complied) specified)	7 days
		Registration /Change of Nomination, Assignment
		Inclusion of new member in case of group policy
		Alteration in ORIGINAL POLICY (where applicable)
		Policy loan
		Unit / Index Linked Insurance PolicySwitch, Top-up, and other related Services
		Decision on Policy Revival after receipt of all requirements.
		Issue of Premium Payment Certificates (PPC)
		Issue of Duplicate Policy
5	Death claims	Death claims settlements (not requiring investigations)	15 days
		Early death claims requiring investigations - decision and payment	45 days
6	Survival, Maturity, annuity payments	Settlement of Maturity Claims	On due date
		Settlement of Survival Benefits
		Annuity payments/ Pension Payment
		Surrender or partial withdrawal of Policy	7 days
7	Auto Action by the Insurer	Premium Due Intimation	One month before due date
		Policy payments information (Survival Benefits, Maturity Benefits, etc.)
8	Complaints	Acknowledgement to complainant	Immediately
		Action on Complaint and Intimation of Decision to the complainant	14 days
		If complaint is NOT resolved by the Insurer, communicate the details to the Policyholder of options including referring the complainant to Insurance Ombudsman /Consumer Court.	14 days from the original date of receipt of complaint

Health Insurance

S. No	Service	Description of Item of Service	Regulatory Turnaround Time
1	New Business Proposal Processing	Processing of Insurance Proposal and seeking further requirements for consideration of the proposal	7 days
		Decision on proposal from the date of receipt of proposal or from the date of Free-Look Cancellation Policy Servicing receipt of additional requirement whichever is later
		Providing copy of the policy along with the proposal form	15 Days
2	Post Policy Service Request	Post Policy Service Requests concerning mistakes / corrections in the Policy document	7 days
3	Policy Servicing (from the date of receipt of request for the service specified)	Change of Address (KYC Norms to be complied) specified)	7 days
		Registration /Change of Nomination, Assignment.
		Alteration in ORIGINAL POLICY conditions (where applicable)
		Issuance of duplicate policy
		Inclusion of new member in case of group policies
		Any other non-claim related changes
		Cancellation of policy and refund of premium
4	Claims	Acceptance of cashless claims by TPA /company to Hospital and communicate to them	1 hour
		TPA's offer of settlement to the Insurer I Hospital after submission of document	3 hours
		Settlement of claims (other than cashless)	15 days
5	Auto Action by the Insurer	Premium Due Intimation	One month before due date
6	Complaints	Acknowledgement to complainant	Immediately
		Action on Complaint and Intimation of Decision to the complainant	14 days
		If complaint is NOT resolved by the Insurer, communicate the details to the Policyholder of options including referring the complainant to Insurance Ombudsman /Consumer Court.	14 days from the original date of receipt of complaint

E. Servicing Process

Pre-sales Solicitation Procedures

This section covers the processes for various pre-sales solicitation activities.

1. Filling up the proposal form
   Customers need to fill the respective e proposal forms as available on the Bajaj Finance website and Mobile Application. The contents required under these forms may be different from product to product. Kindly logon to the section of Bajaj Finance Insurance Marketplace to browse through various products offered by the Company.
2. Acceptance of the Proposal Form
   The details as filled up by the prospect customer are passed on to the respective insurance company for proposal processing. The Turn Around Times (TATs) for these activities are provided in the allied section of Servicing TATs.
3. Compliance of KYC norms
   The insurance products are also governed by the country’s Prevention of Money Laundering Act 2002 (as amended from time to time). Thus, the Insurance Regulatory and Development Authority of India (IRDAI) has also released various guidelines and circulars on the matter directing insurers to comply with this crucial law of India. Thus, depending on the insurance products, the customers may be asked to furnish their KYC details such as ID and Address proofs along with their photographs. BFL may also ensure adherence to these norms by utilizing the Central KYC repository services. The customers are deemed to have authorized Bajaj Finance to utilize these services in order to comply with AML-CFT norms. Thus, the e-proposal forms as mentioned in the above section will also comprise of the appropriate C KYC / KYC sections wherein customers are requested to upload the necessary information along with colour scan images of the documents.
4. Payment of Premiums
   The customer is redirected to the payment gateway (PG) page and premium payment is made by him/her. The customer has various payment options to pay the initial premium at the time of application for example - through UPI, internet banking, debit card, credit card and wallets. These options are available on the payment page of the proposal form journey on our website. This might change from time to time. Once the customer has made the payment online, he/she would be directed to complete the next steps i.e. Fill the rest of the Proposal form, Upload Documents & Schedule Medical (if applicable). Please note that third party payments are not allowed. Payments needs to be made from the accounts / cards / wallets of the `Proposer’ only.

Post-sale Servicing Procedures

The life insurance policy servicing details may include the process and timelines for:

1. Issuance and crediting of the Policy Document / Certificates of Insurance/ Proposal Form/ Medical reports, etc.
   The above mentioned documents will be issued and dispatched to you by the respective insurance company and will be credited to your Bajaj Finance Customer portal for your review.
2. Organizing medical check-up and submission of medical reports. This activity is taken up the respective insurance company for certain cases requiring a health status in order to issue the appropriate Sum Assured for the respective lives to be insured. If medicals are required, the insurer’s executive will get in touch with you to schedule the respective tests.
3. Issuance of endorsement
4. Change of Policy Terms and Conditions / Details Change
5. Collection of renewal premiums and remittance to insurers
6. Change of Name/ address
7. Registration of Assignment/ Nomination/ Change of Nomination
8. Surrender, Maturity, Withdrawals, Free look Cancellations, Return Benefit Payouts
9. Fund Switching/ Premium Redirection
10. Extension of Cover
11. Revival / Cancellation of Policy
12. Transfer of Policy
13. Duplicate Policy
14. Death / Maturity Claims
15. Pre-inspection of risks
16. Appointment of surveyors/ advocates
17. Submission of survey reports
18. Settlement and Payment of claims

Our customers can raise the above mentioned requests by logging at our online customer portal link - https://bfin.in/contactus_new.aspx. The Turn Around Times for each of the above-mentioned servicing aspects are mentioned under Section D. Servicing TATs above.

F. Grievance Redressal Mechanism

For all your grievances or servicing related aspects against the insurance covers purchased through Bajaj Finance Ltd, please submit your request by accessing the below link:-
Click to raise a service request.
In case you do not receive a satisfactory response within 14 days or if you are not satisfied with the resolution, please write to grievanceredressalteam@bajajfinserv.in
In case your complaint/Grievance is still unresolved, you may directly approach the insurance Ombudsman for redressal. Click here to find your nearest Ombudsman office.
In case you are still not satisfied with the decision/resolution provided, you may raise the grievance with the Insurance Regulatory and Development Authority of India through BIMA BHAROSA.