Insurance Policy Details – Information for Customers

Bajaj Finance Limited is a Non-Banking Financial Company (NBFC) offering a comprehensive range of financing solutions tailored to meet the diverse needs of its customers. As part of our commitment to supporting customers’ long-term financial well-being, we also facilitate access to insurance policies. However, please note that we do not underwrite or issue insurance policies directly; all insurance products are solely underwritten and issued by insurance companies.

For more details please visit - Insurance - Compare & Buy Insurance Plans Online 

Role of Bajaj Finance Limited in insurance

• We act only as a facilitator / sourcing partner for insurance.
• The insurance policy is issued directly by the respective Insurance Company.
• All policy-related servicing, endorsements, claims, and disputes are handled by the Insurance Company.
• The Certificate of Insurance (COI) is generated and issued by the Insurance Company only.

Certificate of Insurance (COI)

Once your insurance proposal is accepted:

• The Certificate of Insurance (COI) will be issued directly by the Insurance Partner.
• The COI will contain:
  • Policy number
  • Coverage details
  • Premium amount
  • Policy tenure
  • Terms and conditions

In the event of any discrepancy in your Certificate of Insurance (COI), such as an incorrect name, coverage amount, or policy tenure, you are advised to contact the Insurance Company directly for necessary corrections. However, if a customer approaches Bajaj Finance Limited, we will facilitate the request by forwarding it to the insurer for appropriate action.

Please note that Bajaj Finance Limited does not have authority to modify or alter policy terms.

In the event of a claim:

1. The claim must be intimated directly to the Insurance Company.
2. Required documents must be submitted as per the insurer’s guidelines.
3. Claim assessment and settlement are carried out solely by the Insurance Company.
4. The decision regarding approval or rejection of claim rests entirely with the insurance company.

We do not participate in claim evaluation or settlement decisions.

Insurance cancellation

Insurance provides significant financial protection and long-term benefits to our valued customers. However, should you decide to discontinue the policy, same can be done within Free Look Period (FLP) which is 30 days from the date of issuance of your insurance policy and the refund of premium amount shall be processed as per applicable process and procedure followed by insurer. 

Insurance surrender

Please note that surrender is not available under all policies and is subject to the insurer’s applicable guidelines and eligibility criteria. Also the insurance policy the refund value (if applicable) will be calculated by the Insurance Company as per policy terms.

For more details you can visit link- Insurance terms and conditions legal and compliance

Important disclosures

• Insurance is not mandatory unless explicitly required under your loan agreement.
• The purchase of insurance is voluntary unless specified in product terms.
• Bajaj Finance Limited does not underwrite, issue, or service insurance policies.
• All risks are covered as per the terms and conditions mentioned in the insurance policy issued by the insurance company.

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