Bengaluru: Bajaj Life Insurance, one of India’s leading private life insurers, continues to strengthen its portfolio of customer-centric protection solutions with the Bajaj Life Family Protect Rider – Parental Care. This is a Non-linked, Non-participating, Individual, Pure Risk Health Rider. The rider is designed to help customers create a financial safety net for their parents and support their financial well-being in the face of life’s uncertainties.

In India, parents often remain financially dependent on their children, particularly during their retirement years. Recognising this reality, Bajaj Life Insurance offers the Family Protect Rider – Parental Care, which provides financial support to parents in the event of the death or Accidental Total Permanent Disability of the Life Assured.

Available with eligible life insurance plans, the rider is designed to offer both immediate financial assistance and long-term income support, helping parents maintain financial stability when they need it most.

Tarun Chugh, MD & CEO, Bajaj Life Insurance, said, “Protection planning in India extends beyond safeguarding one’s spouse and children. For many individuals, ensuring the financial well-being of their parents is an equally important responsibility. The Family Protect Rider – Parental Care strengthens our protection portfolio by enabling customers to create a dedicated financial safety net for their parents through a combination of immediate financial support and lifelong income benefits in the event of an unforeseen contingency.”

The rider can be opted for a single parent or both parents together. Upon the death or Accidental Total Permanent Disability of the Life Assured, the rider provides:

  • An immediate lump-sum payout equal to 105% of the total rider premiums paid till date.
  • A monthly income benefit, ranging from 0.1% to 0.5% of the Rider Sum Assured as chosen at inception, payable to the surviving parent(s) for the rest of their lifetime.

The Family Protect Rider – Parental Care complements long-term life insurance protection by helping customers extend financial security to their parents and ensure continued support for their future needs.