Bajaj Life Insurance Launches Parental Care Rider to Secure Parents' Financial Future

Bengaluru — Bajaj Life Insurance has expanded its suite of protection offerings with the launch of the Family Protect Rider – Parental Care, addressing a key financial planning gap for Indian families where parents frequently depend on their adult children for economic security, especially during retirement.

The new rider is structured as a non-linked, non-participating, individual pure risk health product available alongside eligible life insurance plans. It specifically addresses the reality that many Indians prioritize protecting their parents' financial interests as part of comprehensive family planning.

"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," said Tarun Chugh, Managing Director and Chief Executive Officer of Bajaj Life Insurance.

The rider can be purchased to cover a single parent or both parents simultaneously. Upon the death or accidental total permanent disability of the insured individual, beneficiaries receive two forms of support:

A lump-sum payment of 105% of all rider premiums paid to date provides immediate financial relief to surviving parents. Additionally, parents receive a monthly income stream calculated between 0.1% and 0.5% of the rider sum assured—a percentage selected when the policy is initiated—continuing throughout their lifetime.

The product is positioned as a complement to traditional life insurance coverage, extending financial security specifically toward parental care and addressing the distinct needs of multi-generational Indian households.