Bajaj Allianz iSecure Loan Insurance Plan
Bajaj Allianz iSecure Loan Insurance Plan is a decreasing term plan for any kind of loan protection. It means that the Sum Assured chosen for at the beginning of the tenure keeps decreasing every year, since the loan principle outstanding keeps decreasing every year. If the policyholder dies within the policy tenure, then the Sum Assured is paid out according to the corresponding year of death and the policy terminates. However, if the policyholder lives throughout, then nothing is payable to him on maturity.
Compare Term Insurance Plans 
Key Features of Bajaj Allianz iSecure Loan Insurance Plan
- It is a pure Decreasing Term Insurance Policy where the Sum Assured decreases each year.
- This plan has Death Benefit only and no Maturity Benefit.
- This policy can be availed for Joint Life also where the spouse can be included at a later date as well.
- There is a rebate for large Sum Assured.
- The premium payment term is 2/3rd the policy term.
- In this plan, you can choose Loan Tenure, i.e. the Policy Term, Loan Interest Rate, i.e. Appropriate Fixed Interest Rate of the Loan, Loan Principle, i.e. the Sum Assured and Premium Payment Mode.
- There is an additional discount for online policies.
- There also a discount for advance payment of premiums in a lumpsum.
Benefits you get from Bajaj Allianz iSecure Loan Insurance Plan
Death Benefit – There are 2 possible scenarios:
- Individual Life - In case the life insured dies within the policy tenure then the prevailing sum assured as on the date of death will be payable as Death Benefit to the nominee and the policy will terminate immediately.
- Joint Life - If any one of the 2 Joint Life Insured dies within the policy tenure, the prevailing Sum Assured as on the date of death would be paid out and the policy will automatically continue on the life of the other person with a reduced premium. The policy will terminate immediately on death of the second life assured after paying the Sum Assured again.
Maturity Benefit – There are no maturity benefits under this plan as it is a pure protection plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions & other restrictions in Bajaj Allianz iSecure Loan Insurance Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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3,00,000
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No Limit
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Policy Term (in years)
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5
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25
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Premium Payment Term (in years)
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2/3rd the Policy Term
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Entry Age of Policyholder (in years)
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18
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60
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Age at Maturity (in years)
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23
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65
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Single premium (in Rs.)
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Not available
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly
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How does Bajaj Allianz iSecure Loan Insurance Plan work?
Additional Features and Benefits of Bajaj Allianz iSecure Loan Insurance Plan
Riders – There are no additional riders are available in this policy
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period. It can however be re-instated the policy within 2 years of lapsation by paying up all due premiums with interest.
You want to surrender the policy – There are no surrender benefits under this term plan.
You want a loan against your policy – Loan facility is also not available under this policy.
Alternate decreasing term plans from different insurance companies
AEGON Religare Decreasing Term Plan
SBI Life Saral Shield Plan
Birla Sun Life Protector Plus
Other term insurance plans from Bajaj Allianz Life Insurance
Bajaj Allianz Term Care
Bajaj Allianz Protector
Bajaj Allianz New Risk Care II
Bajaj Allianz iSecure More Insurance Plan
