Bajaj Allianz iSecure More Insurance Plan
Bajaj Allianz iSecure More Insurance Plan is an Increasing Term Plan. It is a traditional plan without Bonus facility.
How it works – In this plan premium needs to be paid till the end of the policy tenure. In this plan, the Sum Assured, chosen for at the beginning of the tenure, keeps increasing by 5% every year till it reaches twice the initial amount.
Thus, if the Life Insured 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 as this is a pure term plan.
There are 3 additional riders that can be attached to this plan as well to enhance benefits.
Key Features of Bajaj Allianz iSecure More Insurance Policy
- It is a pure Increasing Term Insurance Policy
- The Sum Assured in this plan increases by 5% each year till it become double of the original Sum Assured
- 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 are 3 additional riders available with this plan
- There also a discount for advance payment of premiums in a lumpsum
- The Death Benefit can be taken in instalments for a period of 10 years instead of in a lumpsum
- There is a rebate for large Sum Assured
- You can plan for your loved ones’ recurring expenses by opting for disbursement of policy proceeds in annual instalments
- There is an option for advance premium payment
Benefits you get from Bajaj Allianz iSecure More 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 - Premiums paid under life insurance policy are exempted from tax under Section 80C and the maturity proceeds are exempted from tax under Section 10 (10D) subject to fulfilment of all terms and conditions.
Eligibility conditions & other restrictions in Bajaj Allianz iSecure More Insurance Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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2,50,000
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No Limit
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Policy Term (in years)
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10
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25
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Premium Payment Term (in years)
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Equal to policy term
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Equal to 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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28
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70
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Premium (in Rs.)
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1,500 for Yearly,
750 for Half-Yearly,
400 for Quarterly and
150 for Monthly
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No Limit
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly
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Sample illustration of premium amount in Bajaj Allianz iSecure More Insurance Plan
Sample illustration of premium for a healthy male of 30, 35 and 40 years opting for a policy tenure of 25 years of Rs 5 lakhs and Rs 10 lakhs Sum Assured respectively.
Additional Features and Benefits of Bajaj Allianz iSecure More Insurance Plan
Riders – There are 3 additional riders are available in this policy
Comprehensive Accidental ProtectionBenefit- Accidental Death Benefit Rider, Total / Partial Permanent Disability Rider and Waiver of Premium Rider
Critical Illness Benefit
Hospital Cash Benefit
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.
Other Term Plans from Bajaj Allianz Life Insurance
Some Increasing Term Plans from other insurance companies
IDBI Federal Termsurance Protection Plan - Increasing Cover
Shriram Shri Suraksha
