Bajaj Allianz iSecure More Insurance Plan
Bajaj Allianz iSecure More Insurance Plan is an increasing term plan, which means that the Sum Assured, chosen for at the beginning of the tenure, keeps increasing by 5% every year till it reaches twice the initial amount. 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.
Key Features of Bajaj Allianz iSecure More Insurance Plan
- It is a pure Increasing Term Insurance Policy where the Sum Assured 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 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.
- 3 additional riders available with this plan.
- There also a discount for advance payment of premiums in a lumpsum.
- Death Benefit can be taken in instalments for a period of 10 years instead of in a lumpsum.
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 - 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 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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Single premium (in Rs.)
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NA
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NA
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly
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Additional Features and Benefits of Bajaj Allianz iSecure More Insurance Plan
Riders – There are 3 additional riders are available in this policy
- Comprehensive Accidental Protection Benefit
- 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.
Alternate increasing term plans from different insurance companies
AEGON Religare Increasing Term
IDBI Federal Termsurance™ Protection Plan - Increasing Cover
Shriram Shri Suraksha
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 Loan Insurance Plan
