Bajaj Allianz iSecure Term Plan

iSecure Plan from Bajaj Allianz Life Insurance Company is a pure term insurance plan which is basic in nature. The premiums are affordable and a choice of 3 riders are available at an extra price. Both your spouse and you can be covered in the same plan. This plan can be purchased online.

We will understand these options in detail in the sections below.

Plan TypeTerm Insurance
Unique Identification Number (UIN)116N109V03

Note: There were 2 earlier versions of this plan with UINs 116N109V01 & 116N109V02. There would be minor changes from the earlier versions.

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Death Benefit
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Tax Benefits
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Key Features

Large cover at affordable premiums
Preferential rates for non-smokers
Flexibility to alter premium payment frequency during the policy term
Can cover spouse at a future pont of time, if single while taking the policy
Option to take death benefit in instalments
Choice of 3 additional riders at extra premium
Tax benefits


Death Benefit
  • Individual - In case of the policyholder’s death, the nominee will receive the Sum assured on Death, which is defined as the highest of:
    • Sum Assured
    • 10 x Annualised Premium
    • 105% of Total premiums paid
  • Joint Life
    • Death Benefit as defined above will be payable on death of each of the lives
    • On death of any one life, the cover will continue for the surviving member with a reduced premium.
Survival Benefit

Being a pure term insurance plan, there is no survival benefit.

Optional Additional Riders

The following 3 riders can be taken by paying an additional premium.

  • Accidental Death Benefit Rider
  • Accidental Permanent Total/ Partial Disability Benefit Rider
  • Waiver of Premium Benefit Rider
Additional Flexibilities
  • Option to change the premium payment frequency at a later date
  • The nominee can choose to receive the death benefit in installments over a period of 5 or 10 years.
    • For 5 years, the monthly payout will be 1.04 x Death Benefit / 60
    • For 10 years, the monthly payout will be 1.08 x Death Benefit / 120

No loan is available against this policy

Tax Benefits

Premiums paid and the various payouts are eligible for tax rebates. As per current income tax rules, the sum assured should be at least 10 times the premiums paid annually for tax benefits to accrue completely.


You can revive the plan within 5 years of premium discontinuation by paying all due premiums with interest. The current applicable rate of interest is 9% per annum, compounding half-yearly. The company can refuse the revival request. You may have to undergo medical tests.


Parameter Minimum Maximum
Entry Age 18 years 60 years
Maturity Age 28 years 70 years
Policy Term 10, 15, 20, 25 & 30 years
Premium Rs. 5,000 p. a. No limit
Sum Assured Rs. 20 lakhs No limit