Bajaj Allianz iSecure Term Plan

• 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.

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

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

• 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

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.