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Bajaj Allianz iSecure Term Plan

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iSecure Term Plan Summary

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 Type Term 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.
Check your premiums for the best term insurance plan.
 

Key Feature of Bajaj Allianz iSecure Term Policy

  • 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 


Benefits in Bajaj Allianz iSecure Term Insurance Policy

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


Eligibility conditions in the Bajaj Allianz iSecure Plan

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


Other benefits and features in this plan


Loan - 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.

Revival - 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.

So, that is it about this plan! Hope this was useful. If you have any questions on this plan, please comment below and we will be happy to share our thoughts.
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