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 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.
- 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.
|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|