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Bajaj Allianz iSecure Term Plan
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.
Unique Identification Number (UIN)
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
Benefits in Bajaj Allianz iSecure Term Insurance Policy
Individual - In case of the policyholder’s death, the nominee will receive the Sum assured on Death, which is defined as the highest of:
10 x Annualised Premium
105% of Total premiums paid
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.
Optional Additional Riders
The following 3 riders can be taken by paying an additional premium.
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
10, 15, 20, 25 & 30 years
Rs. 5,000 p. a.
Rs. 20 lakhs
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.