Bajaj Allianz iSecure Insurance Plan
Bajaj Allianz iSecure Insurance Plan is a simple Term Plan that can be purchased online. It is a Traditional Policy without Bonus Facility.
In this plan, premium needs to be paid till the end of the Policy Term of 10 to 30 years, as chosen. The plan can be taken singly or jointly with spouse, which can also be added later for single policyholders.
Being a Pure Term Plan, there is no Maturity Benefit in this plan. However, if the Life Insured dies within the Policy Tenure, the Sum Assured would be paid to the nominee as Death Benefit and the policy would terminate.
In case of Joint Life Policies, Sum Assured would be paid for both the lives covered in case of Death within the Policy Tenure.
There are 3 additional riders in this plan along with non-smoker and medically fit benefits.
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Key Features of Bajaj Allianz iSecure Insurance Plan
Benefits you get from Bajaj Allianz iSecure Insurance Plan
Death Benefit – There are 2 possible scenarios:
Maturity Benefit – There are no maturity benefits under this plan as it is a pure protection plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions & other restrictions in Bajaj Allianz iSecure Insurance Plan
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
2.5 lacs for General Category 20 lacs for Non-Smoker Discount |
No Limit |
Policy Term (in years) |
10 |
30 |
Premium Payment Term (in years) |
Equal to policy term |
Equal to policy term |
Entry Age of Policyholder (in years) |
18 |
60 |
Age at Maturity (in years) |
28 |
70 |
Premium (in Rs.) |
1,000 for SA<20 lacs 3000 for SA>=20 lacs |
No Limit |
Payment modes |
Yearly, Half-Yearly, Quarterly and Monthly |
Sample illustration of premium amount in Bajaj Allianz iSecure Insurance Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lacs and Policy Term = 25 years
Additional Features and Benefits of Bajaj Allianz iSecure Insurance Plan
Riders – There are 3 additional riders are available in this policy
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period. It can however be re-instated the policy within 2 years of lapsation by paying up all due premiums with interest.
You want to surrender the policy – There are no surrender benefits under this term plan.
You want a loan against your policy – Loan facility is also not available under this policy.