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Bajaj Allianz iSecure Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

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

 

  • It is a pure Term Insurance Policy
  • This plan has Death Benefit only and no Maturity Benefit.
  • This policy can be availed for Joint Life also where the spouse can be included at a later date as well.
  • There is a rebate for large Sum Assured.
  • There is a discount in premium for non-smokers and medically fit non-smokers.
  • You can plan for your loved ones’ recurring expenses by opting for disbursement of policy proceeds in annual instalments. Thus, the Death Benefit can be taken in instalments for a period of 10 years instead of in a lumpsum
  • There are 3 additional riders available with this plan
  • There also a discount for advance payment of premiums in a lumpsum


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Benefits you get from Bajaj Allianz iSecure Insurance Plan

Death Benefit – There are 2 possible scenarios:

  • Individual Life- In case the life insured dies within the policy tenure then the Sum Assured will be paid as Death Benefit to the nominee and the policy will terminate immediately.
  • Joint Life- If any one of the 2 Joint Life Insured dies within the policy tenure, the Sum Assured would be paid out and the policy will automatically continue on the life of the other person with a reduced premium. The policy will terminate immediately on death of the second life assured after paying the Sum Assured again.

 

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

 

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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

Bajaj Allianz iSecure Insurance Plan Sample Premiums

 

 

Additional Features and Benefits of Bajaj Allianz iSecure Insurance Plan

 

Riders – There are 3 additional riders are available in this policy

  1. Comprehensive Accidental Protection Benefit
  2. Critical Illness Benefit
  3. Hospital Cash Benefit

 

 

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.




 

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