Bajaj Allianz Isecure Loan

 

Bajaj Allianz iSecure Loan Insurance Plan is a decreasing term plan for any kind of loan protection. It means that the Sum Assured chosen for at the beginning of the tenure keeps decreasing every year, since the loan principle outstanding keeps decreasing every year. If the policyholder dies within the policy tenure, then the Sum Assured is paid out according to the corresponding year of death and the policy terminates. However, if the policyholder lives throughout, then nothing is payable to him on maturity.

 

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• It is a pure Decreasing Term Insurance Policy where the Sum Assured decreases each year.
• 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.
• The premium payment term is 2/3^rd the policy term.
• In this plan, you can choose Loan Tenure, i.e. the Policy Term, Loan Interest Rate, i.e. Appropriate Fixed Interest Rate of the Loan, Loan Principle, i.e. the Sum Assured and Premium Payment Mode.
• There is an additional discount for online policies.
• There also a discount for advance payment of premiums in a lumpsum.

COMPARE THIS PLAN WITH OTHER TERM PLANS

Amount you wish to be covered for? 10 Lakhs 15 Lakhs 20 Lakhs 25 Lakhs 30 Lakhs 35 Lakhs 50 Lakhs 75 Lakhs 1 Crore 1.5 Crore 2 Crore 2.5 Crore 3 Crore 4 Crore 5 Crore 10 Crore 15 Crore 20 Crore 25 Crore

Duration of Policy? 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years 31 Years 32 Years 33 Years 34 Years 35 Years 36 Years 37 Years 38 Years 39 Years 40 Years 41 Years 42 Years 43 Years 44 Years 45 Years 46 Years 47 Years 48 Years 49 Years 50 Years 51 Years 52 Years 53 Years 54 Years 55 Years 56 Years 57 Years 58 Years 59 Years 60 Years

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Death Benefit – There are 2 possible scenarios:

• Individual Life - In case the life insured dies within the policy tenure then the prevailing sum assured as on the date of death will be payable 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 prevailing Sum Assured as on the date of death 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

 

 

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	3,00,000	No Limit
Policy Term (in years)	5	25
Premium Payment Term (in years)	2/3rd the Policy Term
Entry Age of Policyholder (in years)	18	60
Age at Maturity (in years)	23	65
Single premium (in Rs.)	Not available
Payment modes	Yearly, Half-Yearly, Quarterly and Monthly

 

 

 

 

 

   

 

Riders – There are no additional riders are available in this policy

 

 

 

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.