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Bajaj Allianz Lifestyle Secure Plan

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Bajaj Allianz Lifestyle Secure Plan Review

Bajaj Allianz Lifestyle Secure Plan is a traditional, non-participating Term Assurance plan which provides an enhanced death benefit when the policyholder dies during the plan tenure.
 

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Highlights of the Bajaj Allianz Lifestyle Secure plan

  • This is a traditional Term plan which does not provide bonuses.
  • The plan can be bought easily without undergoing any medical examinations. 
  • There is an inbuilt Accelerated Terminal Illness Benefit which enhances the benefit payable under the plan.
  • The benefit is paid in installments over e specified tenure.
  • Females are charged a lower premium rate than males.


Working of the Bajaj Allianz Lifestyle Secure plan

  • The policyholder chooses the coverage required and the plan tenure based on which the premium charged would be calculated.
  • In case the insured dies or becomes terminally ill, the plan benefit would be paid in monthly installments depending on the term of the plan chosen.
  • If the policyholder survives till maturity, no benefit is payable.

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Benefits and Features of Bajaj Allianz Lifestyle Secure Plan

  • Maturity Benefit – Being a Term Assurance plan, there is no maturity benefit payable.
  • Death Benefit – If the insured dies or becomes terminally ill, whichever happens earlier, the Death or the Terminal Illness benefit would be payable. This benefit is equal to the Sum Assured and is paid monthly for a fixed tenure depending on the plan term. The available tenures for payment of the benefits are:
Policy Tenure in years 5 7 10 15 20
Benefit tenure in months 60 84 120 180 240

Alternatively, the death benefit or the Terminal Illness benefit can be availed in lump sum where a discounted value of the benefit would be paid collectively. The value of the benefit would be:
(Death or Terminal Illness Benefit/12)*Policy Term*Factor 1
Factor 1 would be specified by the company which would depend on the policy term and the benefit month in which the lump sum is taken.
  • Loan –Loans are not allowed under the plan.
  • Bonus – Bonuses are not declared under the plan since it is a non-participating plan.
  • Tax benefit – Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.
 

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Eligibility Criteria of Bajaj Allianz Lifestyle Secure plan

The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
 
  Minimum Maximum
Entry age (Last Birthday) 18 years 50 years
Maturity Age (Last Birthday) 23 years 60 years
Plan tenure 5, 7, 10, 15 or 20 years
Premium payment term Premium payment term
Premium payable Yearly – Rs.1466
Half-yearly – Rs.748
Quarterly – Rs.381
Monthly – Rs.132
Yearly – Rs.20,458
Half-yearly – Rs.10,434
Quarterly – Rs.5319
Monthly – Rs.1841
Premium Paying Term 5, 7, 10 or 15 years
Sum Assured Rs.3 lakhs Rs.15 lakhs
Premium payment mode Monthly, quarterly, half-yearly and annually


Additional Benefits of Bajaj Allianz Lifestyle Secure Plan

  • Riders – No additional riders are available with the plan.
  • Premium Discounts – If a higher amount of Sum Assured is chosen, the company provides premium rebates. This rebate is allowed @Rs.2.75 per thousand Sum Assured for Sum Assured levels above Rs.3 lakhs. 
  • Grace Period – A grace period of 30 days is allowed for payment of premium after the due date for annual, half-yearly or quarterly modes of premium payment. For monthly modes, the grace period allowed is 15 days. The life cover under the policy would continue during the grace period.
  • Free Look Period – A cooling off period or a free look period of 15 days is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid.


Plan Details

You can customize your policy to suit your requirement in the following manner:
Step 1: Choose yourn Sum Assured
Step 2: Choose your Policy Term(PT)
Your premium will be based on your current age,gender, Sum Assured,policy term & premium payment frequency.

Let's Understand The Plan With An Example:
Shruti aged 28 years has opted for Lifestyle Secure for a policy term of 20years. The Sum Assured chosen by her is Rs.12,00,00 for which she is paying an annual premium of RS.3,722 after a high sum assured rebate of Rs.2,475. In case of unfortunate death at any time during the policy term,the benefit received by the nominee/claimant will be Rs.12,00,00 paid over 240 equated monthly installment.(same benefits will be payable in case of terminal illness)


Exclusions in Bajaj Allianz Lifestyle Secure plan

  • If suicide is committed within a year of policy commencement or revival, 80% of the premiums paid till death would be paid provided the policy is in force.


Non-Payment of premium in Bajaj Allianz Lifestyle Secure plan

Premiums have to be paid for the entire tenure failing which the policy lapses. A lapsed policy has to be revived as there is no clause of making the policy paid-up or surrendering the policy. If the policy is not revived, the policy would be terminated and the premiums paid till the date of lapse would be forfeited by the company.

Making the policy Paid-up

The facility of making the policy paid-up is not available under the plan.


Surrendering the policy

The policy does not acquire any Surrender Value.

Revival

Revival is allowed within 2 years from the date of the first unpaid premium. The policyholder would be required to pay the outstanding premium and any interest charged by the insurer to revive his policy.
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