Bajaj Allianz iSecure Plan

In this article, we will understand more about the features and benefits of the Bajaj Allianz iSecure Plan.

What Are The Key Features Of Bajaj Allianz iSecure Plan?

Here are the key features of the Bajaj Allianz iSecure Plan:

• This pure term insurance plan provides an option of regular premium payment.

• The plan offers the benefit of a level term cover at low rates, majorly for large sum assured amounts

• Provides benefits of attractive rebates on high sum assured

• You can exit the plan early within a certain timeframe as descided by the insurer, and receive all the premiums paid back with the plan's smart exit benefit.

• This Bajaj term insurance plan offers a free benefit to delay the premiums by 12 months.

• Get rewarded with special premium rates for being a non-smoker and for maintaining good health and lifestyle

• Get to choose coverage up to 85 years of age

• The plan can be taken on a single-life or joint life for the spouse

• The application process of the plan is simple and hassle-free.

• Flexibility to: 

  • Choose Policy term as per your requirement 

  • Choose to take Individual or Joint Life policy

  • Change the frequency of premium payment 

  • Choose installment option to receive death benefit

  • If you're not married yet, you can add your spouse to your policy later

• You can increase your coverage with riders 

• The minimum income requirement for this plan is ₹2.5 Lacs for both salaried and self-employed customers. 

What Are The Benefits of Bajaj Allianz iSecure Plan?

Here are the benefits of the Bajaj Allianz iSecure plan:

• Death Benefit: 

  • In case of individual life:

    • If the policyholder unfortunately dies while the policy is active and all payments are up-to-date, the benefit given will be the Sum Assured on Death.

    • The policy cover will be terminated immediately on death of the policyholder.

  • In case of group life:

    • Death benefit paid for each covered person if the policy is active.

    • Benefit amount equals the Sum Assured on Death.

    • If one covered person passes away, policy continues for the survivor.

    • Survivor's premium is reduced based on age, lifestyle, and policy details.

    • Policy coverage ends upon the survivor's death.

• Maturity Benefit: No maturity benefit is payable upon survival till the end of the policy tenure

• Early Exit Value: Similar to the No Cost Term Insurance policy, this plan allows you to exit the policy at an earlier stage and receive all the premiums paid until that point back on the termination of the policy.

• Surrender Benefit: Surrender benefit is only available for Limited Premium policies and the payable will be higher than the GSV (Guaranteed Surrender Value) and SSV (Special Surrender Value).

• Premium Delay: With this plan, you get the option to defer or delay your premium payments by 12 months with the Auto Cover Continuance Benefit for free.

• Riders: Here are the riders you can add with the base plan of Bajaj Allianz iSecure to enhance your policy:

  • Bajaj Allianz Accidental Death Benefit Rider

  • Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider

  • Bajaj Allianz Waiver of Premium Benefit Rider

• Policy Loan: There is no policy loan option in the plan.

• Tax Benefits: Income Tax benefits can be availed on the claim received and premium paid as per sections 10(10D) and 80C of the Income Tax Act.

*Tax benefit is subject to changes in tax laws.

What Is The Eligibility Criteria Of Bajaj Allianz iSecure Plan?

The eligibility criteria of this Bajaj iSecure plan is as follows:

What Are The Policy Details of Bajaj Allianz iSecure Plan?

Here are the policy details of the Bajaj Allianz iSecure Plan:

• Grace Period: A period of 15 days (for monthly payment mode) and 30 days (for other modes) is provided to the policyholder during which he/she can pay off all the due premiums of the Bajaj Allianz iSecure plan. In case of failure, the policy will lapse.

• Free Look Period: During the initial 30 days of the policy coming into effect, the policyholder gets a free look period. If the policy does not live up to the expectations of the purchaser during this period, the policy can be canceled at zero cost. In the event of cancellation, the first premium paid by the insured is refunded.

• Policy Termination: The policy terminates automatically on the earliest event of the following: 

  • At the full policy surrender 

  • At the expiry of the revival period 

  • Upon the date of maturity 

  • Upon the cancellation of free look

Exclusions

If the insured commits suicide within 12 months of the policy enforcement, then only 80% of the premium is paid back to the beneficiary of the policy.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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