Bajaj Allianz iSecure Loan Plan

Introduction/Overview

Bajaj Allianz iSecure Loan is a traditional online term insurance plan designed to cover loans or mortgages availed by the policyholder thus ensuring peace of mind in taking care of the policyholder’s liability even in case of unfortunate death

Key Features

• It is a pure term insurance plan with regular pay premium paying options
• The SA corresponds with the outstanding amount of loan
• The plan can be taken on a single life or joint life with spouse, child or business partner

Benefits

• The nominee gets the Sum Assured on death of the policyholder in case of single life. If the policy is taken under joint life, on death of the first policyholder, the Sum Assured is paid and the plan continues till the second life is alive or till the end of the term whichever is earlier. Additional SA is paid if the second life also dies prior to maturity
• The death benefit can be availed in annual instalments over a period of 5 or 10 years where the benefit will be equal to 1.04* death benefit/60 for 5 years and 1.08*death benefit/120 for 10 years
• Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 
Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly modes and 30 days in other modes.

Policy Termination or Surrender Benefit: there is no surrender value under the plan

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

• The Premium payment term can be altered given the terms and conditions
• High SA rebates for choosing larger coverage options of 5 lakhs and above
• 5% additional rebate for buying the plan online

Exclusions

• In case of suicide committed within 12 months of policy inception or revival only 80% of premiums paid are returned to the nominee.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.