Bajaj Allianz iSecure is a traditional term insurance plan that is available online. The plan provides comprehensive life coverage at a minimal cost, thereby providing financial security to the family of the policyholder. It is a non-participating, non-linked, individual, limited, and regular premium-level plan that secures your family’s financial future in the event of your unfortunate death.Read more
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In this article, we will understand more about the features and benefits of the 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
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.
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
Here are the benefits of the plan:
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
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).
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.
The eligibility criteria of this term plan is:
|Entry Age||18 years||55 years|
|Maturity Age||28 years||65 years|
|Premium Paying Frequency||Annual, half-yearly, quarterly, monthly|
|Sum Assured||Rs. 25 Lacs||Rs. 50 Lacs|
|Minimum Policy Term (PT)||
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 insurance holder 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
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.
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