Bajaj Allianz iSecure Plan

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.

Key Features of Bajaj Allianz iSecure Plan

• This pure term insurance plan provides an option of regular premium payment.
• Separate premium rates for the sum assured less than 2 lakhs and 20 lakhs and more.
• Different premium rates for smokers non-smokers and preferred non-smokers.
• 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.

Benefits of Bajaj Allianz iSecure Plan

On the sad demise of the policyholder, the beneficiary receives the sum assured in case of single life. If joint life plan, on death of the first policyholder, the sum assured is paid out but the plan remains in force till the death of the second life or till the end of the policy term, whichever is earlier Additional sum assured is paid if the second life also dies prior to maturity

The death benefit can be availed in annual installments over a period of 5 to 10 years. The benefit will be equal to 1.04 times the death benefit divided by 60 for 5 years and 1.08 times death benefit divided by 120 for 10 years

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

Product Specification:

	Minimum	Maximum
Entry Age	18 years (as on last birthday)	60 years (as on last birthday)
Maturity Age	28 years	70 years
Policy Term (PT) in years	10	30
Premium Paying Term (PPT) in years	Equal to policy term
Premium Paying Frequency	Annual, half-yearly, quarterly, monthly
Yearly Premium	3000	No limit
Sum Assured	2 lakhs and 20 lakhs	No limit

 

Details about Premium

Annual premium in Rupees for a Sum Assured of 25 lakhs and age 30 years 

Term / Lifestyle category	10 yrs.	15 yrs.	20 yrs.	25 yrs.	30 yrs.
Smoker	3803	3973	4266	4753	5387
Non-smoker	3469	3561	3723	4047	4486
Preferred non-smoker	3285	3353	3488	3780	4208

 

Policy Details of 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. In case of failure, the policy will lapse.

Policy Termination or Surrender Benefit: The plan does not offer any surrender value.

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 cancelled at zero cost. In the event of cancellation, the first premium paid by the insured is refunded.

Additional Features or Riders

• The Premium payment term can be altered depending on the terms and conditions
• For non-smokers and preferred non-smokers, the policy offers premium discounts
• Rebates are offered on choosing larger sum assured amount.

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.

Documents Required for Bajaj Allianz iSecure Plan

The insured needs to submit a self-attested copy of KYC/AML document along with address proof and ID proof (Aadhar Card, Passport, PAN Card or Driving license) while filling the application form.            

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Frequently Asked Questions

1.    How can you check your claim status with Bajaj Allianz iSecure Plan?

The insured can check the claim status online or through phone calls and SMS. The best options, however, is to go to the company’s website and check your claim status online in a hassle-free way.

2.    How can you reinstate a lapsed policy?

Depending on the term and conditions of the policy, a lapsed policy can be reinstated by filling up a declaration of good health and providing the required information with relevant documents.

3.    How can you apply for a duplicate copy of your policy?

In order to receive a duplicate copy of your policy, the insured needs to fill up a request form and submit it to the nearest branch of the insurance company along with all the required documents.

4.    What are the benefits and advantages of Bajaj Allianz iSecure Plan?

• In the event of policyholder’s death, the sum assured is payable to the beneficiary in case of single life.
• If it is a joint life plan, on the death of the first life insured, the sum assured is paid out and the plan continues as long as the second life is alive or till the end of the term, whichever is earlier.
• Additional sum assured is paid out to the nominee if the second life also dies prior to maturity.
• The death benefit can be availed in annual installments over a period of 5 or 10 years and the benefits will be equal to 1.04 times the death benefit divided by 60 (for 5 years) and 1.08 times death benefit divided by 120 (for 10 years).
• Tax benefits can be availed on the claim received and the premium paid according to the sections 10(10D) and 80C of the Income Tax Act.

5.    What is the basic sum assured amount offered by the policy?

The basic sum assured amount offered by the policy is minimum Rs2Lakhs. There is no maximum limit on the sum assured amount.

6.    What is the grace period offered by the policy?

A grace period of 30 days is provided by the insurance company to the insured to pay all his dues. In the case of monthly premium, a 15 days grace period is offered. In case he/she fails to pay during this time, the policy terminates and no benefits are payable.

7. What is the minimum and maximum entry age and maturity age of the policy?

The entry age of the policy ranges from minimum 18 years to maximum 60 years and the maturity age of the policy ranges from minimum 28 years to maximum 70 years.

8. What is the premium paying frequency offered by the policy?

The premium paying frequencies, under this policy, are yearly, half-yearly, quarterly and monthly.