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. It is a non-participating, non-linked, individual, limited, and regular premium-level plan that secures the financial requirements of your family.

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Get ₹1 Cr. Life Cover at just ₹449/month*
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Tax Benefit
Upto Rs. 46800
Life Cover Till Age
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8 Lakh+
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*Tax benefit is subject to changes in tax laws.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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Key Features of 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

  • Separate premium rates for the sum assured are less than 2 lakhs and 20 lakhs and more.

  • Different premium rates for 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.

  • Flexibility to: 

    • Choose Policy term as per your requirement 

    • Change the frequency of premium payment 

  • You can increase your coverage with riders 

Benefits of Bajaj Allianz iSecure Plan

Death Benefit: In case of the demise of the policyholder, the beneficiary receives the sum assured in case of a single life plan. In case of the joint-life plan, on the 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 before 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

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

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.

Product Specification:

 

Minimum

Maximum

Entry Age

18 years (as on last birthday)

65 years (as on last birthday)

Maturity Age

28 years

85 years

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

Rs. 3000

No limit

Sum Assured

Rs. 25,00,000

Rs. 50,00,000

Minimum Policy Term (PT) 


Payment of Premiums 

PPT 

PT

Regular Premiums 

10 years 

10 years 

Limited Premiums 

5 years 

10 years 

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

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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.

  • Surrender Benefit:

    • For Regular premium payment plans: The plan does not offer any surrender value.

    • For Limited premium payment plans: Surrender value is only available after the premium payment term. The surrender value that is payable will be higher of the special surrender value and guaranteed 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.

  • 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 

In case of the life assured’s death in an Individual life policy and the case of the second death in a joint life policy or the payment of all death benefits in installments, whichever happens, earlier. 

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 a larger sum assured amount.

  • You can enhance your coverage using the following rider benefits: 

    • Bajaj Allianz Accidental Death Benefit Rider 

    • Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit Rider 

    • Bajaj Allianz Waiver of Premium Rider 

In the case of joint life, the rider can be purchased jointly or individually by the assured. The rider is purchased at the commencement of the policy. 

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 the KYC/AML document along with address proof and ID proof (Aadhar Card, Passport, PAN Card, or Driving license) while filling the application form.

FAQ's

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

    Ans: The insured can check the claim status online or through phone calls and SMS. The best option, however, is to go to the company’s website and check your claim status online in a hassle-free way.
  • Q. How can you reinstate a lapsed policy?

    Ans: Depending on the terms 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.
  • Q. How can you apply for a duplicate copy of your policy?

    Ans: 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.
  • Q. What are the benefits and advantages of the Bajaj Allianz iSecure Plan?

    Ans: 
    • In the event of the 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 the death benefit divided by 120 (for 10 years).
    • Tax benefits can be availed on the claim received and the premium paid according to sections 10(10D) and 80C of the Income Tax Act.
  • Q. What is the basic sum assured amount offered by the policy?

    Ans: The basic sum assured amount offered by the policy is minimum Rs2Lakhs. There is no maximum limit on the sum assured amount.
  • Q. What is the grace period offered by the policy?

    Ans: A grace period of 30 days is provided by the insurance company to the insured to pay all his dues. In the case of a 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.
  • Q. What are the minimum and maximum entry age and maturity age of the policy?

    Ans: The entry age of the policy ranges from a minimum of 18 years to a maximum of 60 years and the maturity age of the policy ranges from a minimum of 28 years to a maximum of 70 years.
  • Q. What is the premium paying frequency offered by the policy?

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