Bajaj Allianz iSecure Plan

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:

Details about Premium

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

**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