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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 your family’s financial future in the event of your unfortunate death. 

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In this article, we will understand more about the features and benefits of the Bajaj Allianz iSecure Plan.

What Are The Key Features Of 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.

  • Flexibility to: 

    • 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 

What Are The Benefits of Bajaj Allianz iSecure Plan?

Here are the benefits of the Bajaj Allianz iSecure plan:

  • Death Benefit: 

    • 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.

What Is The Eligibility Criteria Of Bajaj Allianz iSecure Plan?

The eligibility criteria of this Bajaj iSecure plan is as follows:

Minimum Maximum
Entry Age 18 years 65 years 
Maturity Age 28 years 85 years
Premium Paying Frequency Annual, half-yearly, quarterly, monthly
Sum Assured Rs. 25 Lacs Rs. 50 Lacs
Premium Payment Term 5, 10, 15, 20, 25 years

What Are The Policy Details of Bajaj Allianz iSecure Plan?

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 policyholder 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

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.

FAQ's

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

    Ans: The life assured can check the claim status of the Bajaj Allianz iSecure plan 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 revive a lapsed Bajaj Allianz iSecure policy?

    Ans: Depending on the terms and conditions of the Bajaj Allianz iSecure policy, a lapsed policy can be revived 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 Bajaj Allianz iSecure policy?

    Ans: In order to receive a duplicate copy of your Bajaj Allianz iSecure policy, the life assured 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: The benefits and advantages of the Bajaj Allianz iSecure Plan are:
    • 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 grace period offered by the Bajaj Allianz iSecure policy?

    Ans: A grace period of 30 days is provided by the Bajaj Allianz iSecure policy to the life assured 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 Bajaj Allianz iSecure policy?

    Ans: The entry age of the Bajaj Allianz iSecure policy ranges from a minimum of 18 years to a maximum of 55 years and the maturity age of the policy ranges from a minimum of 28 years to a maximum of 65 years.
  • Q. What is the premium paying frequency offered by the Bajaj Allianz iSecure policy?

    Ans: The premium paying frequencies under the Bajaj Allianz iSecure policy are yearly, half-yearly, quarterly and monthly.
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