5 Bajaj Allianz Term Plans: A Review

1.Bajaj Allianz Term Care:

• A term plan with the full sum assured payment on death, and premium return on survival.
• Comes with additional riders for critical illness, hospitalization, waiver of premium, accidental death and permanent disability.
• Low coverage insurance with an affordable premium rate. Maximum coverage is only Rs.10 lakhs, whereas some policies in the market have no upper limit
• No loan benefits
• Best for- lower-middle income group; young people with less disposable income, who can later keep the policy as a supplementary plan
• Not fit for- people with many dependents; those with high standard of living

2. Bajaj Allianz Life Secure:

• A hybrid plan with the death benefit, plus full maturity benefits under some options. But the chances of the policy-holder enjoying this benefit are very less, as coverage extends till 100 years of age.
• If critical illness benefit is paid, it will be deducted from the maturity/death benefit.
• Insurance coverage is up to Rs.50,00,000 and up to the age of 100.
• Premium paying period is up from 5 to 15 years.
• High premiums: Rs.82,050 for a coverage for Rs.25,00,00 for a 10 years policy term, for a 30 years old male.
• Best for- high-income individuals; those with low risk of life
• Not fit for – middle-income sector; those above 50

Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.

3. Bajaj Allianz iSecure:

• A pure term plan with a high coverage option, with only death benefit and no maturity benefit.
• Discounts for non-smokers and preferred (healthy) non-smokers over Rs.20 lakhs
• Large range of coverage, from Rs.2,50,000 with no upper limit. It can be afforded by a large number of people.
• Policy term from 10 to 30 years, so in case of purchase at the age 0f 40, there will be coverage till the age of 70.
• Best for- all income groups; high-income non-smokers
• Not fit for- those looking for multiple benefits

4. Bajaj Allianz iSecure Loan:

• The purpose of this plan is to pay for any outstanding loans and liabilities in case of premature death, and thereby reduce the financial burden on your loved ones.
• Policy tenure depends on loan term; as you pay the premium, your outstanding loan (and associated sum assured) comes down year by year. Your premium also reduces accordingly.
• In case of premature death, the outstanding loan at that point (which is equal to your sum assured at that point) is paid off. In case of survival, your premiums have paid off your loan is paid off and your sum assured is zero.
•  Premium is paid for 2/3rds of the policy term, and proportionate interest is also given.
• Best for- those with high outstanding loans and a number of dependents
• Not fit for- those without a pure term plan, those looking for multiple benefits.

5. Bajaj Allianz iSecure More:

• A modified version of the iSecure plan with some key differences. Firstly, maximum age at maturity is 60 instead of 70.
• Secondly, sum assured increases by 5% every policy anniversary till the amount doubles. This takes inflation into account.
• Premium discounts for sums above Rs.5 lakhs.
• Death benefit can be paid out in annual installments rather than a lump sum.
• Best for- those with spouses, those who prefer planned income to high-volume income.
• Not fit for- those with genetic predisposition to age-related diseases.

Take a look at the base features of these 5 plans to see how they compare against each other. Obviously, they meet very different demands, and your choice will depend more on your personal requirements than the price point. Term Care and Life Secure both come with disability and critical illness benefit. However, Term Care and iSecure are both low premium term plans. Some features overlap across plans, while others are unique—prioritize your needs and ensure the most important ones are being met, using the table below:

 Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.

Note: Know what is term insurance first and then buy a term plan for your loved ones.

While the 5 term plans differ when it comes to value-added features, here are some conditions common to all of them:

• Loan cannot be taken on the basis of any of the policies.
• The policy-holder must nominate a person to receive the death benefit. In case of iSecure Loan, that person refers to the loan provider.
• In case of suicide within the 1^st year of taking the policy, the policy will be terminated by paying a sum equal to 80% of the premium paid till that date.
• Free look period is 15 days in case agent makes the sale in person, or 30 days if it is made through distance marketing.
• All 5 plans are eligible for tax benefits under Section 10(10D) of the Income Tax act.

Bajaj Term Plans have a large variety of term plan offerings, which come with many options to suit every possible need. A quick guide on which Bajaj Allianz term plan best meets which common benefits that policyholders usually look for, are given below:

Let us now conclude by saying, go through all Bajaj Allianz Life Insurance plans and make your choice wisely.

You may also like to read: Best Term Insurance Plans in India

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.