Bajaj Allianz is one of the largest private insurance providers in India. Begun in 2001, today Bajaj Allianz has a pan-India presence with 759 branches nationwide. It offers a variety of insurance plans, and term insurance is one such offering. Term insurance is essentially basic life insurance coverage, with death benefit going to the nominee and typically no benefit on survival. But with growing urbanization and morphing customer needs, term insurance has also changed radically to accommodate our requirements.Read more
As a result, Bajaj Allianz offers two term plans with maturity benefits—either the return of premium or the full sum assured. They also have an offering which serves the unique need of paying back high-value loans if the wage-earner meets with early death. A basic insurance need is met by iSecure More which automatically increases coverage every policy anniversary. The main features of Bajaj Allianz Life Insurance 5 convenient term plans are given here…
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:
|Bajaj Allianz Term Care||Bajaj Allianz Life Secure||Bajaj Allianz iSecure||Bajaj Allianz iSecure Loan||Bajaj Allianz iSecure More|
|Age at entry||18 - 50||25 - 55 or 50||18 - 60||18 - 60||18 - 60|
|Age at exit||23 – 65||100, with 5, 7, 10 or 15 premium paying years||28 - 70||28 - 65||28 - 70|
|Sum assured||Rs.1,00,000 to Rs.10,00,000||Rs.20,00,000 to *no upper limit*||Rs.2,50,000, and Rs.20,00,000 to qualify for discount, to *no upper limit*||Rs.3,00,000 to *no upper limit*||Rs.2,50,000 to *no upper limit*|
|Minimum premium rate (for minimum sum assured, minimum policy term)||Rs.750 pa||Rs.36,720 pa||Rs.1,000 pa||Rs.1,500 pa||Rs.1,500 pa|
|USP (unique selling point)||Premium return option and comprehensive riders||Coverage till the age of 100 and short premium paying term||Discounts for high sum assured and lifestyle categories||Ensure stress-free loan payoff, even after your demise||Sum assured increases and keeps coverage at par with inflation|
|Surrender benefit||Available||Proportionate to the premiums paid till date||NA||NA||NA|
|Maturity benefit||Equal to premiums paid||Equal to sum assured if death does not occur before 100 years||NA||NA||NA|
|Options and riders||Accidental death, Accidental permanent disability, Premium waiver, Critical illness, Hospital cash||Accidental death, Critical illness, Premium waiver||NA (Options available only for joint and individual cover)||NA. (Options available only for joint and individual cover)||NA (options available only for joint and individual cover)|
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While the 5 term plans differ when it comes to value-added features, here are some conditions common to all of them:
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:
|Critical illness and disability benefits||Bajaj Allianz Term Care|
|Loan repayment||Bajaj Allianz iSecure Loan|
|Pure term insurance||Bajaj Allianz iSecure|
|Regularly increasing term plan insurance||Bajaj Allianz iSecure More|
|Security in the old age||Bajaj Allianz Life Secure|
Let us now conclude by saying, go through all Bajaj Allianz Life Insurance plans and make your choice wisely.
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