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5 Bajaj Allianz Term Plans: A Review

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.

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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…

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

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:

  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
Loan benefit NA NA NA NA NA
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:

  • 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 1st 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:

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.

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

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