Bajaj Life iSecure II 

Key Features of Bajaj Life iSecure II Term Plan

Here are the key features of this Bajaj life term insurance plan:

• You get the flexibility to choose your own policy term, for regular or limited policy terms.

• Receive all the premiums paid back as a maturity benefit at the end of the policy.

• You can choose to enhance the base cover of the policy with additional term insurance riders.

• Choose how you want your nominee to receive the death benefit in your absence, as lump sum benefit, a monthly income, or a combination of both.

• You get the option to defer premium payments by 12 months with the Auto Cover Continuance Benefit.

• You can exit the plan early to receive all the premiums paid back as an early exit value benefit.

• With this plan, you can get health management services as built-in wellness benefits.

Eligibility Conditions for Bajaj iSecure II Term Life Insurance 

The following are the eligibility conditions you need to meet to buy Bajaj Life iSecure term plan:

Benefits Offered With Bajaj Life iSecure II Term Insurance

Plan Options

The Bajaj iSecure II term plan offers the following plan variants for customers to choose from:

• Life 

• ROP (Return of Premiums)

• Easy

Death Benefits

The death benefits will be payable in case of the life assured’s untimely death during the policy term. The benefit payable will be no less than the Guaranteed Death Benefits, i.e., 105% of the Total premiums paid till the date of death. Once the death benefit is paid, the policy will immediately terminate.

Maturity Benefits

The maturity benefits are applicable under the ROP or the return of premium term insurance option only. At maturity, the Sum Assured on Maturity is paid out and the policy ends immediately. You can choose at the start of the policy to receive this amount either as a lump sum or in instalments. Under the instalment option, the benefit is paid in five yearly payouts, with each instalment equal to 120% of one-fifth of the maturity benefit, starting from the maturity date. This choice must be made at inception and cannot be changed later, and instalments are available only in yearly mode.

Early Exit Value

Available only under the Life Variant, this feature allows you to exit the policy before maturity and receive your money back, provided all base policy premiums are fully paid. When you use this option, you get the higher of the Early Exit Value or the Termination Value as a one-time lump sum, after which the policy ends and no further benefits are payable. No additional premium is required to use this option.

The Early Exit Value is equal to 100% of Total Premiums Paid under the base policy up to the date you choose to exit. You can exercise this option anytime during the first five policy years after you turn 60. There are certain other conditions you need to meet to be able to claim this benefit option.

Death Benefit in Installments

At policy inception, you can choose how the Death Benefit will be paid to your nominee: 100% lump-sum, a combination of lump-sum and monthly instalments, or 100% monthly instalments. Monthly instalments can be taken for 5, 10, 20, 30 or 40 years, with the first instalment payable on the date of death. Once selected, the payout option cannot be changed later. If you choose instalments, a premium discount applies based on the instalment period. After instalments begin, the nominee may still convert all future instalments into a lump-sum calculated at a 5% discount rate.

Maturity Benefits in Installments

You can choose at policy inception to receive your Maturity Benefit in yearly instalments instead of a single lump-sum. This choice must be made upfront and cannot be changed later. If you opt for instalments, the Maturity Benefit will be paid out evenly over five years, with each yearly payout calculated as 120% of the Maturity Benefit divided by five. The first instalment is released on the policy’s maturity date, ensuring a steady post-maturity income stream.

Auto Cover Continuance Benefits

The Auto Cover Continuance Benefit under the Life and ROP variants allows you to defer premium payments for up to 12 months while keeping your full life cover and rider benefits active, without any extra premium. If a claim occurs during this deferred period, the insurer will pay the sum assured after deducting any unpaid premiums. 

Once the 12-month window ends, you must clear the pending premium along with the next due premium; failing to do so by the end of the grace period will result in the policy becoming lapsed or paid-up. This feature is available only after completing three policy years with all premiums paid, can be used multiple times with a five-year gap between uses, and cannot be exercised in the last year of the premium payment term. You must inform the insurer 30 days in advance (15 days for monthly mode), and no interest is charged on the deferred premiums.

Health Management Services

Offered under the Life and ROP variants, the health management services like getting medical second opinion, medical case management, medical consultation from the service providers registered with the company. These wellness benefits can help you get additional health benefits on top of the pure risk protection of the term insurance plan. 

Available Rider Benefits

You can choose to add any of the following term insurance riders to the base Bajaj Life iSecure II term insurance plan:

• Bajaj Life Accidental Death Benefit Rider

• Bajaj Life Accidental Permanent Total/Partial Disability Benefit Rider

• Bajaj Life Family Protect Rider

• Bajaj Life New Critical Illness Benefit Rider

Additional Policy Details Under Bajaj Life iSecure II Term Plan

Alteration of Premium Payment Frequency

The premium payment frequency can be changed at any policy anniversary during the premium payment tenure, subject to availability. 

Premium Rebates/Discounts

The plan offers several premium rebates to make coverage more accessible. Online, Direct Sales, Web Aggregator, and ISNP purchases receive a 12% discount on the first-year premium. Customers sourced through Account Aggregator data get a 10% first-year rebate, with a maximum combined cap of 15% if both channels apply. Female lives benefit from a 3-year age setback due to lower expected mortality rates, resulting in lower premiums. Employees of the company also receive a 4% discount throughout the premium payment term.

Termination Value (Life & Easy Variants)

Under the Life and Easy variants, a Termination Value may be payable if you choose to surrender the policy. No Termination Value is available under the Regular Premium option, though you may still be eligible for the Early Exit Value. For Limited Premium payment policies, you can surrender the policy anytime after the Premium Payment Term is completed. The Termination Value is calculated as Termination Factor × Total Premiums Paid and will never be lower than the Early Exit Value available at that time. Termination factors are not guaranteed and can be checked on the company’s website.

Surrender Value (ROP Variant)

Under the ROP variant, a Surrender Value becomes payable once at least one full year’s premium has been paid. After the first policy year, the policy acquires a Special Surrender Value (SSV), and after two full years’ premiums, it also acquires a Guaranteed Surrender Value (GSV). At surrender, you will receive the higher of the two:

• GSV = GSV factor × Total Premiums Paid

• SSV, as determined by the company

The Surrender Value will not exceed 100% of the Total Premiums Paid. GSV factors remain constant through the policy term, while SSV factors are reviewed annually. The policy terminates immediately upon surrender. For detailed factors, please refer to the company website.

Free Look Period
You can review the policy within the free look period and return it if you disagree with the terms; the premium will be refunded after applicable deductions.

Grace Period
A grace period is provided to pay overdue premiums while keeping the policy active; if the premium is not paid within this period, the policy may lapse or become paid-up, as applicable.

Revival Benefits
If your policy lapses due to non-payment of premiums after the grace period, you can revive it within five years from the first unpaid premium (or from the start of the cover continuance period, if applicable), provided the policy term has not ended. Revival requires payment of all overdue premiums with applicable interest and taxes, along with medical tests or proof of insurability if required. The company may approve revival on revised terms or decline it based on its Board-approved underwriting policy; if declined, any amount paid toward revival will be refunded. Once revived and formally communicated, all original benefits under the policy will be fully reinstated.

Exclusions

If death occurs due to suicide within 12 months from policy start or latest revival, the nominee will receive the higher of 80% of Total Premiums Paid or the Surrender/Termination Value, provided the policy is in force. There are no other exclusions on the death benefit beyond this suicide clause.