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  • Bajaj Allianz isecure Loan

    Bajaj Allianz Term Plan

    Bajaj isecure Loan Term Plan is a non-participating mortgage cover term insurance plan.

    • By acquiring this limited premium payment loan cover plan, you can safeguard your family against any liabilities in the form of loans.
    • Bajaj isecure Loan Term Plan, therefore, ensures the financial security of your family. Your loved ones will be protected from the burden of repayment of loans in the unfortunate event of your death under this plan.
    • Bajaj iSecure loan insurance plan shields your family from various liabilities such as personal loan, home loan, car loan, credit card dues and other loans.
    • Bajaj isecure Loan Term Plan offers limited premium payment term of 2/3rd of your policy term.
    • Customers can also avail of comparatively lower cost of insurance on the basis of their reducing loan liabilities.
    • You can select your policy term from 10, 15, 20 and 25 years (depending on tenure), alter your premium payment frequency and get a rebate on high sum assured.
    • Customers can opt to have a joint cover with their spouse, child or business partner and choose a fixed interest rate.
    • The premium charged on your policy will depend on your current age, sum assured, policy term, loan interest rate and premium payment frequency.

    Eligibility Criteria Of Bajaj isecure Loan Term Plan

    The eligibility criteria for acquiring the plan are listed in the table below:

    Minimum Entry Age

    18 years

    Maximum Entry Age

    60 years

    Minimum Maturity Age

    28 years

    Maximum Maturity Age

    65 years


    • Identity Proof
    • Age Proof
    • Income Proof
    • Address Proof
    • PAN Number

    Features of Bajaj isecure Loan Term Plan

    The features of the plan are listed in the table below:


    Sum Assured

    Rs. 3,00,000


    Sum Assured

    No limit

    Policy Term

    10, 15, 20 and 25 years

    Minimum Instalment Premium

    Rs. 1500 per yearly

    Rs. 750 per half-yearly

    Rs. 400 per quarterly

    Rs. 150 monthly (three instalments need to be paid at the inception of the policy)

    Premium payment

    • Instalment premium (apart from yearly instalment) is calculated by multiplying the yearly premium with the premium frequency factors given below:

    Premium frequency





    Frequency factor





    • Customers can alter their premium payment frequency at any policy anniversary (subject to limits under the plan).

    Grace Period

    15 days (monthly premium payment); 30 days (other than monthly)

    Free look period

    15 days

    Benefits of Bajaj isecure Loan Term Plan

    The benefits offered by the plan are listed below:

    Death Benefit

    Individual policy

    • In the event of the unfortunate death of life assured, the Sum Assured will be paid to the nominee. The policy will stand terminated after the death of the life assured Joint policy

    • Death benefit is payable upon the death of each life.

    • Upon the death of either of the life assureds, the policy will continue with a reduced premium which will be based on the age, premium payment frequency policy term, lifestyle category and sum assured

    • The policy will terminate after the death of the surviving life assured

    Premium Rebates

    Offers attractive premium discount for choosing high sum assured of Rs. 5 lakh and above. The higher sum assured rebate for individual cover is as listed below:

    Sum Assured

    18-30 (age)

    41 to 50 (age)

    51 to 60

    5,00,000 to 7,99,999




    10,00,000 to 14,99,999




    75,00,000 and above




    The Joint Life Rebate (JLR) is listed below:

    Age of Older Life Assured

    Less than or equal to 40 (age)

    41 to 50 (age)

    Greater than or equal to 51 (age)

    JLR as % of total gross

    premium applicable to

    individual lives




    Maturity Benefit

    No maturity benefit is payable under this plan

    Survival Benefit

    No surrender benefit is payable under this plan

    Tax Benefits

    • Premiums are eligible for tax benefits under section 80C of IT Act
    • Death benefit is eligible for tax benefits under section 10 (10D) of IT Act


    If the life insured or the second life insured (joint life policy) ends life (sane or insane) within one year of the commencement of the policy or the last date of the revival of policy, the policy will be terminated by paying an amount equal to 80% of the premiums paid till the date of death (not the intimation of the date of death).

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