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Bajaj Allianz iSecure Online

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Bajaj Allianz iSecure insurance plan is a non-participating, non-linked, regular premium, level term assurance plan. The plan secures your family's financial security by providing you a level term cover for high sum assured at a low cost. With the help of Bajaj Allianz iSecure insurance plan, you can cover both your spouse and yourself. What’s more you can personalize your term insurance policy by choosing either an Individual or joint life term insurance cover , zeroing in on a suitable sum assured, policy term and premium payment frequency. Also, if the sum assured opted is Rs.20,00,000 or above, you can opt for either ‘non-smoker1’ or ‘smoker1’. However, the premium charged on your policy will depend on your current age, sum assured, lifestyle category, policy term and premium payment frequency.

Eligibility Criteria for Bajaj isecure Insurance 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

70 years

Documentation

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

Features of Bajaj isecure Insurance Term Plan

Some of the salient features of Bajaj isecure Insurance Term Plan are listed in the table below:

Minimum Sum Assured

Rs.2,50,000 (general category) and Rs.20 lakh for preferred non-smoker, non-smoker and smoker

Maximum Sum Assured

No limit

Policy Term

10, 15, 20, 25 and 30 years

Minimum Installment Premium

Sum Assured

Yearly

Half-Yearly

Monthly

Less than Rs.20 lakh

Rs.1000

Rs.500

Rs.100

Greater than or equal to Rs.2,000,000

Rs.3000

Rs.1500

Rs.250

Individual or joint policy

If the customer was not married at the time of buying the policy, he or she can include the spouse at a later stage in the existing policy

Premium payment

Customers can change their premium payment frequency during the policy term

Benefit installments

Nominee has the option to receive the death benefit in equal monthly instalments for 5 to 10 years

Grace Period

30 days

Free look period

15 days

Benefits of Bajaj isecure Insurance Term Plan

Benefits of Bajaj isecure Insurance Term Plan are listed in the table 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 Rates

Customers can avail of separate rates for sum assured less than Rs. 20 lakh and Rs. 20 lakh and above as shown in the table below:

Category

Policy Term

10

20

30

Smokers

3803

4266

5387

Non-smoker

3469

3723

4486

Preferred non-smokers

3285

3488

4208

Premium Rebates

Age of Older Life Assured

Less than or equal to 40

41 to 50

Greater than or equal to

51

Joint life rebate as % of total gross premium

5%

3%

1%

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.

Exclusions Of Bajaj isecure Insurance Term Plan

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).

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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