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  • Bajaj Allianz iSecure Online

    Bajaj Allianz Term Plan

    Bajaj Allianz iSecure Term Insurance Plan

    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).

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