Bajaj Allianz LifeStyle Secure, that includes term assurance & terminal illness cover, is a risk cover plan that assures financial protection to the policyholder’s family, so they have the security of maintaining their current lifestyle, even in the absence of the policyholder.
Eligibility Criteria for Bajaj Allianz LifeStyle Secure
In order to be eligible to avail the Bajaj Allianz LifeStyle Secure plan, the policyholder should fulfill the following criteria:
- Minimum Entry Age - 18 years
- Maximum Entry Age - 50 years
- Minimum Age at Maturity - 23 years
- Maximum Age at Maturity - 60 years
Features of Bajaj Allianz LifeStyle Secure
The features of the LifeStyle Secure plan offered by Bajaj Allianz term are mentioned below:
- Policy Term 5/ 7/ 10/ 15/ 20 years
- Premium Payment Frequency - Yearly, Half yearly, Quarterly and Monthly
- Minimum Sum Assured - Rs. 3,00,000
- Maximum Sum Assured - Rs 15,00,000
|Minimum Premium (in Rs.)||1,466||748||381||132|
|Maximum Premium (in Rs.)||20,458||10,434||5,319||1,841|
The plan comes with an attractive premium discount structure. The policyholder can have a discount on the annual premium for each complete additional Rs. 1,000 sum assured purchased over and above the minimum sum assured of Rs.3,00,000.
Benefits of Bajaj Allianz LifeStyle Secure
A non-linked, non-participating regular premium payment insurance plan, Bajaj Allianz LifeStyle Secure provides level cover term assurance or terminal illness benefit. The key advantages of this policy are:
- Security for family with regular income
- Inbuilt Accelerated Terminal Illness (TI) risk cover
- Simple procedure to get risk cover
- No medical examination/tests required
- Plan benefit paid in equated monthly installments
- More value for money with High Sum Assured Rebate
- Attractive rates for female policyholders
- The policy comes with a terminal illness and death benefit
How does LifeStyle Secure Work?
Shruti aged 28 years has opted for LifeStyle Secure for a term of 20 years. She chooses Rs 12,00,000 as the sum assured, for which she pays Rs. 3,722 as annual premium after a high sum assured rebate of Rs. 2,475. In case of terminal illness or unfortunate death at any time during the policy term, the nominee/claimant will receive Rs. 12,00,000 paid over 240 equated monthly installments.
Bajaj Allianz LifeStyle Secure FAQs
- How does the Bajaj Allianz LifeStyle Secure Work?
LifeStyle Secure can be customized to suit a policyholder’s requirement. All you need to do is choose the sum assured and policy term. Your premium will be based on your current age, gender, Sum Assured, policy term, and premium payment frequency.
- Does LifeStyle Secure have tax benefits?
Yes. The premium paid for Bajaj Allianz LifeStyle Secure is eligible for tax benefits under Section 80C of the Income Tax Act.
- Can i claim tax benefit on the sum received as death benefit? Yes. Death benefit is eligible for tax benefits under Section 10(10D) of the Income Tax Act, subject to the provision stated therein. However, it is advisable to get advice from a tax consultant before claiming any benefit under the policy.
- How can I reduce chances of claim rejection?
Here are some pointers that will help avoid claim rejection by the insurance company:
- Don’t forget to double-check the form, after filling it
- In case you have any medical ailment (even though it is minor), smoke or drink, disclose while buying the policy
- Mention other life insurance policies, that you may have taken from any insurance company including UPIP & endowment.
- What is the frequency of premium payment?
Premium can be paid on a monthly, quarterly, half-yearly, or annual basis. You can choose your payment tenure based on your sum assured.