It is a non-linked whole life term plan that gives protection and security to the individual for a lifetime. It is a unique plan because it has no maximum age limit. It provides complete protection till 100 years of age so that the individual does not have to worry about anything throughout his/her life.
Eligibility Conditions for the Bajaj Allianz Life Secure:
|Minimum Entry Age||25 years|
|Maximum Entry Age (Coverage Option 1 and 2)||55 years|
|Maximum Entry Age (Coverage Option 3)||50 years|
Policy Terms for Bajaj Allianz Life Secure:
|Policy Term||(100 minus age at entry) years|
|Premium Paying Term||5, 7, 10 and 15 years|
Premium Payments Offered by the Bajaj Allianz Life Secure
|Minimum Premium||Yearly - Rs.36,720 Half-Yearly- Rs.18,727 Quarterly - Rs.9,547 Monthly - Rs.3,305|
|Maximum Premium||No Limit|
|Minimum Sum Assured||Rs.20,00,000|
|Maximum Sum Assured||No Limit|
|Premium Payment Modes||Yearly, Half-Yearly, Quarterly, Monthly|
Key Features of Bajaj Allianz Life Secure:
|Type of Plan||It is a Non-linked whole life term plan.|
|Premium Payment Modes||The different modes are Yearly, Half-Yearly, Quarterly and Monthly.|
|Different Covers||It provides different kinds of covers such as term assurance cover, accidental death cover and critical illness cover depending on the person’s choice.|
|Coverage Options||It offers 3 coverage options namely Death Benefit, Death Benefit plus Accidental Death Benefit and Death Benefit or Accelerated Critical Illness plus Waiver of Premium Benefit.|
|Premium Payment Terms||It has the option of 4 premium payment terms for 5, 7, 10 or 15 years.|
|Premium Rates||Some attractive premium rates are available for women.|
|Surrender Benefit||Surrender benefit is available under this plan.|
|Free - Look period||A free-look period of 15 days has also been provided in case the policyholder wants to return the policy.|
|Revival||Upon the lapse of the policy, it can be revived during a 2 year period starting from the date of the first unpaid premium.|
Payment Options for the Premiums offered by Bajaj Allianz Life Secure:
Bajaj Allianz Life Secure policyholder can pay the premiums regularly using the following options –
- Half – Yearly
- Monthly intervals throughout the term of the policy
Advantages and Benefits of Bajaj Allianz Life Secure:
The Bajaj Allianz Life Secure provides the following key benefits:
As per this plan, three coverage options are available:
a)Option 1 - Death Benefit
Under this option, in case of death of the life assured during the policy term, the sum assured will be paid. After that, the policy will be terminated.
b)Option 2 - Death Benefit plus Accidental Death Benefit
Under this option, the death benefit is applicable. Apart from that, in case the life assured dies due to an accident and before 65 years of age, sum assured on death along with extra sum assured of maximum 2 crores will be paid. After that, the policy will be terminated.
c) Option 3 - Death Benefit or Accelerated Critical Illness plus Waiver of Premium Benefit
Under this option, if the life assured is diagnosed with any critical illness before 65 years of age and within 30 years of the policy, he/she will be paid 50% sum assured on death which subjects to maximum 50 lakhs. Also, all the future premiums will be waived. If the person dies during the policy term, if the critical illness benefit has already been paid, then the remaining sum assured will be paid. The policy will then be terminated. If the critical illness benefit has not been paid, then the total sum assured will be paid. The policy will then be terminated.
Policy Loan is not available under this life insurance plan.
Premium Paid are eligible for tax benefits under 80C of the Income Tax Act, 1961.
High Sum Assured Rebate (HSAR):
Based on various factors such as chosen sum assured, age, coverage option and premium paying term, this plan offers premium discounts.
|Coverage Option 1||Above the minimum Sum Assured of Rs. 20,00,000|
|Coverage Option 2||Above the minimum Sum Assured of Rs. 20,00,000 and up to Sum Assured of Rs. 2,00,00,000|
|Coverage Option 3||Above the minimum Sum Assured of Rs. 20,00,000 and up to Sum Assured of Rs. 1,00,00,000|
High Sum Assured Rebate:
|Premium Paying Term||5||7||10||15|
|Less than 45 years of age||Rs.152||Rs.115||Rs.90||Rs.71|
|45 and above 45||Rs.113||Rs.88||Rs.70||Rs.56|
The policyholder has the option to opt for the surrender policy only if:
- If the premium paying term is less than 10 years, the first two years full premiums have been paid.
- If the premium paying term is 10 years or more, the first three years full premiums have been paid.
A total of 15 days of free period from the date of receipt of policy is provided to the policyholder in case he/she wants to return or cancel the policy.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017