Term insurance plans are often the simplest, cheapest and purest form of insurance which are sought-after by millions of Indians. Bajaj Allianz offers five term insurance plans which are wide-ranging in terms of the sum assured and premium rates and protection from loan liabilities. Online term insurance covers by Bajaj Allianz are iSecure, iSecure more and iSecure loan.

Types of Bajaj Allianz Term Life Insurance Plans:

The following are the five types of Bajaj Allianz Term Life Insurance Plans available

1. Bajaj Allianz i-Secure More
2. Bajaj Allianz Life eTouch Online Term Insurance Plan
3. Bajaj Lifestyle Secure

Features & Benefits of Bajaj Allianz Term Insurance Plans:

The salient features of Bajaj Allianz Term Insurance Plans are listed below:

• Customers can increase their insurance cover which depends on the policy term.
• Customers can avail of both joint and single life cover
• High sum assured rebate
• Customers may choose policy terms ranging from 10 years to 30 years
• Tax benefits under section 80C and 10(10D)
• Customers can choose to take death benefit in monthly instalments
Protection from loan liabilities
• Life cover up to 100 years (life secure)
• Offers Accelerated Terminal Illness (TI) risk cover (lifestyle)
• Offers attractive rates of premium for women (life secure)

Example of Bajaj Allianz Term Insurance Plan:

Ravi Sharma, a 30-year-old non-smoker opts for an I Secure plan for a policy term of 30 years. He insures himself for Rs.2 crores for which he pays an annual premium of Rs.23,327* after a high sum assured rebate of Rs.12,561. In the event of Ravi’s unfortunate death at the 12th policy year, his nominee will receive Rs.2 crores.

*Does not include Edu Cess and Service Tax

Bajaj Allianz Term Plans FAQs:

1. Q. Are smokers and non-smokers charged differently under the iSecure term plan?

   A. Yes. There are separate premium rates for smokers, non-smokers and preferred non-smokers for a sum assured of Rs.20 lakh and above.

2. Q. Can premium payment frequency be changed under the iSecure term plan?

   A. Yes. the premium payment frequency can be changed at the time of any policy anniversary during the policy term

3. Q. What are the tax benefits available under the Bajaj Allianz Isecure more plan?

   A. Premium and death benefit are eligible for tax benefits under Section 80C and Section 10(10D) as per the Bajaj Allianz Isecure more plan.

4. Q. Can customers avail of loan against the Bajaj Allianz Isecure more plan?

   A. No. Loan facility is not available as per this plan.

5. Q. What are the three coverage options available under life secure?

   A. Death Benefit plus Accidental Death Benefit, Death Benefit and Accelerated Critical Illness plus Waiver of Premium Benefit.

6. Q. What is the life cover provided under under life secure plan?

   A. Life cover is provided up to 100 years.

7. Q. Are any medical tests required for Lifestyle Secure plan?

   A. No tests are required for Lifestyle Secure plan.

8. Q. What is the death benefit payable under Lifestyle Secure plan?

   A. If the life assured dies or contracts a terminal illness (whichever is earlier) his or her nominee will get the Sum Assured in EMIs.

9. Q. What is the minimum sum assured under the ISecure term plan?

   A. The minimum sum assured is Rs.2.5 lakh under the ISecure term plan

10. Q. What are the premium terms available under Life Secure?

    A. Customers can choose from four payment terms - 5, 7, 10 or 15 years.

Other Products from Bajaj Financial Services

• Bajaj Allianz Health Insurance

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