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  • Bajaj Allianz Term Insurance

    Bajaj Allianz Term Plan

    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 i-Secure Loan
    4. Bajaj Life Secure
    5. Bajaj Lifestyle Secure

    Bajaj Allianz Life eTouch Online Term Insurance Plan

    Bajaj Allianz Life eTouch Online Term is a regular premium payment, pure term and health cover plan

    Feature

    Description

    Entry Age

    Minimum: 18 years

    Maximum: 65 years

    Policy Term

    Minimum: 10 years

    Maximum: 40 years

    Sum Assured

    Minimum: 50 Lakhs

    Maximum:

    Life Benefit: No limit

    ACI Benefit: Rs.75 lakhs

    ADB and ATPB: Rs.2 crores

    Premium

    Minimum:Rs.5000 per annum

    Maximum:No limit

    Premium Payment Mode

    Annually, bi-annually, quarterly and monthly. Bi-annual, quarterly, and monthly modes are only available under auto-debit process that is allowed by RBI for financial institutions

    Death Benefit

    In case of death of the insured, the nominees will have three payout options to choose from:

    • 100% lump sum payment
    • 50% lump sum payment and the rest in level or increasing monthly installments
    • 100% payment in level or increasing monthly installments

    Bajaj Allianz iSecure More

    Bajaj Allianz iSecure More is a non-participating increasing cover term assurance plan.

    Feature

    Description

    Entry Age

    Minimum: 18 years

    Maximum: 60 years

    Policy Term

    Minimum: 10 years

    Maximum: 25 years

    Sum Assured

    Minimum: Rs.2.5 lakh

    Maximum: No limit

    Premium

    Minimum: Rs.1500

    Maximum: No limit

    Premium Payment Mode

    Yearly, half-yearly, monthly, quarterly

    Death Benefit

    Instalments for a period of 5 or 10 years. (1.04*Sum Assured)/60 or (1.08*death benefit)/120

    Bajaj I Secure Loan

    Bajaj I Secure Loan is a non-participating mortgage cover term assurance plan.

    Feature

    Description

    Entry Age

    Minimum: 18 years

    Maximum: 60 years

    Policy Term

    Minimum: 10 years

    Maximum: 25 years

    Sum Assured

    Minimum: Rs.3 lakh

    Maximum: No limit

    Premium

    Minimum: Rs.1500

    Maximum: No limit

    Premium Payment Mode

    Yearly, half-yearly, monthly, quarterly

    Bajaj Life Secure

    Bajaj Life Secure is a non-linked whole life term plan.

    Feature

    Description

    Entry Age

    Minimum: 18 years

    Maximum: 60 years

    Policy Term

    Entry age: 100 years

    Sum Assured

    Minimum: Rs.20 lakh

    Maximum: No limit

    Premium

    Minimum: Rs.36,720 p.a

    Maximum: No limit

    Premium Payment Mode

    Yearly, half-yearly, monthly or quarterly

    Bajaj Lifestyle Secure

    Bajaj Lifestyle Secure is a non-linked term assurance plan.

    Feature

    Description

    Entry Age

    Minimum: 18 years

    Maximum: 50 years

    Policy Term

    Minimum: 5 years

    Maximum: 20 years

    Sum Assured

    Minimum: Rs.3 lakhs

    Maximum: Rs.15 lakhs

    Premium

    Minimum: Rs.1466

    Maximum: Rs.20, 458

    Premium Payment Mode

    Half-yearly, Yearly, quarterly or monthly

    Death Benefit

    Sum Assured paid in EMIs for a period equal to tenure of the plan

    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.

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