Bajaj Allianz Term Insurance

Term insurance plans are often the simplest, cheapest and purest form of insurance which are sought-after by millions of Indians. 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 available

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

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 are listed below:

  • Customers can increase their 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

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

Read Bajaj Allianz Life Insurance news or Enjoy it on the go Google Play

  • CEO of Bajaj Allianz Life Bets on Digital and ULIPs for Financial year 2020

    Ever since Tarun Chugh joined Bajaj Allianz Life as its CEO, his focus has been concentrated towards a one-point differentiation for the company – that is focusing on the living benefits or being able to reap the benefits during one’s lifetime. While this limechanism goes against what life insurance truly stands for (providing death benefit after death to the beneficiary of the policy), Chugh argues that given India’s young population, insurance companies and providers should be assisting investors and policyholders create more wealth during their lifetime through savings and investment instruments. With the driving focus on making more people aware about being insured, Bajaj Allianz will henceforth be focusing more on digitisation and distribution by means of online channels.

    21 May 2019

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