Bajaj Allianz iSecure Insurance Plan is a non-participating term insurance plan that provides a level term cover at an affordable cost. The policy also offers a large sum assured and special rates of premium for non-smokers. One of the key features of the plan include a high sum assured rebate that is beneficial to policyholders who are seeking larger payouts. Customers also get the flexibility to select the policy term, i.e., 10, 15, 20, 25, or 30 years. Additionally, the premium payment frequency can be altered if needed.
The life assured can choose to add his/her spouse to the plan coverage at a later date. The plan also offers benefits in the form of monthly installments, as per the requirement of the customer.
A customer has to fulfill certain eligibility criteria set by the insurer to be able to purchase the Bajaj Allianz CSC Bachat Plus Plan. These conditions are based on the age of the customer and the number of years of insurance that he/she would like to avail. These details are as shown in the table below:
|Minimum Entry Age||18 years|
|Maximum Entry Age||60 years|
|Minimum Maturity Age||28 years|
|Maximum Maturity Age||70 years|
|Policy Term||Choice of 10, 15, 20, 25, or 30 years|
The policy offers benefits such as Death Benefit and High Sum Assured Rebate. The minimum sum assured under the policy is Rs.2.5 lakh for general category and Rs.20 lakh for categories split by Non-Smoker, Preferred Non-Smoker, and Smoker. There is no limit on the maximum sum assured.
The policyholder is required to pay regular premiums at specific intervals, chosen at the inception of the policy. The premium amount and payment frequencies are as shown below:
|Minimum Installment Premium||Less than Rs.20 lakh||Rs.1,000||Rs.500||Rs.250||Rs.100|
|Greater than or equal to Rs.20 lakh||Rs.3,000||Rs.1,500||Rs.750||Rs.250|
*For monthly mode of premium payment, three installments of the premium will have to be paid at policy inception
The plan works in the following manner:
For Individual Life:
|High Sum Assured Rebate (HSAR)||
The insurer offers attractive rebates to customers who opt for a high sum assured. The HSAR varies based on the lifestyle category (Smoker, Non-Smoker, Preferred Non-Smoker) and the sum assured bands. For a joint life policy, apart from the HSAR a joint life rebate (JLR) is also available. This amount is calculated as a percentage of the total Gross Premium for the individual lives.
Suicide Exclusion - Within one year of policy commencement, if the life assured or the second life assured commits suicide, the insurance contract will be terminated. The payout will be an amount equal to 80% of the paid premiums till death, irrespective of whether any beneficial interest has been created or not.
The salient features of the Bajaj Allianz iSecure Insurance Plan are described below:
|Discontinuance of premium payment||If the policyholder is unable to pay premiums before the grace period ends, the life cover offered under the policy will cease. Also, no death benefit or paid-up value will be offered to the policyholder. The policyholder can choose to revive the policy within 2 years from the due date of the unpaid premium. This is subject to revival conditions.|
The policy terminates at the occurrence of any of the following events:
|Revival of policy||
If the policy lapses due to non-payment of premium, it may be revived under the following scenarios:
|Free-look period||If the customer is not satisfied with the terms and conditions mentioned in the policy documentation, he/she can choose to return the policy back to Bajaj Allianz within 15 days. This is referred to as the free-look period. In case the policy was purchased through distance marketing, the free-look period is 30 days. The customer is required to cite relevant reasons for the return of the policy. The insurer will then reimburse the sum of all the paid premiums as on the cancellation date. Stamp duty charges and medical examination costs will be deducted as applicable.|
|Grace Period||If the policyholder fails to pay the premium within the due date, a grace period of 30 days is offered for policies with premium payment frequencies other than monthly. For policies with monthly frequency, the grace period is 15 days.|
However, the tax rules may change from time to time and you are advised to seek the assistance of a Tax Consultant for the latest provisions.
Bajaj Allianz has a dedicated online customer portal where you can login and access the details of your insurance policy. The insurance company also offers the facility to renew policies online. Premium payments can be made through the following channels:
|Credit Cards||Payments through Maestro, Visa, MasterCard, Diners Club cards, and American Express|
|Debit Cards||Payments through Visa, MasterCard, Maestro, and RuPay cards|
|Bill Junction||Customers can register at Bill Junction and authorise their premium payments online|
|e-Wallets||It is possible to pay premiums through e-Wallets like ITZCash, Airtel Money, iCashCard, Jio Money, PayCash, Oxigen, and Idea Money|
|Netbanking||A customer can use the Netbanking facility at his/her bank’s online portal to pay insurance premiums|
It is possible for a policyholder to initiate an online chat with a customer care representative through the Bajaj Allianz website. Additionally, the insurer provides SMS Support facility using which customers can receive a callback from the customer service team. Customers can also request for a callback using the insurance company’s website.
Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE, and it offers an extensive range of insurance products which consolidate global exposure with local expertise. The insurance solutions offered by the company incorporate in-depth market knowledge and technical proficiency. The insurance company is renowned for its competitive pricing and quick turnaround times. This has elevated it to the level of a frontrunner in the Indian insurance domain within a short interval.
The suite of insurance solutions from Bajaj Allianz range from group plans to child plans, ULIPs to term plans, spanning various segments and age groups. The insurer has also been focussing on initiatives to establish insurance penetration into the rural pockets of India.
The company boasts of a robust claim settlement ratio of 98.07% in the financial year 2015-16. The ratio for the individual product range is 91.3% and that for group products is 98.87%.
Bajaj Allianz has been conferred with several recognitions for its superior customer service initiatives, marketing strategies, and innovative methodologies.
If a claim is not settled by the insurer for more than 30 days, the beneficiary is paid an interest of 10.5% for each day’s delay. The insurance company also settles 96.82% of all claims through electronic transfer, hence, ensuring minimal delays in the processing.