• Bajaj Allianz iSecure Online Term Insurance Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility -Who is the Bajaj Allianz iSecure Insurance Plan for?

    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:

    Parameter Eligibility
    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

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured:

    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.

    Premium:

    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:

    Sum Assured Yearly Half-Yearly Quarterly Monthly*
    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

    Plan Coverage - What the Bajaj Allianz iSecure Insurance Plan covers?

    The plan works in the following manner:

    • The customer first chooses the type of policy, i.e., either an individual policy or a joint life cover.
    • He/she then selects the sum assured.
    • The next step is deciding on the premium payment frequency and policy term.
    • If the sum assured chosen by the customer is Rs.20 lakh and above, he/she selects the lifestyle category, i.e., either Non-Smoker or Smoker.
    • Premium is based on the age of the customer, lifestyle category, sum assured, premium payment frequency, and policy term.
    • The plan does not offer maturity and surrender benefits. It is also not possible to take a loan under the plan.
    • The coverage of the Bajaj Allianz iSecure Insurance Plan is as detailed below:
    Death Benefit For Individual Life:
    • In the event of death of the life assured during the policy tenure, if all premiums are paid, the death benefit payable is the sum assured.
    • The risk cover will terminate immediately after the death of the life assured.
    For Joint Life:
    • The death benefit is paid at the death of each life assured. This is, however, subject to the policy being in-force. The death benefit payable is the sum assured under the plan.
    • If one insured member faces death, the policy will continue on the surviving life assured with a reduction in premium. The revised premium is based on the age of the surviving life assured, policy term, lifestyle category, sum assured, and premium payment frequency.
    • When the surviving life assured faces death, the policy cover terminates immediately.
    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.
    • If the older life assured is less than or equal to 40 years of age, the JLR is 5%
    • If the older life assured is between 41 and 50 years of age, the JLR is 3%
    • If the older life assured is 51 years old or more, the JLR is 1%

    Exclusions - What the Bajaj Allianz iSecure Insurance Plan doesn’t cover?

    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.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    The salient features of the Bajaj Allianz iSecure Insurance Plan are described below:

    Flexibilities
    1. The plan provides the customer the option of taking an individual or a joint life policy.
      1. If the customer is married at the inception of the policy, then the spouse can be included as well.
      2. If the customer is not married at the inception of the policy, he/she may may include the spouse after marriage, subject to certain terms and conditions.
      3. In a joint life plan, if the marriage is annulled, the insurer should be informed of the same and the second life will then be excluded from the policy.
    2. The customer can choose to change the premium payment frequency at any policy anniversary. This is, however, subject to the minimum premium limits of the policy.
    3. The nominee of the life assured has the option of taking the death benefit in the form of equal monthly installments, spread out over a period of 5 or 10 years following death. The insurer should be informed of this in writing at the time of submitting the death claim.
    4. The nominee also has the option to discontinue receiving the monthly installments. The remaining amount will then be paid out to the nominee in the form of a lump sum.
    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.
    Policy Termination The policy terminates at the occurrence of any of the following events:
    • Surrender of the policy
    • Expiry of the revival period
    • On the date of maturity
    • At the death of the life assured in an individual policy or at the second death in a joint life plan
    • Payment of the entire death benefit
    Revival of policy If the policy lapses due to non-payment of premium, it may be revived under the following scenarios:
    • The revival application is made within 2 years from the due date of the unpaid premium.
    • The arrears of premiums along with the interest are paid.
    • The policyholder furnishes evidence of good health and insurability.
    The revival of the policy may be on terms that differ from those applicable before the policy lapsed or became paid-up.
    • The insurer will specifically inform the policyholder of the revival before it takes effect.
    • The revival of the policy is at the discretion of the insurance company.
    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.

    Tax Benefits – How you can save with the Bajaj Allianz iSecure Insurance Plan?

    • Premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act.
    • The payouts from the policy are eligible for tax benefits under Section 10(10D) of the Income Tax Act.

    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.

    Other Benefits – How you can save with the Bajaj Allianz iSecure Insurance Plan?

    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.

    Why you should buy the Bajaj Allianz iSecure Insurance Plan from Bajaj Allianz?

    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.

    • The company received the “Financial Inclusion and Deepening Award 2015” by SKOCH in 5 categories for the 4th consecutive year.
    • It also received the ABP News award in 2016 for the “Best Life Insurance Company in the Private Sector”.
    • The Economic Times conferred the “Best Corporate Brand 2016” award to the insurer as well.
    • Bajaj Allianz was honoured for excellence in Direct Benefit Transfer with the ASSOCHAM Awards on ICT for Development 2015.

    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.

    Life Insurance Sitemap Life Insurance Blog Life Insurance Reviews

    The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    x Check for FREE