Bajaj Allianz iSecure Loan Plan is an ideal choice of insurance if you would like to protect your family from loan liabilities, such as personal loan, home loan, credit card dues, motor loan, and other loans. It is a non-participating mortgage cover term assurance plan that offers you the benefit of lower insurance cost for your decreasing loan liabilities. The plan also offers a high sum assured rebate to customers who opt for a larger cover. The premium payment term of the plan is about 2/3rd of the policy term. The policy offers the flexibility to select your policy term, choose the loan interest rate, and change your premium payment frequency.
In order to be able to purchase the Bajaj Allianz iSecure Loan Plan, you will have to fulfill certain eligibility criteria with respect to your age and the amount of insurance you would like to avail. These eligibility conditions are listed in the table below:
|Minimum Entry Age||18 years|
|Maximum Entry Age||60 years|
|Minimum Maturity Age||28 years|
|Maximum Maturity Age||65 years|
|Policy Term||Choice of 10, 15, 20, and 25 years|
|Premium Payment Term||2/3rd of the chosen policy term, rounded down to years|
The policy offers various benefits such as Death Benefit and High Sum Assured Rebate (HSAR). The minimum sum assured under the policy is Rs.3 lakh, while there is no limit on the maximum sum assured.
The policyholder pays premiums at specified intervals decided at the inception of the policy. The premium amount and payment frequencies are as shown below:
|Minimum Installment Premium (Rs.)||1,500||750||400||150|
*For monthly mode of premium payment, three installments need to be paid at the start of the policy
The Bajaj Allianz iSecure Loan Plan works as follows:
For an Individual Life policy:
|High Sum Assured Rebate (HSAR)||
The Bajaj Allianz iSecure Loan Plan offers a discount in premium if you choose a high sum assured of Rs.5 lakh and above. This discount is referred to as the High Sum Assured Rebate (HSAR). For an individual life, the HSAR is as follows:
Suicide Exclusion - Within one year from the revival of policy or the commencement of risk, if the life assured/second life assured commits suicide, the insurance contract will be terminated. An amount equal to 80% of the paid premiums till death is payable, irrespective of whether any beneficial interest was created or not.
The salient features of the Bajaj Allianz iSecure Loan Plan are described below:
|Free-look period||If the customer is not in alignment with the terms and conditions of the policy, he/she can return the same to the insurance company within 15 days from receipt of the policy documentation. This interval is referred to as the free-look period. The free-look period for policies that were purchased through distance marketing is 30 days. When returning the policy, the customer has to cite relevant reasons for the return. The customer is then eligible to receive all the premiums paid minus the medical examination and stamp duty expenses.|
|Grace Period||If the policyholder does not pay the premiums within the due date, a grace period of 30 days is allowed for policies with premium payment frequencies other than monthly. For monthly frequency policies, the grace period is 15 days. If the life assured dies during the grace period, the death benefit is paid under the policy. This amount is equal to the full sum assured minus the outstanding premiums as on the date of death.|
|Discontinuance of premium||If the policyholder does not pay the due premiums by the end of the grace period, the life coverage under the plan will cease to exist. There will be no paid-up value or death benefit payable. The policyholder can revive the policy, if required, within a timeframe of 2 years from the first unpaid premium. This interval is referred to as the revival period. There are some revival conditions that should be met before the policy is revived.|
|Revival of policy||
If the policy is in lapsed status, it can be revived in the following scenarios:
A policy terminates at the occurrence of the following:
It should be noted that tax rules are subject to change based on new regulations. So, it is advisable that you check the latest provisions with a tax advisor.
|Credit Cards||Payments can be made through Visa, American Express, Maestro, MasterCard, and Diners Club cards|
|Debit Cards||Payments can be made through Visa, MasterCard, Maestro, and RuPay cards|
|Bill Junction||Customers can register at Bill Junction and authorise their premium payments online|
|Netbanking||A customer can use the Netbanking facility at his/her bank’s online portal to pay insurance premiums|
|e-Wallets||Customers can pay premiums through e-Wallets like Airtel Money, ITZCash, Jio Money, Oxigen, iCashCard, PayCash, and Idea Money|
Bajaj Allianz is a leading insurance provider in India, offering a variety of insurance solutions with in-depth technical expertise and market knowledge. The company has consistently maintained quick response times and competitive pricing, making it one of the strongest players in the Indian insurance domain today.
The suite of products from Bajaj Allianz range from child plans to Unit Linked Insurance Plans. The insurer also offers group policies and health insurance. Bajaj Allianz has been recently focussing on the penetration of insurance into the rural segments of the country.
The company has received several awards and recognitions for its excellent customer service, technological innovations, and marketing methodologies.
Although unlikely, if a claim has not been settled by the insurer within 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 directly through electronic transfer. This way, the payouts are received by the beneficiary at the earliest possible time.
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