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Bajaj Allianz iSecure Loan Insurance Plan

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.

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

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:

Parameter Eligibility
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

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

Sum Assured:

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.

Premium:

The policyholder pays premiums at specified intervals decided at the inception of the policy. The premium amount and payment frequencies are as shown below:

Parameter Regular Premium
Yearly Half-yearly Quarterly Monthly*
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

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

The Bajaj Allianz iSecure Loan Plan works as follows:

  • The plan offers you the choice of availing coverage for yourself or getting a joint cover. Select a cover accordingly.
  • You can customise the plan to suit your needs, using the steps below:
    • Choose the sum assured that you would like to avail from the policy. This is largely based on your loan amount.
    • Choose the policy tenure, based on the loan term.
    • Select the fixed interest rate.
  • The premium that you will be paying towards the policy depends on your age, the loan interest rate, sum assured chosen, premium payment mode, and policy term.
  • The policy does not offer maturity benefits and surrender benefits.
  • It is also not possible to avail a loan under the policy.
  • The prevailing sum assured is the outstanding amount of loan as on the death of the life assured. This amount is based on the loan schedule that was established at the beginning of the policy. It also depends on the sum assured and the loan interest rate.
  • The coverage of the Bajaj Allianz iSecure Loan Plan is as detailed below:
Death Benefit For an Individual Life policy:
  • If the life assured dies during the policy tenure, the prevailing sum assured is payable as death benefit, as long as all premiums have been paid up to date.
  • The policy terminates immediately at the death of the life assured.
For a Joint Life Life policy:
  • The death benefit is paid at the demise of each life assured as long as the policy is in-force. The amount of death benefit is the prevailing sum assured.
  • If any one of the insured life passes away, the policy will continue on the surviving life assured automatically. However, the premium will be a reduced value. The reduced premium is based on the policy term, age, and sum assured, with respect to the surviving life.
  • When the surviving life assured passes away, the policy will terminate.
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:
  • For sum assured between Rs.5 lakh and Rs.7.5 lakh,
    • If the age of the customer is between 18 and 30, the HSAR is 5%
    • If the age of the customer is between 31 and 40, the HSAR is 5%
    • If the age of the customer is between 41 and 50, the HSAR is 2.5%
    • If the age of the customer is between 51 and 60, the HSAR is 2.5%
  • For sum assured between Rs.7.5 lakh and Rs.10 lakh,
    • If the age of the customer is between 18 and 30, the HSAR is 10%
    • If the age of the customer is between 31 and 40, the HSAR is 10%
    • If the age of the customer is between 41 and 50, the HSAR is 5%
    • If the age of the customer is between 51 and 60, the HSAR is 2.5%
  • For sum assured between Rs.10 lakh and Rs.15 lakh,
    • If the age of the customer is between 18 and 30, the HSAR is 17.5%
    • If the age of the customer is between 31 and 40, the HSAR is 12.5%
    • If the age of the customer is between 41 and 50, the HSAR is 5%
    • If the age of the customer is between 51 and 60, the HSAR is 5%
  • For sum assured between Rs.15 lakh and Rs.30 lakh,
    • If the age of the customer is between 18 and 30, the HSAR is 25%
    • If the age of the customer is between 31 and 40, the HSAR is 15%
    • If the age of the customer is between 41 and 50, the HSAR is 7.5%
    • If the age of the customer is between 51 and 60, the HSAR is 5%
  • For sum assured between Rs.30 lakh and Rs.75 lakh,
    • If the age of the customer is between 18 and 30, the HSAR is 32.5%
    • If the age of the customer is between 31 and 40, the HSAR is 17.5%
    • If the age of the customer is between 41 and 50, the HSAR is 10%
    • If the age of the customer is between 51 and 60, the HSAR is 5%
  • For sum assured of Rs.75 lakh and above,
    • If the age of the customer is between 18 and 30, the HSAR is 37.5%
    • If the age of the customer is between 31 and 40, the HSAR is 20%
    • If the age of the customer is between 41 and 50, the HSAR is 10%
    • If the age of the customer is between 51 and 60, the HSAR is 7.5%

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

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.

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

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

Flexibilities
  • Change in premium payment frequency - At any policy anniversary, it is possible to change the premium payment frequency.
  • Option of individual or joint life insurance - A customer has the option of taking an individual or a joint life cover as long as insurable interest can be established. It is also possible to add another life to the plan coverage at a later date, based on predefined terms and conditions. This inclusion can be made at any policy anniversary. The sum assured for the individual entering the policy should be less than or equal to the prevailing sum assured under the plan.
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:
  • The revival request is raised within 2 years from the due date of the premium and before the end of the premium payment term.
  • The due and unpaid premiums are all paid with interest.
  • The policyholder submits proof of good health and insurability.
The terms and conditions associated with the revival is different from those that were applicable before the policy became paid-up or lapsed.
  • The policy will be revived only after the insurance company communicates the same to the policyholder.
  • Bajaj Allianz may refuse to revive a policy, based on underwriting norms.
Termination A policy terminates at the occurrence of the following:
  • Policy surrender
  • Expiry of the revival period
  • Death of the life assured in the case of an individual plan and the second death in a joint life cover
  • On the maturity date

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

  • The premiums that you pay towards the Bajaj Allianz iSecure Loan Plan are eligible for tax benefits under Section 80C of the Income Tax Act.
  • The death benefit paid out from the policy is eligible for tax rebates under Section 10(10D) as well.

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.

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

  • The Bajaj Allianz website hosts an online customer portal where you can login and access your policy details.
  • You may also renew your insurance policies through the website.
  • Policyholders can pay premiums through the following methods:
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
  • You can initiate a conversation with a customer service rep through the Bajaj Allianz website. The customer service team will be able to assist you by clarifying queries and offering advice on various products.
  • The SMS Support facility offered by the insurer is useful, as you can receive a callback from a customer service representative through the same.
  • You can also request for a callback from the Bajaj Allianz website.

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

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.

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

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.