Bajaj Allianz iSecure More Plan is an increasing cover term insurance product that enhances the protection offered to meet the increasing financial needs of the life assured’s family. One significant feature of the plan is the flexibility to select the policy term from 10 years to 25 years, based on the life assured’s requirement. It is also possible to change the premium payment frequency, if needed. The plan allows the policyholder to include his/her spouse at a later date. The beneficiary can also choose to receive policy proceeds in the form of annual installments.
A customer should fulfill certain eligibility conditions to be able to buy the Bajaj Allianz iSecure More Plan from the insurer. These conditions depend on the age of the customer and the number of years he/she would like to avail insurance for. These details are shown in the following table:
|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, and 25 years|
The policy offers benefits such as Death Benefit and High Sum Assured Rebate. The minimum sum assured under the plan is Rs.2,50,000, while there are no limits on the maximum sum assured.
The policyholder is required to pay regular premiums at specific intervals, chosen at the time of policy purchase. The premium amount and payment frequencies are as shown below:
|Minimum Installment Premium (Rs.)||1,500||750||400||150|
The installment premium is determined by multiplying the annual premium with the premium frequency factors listed below:
The Bajaj Allianz iSecure More Plan works in the following manner:
For Individual Life:
|High Sum Assured Rebate (HSAR)||
If the customer chooses a high sum assured of Rs.5 lakh and above, the insurer offers an attractive premium discount. The HSAR for an individual policy is as follows:
Suicide Exclusion - Within one year from the commencement of the policy, if the life assured or the second life assured commits suicide, the insurance contract will be terminated immediately. An amount equal to 80% of the premiums paid till the death of the life assured will be paid out, irrespective of whether a beneficial interest was created or not.
The salient features of the Bajaj Allianz iSecure More Plan are described below:
|Discontinuance of premium||If the life assured does not pay due premiums before the grace period, the life cover will cease. Also, the death benefit or paid-up value will not be payable. The policyholder can choose to revive the policy within 2 years from the due date of the unpaid premium. This is, however, subject to revival conditions.|
|Termination of Policy||
The policy will terminate on fulfillment of either of the conditions mentioned below:
|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 interval is referred to as the free-look period. For policies that were purchased through distance marketing, the free-look period is 30 days. The customer is required to cite the reasons for return of the policy. The insurer will then reimburse all the paid premiums minus the expenses incurred by the company on medical checkups and stamp duty.|
|Grace Period||If the policyholder fails to pay premiums by the due date, a grace period of 30 days is allowed for policies with premium payment frequencies other than monthly. For policies with monthly premium payment frequency, the grace period is 15 days. If the policyholder faces death during the grace period, the death benefit will be paid out, i.e., the entire sum assured minus outstanding premiums.|
|Revival of policy||
A discontinued policy can be revived if the following conditions are met:
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.
|Credit Cards||Payments through Visa, MasterCard, Maestro, Diners Club cards, and American Express|
|Debit Cards||Payments through Visa, MasterCard, RuPay cards, and Maestro|
|e-Wallets||It is possible to pay premiums through e-Wallets like Airtel Money, Jio Money, ITZCash, iCashCard, Oxigen, PayCash, and Idea Money|
|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|
Bajaj Allianz is a leading insurance provider in India. The company is a joint venture between Bajaj Finserv Limited and Allianz SE. It offers a vast range of comprehensive insurance solutions that are a liaison of global exposure with local expertise. The technical know-how and in-depth market exposure of the company reflects in the products it offers. The insurer has risen to the status of a leading player in the Indian insurance domain within a short interval.
The suite of products offered by Bajaj Allianz cater to the needs of several age and income groups. The products range from child plans to unit linked insurance products. The company also offers health insurance plans and group plans. Bajaj Allianz has recently been focussing on the penetration of insurance into the rural segments of the country.
The claim settlement ratio observed by Bajaj Allianz in the financial year 2015-16 was 98.07%. The ratio for individual products was 91.3% while that for group plans was 98.87%.
The insurance company has been honoured with multiple awards in the recent past. This emphasizes their dedication and commitment as far as customer service is concerned. Their marketing initiatives and technological innovations are also noteworthy.
Although a rare instance, if a claim is not settled by the insurer within 30 days, the beneficiary will be paid an interest of 10.5% for each day’s delay. The insurer also settles 96.82% of all claims directly through electronic transfer. This ensures that the payouts are made in a timely manner.
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