• Bajaj Allianz iSecure More 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 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.

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

    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:

    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, and 25 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 plan is Rs.2,50,000, while there are no limits on the maximum sum assured.

    Premium:

    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:

    Parameter Regular Premium
    Yearly Half-yearly Quarterly Monthly
    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:

    Premium frequency Monthly Quarterly Half-Yearly Yearly
    Frequency factor 0.09 0.26 0.51 1

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

    The Bajaj Allianz iSecure More Plan works in the following manner:

    • The customer chooses between an individual policy or a joint life cover.
    • He/she then selects the sum assured.
    • The premium payment frequency and policy term are determined by the customer.
    • The premium under the policy is dependent on the sum assured chosen, age of the life assured, premium payment frequency, and policy term.
    • The life cover under the plan increases at each policy anniversary by 5% of the sum assured at inception. The increase in the coverage is restricted in a way that the life cover does not exceed twice the original sum assured at the inception of the policy.
    • If the life assured faces death during the policy tenure, the death benefit payable is the sum assured as on the date of death.
    • The plan does not offer maturity and surrender benefits.
    • Policy loans are also not available under the plan.
    • The coverage of the Bajaj Allianz iSecure More Plan is as detailed below:
    Death Benefit For Individual Life:
    • If the life assured faces death during the policy tenure, the sum assured as on the date of death is paid out as death benefit.
    • The policy cover terminates immediately at the death of the life assured.
    For Joint Life:
    • The death benefit is paid at the death of each life assured, as long as the policy is in-force. The benefit payable is the prevailing sum assured at the time of death.
    • At the death of any one of the insured lives, the policy continues on the surviving life assured. The premium will, however, be reduced. The reduction in premium is based on the policy term, age, premium payment frequency, and the sum assured.
    • The policy coverage terminates when the surviving life assured dies.
    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:
    • For sum assured between Rs.5 lakh and Rs.10 lakh:
      • If the age of the customer is less than or equal to 30 years, the percentage rebate is 10%.
      • If the age of the customer is between 31 and 40 years, the percentage rebate is 5%.
      • If the age of the customer is between 41 and 50 years, the percentage rebate is 2.5%.
      • If the age of the customer is more than 50 years, the percentage rebate is 2.5%.
    • For sum assured between Rs.10 lakh and Rs.20 lakh:
      • If the age of the customer is less than or equal to 30 years, the percentage rebate is 17.5%.
      • If the age of the customer is between 31 and 40 years, the percentage rebate is 7.5%.
      • If the age of the customer is between 41 and 50 years, the percentage rebate is 5%.
      • If the age of the customer is more than 50 years, the percentage rebate is 2.5%.
    • For sum assured between Rs.20 lakh and Rs.50 lakh:
      • If the age of the customer is less than or equal to 30 years, the percentage rebate is 20%.
      • If the age of the customer is between 31 and 40 years, the percentage rebate is 10%.
      • If the age of the customer is between 41 and 50 years, the percentage rebate is 5%.
      • If the age of the customer is more than 50 years, the percentage rebate is 5%.
    • For sum assured of Rs.50 lakh and above:
      • If the age of the customer is less than or equal to 30 years, the percentage rebate is 25%.
      • If the age of the customer is between 31 and 40 years, the percentage rebate is 10%.
      • If the age of the customer is between 41 and 50 years, the percentage rebate is 7.5%.
      • If the age of the customer is more than 50 years, the percentage rebate is 5%.

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

    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.

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

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

    Flexibilities
    1. The customer can choose to take an individual plan or a joint life cover.
      1. If the customer is married at the time of inception of the policy, he/she can choose to include the spouse.
      2. If the customer wishes to include his/her spouse after marriage, this can be done according to applicable terms and conditions.
      3. In the case of a joint life policy, if the marriage was annulled, the insurance company should be notified of the same immediately. Following the notification, the second life will be excluded from the policy cover.
    2. The customer may change the premium payment frequency at any policy anniversary. This is dependent on the minimum premium limits under the policy.
    3. The nominee of the life assured may take the death benefit in the form of monthly installments, over a period of 5 or 10 years from the date of death. The insurer has to be notified on this at the time of submitting the death claim. Each monthly installment will be equal to:
      1. For 5 years - 1.04*(death benefit)/60
      2. For 10 years - 1.08 * (death benefit)/120
    4. The nominee can choose to stop receiving the monthly installments. In this case, he/she will be eligible to receive the remaining part of the death benefit as a lump sum amount.
    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:
    • Surrender of the policy
    • Expiry of the revival period
    • At the death of the life assured in an individual policy or the second death in a joint cover
    • On the date of policy maturity
    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:
    • The revival application is submitted within 2 years from the date of the unpaid premium and before the policy maturity date.
    • All the unpaid premiums along with the interest are paid.
    • The policyholder submits evidence of good health for the continuation of the policy.
    The policy may be revived on different terms when compared to the original guidelines.
    • The revival will be effective only after the insurer communicates the same to the policyholder.
    • The insurance company may refuse to revive the policy based on underwriting norms.

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

    • Premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act.
    • The death benefit received from the policy is eligible for tax rebates 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 More Plan?

    • Bajaj Allianz has a dedicated online customer portal where you can get policy-related information easily.
    • You can also renew policies online, if required.
    • Premium payments can be done through the following channels:
    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
    • It is possible to initiate an online chat with a customer service associate through the Bajaj Allianz website.
    • Customers can utilise the SMS Support facility and receive a callback from the customer service team of the insurer.
    • The website of Bajaj Allianz can also be used to request for a callback.

     

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

    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.

    • Bajaj Allianz was honoured for excellence in Direct Benefit Transfer with the ASSOCHAM Awards on ICT for Development 2015.
    • The company 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.
    • It also received the “Financial Inclusion and Deepening Award 2015” by SKOCH in 5 categories for the 4th consecutive year.

    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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