"Spending a whole day looking for insurance is fun," said nobody, EVER!
Loading your search...
Close

Tell us about yourself & we'll find the best Term/Cancer Life Insurance offers for you.

  • Bajaj Allianz Life Jan Suraksha Yojna 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 is a popular Insurance provider offering a wide range of Insurance products ranging from life insurance to health, car and travel insurance products. The Bajaj Life Jan Suraksha Yojana is a popular Life Insurance product that comes loaded with a host of features and benefits. Besides offering a basic life cover, the Jan Suraksha Yojana Plan also offers maturity benefits and income benefits over a fixed period of time. Jan Suraksha is perhaps the ideal plan to if you wish to be covered as well as receive a lump sum payment to address urgent and long term financial commitments. Let us take a look at the salient features and the various benefits offered under the plan.

    Eligibility - Who is the Bajaj Allianz Jan Suraksha Yojana for?

    Following are the eligibility conditions for the Entry Age:

    • Minimum Entry Age to be eligible for the policy: 18 years
    • Maximum Entry Age to be eligible for the policy: 50 years.

    Note: Customers can choose a policy term of either 5 years, 7 years, 10 years, 15 years or 20 years.

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

    Sum Assured:

    Under the Bajaj Allianz Jan Suraksha Yojana, the minimum sum assured under the plan is Rs.3 lakh, whereas the maximum sum assured is Rs.15 lakh.

    Premium:

    The life assured pays premiums towards the policy at regular intervals that are predefined at the time of policy commencement. The premium amount and frequency as are shown in the table below:

    Parameter Yearly Half-yearly Quarterly Monthly*
    Minimum Premium (Rs.) 1,466 748 381 132
    Maximum Premium (Rs.) 20,458 10,434 5,319 1,841

    Plan Coverage - What the Bajaj Allianz Life Jan Suraksha Yojana covers?

    Here is what the Bajaj Allianz Life Jan Suraksha Yojana covers:

    • The customer chooses the sum assured under the plan.
    • The policy term is selected next.
    • The premium that is paid towards the policy is based on the age of the customer, gender, policy tenure, sum assured chosen, and premium payment frequency selected.
    • There are no maturity benefits or surrender benefits payable under the policy.
    • It is also not possible to take a policy loan under the plan.
    • The coverage of the Bajaj Allianz Life Jan Suraksha Yojana is as detailed below:

    Death and Terminal Illness Benefit under the policy:

    Provided all due premiums are paid, if the life assured faces death or Terminal Illness (TI) during the policy tenure, the claimant will receive the sum assured under the policy in the form of equated monthly instalments.

    • If the policy term is of 5 years, the death or TI benefit is paid over a period of 60 months.
    • If the policy term is of 7 years, the payment of death or TI benefit is spread out over a period of 84 months.
    • If the policy term is of 10 years, the death or TI benefit is paid over a period of 120 months.
    • In case the policy term is of 15 years, the payment of the death or TI benefit is over a period of 180 months.
    • For a policy term of 20 years, the death or TI benefit is paid out over a period of 240 months.

    Exclusions - What the Bajaj Allianz Life Jan Suraksha Yojana Plan doesn’t cover?

    Death by Suicide - If the life assured commits suicide within one year from the date of commencement of risk, irrespective of whether he/she is sane or not, the policy will be terminated after the payment of 80% of the premiums paid till death. This will be effective only for a policy that is in-force.

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

    Here are some other notable features of the Bajaj Allianz Life Jan Suraksha Yojana policy:

    Free-Look Period: If the customer is not in agreement with the terms and conditions mentioned in the policy documentation after he/she receives it, the policy can be returned back to the insurer within 15 days. This interval is the free-look period. For policies that were bought through distance marketing, the free-look period is 30 days. When the customer returns the policy, he/she would have to state relevant reasons for the objection. The customer is then entitled to a refund of all premiums paid minus the expenses incurred by the company on stamp duty and medical examination.

    Grace Period: If the customer has failed to pay the premium within the due date, a grace period of 30 days is allowed for plans with all premium payment frequencies, except monthly. For a policy with monthly mode of premium payment, the grace period is 15 days. In case the life assured faces death or a terminal illness during the grace period, the full sum assured is paid after deduction of the due premium.

    Policy Revival: If the policy is in lapsed status, it can be revived subject to: the revival application is made within 2 years from the due date of the unpaid premium and before the policy maturity; and the unpaid premiums and interest are paid by the policyholder.

    The policy may be revived on terms that differ from those that were applicable before the policy lapsed. Also, the insurance company may refuse to revive a policy. The revival takes effect only after the insurer communicates the same to the policyholder.

    Change in frequency of premium payment: The policyholder can choose to change the premium payment frequency to another mode, any time during the policy tenure. This is, however, subject to the requested frequency being available under the plan and the minimum modal premium criteria.

    Tax Benefits – How you can save with the Bajaj Allianz Life Jan Suraksha Yojana?

    • Under Section 80C of the Income Tax Act, the premiums paid towards the Bajaj Allianz Life Jan Suraksha Yojana are eligible for tax benefits.
    • The death benefit offered by the policy is also eligible for tax rebates under Section 10(10D) of the Income Tax Act.
    • Customers are also eligible for benefits under section 80D in select cases.

    Since tax rules are subject to change, you are advised to consult a tax advisor before investing in the policy.

    Why you should buy the Life Jan Suraksha Yojana from Bajaj Allianz?

    The best reason to buy this plan from Bajaj Allianz would be that the plan offers some attractive benefits to policyholders. The first of these benefits are the features of the plan itself. The premium payment can be brought down to monthly payments too for the sake of convenience. Apart from that, the company has a claim settlement ratio of 98.1% and it attempts to settles claims within 30 days. To ensure that claims are serviced in time, the company offers to pay an interest of 10.5% for every day that the claim is delayed.