Bajaj Allianz LifeStyle Secure Plan is a non-linked, non-participating, regular premium payment insurance plan that offers term insurance at a level cover or a terminal illness benefit. One of the most significant advantages of the plan is the provision of a regular income to the family of the life assured. The plan also has an in-built accelerated terminal illness risk cover. It is not necessary for the insured to undergo any medical tests before the policy purchase. The plan is offered at attractive rates for female customers and provides greater value for money with a High Sum Assured Rebate.
In order to purchase the Bajaj Allianz LifeStyle Secure Plan, a customer needs to fulfill certain eligibility conditions that are set by the insurance company. These factors are based on the customer’s age and the amount of coverage he/she seeks. The eligibility conditions for Bajaj Allianz LifeStyle Secure Plan are listed in the table below:
|Minimum Entry Age||18 years|
|Maximum Entry Age||50 years|
|Minimum Maturity Age||23 years|
|Maximum Maturity Age||60 years|
|Policy Term||Choice of 5, 7,10, 15, or 20 years|
The policy offers benefits such as Death and Terminal Illness Benefit and High Sum Assured Rebate. The minimum sum assured under the plan is Rs.3 lakh, whereas the maximum sum assured is Rs.15 lakh.
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:
|Minimum Premium (Rs.)||1,466||748||381||132|
|Maximum Premium (Rs.)||20,458||10,434||5,319||1,841|
*The monthly mode of premium payment is only allowed under ECS and salary deduction scheme.
The Bajaj Allianz LifeStyle Secure Plan works in the following manner:
|Death and Terminal Illness Benefit||
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 installments.
|High Sum Assured Rebate||The Bajaj Allianz LifeStyle Secure Plan provides rebates in premium for customers who opt for high sum assured. In other words, a rebate is offered to a customer who purchases an additional Rs.1000 Sum Assured over and above the minimum value of Rs.3 lakh.|
Suicide Exclusion - 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.
The salient features of the Bajaj Allianz LifeStyle Secure Plan are described below:
|Change in premium payment frequency||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.|
|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.|
|Discontinuance of premium||If the policyholder does not pay the due premiums under the plan within the grace period, the policy moves into lapsed status. Under a lapsed policy, the life coverage will cease to exist. Death benefit is also not payable. A lapsed policy can be revived within 2 years from the premium due date, subject to certain revival criteria. If the policy is not revived within that time, it will be terminated and all paid premiums will be forfeited.|
|Revival of policy||
If the policy is in lapsed status, it can be revived subject to the following criteria:
A policy terminates at the occurrence of any of the following:
|Death or TI benefit as a lump sum||The beneficiary has the option to request for a discontinuance of the monthly installments at any time during the payout. Once the request is received by the company, the remaining payout will be provided as a lump sum amount.|
Since tax rules are subject to change, you are advised to consult a tax advisor before investing in the policy.
The online customer portal of Bajaj Allianz is a facility where you can login and access your insurance details with ease. The insurer’s website also enables customers to renew their insurance policies through online payment. These payments can be done in the following ways:
|Credit Cards||Payments through MasterCard, Visa, Maestro, American Express, and Diners Club cards|
|Debit Cards||Payments through MasterCard, Visa, 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 website to pay insurance premiums|
|e-Wallets||It is possible to pay premiums through e-Wallets like Jio Money, Airtel Money, iCashCard, ITZCash, Oxigen, PayCash, and Idea Money|
If required, you can initiate a chat online with a customer service associate who will provide you resolutions to issues and clarifications to queries. The SMS Support facility of Bajaj Allianz can be used by customers to receive a callback from the customer service team. A callback can also be requested through the website of the insurer.
Bajaj Allianz is a leading insurance provider in India and is a joint venture between Bajaj Finserv Limited and Allianz SE. The company boasts of global exposure combined with local experience. The insurance products they offer are created with in-depth market knowledge and technical prowess. The insurance company is known for its competitively priced products and quick response time for resolution of issues.
The suite of insurance products offered by Bajaj Allianz range from child plans to Unit Linked Insurance Plans. The company also offers health insurance solutions and group insurance products. Bajaj Allianz has recently been focussing on insurance penetration into the rural markets.
The claim settlement ratio of the insurer was a satisfactory 98.07% in the financial year 2015-16. The ratio for individual products was 91.3%, while that for group products was 98.87%. Bajaj Allianz has been conferred with several honours, highlighting its marketing initiatives and customer service excellence.
If the insurer fails to settle a claim within 30 days, the claimant will be paid 10.5% interest for the delay experienced each day. The insurer also settles all registered claims through electronic transfer procedures. This ensures that the beneficiary receives the payout with the least possible delay.
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