• Bajaj Allianz LifeStyle Secure 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 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.

    Eligibility - Who is the Bajaj Allianz LifeStyle Secure Plan for?

    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:

    Parameter Eligibility
    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

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

    Sum Assured:

    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.

    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

    *The monthly mode of premium payment is only allowed under ECS and salary deduction scheme.

    Plan Coverage - What the Bajaj Allianz LifeStyle Secure Plan covers?

    The Bajaj Allianz LifeStyle Secure Plan works in the following manner:

    • 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 LifeStyle Secure Plan is as detailed below:
    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.
    • 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.
    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.

    Exclusions - What the Bajaj Allianz LifeStyle Secure Plan doesn’t cover?

    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.

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

    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:
    • The revival application is made within 2 years from the due date of the unpaid premium and before the policy maturity.
    • 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.
    Termination A policy terminates at the occurrence of any of the following:
    • When the revival period of 2 years expires.
    • At the intimation of death or terminal illness of the life assured.
    • On the policy maturity date.
    • At the surrender of policy.
    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.

    Tax Benefits – How you can save with the Bajaj Allianz LifeStyle Secure Plan?

    • Under Section 80C of the Income Tax Act, the premiums paid towards the Bajaj Allianz LifeStyle Secure Plan 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.

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

    Other Benefits – How you can save with the Bajaj Allianz LifeStyle Secure Plan?

    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.

    Why you should buy the Bajaj Allianz LifeStyle Secure Plan from Bajaj Allianz?

    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.

    • The company received the ABP News award in 2016 for the “Best Life Insurance Company in the Private Sector”.
    • Bajaj Allianz also received the “Financial Inclusion and Deepening Award 2015” by SKOCH in 5 categories for the 4th consecutive year.
    • The insurer was honoured 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 Bajaj Allianz.

    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.

    Life Insurance Sitemap Life Insurance Blog Life Insurance Reviews

    The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    x Check for FREE