Bajaj Allianz iSecure Term Insurance Plan and Policy - Bajaj Allianz iSecure is a traditional term insurance plan that is available online. The plan provides comprehensive life coverage at a minimal cost, thereby providing financial security to the family of the policyholder.
Key Features - Bajaj Allianz iSecure Term Insurance Plan and Policy:
- This pure term insurance plan provides an option of regular premium payment.
- Separate premium rates for the sum assured less than 2 lakhs and 20 lakhs and more.
- Different premium rates for smokers non-smokers and preferred non-smokers.
- The plan can be taken on a single life or joint life for the spouse.
- The application process of the plan is simple and hassle-free.
Eligibility Details - Bajaj Allianz iSecure Term Insurance Plan and Policy:
|
Minimum |
Maximum |
Entry Age |
18 years (as on last birthday) |
60 years (as on last birthday) |
Maturity Age |
28 years |
70 years |
Policy Term (PT) in years |
10 |
30 |
Premium Paying Term (PPT) in years |
Equal to policy term |
|
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly |
|
Yearly Premium |
3000 |
No limit |
Sum Assured |
2 lakhs and 20 lakhs |
No limit |
Benefits - Bajaj Allianz iSecure Term Insurance Plan and Policy:
On the sad demise of the policyholder, the beneficiary receives the sum assured in case of single life. If joint life plan, on death of the first policyholder, the sum assured is paid out but the plan remains in force till the death of the second life or till the end of the policy term, whichever is earlier Additional sum assured is paid if the second life also dies prior to maturity
The death benefit can be availed in annual installments over a period of 5 to 10 years. The benefit will be equal to 1.04 times the death benefit divided by 60 for 5 years and 1.08 times death benefit divided by 120 for 10 years
Income Tax benefits can be availed on the claim received and premium paid as per the sections 10(10D) and 80C of the Income Tax Act.
Details About Premium - Bajaj Allianz iSecure Term Insurance Plan and Policy:
Annual premium in Rupees for a Sum Assured of 25 lakhs and age 30 years
Term / Lifestyle category |
10 yrs. |
15 yrs. |
20 yrs. |
25 yrs. |
30 yrs. |
Smoker |
3803 |
3973 |
4266 |
4753 |
5387 |
Non-smoker |
3469 |
3561 |
3723 |
4047 |
4486 |
Preferred non-smoker |
3285 |
3353 |
3488 |
3780 |
4208 |
Policy Details - Bajaj Allianz iSecure Term Insurance Plan and Policy:
Grace Period: A period of 15 days (for monthly payment mode) and 30 days (for other modes) is provided to the insurance holder during which he/she can pay off all the due premiums. In case of failure, the policy will lapse.
Policy Termination or Surrender Benefit: The plan does not offer any surrender value.
Free Look Period: During the initial 30 days of the policy coming into effect, the policyholder gets a free look period. If the policy does not live up to the expectations of the purchaser during this period, the policy can be cancelled at zero cost. In the event of cancellation, the first premium paid by the insured is refunded.
Additional Features Or Riders - Bajaj Allianz iSecure Term Insurance Plan and Policy:
- The Premium payment term can be altered depending on the terms and conditions
- For non-smokers and preferred non-smokers, the policy offers premium discounts
- Rebates are offered on choosing larger sum assured amount.
Exclusions - Bajaj Allianz iSecure Term Insurance Plan and Policy:
If the insured commits suicide within 12 months of the policy enforcement, then only 80% of the premium is paid back to the beneficiary of the policy.
Documents Required - Bajaj Allianz iSecure Term Insurance Plan and Policy:
The insured needs to submit a self-attested copy of KYC/AML document along with address proof and ID proof while filling the application form.
Bajaj Allianz Term Life Insurance Plans and Policy |
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