Bajaj Allianz Life Insurance
Bajaj Allianz Life iSecure Loan Policy

Bajaj Allianz Life iSecure Loan Plan

Bajaj Allianz iSecure Loan Decreasing Term Insurance Plan is a non-linked, non-participating, individual, life, mortgage cover pure risk limited premium payment loan cover term assurance plan, which ensures that the family is protected from the burden and the worry of any loan repayment in the absence of the insured person. With this plan, one can get the benefit from the lower cost of insurance based on reducing loan liabilities. To know more about this policy, have a look at the following mentions.

Eligibility Criteria

Age at entry

Minimum – 18 years

Maximum – 60 years

Sum assured

Minimum – Rs. 3 lakhs

Maximum – No upper limit

Policy term10, 15, 20, and 25 years
Premium payment term2/3rd of the policy term chosen; rounded down in years.
Minimum installment premium

Rs. 1,500 per yearly installment,

Rs. 750 per half-yearly installment,

Rs. 400 per quarterly installment,

Rs. 150 for monthly installment

For monthly installments, three (3) installments

need to be paid at the inception of the policy.

Age at maturity

Minimum – 28 years

Maximum – 65 years

Benefits and Features of The Bajaj Allianz iSecure Loan Decreasing Term Insurance Plan

This plan has come up with a sack full of benefits. The important mentions are as follows.

Death Benefit:

  • Individual Life – In case of unfortunate death of the life assured during the policy term, provided all premiums are paid up to date, the Prevailing Sum Assured will be payable as a death benefit to the nominee. The policy will terminate immediately on the death of the life assured
  • Joint Life – The death benefit is payable on the death of each life, provided the policy is in force. The amount of benefit payable is the prevailing sum assured in respect of the deceased life assured. On the death of any one of the life assured, the policy will automatically continue on the surviving life assured with a reduced premium. The reduced premium will be based on the age, policy term, and the sum assured in respect of the surviving life as at the inception of the policy The policy will terminate immediately on the death of the surviving life assured.

Rider Benefits:

One can enjoy extra coverage by choosing the optional rider benefits at a nominal extra cost. The riders currently available with Bajaj Allianz iSecure Loan are:

  • Bajaj Allianz Accidental Death Benefit Rider
  • Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider
  • Bajaj Allianz Waiver of Premium Benefit Rider

The riders can only be taken at the inception of the policy. In the case of joint life, the rider can be opted individually or jointly by the lives assured. For Joint Life, in case of accidental death of the first life, an additional accidental death benefit shall be payable and the rider (along with the base policy) will continue on the life of the surviving Life Assured. In case of non – accidental death of the first life, the rider will continue on the life of the surviving life assured.

Flexibilities:

The following flexibilities are available with this plan.

  • Alteration of Premium payment frequency – One can change the premium payment frequency at any policy anniversary during the term of the policy subject to the minimum premium under the plan.
  • Option to take an Individual or a Joint Life policy – One has the option to cover him/herself, or to cover jointly, with another life, provided the insurable interest can be established. The plan offers the flexibility to include another life, provided insurable interest can be established. Joint life cover can be taken only at the inception of the policy. In a joint life policy, on the annulment of a relationship, the company needs to be informed of the annulment and the second life will be excluded.

Revival Procedure Under Bajaj Allianz Term Insurance Plan

If the policy is lapsed due to non-payment of premium, one may revive the policy, subject to the following conditions:

  • The application for revival is made within five (5) years from the due date of the first unpaid premium and before the end of the PPT;
  • The arrears of premiums together with interest, at such rate as the Company may decide from time to time, are paid; Then the current applicable revival interest is 9.0% p.a. compounded half-yearly.
  • The policyholder furnishes, at his/her own expense, satisfactory evidence of the health of the life assured;
  • The revival of the policy may be on terms different from those applicable to the policy before it lapsed/became paid up, based on prevailing board-approved underwriting norms of the company framed from time to time.
  • The revival will take effect only on it being specifically communicated by the Company to the policyholder;
  • The Company may at its sole and absolute discretion refuse to revive the policy, based on its Board approved underwriting norms framed from time to time.

General Exclusions of Bajaj Allianz iSecure Loan Decreasing Term Insurance Plan

To understand comprehensively, avoid complexities in the future, and avoid claim rejection, it is important to go through the exclusions. Therefore, the general exclusions of the Bajaj Allianz iSecure Loan Decreasing Term Insurance Plan are as follows:

  • Anything that does not satisfy the terms and conditions of the company, as well as of the policy, will be excluded from the policy.
  • If there is any foul play or breach of law, that will also fall under the category of exclusions.
  • In case of death of the life assured due to suicide within 12 months from the date of commencement of risk or the date of the latest revival of the policy, whichever is later, then the nominee or beneficiary of the policyholder shall be entitled to receive, the 80% of the total premiums paid, provided the policy is in force.

Sample Illustration

Mr. Bose, a 30-year-old businessman, bought this product for himself. Let us find out how much premium amount he has to pay for this policy for different policy terms and premium payment terms.

AgeSum assuredPolicy termPremium payment termPayable premium amount (Excluding GST)
30 yearsRs. 30 lakhs10 years6 yearsRs. 9821
15 years10 yearsRs. 9855
20 years13 yearsRs. 9889
25 years16 yearsRs. 9923

Buy Bajaj Allianz iSecure Loan Policy

The policy-seeker can buy this policy offline by visiting one of the official branches of the company. The customer executives of the company are efficient and knowledgeable enough to guide you through the process seamlessly, without any hazards. In that case, one needs to have certain documents such as valid ID proof, address proof, bank details, and any other document as requested by the company.

Frequently Asked Questions

The installment premium for the premium payment frequencies other than yearly installment is arrived at by multiplying the yearly premium with the premium frequency factors given below.

Premium frequencyMonthlyQuarterlyHalf-yearlyYearly
Frequency factor0.090.260.511.00

If the due premium is not paid before the end of the grace period, your life cover under the plan will cease and, in such a case, no death benefit or paid-up value will be payable. You can revive the policy within a revival period of five (5) years from the due date of the first unpaid premium, subject to the revival conditions.

Under this policy, there is no surrender benefit and maturity benefit available.

Policy Loan is not available under this plan.

Premium paid and Death Benefits may be eligible for tax benefits as per the extant Income Tax Act, subject to the provision stated therein.

This Policy shall automatically terminate on the earlier occurrence of either of the following events:

  • On full surrender of the policy;
  • On the expiry of the revival period;
  • On the death of the life assured in an individual life policy / on the second death in a joint life policy;
  • On the maturity date;
  • On free look cancellation

Life Insurers

FAQs