Bajaj Allianz Life iSecure More Plan
Bajaj Allianz iSecure More Increasing insurance plan is a dedicated term policy that ensures the dreams and aspirations of your family remain on track. The term plan enables you to give your family the necessary financial security. It provides low-cost life insurance with the option for your loved ones to receive the death benefit in installments to help with their financial obligations.
By choosing this product, you have the option of collecting the policy proceeds in yearly installments, allowing you to budget for your family’s expenses. If you weren’t married when you bought the policy, you can add your spouse later on while the policy is still in effect.
Let’s discuss everything that you need to know about the Bajaj Allianz iSecure More Increasing Term Insurance Plan.
Here is the eligibility criteria for the Bajaj Allianz iSecure More Increasing Term Insurance Plan.
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years|
|Minimum Sum Assured||Rs. 25,00,000|
|Maximum Sum Assured||Rs. 50,00,000|
|Minimum Maturity Age||28 years|
|Maximum Maturity Age||85 years|
Key Features & Benefits of the Bajaj Allianz iSecure More Increasing Term Insurance Plan
Here are the key features and benefits of the Bajaj Allianz iSecure More Interesting term insurance plan.
- Individual Life
- Sum guaranteed on Death will be paid out if an unexpected death of the life guaranteed occurs within the policy term, provided that all premiums have been paid on time.
- If the life assured dies, the insurance coverage will end immediately.
- Joint Life
- If the insurance is still in effect, the death benefit is paid upon each life’s passing. Sum Assured on Death will be the benefit that is due.
- The policy will automatically renew the surviving life assured with a lower premium upon the death of any one of the lives assured. The decreased premium will be determined by the living life assured’s age, lifestyle category (if applicable), policy term, premium payment term, frequency, and sum assured concerning the surviving life under the policy as of the policy’s start.
- Upon the passing of the remaining life assured, the policy coverage will end immediately.
Rebate on Higher Sum Assured:
If you choose a bigger sum assured of Rs. 50,00,000 or more, iSecure More provides enticing premium discounts, ensuring you will get maximum benefit with the plan.
Frequency of Premium Payment:
Monthly, quarterly, half-yearly, and annual premium payments are all options. You can alter the frequency of premium payments or any policy anniversary.
According to the current Income Tax Act, provided the provisions outlined therein and as revised from time to time, the premium paid, surrender value, and death benefit may be eligible for tax benefits. Before claiming any benefit under the policy, you are urged to speak with your tax advisor and receive independent legal counsel regarding your eligibility.
Free Look Period:
If you disagree with any of the terms and conditions, you have the option to return the policy, providing no claims have already been made in the policy, along with a statement of your objections. You will be entitled to a refund that consists of all Regular Premiums paid (excluding any applicable taxes), less the proportionate risk premium (for the time the Life Assured was covered) and the costs the Company incurred for the medical exam and the stamp duty.
A grace period of 30 days for premium payment frequencies other than monthly and 15 days for monthly frequency is allowed if you haven’t made the premium payment before the due date shown in the schedule. If the life assured passes away within the grace period, the death benefit will be paid out by the terms of the policy as if it were still in existence for the entire sum promised, less any unpaid premiums owed as of that time.
Exclusions Under the Bajaj Allianz iSecure More Policy
The nominee or beneficiary of the policyholder is entitled to receive, provided the policy is in force, the higher of 80% of the total premiums paid or the surrender value as of the date of death if the life assured dies by suicide within 12 months of the date of commencement of risk or the date of the latest revival of the policy, whichever date is later.
Steps To Revive Your Bajaj Allianz iSecure More
You may reinstate your policy if it has expired because you failed to pay your premium, provided that you meet the requirements listed below:
- Within five years following the initial unpaid premium’s due date, a revival application must be submitted.
- Premium arrears are paid, along with interest calculated at a rate that the Company may choose at any time. The appropriate revival interest is now 9.0% per annum, compounded every half-year;
- The policyholder provides adequate proof of the life assured’s health at his or her own cost;
- Based on the current Board-approved underwriting policy of the Company, which is periodically framed, the revival of the policy may be on conditions that are different from those that applied to the policy before it lapsed/became paid-up;
- The revival won’t take effect unless it’s explicitly disclosed to the policyholder by the company;
- Based on its underwriting standards established by the Board, the Company may, in its sole and absolute discretion, decline to resuscitate the policy.
Illustration Of Bajaj Allianz iSecure More Plan
Jai has opted for iSecure for a policy term and premium payment term of 20 years. He is a non-smoker and works in an IT company in New Delhi. Let’s take a look at the death benefit received by the nominee.
|Sum Assured||Annual premium||Premium Payment Term||Death Benefit|
|Rs. 25,00,000||Rs. 3,723||20 Years||Rs. 25,00,000|
How To Buy Bajaj Allianz iSecure More Policy?
Though the plan is not available online, you can still buy the Bajaj Allianz iSecure More Increasing Term Insurance Plan via the offline method.
To get further help, just stop by any Bajaj Allianz Insurance branch office in your neighborhood and speak with the customer service representatives that are there right now. The salesperson presenting the plan will ask the customer a few questions before helping them buy the plan.
Alternatively, the customer can call the company’s helpline number 1800 209 7272, from 9:00 AM to 6:00 PM (Monday to Saturday). The executive will instruct the client on how to order the plan from the business.
Looking for an alternate option? If so, Probus Insurance can help you out! Probus has a dedicated team of insurance experts that won’t only help you buy the plan but also guide you through the offers and benefits that you can receive.
Frequently Asked Questions
Yes, the premium prices vary according to the life assured’s lifestyle choices. The premium rates are determined according to the lifestyle category of the life assured (Preferred non-smoker, non-smoker, and smoker) for sum assured amounts of Rs. 20 lakh and higher.
The first life must provide sufficient documentation and advise the firm about the separation or divorce. After then, the second life is removed from the policy, and the individual life policy is continued at a lower premium. Life cannot be added back in after being excluded. The amount guaranteed stays the same.
If you weren’t married when you bought the insurance, you can certainly add your spouse to the current one. However, you are unable to include your spouse in an existing policy if you were already married at the time you bought it.
Yes, subject to the minimum sum insured under the plan, the second life assured may elect to have a sum assured that is less than or equal to the sum assured of the first life.
Your life insurance coverage under the plan will end, and no death benefits or paid-up value will be given in that instance. If the due premium is not paid before the grace period expires. By the revival requirements, you may revive the policy within five years of the first due date for unpaid premiums. After deducting any outstanding premiums (including extra premiums, rider premiums, GST, or other applicable taxes levied, subject to changes in tax laws, if any) due as of that date, the death benefit will be paid under the policy if the life assured dies during the grace period and for the full Sum Assured.