Bajaj Allianz Life iSecure Term Assurance Plan
Life is full of uncertainties. Therefore, one needs to build a financial corpus to look after the family’s well-being. Keeping in mind this parameter, Bajaj Allianz Life Insurance has come up with Bajaj Allianz iSecure Term Assurance, a term plan that enables one to provide the required financial security for his/her family. It offers a life cover at a low premium, with the option for the loved ones to receive the death benefit in installments, in order to meet their financial needs. It is a non-linked, non-participating, individual, life, regular, and limited premium level cover pure risk premium plan that secures the family’s financial needs, even when you are not around.
|Age at entry|
Minimum – 18 years
Maximum – 65 years
Minimum – Rs. 25 lakhs
Maximum – Rs. 50 lakhs
|Minimum installment premium|
Yearly – Rs. 3000
Half-yearly – Rs. 1500
Quarterly – Rs. 750
Monthly – Rs. 250
|Age at maturity|
Minimum – 28 years
Maximum – 85 years and 65 years
|Free look period||15 days and 30 days|
Features and Benefits of The Bajaj Allianz iSecure Term Assurance Policy
This policy has come up with a sack full of benefits and facilities. The important mentions are as per the following.
It will be as per the following.
- Individual Life
- In case of unfortunate death of the life assured during the policy term, provided all premiums are paid up to date, the benefit will be Sum Assured on Death
- The policy cover 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 benefit payable will be Sum Assured on Death
- 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, lifestyle category (if applicable), policy term, premium payment term, and premium payment frequency of the surviving life assured at the inception of the policy and the sum assured with respect to the surviving life under the policy.
- The policy cover will terminate immediately on the death of the surviving life assured.
Sum Assured on Death is defined as the higher of (a) 10 times Annualised Premium, (b) 105% of total premiums paid till the date of death, (c) Sum Assured (or prevailing sum assured, if applicable).
For Regular Premium policies, there will be no surrender value available. For Limited Premium policies, surrender value is available only after the premium payment term. The surrender value payable shall be higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
The following flexibilities are available with this plan.
- Option to take an Individual or a Joint Life policy
- If the life assured is married at policy inception, then the spouse can be included only at the inception of the policy.
- If the life assured is not married at policy inception, one may include his/her spouse after the marriage in the existing individual policy, subject to applicable terms and conditions. In a joint life policy, on annulment of marriage, the company needs to be informed of the annulment and the second life will be excluded.
- 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 limits under the plan.
- Option to take death benefit in installments – The life assured, or the nominee will have the option to take the death benefit in equal monthly installments over a period of 5 or 10 years from the date of intimation of death. The same needs to be informed in writing at the time of filing the death claim form.
Special Premium Rate:
For non-smokers, a special premium rate is available, which is lower than the smokers.
Rider Benefits Available With The Bajaj Allianz iSecure Term Assurance Policy
One has the option to enhance the coverage with optional rider benefits. The riders currently available with Bajaj Allianz iSecure are:
- Bajaj Allianz Accidental Death Benefit Rider
- Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider
- Bajaj Allianz Waiver of Premium Benefit Rider
In the case of joint life, the rider can be opted individually or jointly by the lives assured. The rider can only be taken at the inception of the policy. 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 (along with the base policy) will continue on the life of the surviving life assured. For policies purchased from the POS channel, riders would not be available.
How To Revival of Bajaj Allianz Term Insurance Policy?
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 years from the due date of the first unpaid premium.
- The arrears of premiums, together with interest, at such rate as the Company may decide from time to time, are paid. The current applicable revival interest is 9.0% per annum 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 the prevailing board approved underwriting policy 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.
How Does Bajaj Allianz iSecure Term Assurance Policy Work?
To make it more understandable and easier, here is an example. Mr. Sharma, a 30-year-old businessman, has purchased Bajaj Allianz iSecure Term Assurance Policy. Let us find out how much premium amount he has to pay for this policy for the given credentials. ‘
|Sum assured||Rs. 25 lakhs|
|Policy term||20 years|
|Premium payment term||20 years|
|Annual premium amount (excluding GST)||Rs. 3723|
General Exclusions of Bajaj Allianz iSecure Term Assurance Policy
Every policy comes up with certain exclusions for which it does not provide any benefits. Therefore, to have a comprehensive idea of the policy and to avoid future complications, the general exclusions of Bajaj Allianz iSecure Term Assurance 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 breach of law or foul play, that will be permanently excluded from the policy.
- 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 higher of 80% of the total premiums paid or the surrender value as on the date of death, provided the policy is in force.
What is the Buying Process for Bajaj Allianz iSecure Term Assurance Policy?
This policy can be purchased offline by visiting one of the official branches of the company. Their customer executives are knowledgeable and experienced enough to guide you through the buying process. In that case, one needs to keep ready a few documents such as valid ID proof, age proof, address proof, recent photograph, and any other document as requested by the company.
Frequently Asked Questions
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 years from the due date of the first unpaid premium, subject to the revival conditions. If the death of the life assured occurs during the grace period, the death benefit shall be paid under the policy as if the policy was in force for the full Sum Assured after deduction of the outstanding premium, if any, due as on that date.
A policy loan is not available under this plan.
The plan offers attractive premium rebates to you for choosing a high sum assured. The high sum assured rebates (HSAR), will be applied to the tabular premium and the lifestyle categories; Preferred Non-Smoker, Non-Smoker & Smoker. Apart from the HSAR mentioned above, for a joint life policy, joint life rebate (JLR) as mentioned below is also available:
|Age of older life assured||<= 40||41 to 50||>= 51|
JLR as % of the total Gross Premium
applicable to the individual lives
On the following occasions, this policy can get terminated:
- 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 and on the second death in a joint life policy, or payment of all death benefit in installments, whichever is later;
- On the maturity date
- On free look cancellation
No maturity benefit shall be payable on survival till the end of the policy term.
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.