Life Insurance Bajaj Allianz Life Insurance Life Secure Plan

Bajaj Allianz Life Secure Policy

Bajaj Allianz Life Secure Plan

Every individual seeks protection throughout their various stages of life, but achieving it can prove very difficult for some of them. A tragic accident resulting in a breadwinner’s death can leave his/her spouse and children without any financial security. In this case, the spouse could have to start a job or, if the kids are old enough, they might have to give up their aspirations of going to college and start working for the family instead.

Considering this, Bajaj Allianz Life Insurance has launched Life Secure plan, which is a non-linked, individual, non-participating, and whole life savings plan. The plan’s most unique feature is that it offers complete protection till the age of 100 so that the insured can live worry-free for a lifetime. The plan also has 3 coverage options (Option I, Option II, and Option III), which can be chosen by an individual as per his/her needs and budget. Continue reading to know more about the plan’s eligibility, features, and benefits offered, to name a few!

Eligibility Criteria

Parameters	Details
Minimum Entry Age	25 Years
Maximum Entry Age	For Option I & II: 55 Years For Option III: 50 Years
Premium Paying Term	5, 7, 10 & 15 Years
Policy Term	(100 Minus Age At Entry) Years
Minimum Sum Assured	Rs. 20,00,000
Maximum Sum Assured	No Limit
Premium Payment Frequency	Yearly, Half yearly, Quarterly & Monthly

Key Characteristics & Benefits Of Bajaj Allianz Life Secure Plan

Here are some of the key features and benefits offered by the plan that one should consider before purchasing it:

Three Coverage Options:

As already mentioned above, the plan allows individuals to choose from three coverage options as per their requirements and budget. They are as follows:

Option I – Death Benefit

Option II – Death Benefit Plus Accidental Death Benefit

Option III – Death Benefit OR Accelerated Critical Illness PLUS Waiver of Premium Benefit

Whole Life Coverage:

The plan, unlike many term plans, offers whole life coverage, which means coverage till the age of 100, to the insured members. This enables them to leverage comprehensive protection for a lifetime.

Death Benefit:

The death benefit payable, in the event that the insured passes away before turning 100, would depend on the coverage option chosen, which is one of the following:

Option I: Sum Assured on Death

Option II: For the death of the Life Assured during the policy term before the age of 65 years: Sum Assured on Death; For the death of the Life Assured due to an accident: Sum Assured on Death + Accidental Sum Assured (equivalent to Sum Assured to a maximum of Rs. 2 crores)

Option III: Before turning 65 years old and within the first 30 years of the policy’s term, if the insured develops a critical illness, 50% of the death benefit, up to a maximum of Rs. 50 lakhs, will be paid. The plan would continue and all upcoming premiums would be waived. The remaining Sum Assured on Death would be paid and the insurance would expire if the policyholder passed away later. If no critical illness has developed and the insured passes away, the entire death benefit will be paid.

High Sum Assured Rebates:

This plan offers premium discounts based on a number of variables, including the selected sum assured, age, the kind of coverage, and the term during which premiums must be paid.

Coverage Option	High Sum Assured Rates
Option 1	Above the minimum Sum Assured of Rs. 20,00,000
Option 2	Above the minimum Sum Assured of Rs. 20,00,000 and up to Sum Assured of Rs. 2,00,00,000
Option 3	Above the minimum Sum Assured of Rs. 20,00,000 and up to Sum Assured of Rs. 1,00,00,000

Premium Paying Term	5 Years	7 Years	10 Years	15 Years
<45 Years Of Age	Rs. 152	Rs. 115	Rs. 90	Rs. 71
45 & >45	Rs. 113	Rs. 88	Rs. 70	Rs. 56

Surrender Benefit:

The policyholder can choose to surrender the policy only if,

The first two years’ full payments have been paid if the premium payment term (PPT) is less than ten years.

The first three years’ full payments have been paid if the PPT is ten years or more.

Special Benefits For Females:

Under the Bajaj Allianz Life Secure Plan, females are charged lower as compared to males.

Functioning Of Bajaj Allianz Life Secure Plan

Before anyone can decide on whether or not to purchase the plan, it is very important to understand how this plan actually works. So, let’s understand the plan with the help of an example!

Suppose Mr. X, a 35-years old working male, purchased the Option III of the Bajaj Allianz Life Secure Plan. After receiving a high sum assured rebate of Rs. 710, he picked a Sum Assured of Rs. 30,00,000, for which he is paying an annual premium of Rs. 84,940. The policy term is 65 years.

Now, let’s check out how the plan will work for him!

In case Mr. X is diagnosed with any of the listed critical illnesses in the plan’s brochure at the age of 40, he will receive the following benefits:

Critical Illness Benefit: Mr. X will receive Rs. 15 lakhs instantly and he won’t have to pay any additional premiums.

Death Benefit

When Critical Illness Benefit Was Paid:

In case Mr. X dies at the age of 80 or at any time during the policy term of 65 years, the nominee will receive the remaining Rs. 15 lakhs and the policy will be terminated.

When Critical Illness Benefit Was Not Paid Before:

In such a case, the total sum assured of Rs. 30 lakhs will be paid to the nominee and the policy will then be terminated.

Let’s assume that after diagnosis, Mr. X dies at the age of 50. The plan will work as follows:

Age Of The Insured (In Years)	Health Status	Benefits Received
35	Good	–
40	Diagnosis Of Cancer	Critical Illness Benefit: 50% Of Sum Assured = Rs. 15 Lakhs (To The Insured)
50	Unfortunate Death Of Mr. X	Death Benefit: Rs. 30 Lakhs (In Case No Critical Illness Benefit Was Received); Rs. 15 Lakhs (In Case The Critical Illness Benefit Was Received)

Conditions & Illnesses Covered By Bajaj Allianz Life Secure Plan

The plan covers the following conditions:

CANCER OF SPECIFIED SEVERITY

FIRST HEART ATTACK – OF SPECIFIED SEVERITY

OPEN CHEST CABG

KIDNEY FAILURE REQUIRING REGULAR DIALYSIS

MAJOR ORGAN/BONE MARROW TRANSPLANT

STROKE RESULTING IN PERMANENT SYMPTOMS

MULTIPLE SCLEROSIS WITH PERSISTING SYMPTOMS

PERMANENT PARALYSIS OF LIMBS

PRIMARY PULMONARY HYPERTENSION

AORTIC SURGERY

ALZHEIMER’S DISEASE

General Exclusions Under Bajaj Allianz Life Secure Plan

The plan has a set of exclusions that one needs to keep in mind before purchasing it. They are as follows:

Suicide Exclusions:

The policy is canceled after paying the highest amount from the following list if the life assured dies by suicide within a year of the coverage beginning:

80 percent of premiums paid

Value of the policy at the surrender

Death Benefit Exclusions:

Death occurring due to any criminal activity

Death due to the influence of intoxicating substances, such as drugs and alcohol

Self-inflicted injuries

Death due to participation in a hazardous sport and activity

Death due to participation in navy, military, or air force operations

Death due to a flying activity (except being a passenger in an aircraft)

Death due to civil war, riots, war, rebellion, or invasion

Death occurred as a result of nuclear contamination

Critical Illness Benefit Exclusion:

Diseases caused due to HIV

Congenital diseases before the policy’s start date

Any illness occurring within 180 days from the policy’s start date

Any ailment that causes the death of the life insured within 30 days of the illness’s diagnosis, or the “survival period.”

Any condition that the life assured had undergone treatment for within the 48 months before the policy’s issuance.

Diseases occurring due to the influence of alcohol or narcotics

Critical conditions arising out of suicide attempts or self-inflicted injuries

Hostilities, mutiny, invasion, rebellion, war, riots, civil war, and more

Illnesses occurred due to participation in flying activities (except traveling as a passenger), criminal activities, and dangerous sports

Illnesses occurred due to nuclear contamination.

Buy Bajaj Allianz Life Secure Policy

Though the plan is currently not available for online purchase on the official website, one can still buy the plan by visiting the nearest branch of Bajaj Allianz. Here’s how you can get in touch with their customer care team.

Mail: customercare@bajajallianz.co.in

Fax: (020) 6602 6789

Customer Care Service Number: 1800 209 7272

Regd. Office Address: Bajaj Allianz Life Insurance Company Limited, Bajaj Allianz House, Airport Road, Yerawada, Pune – 411 006.

In case any individual still faces any issues regarding the purchasing process of the Bajaj Allianz Life Secure Plan, he/she can contact Probus Insurance. The company’s well-knowledgeable team will not only guide the customer regarding the plan but also help him/her throughout the purchasing process.

Frequently Asked Questions

1. What are the maximum and minimum premium amounts that can be paid under the policy?

The maximum and minimum premium amounts that can be paid under the Bajaj Allianz Life Secure Plan are as follows:

Minimum Premium Amount

For Yearly Instalments: Rs. 36,720

Half-Yearly: Rs. 18,727

Quarterly: Rs. 9,547

Monthly: Rs. 3,305

Maximum Premium Amount

No Limit

2. Can I avail of a loan under the plan?

No. The plan does not offer a loan facility.

3. Can I change my premium payment frequency for the plan?

Yes. On any policy anniversary during the policy term, you will have the opportunity to switch to a different mode of premium payment, provided that the frequency and minimal modal premium requirements under the plan are met. For more details, consult the policy’s brochure.

4. Is there any grace period and free look period under the plan?

Yes. You will get a grace period of 30 days for premium payment frequencies other than monthly and 15 days for monthly frequency if you have not made the required premium payment by the deadline.

You also have the option to review the terms and conditions of the policy within 15 days of receipt and thirty 30 days in the case of an electronic or distance-obtained policy. If you disagree with any of the terms and conditions, you have the option to return the policy and specify your objections, provided no claim has already been made in the policy.

5. Are there any riders available with the plan?

No. The plan does not come with any additional rider.

6. Can I revive my Bajaj Allianz Life Secure Plan if required?

Yes. Within two years of the date of the initial unpaid premium, revival is permitted under the policy. For reviving the policy, the policyholder would have to pay the unpaid premium and any interest the insurer assessed.