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!
|Minimum Entry Age
|Maximum Entry Age
For Option I & II: 55 Years
For Option III: 50 Years
|Premium Paying Term
|5, 7, 10 & 15 Years
|(100 Minus Age At Entry) Years
|Minimum Sum Assured
|Maximum Sum Assured
|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.
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.
|High Sum Assured Rates
|Above the minimum Sum Assured of Rs. 20,00,000
|Above the minimum Sum Assured of Rs. 20,00,000 and up to Sum Assured of Rs. 2,00,00,000
|Above the minimum Sum Assured of Rs. 20,00,000 and up to Sum Assured of Rs. 1,00,00,000
|Premium Paying Term
|<45 Years Of Age
|45 & >45
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)
|Diagnosis Of Cancer
|Critical Illness Benefit: 50% Of Sum Assured = Rs. 15 Lakhs (To The Insured)
|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:
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: firstname.lastname@example.org
- 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
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. The plan does not offer a loan facility.
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.
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.
No. The plan does not come with any additional rider.
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.