Bajaj Allianz Life Lifestyle Secure Plan

Listed below are the features and benefits of considering the Bajaj Allianz Lifestyle Secure Plan.

Death Benefit:

Option I: If the life insured passes away within the duration of the policy, the insurer will pay the sum assured, and the contract will be canceled.

Option II: If the life insured passes away during the policy’s term, the insurer will pay the sum assured, and the policy will be canceled. The insurer pays the sum assured plus an additional sum assured (up to Rs 2 crores) if the death of the life insured due to an accident before the age of 65, and the policy expires.

Option III: The insurer pays 50% of the death benefit (up to Rs 50 lacs) and waives all future premiums at the occurrence of the insured’s first critical illness before the age of 65 and during the first 30 policy years. The remaining sum assured is still covered by the policy’s death benefit.

The insurer pays the remaining sum promised and the policy expires if the life insured passes away within the policy period (after obtaining the critical illness benefit).

Tax Benefits:

Another major benefit that you will get with the plan is a rebate on income tax. The Income Tax Act’s Section 80C allows for a tax deduction for premium payments, while Section 10(10D) allows for a deduction for death benefits, as long as the clauses therein are followed. Before claiming any benefit under the policy, we ask that you speak with your tax advisor.

Free Look Period:

You have the option to review the terms and conditions of the Policy within fifteen (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.

You will be eligible for a refund that consists of your Regular Premiums (minus any applicable taxes) paid, less the proportionate risk premium (for the time the Life Assured was covered by the policy) and any costs the Company incurred for a medical exam and stamp duty.

Grace Period:

If you haven’t paid your premium by the deadline indicated in the schedule, you get a grace period of 30 days for the payment of premium frequencies other than monthly and 15 days for monthly frequencies. If the life assured passes away or develops a terminal disease during the grace period, the death benefit will be paid out following the terms of the policy as if it were still in effect for the entire amount assured, less any unpaid premiums as of that date.

Inbuilt Accelerated Terminal Illness Cover:

You are qualified to receive the entire sum promised as an expedited benefit if you have been given a terminal diagnosis and your life expectancy is less than six months.

High Sum Assured Debate:

For an amount assured of more than Rs. 3 Lakhs, this term insurance plan gives an alluring rebate of Rs. 2. 75 for every Rs. 1000.

No Medical Examination/Tests Required:

Before purchasing the plan, you are not required to submit to any testing or medical evaluation.

Regular Income:

Depending on the policy term selected, the benefit is paid in equal monthly installments up to 240 months in the event of an earlier death or terminal illness of the life assured.

Change in Premium Payment Frequency:

If necessary, the life assured may adjust the frequency of premium payments at any policy anniversary, provided that the requested and current frequencies coincide. Other important elements that influence the transition are the availability of the requested frequency and the minimal modal premium requirements.