Bajaj Allianz Life Lifestyle Secure Plan
The Bajaj Allianz Lifestyle Secure plan offers level cover term assurance or a terminal illness benefit. It is a non-linked, non-participating, individual life, regular premium, pure risk premium plan. It is a risk cover (term assurance & terminal illness cover) plan that guarantees your family’s financial security so they have the peace of mind to keep their existing lifestyle and you have the grin of a worry-free life.
Depending on the coverage level you select, this insurance plan also offers coverage for accidental death, accelerated critical illness, and a waiver of premium benefits. The plan is created with suitable coverage options and alluring rebates to cater to the needs of a person who wishes to leave a legacy for their dependents.
Continue reading to know more about the Bajaj Allianz Lifestyle Secure Plan, its features and benefits, exclusions, premium calculation, and more.
Here is the eligibility criteria for the Bajaj Allianz Lifestyle Secure Plan.
|Minimum Entry Age
|Maximum Entry Age
|Minimum Age at Maturity
|Maximum Age at Maturity
For policies purchased through the POS channel, the maximum Age at Maturity will be as per prevailing POS guidelines, as amended from time to time
|5/ 7/ 10/ 15/ 20 years
|Premium Payment Frequency
|Yearly, Half yearly, Quarterly, and Monthly
|Minimum Sum Assured
|Maximum Sum Assured
For policies purchased through the POS channel, the maximum Sum Assured will be as per prevailing POS guidelines, as amended from time to time
Key Features & Benefits of Choosing Bajaj Allianz Lifestyle Secure Plan
Listed below are the features and benefits of considering the Bajaj Allianz Lifestyle Secure Plan.
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).
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.
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.
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.
Exclusions Under the Bajaj Allianz Lifestyle Secure Plan
The nominee or beneficiary of the policyholder is entitled to receive 80% of the total premiums paid if the life assured dies by suicide within 12 months of the date the risk began or the date of the most recent revival of the policy, whichever comes later. This is true as long as the policy is still in effect.
How To Revive Your Bajaj Allianz Lifestyle Secure Plan?
You may reinstate your policy if it has expired because you failed to pay your premium, provided that you meet the requirements listed below:
- The application for revival is submitted before the policy’s maturity date and within five years of the initial unpaid premium date.
- Premium arrears are paid, along with interest calculated at a rate that the Company may choose at any time. The appropriate revival interest rate at the moment is 9.0% per year, compounded semi-annually.
- Depending on the current Board-approved underwriting standards of the Company, the Policy’s resurrection may be subject to conditions different from those that applied to the Policy before it expired. The Company has the right to reject the revival of the Policy and return the money paid in that regard.
- The revival won’t take effect unless it’s explicitly disclosed to the policyholder by the company.
Illustration Of Bajaj Allianz Lifestyle Secure Plan
Shruti aged 28 years has opted for Lifestyle Secure for a policy term of 20 years. After getting suggestions from friends and family, she finally decided to choose the Bajaj Allianz Lifestyle Secure plan. Let’s understand the death benefit that the nominee will receive as per the premium paid and policy term.
|High sum assured rebate
|Rs. 12,00,000 over 240 equated monthly installments.
Planning To Buy Bajaj Allianz Lifestyle Secure Plan? Here’s How
Though the plan is not available online, you can still buy it via the offline method mentioned below.
To get assistance in buying the plan, just go to any Bajaj Allianz Insurance branch office in your area and speak to the staff members who are now on duty. The salesperson presenting the plan will question about a few specifics before assisting the customer in purchasing the bundle.
In addition, customers can phone the business’ helpline at 1800 209 7272, which is open Monday through Saturday from 9:00 AM to 6:00 PM. The executive will give the client instructions on how to purchase the plan from the company.
Probus Insurance is always on hand to assist if a consumer still runs into problems when purchasing the plan, even with all of these alternatives. The team members of the company will take all required steps to help its clients with their problems.
Frequently Asked Questions
Your coverage will expire if the overdue premium is not paid before the grace period expires. The lapsed policy’s life insurance coverage will end, and no death benefit will be paid.
Even after the installments have started, you will always have the option to ask to have the monthly payments stopped.
If the policyholder survives until the end of the policy term, no maturity benefit will be paid.