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Bajaj Allianz iSecure Insurance Plan

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Call 0 94 8300 8300 (India)

 

Bajaj Allianz iSecure Insurance Plan

 

Objective

This i term plan is available for purchase, both online and offline. Online policies get a discount on premium rates.

What does it do?

This plan can pay sum assured either as lump sum or in 10 annual installments. As a joint life policy, the plan pays sum assured on death of each insured life.
After paying the death benefit for an insured partner, the policy continues to cover the surviving life with a reduced premium rate. The reduction in premium rate will depend on age, lifestyle, policy term, premium payment frequency and sum assured of the surviving partner.
There is no maturity or surrender benefit.
This policy offers a unique option to include spouse under same policy, if the applicant was single at the time of purchase.

Pros

Premium rebates can be availed by- high sum assured policies, non-smokers, preferred non-smokers and online purchase.
The spouse can be insured at a later date under the existing policy.
One can alter the premium payment frequency at any policy anniversary.
The policyholder can choose to receive death benefit in 10 equal annual installments to safeguard a regular income for the family.
One can increase the cover by adding various riders.

Suited for

This policy suits those looking to insure self and spouse under the same policy. Young individuals looking to get married may also go for it.

Our View

This term insurance policy can offer wide protection with riders. Joint life cover can be meaningful for a couple. Individuals following a healthy lifestyle (non-smokers) are rewarded with lower premium rates.

 

Eligibility

Entry Age (years)

Minimum

18

Maximum

60

Maximum Maturity Age (years)

70

Policy Term (years)

Minimum

10

Maximum

30

Sum Assured (Rs)

Minimum

General Category: Rs 2.5 lakh
Smoker/ Non Smoker/ Preferred Non Smoker Category: Rs 20 lakh

Maximum

No limit

Minimum Premium (Rs)

Yearly

1000 for SA< Rs 20 lakh, 3000 for SA> 20 lakh

Half-Yearly

500 for SA< Rs 20 lakh, 1500for SA> 20 lakh

Quarterly

250 for SA< Rs 20 lakh, 750 for SA> 20 lakh

Monthly

100 for SA< Rs 20 lakh, 250 for SA> 20 lakh

Premium Payment Frequency

Yearly, Half-Yearly, Quarterly, Monthly

Premium Payment Term

Equal to Policy term

Policy Cover

Cover remains same throughout the policy term

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period

You are allowed to pay premiums within 30 days from the due date for Yearly, Half yearly and quarterly premium payment modes and 15 days in case of monthly premium payment mode.. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.

Lapsed Policy Reinstatement

You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any.

Tax Benefits

Section 80C, 10(10D) of the Income Tax Act, 1961 would apply.

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.

Customer Service

Address

Bajaj Allianz Life Insurance Company Limited,
G.E. Plaza, Airport Road, Yerawada, Pune - 411 006.

Mail To

life@bajajallianz.co.in

Call On

BSNL/ MTNL: 1800 22 5858; Others: 1800 209 5858

SMS

LIFE to 56070

Additions to the Plan

Available Rider(s)

Bajaj Allianz Comprehensive Accidental Protection Benefit (CAP): Death due to accident within 180 days of the accident.
Permanent total/ partial disability as a result of an accident within 180 days of the accident. The rider Sum Assured can be received as a 10 year annuity as well. The annuity payable would be 110% of the benefit. In case of death during the annuity period, discounted value of remaining installments will be paid in lumpsum to the nominee.
Waiver of Premium in case of total permanent disability.
Bajaj Allianz Critical Illness Benefit: It covers 11 critical illnesses namely: First Heart Attack, Coronary Artery Disease requiring surgery, Stroke, Cancer, Kidney Failure, Major organ transplantation, Multiple Sclerosis, Aorta Graft Surgery, Primary Pulmonary Arterial Hypertension, Alzheimer's Disease and Paralysis. There is a waiting period of 6 months from inception of the policy to claim the critical illness benefit.
Bajaj Allianz Hospital Cash Benefit: covers hospital bills (room charges) after a waiting period of 60 days from the inception date. It also pays a Daily Cash benefit of minimum

Rider Conditions

Entry Age (years)

Minimum

18

Maximum

60

Maximum Maturity Age (years)

70

Rider Term (years)

Maximum

Equal to base policy term

Sum Assured (Rs)

Minimum

Critical illness Benefit rider: 50000
Bajaj Allianz Hospital Cash Benefit: 200 per day

Maximum

Permanent Total Disability: Rs 50 lakh and Permanent Partial Disability: Rs 25 lakh
Bajaj Allianz Hospital Cash Benefit: 1000 per day

Rider Premium (Rs)

Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the CAP rider for Rs 5 lakh sum assured over a 10 year tenure; the annual CAP rider premium works to Rs 355. Similarly, Critical Illness benefit of 5 lakh for a policy tenure of 10 years costs Rs1350 per annum and Hospital cash benefit is available for Rs 460 per year.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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