You have always tried your best to fulfill all your responsibilities and take care of your family. However, life comes with risks and unforeseen incidents that can put your family's financial security in jeopardy. Presenting the Bajaj Allianz iSecure Insurance Plan; a level cover term assurance plan that secures your family's financial needs by giving you a level term cover for high sum assured, but at a low cost.
Best Term Insurance Plan review by i-save.com as featured in The Economic Times Wealth, Bajaj Allianz iSecure scores a 4 star rating in Price, Features, Servicing and Overall Performance.
Are you right insured? Know your worth with Bajaj Allianz RightInsure amount Calculator.
How does the Bajaj Allianz iSecure Plan Work?
Bajaj Allianz iSecure Insurance Plan offers you the choice to cover your spouse jointly with yourself. You can customise your policy to suit your requirements by following these simple steps:
Step 1 : Choose either an individual or a joint life cover
Step 2 : Choose your sum assured(s), i.e, life cover
Step 3 : Choose your policy term and premium payment frequency
Step 4 : If sum assured chosen is Rs.2,000,000 and above, you may choose your lifestyle category - either Preferred Non-Smoker, or Non-Smoker, or Smoker.*
Your premium will be based on your current age(s), sum assured(s), lifestyle category (if applicable), policy term and premium payment frequency. In case of unfortunate demise, the death benefit will be the sum assured under the policy.
*This categorisation is available for sum assureds of Rs.2,000,000 and above, subject to medical examination/tests as decided by the Company.
A Non-Smoker who has no abnormalities in his medical examination/tests or family/personal history; has no risky avocation and does not have a risky occupation, as decided by the Company, is classified as a Preferred Non-Smoker.
Bajaj Allianz iSecure Insurance Plan provides separate sets of premium rates for sum assured less than Rs.2,000,000 and for sum assured of Rs.2,000,000 and above. The plan provides you with a separate set of premium rates for the lifestyle categories - Preferred Non-Smoker, Non-Smoker, and Smoker, but only for sum assured of Rs.2,000,000 and above.
a) Additional Rider Benefits
You can enjoy extra coverage by choosing the optional additional rider benefits at a nominal extra cost. The riders available with Bajaj Allianz iSecure Insurance Plan are:
* The Bajaj Allianz Comprehensive Accidental Protection (CAP) rider includes the accidental death benefit, accidental permanent total/partial disability benefit and waiver of premium benefit.
**Hospital Cash Benefit and Critical Illness Benefit riders can be taken only at inception of the policy.
b) Option to Take an Individual or a Joint Life Policy
If you are married at policy inception, then your spouse can be included only at the inception of the policy.
If you were not married at policy inception, you may include your spouse after your marriage in your existing individual policy. Such inclusion can happen at any policy anniversary subject to:
all the necessary procedures with respect to the inclusion being completed prior to the policy anniversary.
the policy term post inclusion of your spouse (i) has to be equal to the outstanding term of your policy and (ii) subject to such policy term being available under the plan, and satisfactory evidence of insurability, being submitted as specified by the company.
In a joint life policy, on annulment of marriage, the spouse will be excluded from the policy. However, you can continue the policy on your life by informing the company and paying premiums with respect to your life; this will be calculated based on the age, lifestyle category (if applicable), sum assured and policy term as at the inception of the policy. Once excluded, the second life cannot be included in the policy again. If the annulment is not informed to the Company, on the death of the second life, only the sum total of the premiums paid from the date of separation (over and above the premium required for your individual policy), will be refunded. But the policy may be continued on your life.
c) Alteration of Premium Payment Frequency
You can change the premium payment frequency at any policy anniversary during the term of the policy, subject to the minimum premium limits under the plan.
d) Option to Take Death Benefit in Annual Installments
Your loved ones may not be in a position to determine the best suitable financial plan or to invest the policy proceeds to support their lifestyle, in case of your unfortunate demise. We offer your nominee (both under the individual and joint life option) the option to receive the policy proceeds in annual installments over a settlement period of 10 years from the date of death This option needs to be informed in writing to the company at the time of filling the "Death Claim Form."
The annual installment will be an amount equivalent to (100% + x%) of sum assured divided by 10 years. The x% will be decided by the company at the time of admitting the death claim and will remain the constant throughout the settlement period.
The plan offers attractive premium rebates to you for choosing high sum assured. The high sum assured rebates (HSAR), which will be applied on the tabular premium varying by the sum assured bands and the lifestyle categories; Preferred Non-Smoker, Non-Smoker and Smoker. Apart from the HSAR mentioned above, for a joint life policy, joint life rebate (JLR) as mentioned below is also available: To know your premium and complete benefit illustration click here
Age of Older Life Assured
41 to 50
JLR as %of the total Gross Premium# applicable to the individual lives
# Total Gross premium is the total of the calculated premiums for each individual life after allowing for any HSAR for each individual life
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Bajaj Allianz Life Insurance Co. Ltd. All Rights Reserved. | IRDA Reg. No. 116 | An ISO 27001:2005 Certified Company | Tollfree: 1800-233-7272
Bajaj Allianz General Insurance Co. Ltd. All Rights Reserved. | IRDA Reg. No. 113 | An ISO 27001:2005 Certified Company | Tollfree: 1800-209-5858
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