Frequently Asked Questions about iSecure Insurance Plan

1. What type of product is iSecure Insurance Plan?

Bajaj Allianz iSecure Insurance Plan is a Non-Linked, Non-Participating, Regular Premium, Level Term Assurance Plan.

2. What is the minimum and maximum entry age for this plan?

Minimum age at entry is 18 years and maximum age at entry is 60 years for the base plan.

3. What is the choice of policy term available?

Policy Terms of 10, 15, 20, 25 & 30 years are available.

4. What is the minimum and maximum premium for this plan?

Minimum Regular Premium for sum assured less than 20 lacs is Rs. 1,000 per Yearly Installment, Rs. 500 per Half-yearly Installment, Rs. 250 per Quarterly Installment, Rs. 100 per Monthly installment.

Minimum Regular Premium for sum assured 20 lacs & above is Rs. 3,000 per Yearly Installment, Rs. 1,500 per Half-yearly Installment, Rs. 750 per Quarterly Installment, Rs. 250 per Monthly installment.

Maximum Premium: Will depend upon the Sum Assured chosen.

5. What is the Sum Assured under this plan?

Minimum Sum Assured is Rs. 2,50,000. However, for polices sold through the web, the minimum sum assured is Rs. 2,000,000

Maximum Sum Assured is Rs. 100 crores.

Sum Assured Band Multiple
Upto Rs. 4,00,000 Rs. 50,000
Rs. 4,00,000 to 100,00,00,000 Rs. 1,00,000
6. Will there be any difference in the premium rates for smokers and non smokers?

Yes. For sum assureds of 20 lacs & above, the premium rates under the plan will depend on lifestyle category (from Preferred Non-Smoker, Non-Smoker and Smoker).

7. How does the Proposer know the lifestyle category in which he/she falls?

The category applicable for the proposer will be decided by the company based on the medical tests results. The premium amount collected at the time of proposal will be the one corresponding to the smoker or non-smoker category. After the category is decided upon, any excess will be refunded to the policyholder.

8. How does the Proposer know if he/she belongs to the category preferred nonsmoker?

To be eligible for preferred non-smoker category, one has to be a necessarily non-smoker. The company will further determine the category based on the medical tests results done.

9. Does the Proposer necessarily have to undergo the medical tests?

If the Sum Assured chosen is Rs. 20 lacs and above, the proposer will have to necessarily undergo the medical tests.

10. Can the Policyholder pay premiums in advance?

No, the Policyholder cannot pay premiums in advance.

11. Does the Policyholder get any rebate/discount for High Sum Assured?

Yes. High Sum Assured rebate will be offered under the plan for choosing sum assured of Rs. 5,00,000 and above.

12. Is the product available for joint lives?

Yes. The policyholder has the option to take an individual or a joint life cover with spouse.

13. Can the policyholder (first Life Assured) add his/her spouse in the existing policy if he/she is married at policy inception?

No. The spouse can only be added if the first life assured is not married at the inception of the policy.

14. Can the Life Assured and the second Life Assured under the joint life option, choose different sum assureds?

Yes. The second life can take a sum assured less than or equal to the first life’s sum assured, subject to the minimum sum assured conditions under the plan.

15. What will happen if the lives terminate their marriage or apply for separation during the policy term?

In such a case, the company needs to be informed of the same (giving sufficient proof) by the first life; and the second life shall be excluded from the policy. On exclusion, the policy can be continued as an individual life policy with a reduced premium. Once excluded, the life cannot be included again.

16. What will happen if the first life does not inform the company about the divorce?

If the company is not informed by the first life in case of divorce, then on death of the second life only the premium/s paid (pertaining to the second life) from the date of divorce will be refunded. The policy shall continue on the surviving life assured.

17. Will the Sum Assured remain the same through out the policy term?

Yes. The Sum Assured under the plan will remain the same.

1. What is the Death Benefit under the plan?

In case of Individual Life:

In case of unfortunate death of life assured during the policy term and provided all the due premiums have been paid, the company will pay the Sum Assured to the nominee.

The policy will terminate immediately on death of the life assured.

In case of Joint Life:

In case of unfortunate death of each life assured during the policy term and provided all the due premiums have been paid, the company will pay the Sum Assured in respect of the deceased life assured to the surviving life assured or to the nominee on 2nd death.

The policy will terminate immediately on death of the second life assured.

2. How does the policy work if one of the Life Assured has passed away?

On death of any one of the life assureds, the policy will automatically continue on the surviving life assured with a reduced premium. The reduced premium will be based on the age at entry, policy term premium payment frequency, lifestyle category (if applicable) and the sum assured in respect of the surviving life as at the inception/latest revival or alteration of the policy.

3. Can the policyholder take the Death Benefit in installments?

You or your nominee will have the option to take the death benefit in equal monthly installments over a period of 5 or 10 years from the date of intimation of death. The same needs to be informed in writing at the time of filing the death claim form

Each monthly installment will be an amount equivalent to:

  • For 5 years: 1.04 * death benefit divided by 60
  • For 10 years: 1.08 * death benefit divided by 120

After approval from IRDA, these factors can be revised in the future, based on the prevailing economic scenario, so that better terms can be given to the nominee.

The nominee will have the option at any time to discontinue receiving the monthly installment during the installment period. On receiving the request, the nominee will be eligible for an amount equal to the death benefit less the total amount of installments already paid as on the date of request.

4. What is the Maturity Benefit under the plan?

There is no maturity benefit under this plan.

5. What is the surrender benefit payable under this plan?

No surrender benefit is payable under the plan.

6. Can the Survival Benefit be adjusted against the premium due?

No.This option is not available.

1. Does the policyholder have the option to change Premium Payment Frequency?

The premium payment frequency may be changed at any policy anniversary during the term of the policy, subject to minimum premium limits.

2. What happens if the Policyholder is unable to pay regular premiums?

If premiums are not paid by the end of the grace period, the policy will lapse and no benefits under the policy is payable. The policyholder can revive the policy within a revival period of two (2) years from the first unpaid premium.

3. Can the Policyholder avail loan under this plan?

No Policy loan is available under this plan.

4. When and how can the policyholder revive the policy?

A Policy, which has lapsed for non-payment of premium after the grace period, may be revived subject to the following conditions:

  • The application for revival is made within two years from the due date of the first unpaid premium.
  • The arrears of premiums together with interest, at such rate as the Company may decide from time to time, are paid;
  • The policyholder furnishes, at his/her own expense, satisfactory evidence of health of the life assured;
  • The revival of the policy may be on terms different from those applicable to the policy before it lapsed/became paid-up, based on prevailing Board approved underwriting policy of the Company framed from time to time;
  • The revival will take effect only on it being specifically communicated by the Company to the policyholder;
  • The Company may at its sole and absolute discretion refuse to revive the policy, based on its Board approved underwriting guidelines.
5. When will the policy terminate?

This Policy shall automatically terminate on the earlier occurrence of either of the following events:

  • On the Full Surrender of the policy.
  • On death of the Life Assured(in case of individual life)/both the Life Assureds (in case of joint life)
  • On expiry of the revival period.
  • On the Maturity Date

Disclaimer: I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business.
Disclaimer: Insurance is the subject of the solicitation. For more details about risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. Please note that the name of the Bajaj Allianz product/plan does not indicate the quality of the insurance contract and its future prospects or returns. Investment in ULIPs is subject to market risks associated with capital markets. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Service tax and education cess will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.