Life Insurance 138 views July 16, 2021

Bajaj Allianz iSecure More Plan

Bajaj Allianz iSecure More Plan is a non-participating term assurance that increases the life cover by 5% at each policy anniversary, subject to a maximum of twice the sum assured at policy inception. Key benefits of the Bajaj Allianz iSecure More Plan plan are as follows:

  1. Death benefit
  2. Inclusion of spouse in the policy based on certain conditions
  3. Wide range of policy terms

Read this page further and know more about the Bajaj Allianz iSecure More Plan benefits.

Bajaj Allianz iSecure More Plan Death Benefit

In case of death of the life assured, the insurer will pay a sum assured on death to the nominee.

For a Single Life Plan

Sum assured on death is payable to the nominee, provided all premiums are paid up to the date of death, and the policy will terminate immediately after the payment of the same.

For Joint Life Plan

The death benefit is payable on the death of each life assured, provided the policy is in force. The sum assured on death in respect of the life assured who dies during the policy term shall be paid to the surviving life assured. Upon the death of the second life assured, the death benefit shall be paid to the nominee. On the death of any one of the life assured, the policy will automatically continue on the surviving life assured with a reduced premium. The reduced premium is calculated based upon the age, policy term and premium payment frequency of the surviving life assured at the inception of the policy.

The sum assured on death is higher of the following –

  1. 10X the Annualized Premium
  2. 105% of the total paid premiums till the date of death
  3. Prevailing Sum Assured

Bajaj Allianz iSecure More Plan Special Feature

If you are not married at the inception of the policy, you can include your spouse as the second life assured at any policy anniversary. You can add your spouse under this policy subject to the following conditions:

  1. The policy term period for the second life is subject to a maximum of outstanding policy terms.
  2. The second life assured cannot take a higher sum assured than that of the primary life assured.
  3. You need to submit satisfactory evidence for the health of your spouse at your own expenses
  4. The terms for inclusion of spouse will be based on the prevailing board approved underwriting norms
  5. The spouse can be included only if the insurer communicates the same to the policyholder.
  6. The revised premium amount shall be communicated by the insurer and it will be applicable from the date of inclusion of the spouse
  7. The company can refuse to add the second life assured

In case of divorce or annulment of marriage during the policy term, inform the insurer to exclude the second life assured. On receipt of information of the same, the total paid premium amount in respect of the second life from the date of such annulment to the next due date will be refunded. On exclusion, the policy will continue as a single life policy with a reduced premium amount. If you don’t inform the insurer about the annulment or application for annulment of marriage, no benefit with respect to the death of anyone during the uninformed period shall be payable. However, the total premiums received during the period will be refunded and the policy will terminate.

Note: Once the second life is excluded, he/she cannot be included again. If the life assured is already married at the inception of the policy, the spouse can be included at inception only and can’t be added subsequently.

Bajaj Allianz iSecure More Plan Policy Term & Sum Insured Option

You’ll get the following policy term options:

  1. 10 years
  2. 15 years
  3. 20 years
  4. 25 years

You can pay your policy premium yearly, half-yearly, quarterly or monthly. The minimum premium amount under Bajaj Allianz iSecure More Plan is as follows:

  1. Yearly – INR 1,500
  2. Half-yearly INR 750
  3. Quarterly – INR 400
  4. Monthly – INR 150

Note: If you choose the monthly premium payment frequency, you need to pay three installments at the inception of the policy.

The minimum sum assured is INR 2.5 Lakh, and the policy has no maximum sum assured limit.

Bajaj Allianz iSecure More Plan Eligibility Criteria

If you want to purchase this policy, you need to meet the following age criteria:

  1. Minimum Entry Age – 18 years
  2. Maximum Entry Age – 60 years
  3. Minimum Age Allowed Till Maturity – 28 years
  4. Maximum Age Allowed Till Maturity – 70 years

Suicide Clause

If the life assured or the second life assured (in case of joint life policy) commits suicide within one year from the date of commencement of risk or the latest revival, the policy shall terminate and the nominee would receive an amount equal to 80% of the paid premiums.

Free Look Period

The policy has a free look period of 15 days that starts from the inception of the policy to review the terms and conditions. If you disagree with any of the terms and conditions, you can return the policy stating the reasons for it. On such cancellation, you’ll be entitled to a refund of the paid premium after a deduction of the proportionate amount of risk premium, rider benefit premium, (if any), medical examination expenses and stamp duty charges.

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