Life Insurance 147 views July 15, 2021

Bajaj Allianz LifeStyle Secure Plan

Bajaj Allianz LifeStyle Secure Plan could be perfect for individuals wanting their family to enjoy the current lifestyle even in their absence. It is a term assurance & terminal illness cover plan that provides financial protection to your family if something unfortunate happens to you.

We are showing the highlights of this Bajaj Allianz Life Insurance Plan below. Take a look.

  1. Protection to your family with regular income
  2. Inbuilt Accelerated Terminal Illness Cover
  3. Option to Receive Death Benefit in Installments
  4. High Sum Assured Rebate
  5. Hassle-free Procedure to Get Risk Cover
  6. Attractive Premium Rates for Female Lives
  7. No need to undergo a Pre-acceptance Test or Medical Examination
  8. Multiple Premium Payment Frequency Options
  9. Tax benefits under Income Tax Act, 1961
  10. A Grace Period of 15 or 30 days
  11. A 15-day Free Look Period

On this page, we will talk about these features of the Bajaj Allianz LifeStyle Secure Plan extensively so that you can understand the plan better. Keep reading to know more.

Let’s Understand the Features and Benefits of Bajaj Allianz LifeStyle Secure Plan in Detail

Bajaj Allianz LifeStyle Secure Plan is a non-linked, non-participating, individual, life, regular premium, pure risk premium plan that helps your family maintain a lifestyle even when you are not around.

We have discussed its several benefits below one after another. Do check.

Coverage Against Death and Terminal Illness

If the life assured dies or faces a terminal illness (whichever is earlier) during the policy period and all the due premiums have been paid, the nominee or claimant will get the sum assured amount in equated monthly installments as per the below table.

Policy Term (In years)Death or Terminal Illness Benefit is paid over (In Months)
560
784
10120
15180
20240

Inbuilt Accelerated Terminal Illness Cover

During the policy term, if you have been diagnosed with a terminal illness and you have a life expectancy of less than 6 months, the policy will provide the entire sum assured as an accelerated benefit.

High Sum Assured Rebate

Bajaj Allianz LifeStyle Secure Plan also offers a unique discount on premiums. With this, you can get a discount of INR 2.75 on the annual premium for each additional INR 1,000 sum assured purchase over and above the minimum sum assured of INR 3,00,000.

Option to Take Death or Terminal Illness Benefit in a Lump Sum Amount

Policyholders can request for the discontinuance of the monthly installments even after the installments have started. Once you make the request, you will be eligible to get an amount equal to the following –

Equated Monthly Instalment (Death or Terminal Illness benefit/Policy term*12) * Factor 1

What is the Policy and Premium Payment Term?

For the LifeStyle Secure Plan, you can choose from multiple policy term options according to your convenience – 5/7/10/15/20 years.

What is the Minimum Sum Assured?

Under this plan from Bajaj Allianz Life, the minimum sum assured stands at INR 3,00,000 and it can go up to 15,00,000.

Multiple Premium Payment Frequency Options

You can choose from multiple premium payment frequency options – Yearly, Half-yearly, Quarterly and Monthly. The minimum and maximum premium amount depend on the chosen frequency. To know more, check the below table.

Premium Payment FrequencyMinimum Premium (In INR)Maximum Premium (In INR)
Yearly1,46620,458
Half yearly74810,434
Quarterly3815,319
Monthly1321,841

Note: Monthly premium payment frequency will be available under the salary deduction scheme & ECS.

Option to Change Premium Payment Frequency

You can change your regular premium payment frequency to any other mode (yearly, half-yearly, quarterly or monthly). The modal premium for frequencies other than the annual mode is calculated by multiplying the annual premium by the premium payment frequency factor. To know more, check the below table.

Premium Payment FrequencyFrequency Factor
Yearly1
Half yearly0.51
Quarterly0.26
Monthly0.09

Bajaj Allianz LifeStyle Secure Plan Eligibility Criteria

Have a look at the important conditions related to the Bajaj Allianz LifeStyle Secure Plan mentioned below.

  1. The minimum entry age stands at 18 years, while it can go up to 50 years.
  2. The minimum age at maturity stands at 23 years, while the maximum stands at 60 years.

Note: 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.

People Also Read