Term Insurance 849 views February 10, 2021

Bajaj Allianz i-Secure is a non-linked non-participating term life insurance plan for your whole life If you want to fulfill your family’s financial needs in case of your absence, consider putting your money in the Bajaj Allianz i-Secure plan. With this term life insurance, you will get a large sum assured, low-cost premium and flexible policy term. And if you are single at the time of policy purchase, you can later cover your spouse under Bajaj Allianz i-Secure plan. Let’s read the benefits, terms and conditions, and other information regarding Bajaj Allianz i-Secure.

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Benefits for Your Family Under Bajaj Allianz i-Secure

If you are covered under Bajaj Allianz i-Secure and die during the policy term, your nominee/beneficiary will receive the sum assured on death. In the case of Joint Life cover, if any one of the insured members dies during the policy term, the nominee will receive the sum assured on death while the policy will continue for the surviving life. The surviving life assured premium will be reduced based on the following –

  1. Age
  2. Lifestyle category (if applicable)
  3. Policy term
  4. Premium payment frequency (as chosen at inception)
  5. Sum assured in respect of the surviving life assured

The sum assured on death under Bajaj Allianz i-Secure will be the highest of the following –

  1. 10X the annualized premium
  2. 105% of the total paid premiums till the date of death
  3. Sum assured or the prevailing sum assured (if applicable)

Additional Coverage Under Bajaj Allianz i-Secure

To get a customized Bajaj Allianz i-Secure plan, you can add the following riders to your term life insurance at a nominal cost.

Bajaj Allianz Accidental Death Benefit Rider

This is a non-linked pure risk premium life rider that will provide a death benefit to the nominee in case of the accidental death of the life assured. The rider does not cover any other risk other than an accidental death.

Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider

Under this rider, the life assured will get coverage for accidental permanent total or partial disablement. So if any of the rider covered risk arises during the policy term, the following shall be payable

  1. Accidental Permanent Partial Disability (within 180 days from the date of accident) 50% of the rider Sum Assured or INR 50 lakh will be payable per life, whichever is lower.
  2. Accidental Permanent Total Disability – Either a rider sum assured or INR 1 Crore will be payable per life, whichever is lower.
  3.  Bajaj Allianz Waiver of Premium Benefit Rider

The Bajaj Allianz Waiver of Premium Benefit Rider provides you a waiver of future regular premium under the base policy and also the premiums of other riders on the occurrence of death, the diagnosis of any of the 11 specified critical illness or accidental permanent total disability, whichever happens first.

Note – In the case of joint-life cover, the accidental death benefit rider sum assured will be payable to the nominee when the risk arises for any one of the insured members. And after that, the rider plus the base policy will continue for the surviving life assured.

Eligibility for Bajaj Allianz i-Secure Plan

  1. Entry age – 18-60 years
  2. Maturity age – 28-70 years

Note – If Bajaj Allianz i-Secure Plan is purchased through the POS channel, the maximum age at maturity will be capped as per the prevailing POS guidelines.

Bajaj Allianz i-Secure Plan Terms and Conditions

  1. Minimum sum assured – INR 2.5 lakh (general category) and INR 20 lakh (Preferred non-smoker, non-smoker and smoker)
  2. There is no maximum sum assured limit
  3. If Bajaj Allianz i-Secure Plan is purchased through the POS channel, the maximum sum assured will be as per the prevailing POS guidelines.
  4. Policy term – 10, 12, 15, 20, 25 and 30 years
  5. Minimum premium payment amount based on the sum assured
    Sum assured (In INR)Yearly Premium (In INR)Half-yearly Premium (in INR)Quarterly Premium (In INR)Monthly Premium (In INR)
    < 20 lakh1,000500250100
    >= 20 lakh3,0001,500750250
  6. If you choose a monthly installment for premium payment, you need to pay 3 installments at policy inception.
  7. No maturity benefits are available under this term life insurance plan
  8. No surrender benefit shall be payable if you surrender Bajaj Allianz i-Secure Plan before maturity
  9. In the case of a joint life, on annulment of marriage, the life assured should inform about this to the company, so the second life will be excluded.
  10. The premium payment frequency can be changed by the insured at any policy anniversary during the policy term, subject to the minimum premium limit.
  11. There is also an option to take the death benefit in equal monthly installments over 5 years or 10 years from the date of intimation of death.
  12. Each death benefit monthly installment will be equal to
  13. 1.04 x death benefit/60 for a 5-year installment
  14. 1.08 x death benefit/120 for a 10-year installment
  15. A grace period of 30 days (for premium payment frequency other than monthly) and 15 days (monthly)
  16. A free look period of 15 days from the date of receipt of the policy if it is purchased offline. A 30 day free look period in case the policy is obtained through distance marketing.

Bajaj Allianz i-Secure Exclusion

If you commit suicide within 12 months from the date of commencement of risk or revival of the Bajaj Allianz i-Secure plan, the nominee will receive 80% of your paid premiums as on the date of death, provided the policy is in force.

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