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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.
Table of Contents
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 –
The sum assured on death under Bajaj Allianz i-Secure will be the highest of the following –
To get a customized Bajaj Allianz i-Secure plan, you can add the following riders to your term life insurance at a nominal cost.
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.
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
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.
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.
Sum assured (In INR) | Yearly Premium (In INR) | Half-yearly Premium (in INR) | Quarterly Premium (In INR) | Monthly Premium (In INR) |
---|---|---|---|---|
< 20 lakh | 1,000 | 500 | 250 | 100 |
>= 20 lakh | 3,000 | 1,500 | 750 | 250 |
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.