Term Insurance 145 views July 20, 2021

Bajaj Allianz Life Secure Plan

Bajaj Allianz Life Secure Plan is a whole life term insurance plan that covers you until your 100th birthday. So, by choosing this plan, you truly ensure financial protection for your family in your absence. One of the main reasons behind its popularity among customers is that it offers them three coverage options to choose from according to their needs.

We are showing the highlights of this Bajaj Allianz Life Insurance Plan below that you should check.

  1. Multiple Coverage Options
  2. Life Cover up to the Age of 100 years
  3. Flexible Premium Payment Terms
  4. High Sum Assured Rebate
  5. Attractive Premium Rates for Female Lives
  6. Multiple Premium Payment Frequency Options
  7. Tax Benefits under Income Tax Act, 1961
  8. A Grace Period of 15 or 30 days

On this page, we will talk about these features of the Bajaj Allianz Life 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 Life Secure Plan in Detail

Bajaj Allianz Life Secure Plan is a unique non-linked, non-participating individual life limited premium payment whole life savings plan. With this plan, customers can get protection throughout their lifetime (until your 100th birthday).

We have discussed its several benefits below. Do check.

What is the Policy and Premium Payment Term?

For the Life Secure Plan, the policy term can be 100 minus the age at entry. Suppose your age at entry is 30 years, you can choose a policy term up to 70 (100-30) years.

You can also choose from multiple premium payment term options according to your convenience – 5, 7, 10 and 15 years.

What is the Minimum Sum Assured?

Under this plan from Bajaj Allianz Life, the minimum sum assured stands at INR 20,00,000 with no maximum limit. However, you should choose it in multiples of INR 50,000.

Multiple Coverage Options and Benefits

As told in the introduction, policyholders can choose from the following three coverage options according to their needs.

Option 1: Death Benefit

Option 2: Death Benefit plus Accidental Death Benefit

Option 3: Death Benefit or Accelerated Critical Illness plus Waiver of Premium Benefit

Each option provides different benefits to the customers that you can check below. Have a look.

For Coverage Option 1 (Only Death Benefit)

If the life assured dies during the policy term, the policy will pay the sum assured on death to the nominee and will terminate.

For Option 2 (Death Benefit plus Accidental Death Benefit)

  1. If an insured person dies during the policy term, the policy will pay the sum assured to the nominee.
  2. If an insured person dies due to an accident during the policy term, before reaching the age of 65 years, the policy will pay an additional sum assured up to INR 2 crores along with the base sum assured.

Option 3 (Death Benefit or Accelerated Critical Illness plus Waiver of Premium Benefit)

On the occurrence of the first critical illness before the life assured reaches 65 years of age and during the first 30 years of the policy, he/she will get a 50% sum assured on death (up to INR 50 lakh). Also, all future premiums due under your policy will be waived off. Your policy will remain in force for the remaining sum assured on death. Read the below-mentioned points for more clarity.

  1. If an insured person dies during the policy term but after receiving the critical illness payout, the nominee will get the remaining sum assured on death.
  2. If an insured person dies during the policy term but before receiving the critical illness payout, the policy will pay the sum assured on death.

Note: Here, the sum assured on death will be according to the entry age of the policyholder. To know more check the below table.

For Age of Less than 45 years at EntryFor Age of 45 years and Above at Entry
Highest of the following amounts

10 times the Annualized Premium

105% of total premiums paid till date of death

Sum Assured
Highest of the following amounts

7 times the Annualized Premium

105% of total premiums paid till date of death

Sum Assured

What is the Minimum Premium Amount?

Under the Life Secure Plan, policyholders can choose from multiple premium payment frequency options – Yearly, Half-yearly, Quarterly and Monthly. The minimum premium depends on the chosen frequency. To know more, check the below table.

Premium Payment FrequencyMinimum Premium (In INR)
Yearly36,720
Half-yearly18,727
Quarterly9,547
Monthly3,305

You can also change your premium payment frequency on any policy anniversary date, during the policy term. To know about the modal factor, check the below table.

Premium Payment FrequencyFrequency Factor
Yearly1
Half yearly1
Quarterly0
Monthly0

Bajaj Allianz Life Secure Plan Eligibility Criteria

Please check the important conditions related to the Life Secure Plan mentioned below.

  1. The minimum entry age stands at 25 years.
  2. The maximum entry age depends on the coverage option. For Coverage options 1 and 2, it can go up to 55 years, while for option 3, it remains 50 years.

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