Who does not want to be well protected and secured in life? But, when it comes to securing lives, most people consider their long-term goals to a better future. Dear reader, securing yours and your family’s future is indeed a very crucial thing, but getting optimum security throughout your life sometimes get’s difficult. Therefore, Bajaj Allianz has brought Life Secure. It is a one of its kind term insurance policy that covers you till the age of 100 years, helping you enjoy a tension-free life.
The features you get
This lifelong term assurance policy covers accidental death and critical health conditions, as per your choice. Here is the list of key benefits:
- It comes with 3 coverage options:
- Option I – Offers death benefit
- Option II – Offers accidental death benefit along with death benefit
- Option III – Offers option I or accelerated critical health condition + waiver of benefit (premium)
- The policy offers protection for up to 100 years.
- The policyholder can make a choice between 4 PPTs (Premium Payment Terms) – 5 Years, 7 Years, 10 Years or 15 years.
- Its HSAR (High Sum Assured Rebate) benefit offers value for money to a great extent.
- It offers attractive rates of premium for female policyholder
Life Secure plan – How it works?
Just like any other insurance policy from Bajaj Allianz, Life Secure also allows you to tailor your policy to meet your requirements. Follow these simple steps and get started:
- Step 1 allows you to select your policy coverage.
- Step 2 lets you choose the sum insured
- Step 3 allows you select the PPT
Remember, the premium you need to pay off depends on your age (current), gender, sum insured, PPT, coverage as well as premium.
Eligibility parameters
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Parameters |
Eligibility |
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Entry Age (Minimum) |
25 Years |
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Entry Age (Maximum) |
For Option I and II – 55 Years |
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For Option III – 50 Years |
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Sum Insured (Minimum) |
Rs. 2, 00, 000/- |
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Sum Insured (Maximum) |
No limit It has to be selected in the multiples of INR 50000/- |
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PPT |
5, 7, 10 and 15 Years |
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Policy Term |
Subtract Age at the time of Entry from 100 Years |
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Installment Premium (Min.) |
Installments |
Yearly |
Half-Yearly |
Quarterly |
Monthly |
|
|
Rs. 36, 720/- |
Rs. 18, 727/- |
Rs. 9,547/- |
Rs. 3, 305/- |
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What benefits can be availed by the policyholder?
The benefits offered by the policy depend on the option chosen at the time of purchasing the policy. Read on to learn more:
Coverage Option I
- In case of unfortunate death of the policyholder (when policy is still active), the death benefit would be the sum insured.
- Also, the policy term will come to an end immediately after the death of the insured.
Coverage Option II
- Up on the demise of the policyholder, when the policy is in-force, death benefit, i.e. sum insured will be payable by the insurance provider and the plan will terminate, then and there.
- In case the policyholder dies as a result of an accident, before attaining the age of 65 years, sum insured on death and an extra sum insured is payable by the company. The additional sum insured is subject to Rs. 2 Crore to the maximum. And the policy term will also come to an end.
Coverage Option III
- On the contraction of first critical health condition/illness before the age of 65 years as well as during the initial 30 years of the insurance policy, 50 % of the sum insured on death (maximum Rs. 50 Lakhs) is payable by the insurance provider and all the premiums that are to be paid (if any) by the policyholder in the future would be waived off.
- The plan would remain active for death benefit on the remaining sum insured on the death of the policyholder.
- No other benefit is payable to the policyholder, in case of any critical illness contracted in the future.
- After the critical illness advantage has been paid off, if the policyholder dies, the remaining sum insured on death would be payable by the company and the policy will come to an end.
- Before the critical illness advantage has been paid off, if the policyholder dies, sum insured on death would be payable by the company and the policy will come to an end.
- In case, the death advantage has not be paid off before the age of 100 years (of the policyholder), the following benefits can be availed:
- Sum insured, in case benefit on critical illness has not been reimbursed.
- Sum insured minus paid critical illness benefit, in case the benefit on critical illness has been reimbursed.
Policy Premium features
The policyholder is entitled to get handsome discounts that depend on the option of coverage, sum insured, age and PPT. Take a look at the following tables for better understanding:
|
Coverage Option |
HSAR according to Sum Insured Range |
|
I |
More than the min. Sum Insured of Rs. 2000000 |
|
II |
More than Min. Sum Insured of Rs. 2000000 to Rs. 20000000 |
|
III |
More that min. Sum Insured of Rs. 2000000 to 10000000 |
|
HSAR |
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PPT |
5 |
7 |
10 |
15 |
|
< 45 Years |
Rs. 152 |
Rs. 115 |
Rs. 90 |
Rs. 71 |
|
>= 45 Years |
Rs. 113 |
Rs. 88 |
Rs. 70 |
Rs. 56 |
Frequently asked questions
What about the tax benefits?
The policyholder is entitled to avail tax benefits of premium paid under IA Act, Sec 80 C. Other benefits are eligible for tax redemptions, under Sec 10 (10 D).
Is there any surrender benefit?
Yes, there are certain surrender benefits. The policyholder has two options to choose from.
