Getting accustomed with a certain living standard or lifestyle is quite natural. As most people, perhaps you also enjoy being there in your comfort zone. What if someday, sooner or later, things take a sharp turn and you have to get out of that zone? Are you prepared for fight it? Yes, it may sound harsh, but that’s the reality of life, good days follow the bad ones and vice –versa.
Bajaj Allianz understands that financial crisis can knock on your doors without invitation. Therefore, they have designed LifeStyle Secure Plan. It is a risk cover insurance plan that protects your family against sudden monetary crisis. It’s a non-participating, non-linked and regular premium plan that offers terminal illness (TI) advantages.
Key features of the Policy
It offers inbuilt accelerated TI risk coverage.
The policy follows a simple procedure for getting the risk coverage benefit.
The policyholder does not require any kind of medical screening to avail this policy.
The plan benefits are paid in EMIs (Equated Monthly Installments).
The HSAR benefit adds value for money element to the plan.
Female policyholder can avail attractive rates.
Availing this policy explained for you
Purchasing this policy is as easy as 1, 2 and 3, just follow these simple steps:
2nd Step: Choose the tenure of the policy.
One of the best things about LifeStyle Secure Plan is, one can customize the policy, according to his or her requirements. The premium depends on the current age of the policyholder, amount of coverage, policy term as well as PPF (Premium Payment Frequency).
Policy benefits
|
Policy Tenure |
5 |
7 |
10 |
15 |
20 |
|
TI or Death Benefit paid |
60 |
84 |
120 |
180 |
240 |
Surrender benefits – Such benefits are also not there.
Eligibility Criteria
Take a look the eligibility chart below:
|
Considerations |
Eligibility |
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|
Entry Age (Minimum) |
18 Years |
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|
Entry Age (Maximum) |
50 Years |
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|
Policy Term |
Sum Insured (Maximum) |
||||
|
PPF |
Yearly basis, Half-Yearly basis, Quarterly basis and Monthly basis |
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|
Premium |
Mode |
1 year |
6 Months |
3 Months |
Per Month |
|
Maximum |
Rs. 20458 |
Rs. 10434 |
Rs. 5319 |
Rs. 1841 |
|
|
Minimum |
Rs. 1466 |
Rs. 748 |
Rs. 381 |
Rs. 132 |
|
|
Maturity Age (Minimum) |
23 Years |
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|
Maturity Age (Maximum) |
60 Years |
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|
Min. Sum Insured |
Rs. 300000/- |
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|
Max. Sum Insured |
Rs. 1500000/- |
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Note: The frequency of premium payment (monthly) is subject to salary deduction plan and ECS.
Additional features
HSAR –
The policy comes along with amazing premium discounts, wherein the policyholder is entitled to avail an attractive rebate on his or her yearly premium for every complete extra Rs. 1000.- sum insured bought more than the minimum sum insured amount of Rs. Rs.3,00,000. It is Rs. 2.75/-
Tax benefits
– The policyholder is eligible to enjoy tax benefits under ITA, Sec – 80 C, provided are premium payments are clear. Tax benefits available on death benefit is mandated according to Sec – 10 (10 D). It is advisable for all policyholders to take professional assistance before filing their claims.
Premium illustration:
The premium illustration given below is of a healthy male. The age band comprises 30, 40 and 50 years, the SA band includes – 5 and 15 Lakhs, the policy term is of 10 Years.
|
Age |
20 Years |
30 Years |
40 Years |
|
Sum Insured |
|||
|
5 Lakhs |
Rs. 1693 |
Rs. 1841 |
Rs. 2836 |
|
15 Lakhs |
Rs. 3175 |
Rs. 3633 |
Rs. 6633 |
Frequently asked Questions
What if you stop premium payment?
If you don’t pay the premiums or stop it mid way, then you won’t be able to avail any of the benefits associated with policy, once the grace period is over.
Can you get started all over again?
Once your benefits are ceased beyond the grace period, you can apply for revival within 90 days.
90 days from when?
Well, from the date of the first premium you have not paid, provided producing relevant documents proving that you are medically fit.
