Have you ever thought – what would happen to your family if something unfortunate happens to you? What if you have a loan(s) to pay off? Who will pay them off in your absence? Of course, your family members would have to do that. And, you would never want your family members to suffer because of your liabilities. Bajaj Allianz understands that your liabilities should not become a burden for your family. Therefore, it has bought iSecure Loan.
It is a term plan with a limited premium that ensures your loved ones to be well protected from paying off your loan liabilities when you are not there with them.
Key benefits of iSecure Loan
- The policy offers low cost insurance corresponding to the loan liabilities of the policyholder.
- It offers handsome discounts on insuring a high amount.
- The policyholder is also entitled to get limited premium payment benefit of 2/3rd of the insurance policy duration.
- The policy comes with certain flexible features. Firstly, one can make a choice between the policy terms – 10, 15, 20 and 25 years. Secondly, he or she can also select the rate of interest at the time of commencement of the policy. Thirdly, a policyholder is free to choose the frequency of premium payment.
- No suicide case in considered under the extent of coverage.
How this insurance policy works?
The policy provides you with the choice to insure yourself or jointly with your significant other or child or business associate, provided the insurable interest can be ascertained. Moreover, you are free to personalize your policy, as per your requirements. Following these simple steps will help you insure the future of your loved ones.
- Step I – Select the type of cover – individual or joint
- Step II – Evaluate and select the sum insured (depends on the loan amount)
- Step III – Choose the tenure of the policy
- Step IV – Select a suitable fixed rate of interest
The amount of premium to be paid off depends on certain factors – your age, interest rate of the loan, sum insured, tenure of the policy and mode of premium payment. The death benefit to be paid by the insurer would be your current sum insured.
What eligibility criteria to be fulfilled?
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Imp. Parameters |
Eligibility |
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Entry Age (Minimum) |
18 Years |
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Entry Age (Maximum) |
60 Years |
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Sum Insured (Minimum) |
Rs. 300000/- |
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Sum Insured (Maximum) |
No limit |
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Policy Term |
10, 15, 20 and 25 Years |
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Premium Payment Term |
2/3 rd of the selected policy term |
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Installment Premium (Min.) |
Sum Insured |
Yearly |
Half-Yearly |
Quarterly |
Monthly |
|
Rs. 2, 50, 000/- |
Rs. 1500/- |
Rs. 750/- |
Rs. 400/- |
Rs. 150/- |
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Maturity Age (Minimum) |
28 Years |
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Maturity Age (Maximum) |
65 Years |
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What is the premium pay off factor?
The installment premium for the frequency of premium pay off is calculated by multiplying your annual premium with the factors mentioned in the following table:
|
Premium |
Monthly |
Quarterly |
Half Yearly |
Annually |
|
FrequencyFactor |
0.09 |
0.26 |
0.51 |
1.00 |
How premium rebates are calculated?
As mentioned above, the policy offers a handsome discount on premium for insuring an amount of Rs. 500000 or more. Check out the HSAR (for individual life) in the table given below:
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Sum Insured Range |
% Rebate for Age Group |
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|
18 to 30 Years |
31 to 40 Years |
41 to 50 Years |
51 to 60 years |
|
|
500000 to 749999 |
5% |
5% |
2.50% |
2.50% |
|
750000 to 999999 |
10% |
10% |
5% |
2.50% |
|
1000000 to 1499999 |
17.50% |
12.50% |
5% |
5% |
|
1500000 to 2999999 |
25% |
15% |
7.50% |
5% |
|
3000000 to 7499999 |
32.50% |
17.50% |
10% |
5% |
|
7500000 and more |
37.5% |
20% |
10% |
7.50% |
The following chart shows the amount of JLR (joint life rebate):
|
Age of Insured (Elder) |
Less than or equal to 40 |
41 to 50 |
More than or equal to 51 |
|
% JLR |
7.50% |
5% |
2.50% |
What are the death benefits offered under the policy?
The death benefits depend on the type of life insurance scheme you have selected, i.e. individual or joint.
- In an unfortunate case of demise of the policyholder, when the policy is in-force, the benefit paid is the sum insured. This clause is applicable, only if the all the premiums are paid up to date. Most importantly, just after the death of the policyholder, the insurance plan is terminated.
- In case of joint insurance coverage, this benefit is given to the surviving member insured under the policy. The amount paid by the company is the current sum insured under the insurance coverage. Obviously, the amount of premium to be paid by the surviving policyholder is reduced.
- As far as surrender and maturity benefits are concerned, such benefits are not available with the policy.
Some frequently asked questions about the policy
Is there any tax benefit offered for availing this plan?
Of course, there are attractive tax benefits for the premiums paid, Under Indian Income Tax Act, 80 C. Tax rebates are also available for death benefit, under Sec – 10 (10D), Indian Income Tax Act.
What if you want to review your policy after purchasing?
For the case mentioned above, 15 days of Free Look Period is provided.It is 30 days for policies issued under IRDA Guidelines for Distance Marketing provisions.
