You make every possible effort, you work hard, make savings and so on, to get your family the best possible care. However, sometimes these efforts go small when uncertainties knock on your doors. Therefore, getting well prepared for the unforeseen is as important as living a good life now. Also, this is the need of every family. Keeping this concern on mind, Bajaj Allianz has come up with iSecure, a term insurance plan to fulfill the financial needs of your family.
Policy – Highlights and benefits
It has only death benefits. No maturity or surrender benefits are there.
There are special discounts for larger sum covered and on advance payment of premium (lump sum).
It offers a concession on premium especially to non-smokers as well as non-smokers who are medically fit.
3 extra riders can be availed with this plan.
The policy offers a great degree of flexibility, in terms of policy duration (10, 15, 20, 25, or 30 years), premium frequency.
Also, if currently you are single, you can add your spouse later on in the same existing policy.
Policy – Functioning
One of the best things about Bajaj Allianz iSecure is – it can be customized according to the needs of the policyholders, just in 4 simple steps. Take a look:
| Select Policy (individual or joint policy) |
| Select Sum Insured (Life Cover) |
| Select Policy Term & Payment Frequency |
| Lifestyle Selection Option (Smoker or Non-Smoker) – for Sum Insured is 20, 00, 000 or more |
- The premiums are based on the current age of the policyholder, amount of coverage, lifestyle category, if needed, policy duration and payment frequency.
- In case of demise of the policyholder, the dependent nominees are entitled to get the death benefit as specified in the policy.
- Lifestyle category selection is available for policies with Rs. 20, 00,000 or more sum insured and subject to health screening as mentioned in the policy clause(s).
- A non smoker with no aberrations in his or her medical examination results, no family history, and has no hazardous avocation is recognized as ideal non-smoker, as decided by the service provider.
Policy – Eligibility Criteria
|
Considerations |
Eligibility |
||||
|
Entry Age (Minimum) |
18 Years |
||||
|
Entry Age (Maximum) |
60 Years |
||||
|
Sum Insured (Minimum) |
Rs. 2, 50, 000/- (General Category) & Rs. 20, 00, 00/- (Lifestyle Option) |
||||
|
Sum Insured (Maximum) |
No limit |
||||
|
Policy Term |
10, 15, 20, 25 and 30 years |
||||
|
Installment Premium (Min.) |
Sum Insured |
1 year |
6 Months |
3 Months |
Per Month |
|
< Rs. 2, 000, 000 |
1, 000 |
Rs. 500 |
Rs. 250 |
Rs. 100 |
|
|
>= Rs. 2, 000, 000 |
3, 000 |
Rs. 1, 500 |
Rs. 750 |
Rs. 250 |
|
|
3 installments should be paid at the commencement of the policy (for monthly installments) |
|||||
|
Maturity Age (Minimum) |
28 Years |
||||
|
Maturity Age (Maximum) |
70 Years |
||||
Death Benefits
Individual cover
- Unfortunately, if the insured dies during the policy tenure, the benefit would be the sum insured, only if all premiums are paid till date.
- Also, the plan would be immediately terminated on death of the policyholder.
Family Cover (Joint)
- It is payable on the death of each member insured only if the policy is running. The benefit paid at that time would be the sum insured.
- If any one of the policyholders dies, the plan would automatically get in-force for the surviving candidate (premium reduced). The reduction in the premium would be calculated on the basis of age, policy tenure, lifestyle category, frequency of premium payment and sum insured of the living candidate under the policy as at the commencement of the policy term.
- The plan would be immediately terminated on death of the surviving candidate.
Policy – Tax Benefits
- Premiums done are entitled to get handsome tax rebates according to the Income Tax Act, Section 80 C.
- Death benefits are entitled to tax benefits, under the Income Tax Act, Section 10 (10 D).
Policy – Premium Details
- The insurance provider offers different sets on the rate of premiums for sum insured < Rs. 20, 00, 000 and > o r= Rs. 20, 00, 000.
- The policy also rewards the policyholder for maintaining good health (healthy lifestyle, as mentioned in the policy).
The chart given below shows the premiums to be paid a sum insured of Rs. 25, 00, 00 for all lifestyle categories:
|
Lifestyle Category |
Policy Duration |
||||
|
10 |
15 |
20 |
25 |
30 |
|
|
Smoker |
3803 |
3973 |
4266 |
4753 |
5387 |
|
Non-Smoker |
3469 |
3561 |
3723 |
4047 |
4486 |
|
Preferred Non-Smoker |
3285 |
3353 |
3488 |
3780 |
4208 |
Frequently Asked Question
What if you are unable to pay off your policy premiums?
If you are unable to pay the outstanding premium before the grace period ends, your policy would be ceased. If this happens, then paid-up value or death benefit would be reimbursed. However, you can revive your policy with the given period (2 years) from the date of your first unpaid premium. It is subject to renewal conditions.
What is the duration of the grace period?
It is of 15 days for monthly frequency payment and 30 days for other frequencies.
What are the exclusions?
If you or your spouse (applicable on joint plan) commits suicide, be it for a sane or insane reason, the policy would be terminated. However, 80% of the total premiums paid off till the death of the insured will be paid by the insurance provider.
