• Term Life
  • Investment

Bajaj Allianz iSecure Loan Term Plan

Bajaj Allianz iSecure Loan Term Plan is a Non-Participating Mortgage Cover Term Assurance Plan. The purpose of the plan is to protect your family against any loan liability in your absence. This plan comes with the option to cover yourself, or to cover yourself jointly with your spouse or child or business partner, etc., provided insurable interest can be established.

Note: All information has been sourced from the official website of Bajaj Allianz Life.

Features of Bajaj Allianz iSecure Loan

Mentioned below are the features of Bajaj Allianz iSecure Loan:

  • It is a pure decreasing term insurance policy.
  • Option of limited premium payment term of 2/3rd of your policy term.
  • Option to choose your policy term from 10, 15, 20 and 25 years.
  • Option to choose the loan interest rate.
  • Attractive high sum assured rebate.
  • Additional discount for online policies.
  • Option to lower the cost of insurance based on your reducing loan liabilities.

Benefits of Bajaj Allianz iSecure Loan Term Plan

Mentioned below are the benefits of Bajaj Allianz iSecure Loan:

Death Benefit:

  1. Individual Life - In case of unfortunate death of life assured during the policy term, the prevailing Sum Assured will be payable as death benefit to the nominee and the policy will terminate immediately, provided all premiums are paid up to date.

  2. Joint Life: On death of any one of the life assured, the prevailing sum assured in respect of the deceased life assured will be paid, and the policy will automatically continue on the surviving life assured with a reduced premium. The reduced premium will be based on the age, policy term and the sum assured in respect of the surviving life as at the inception of the policy.

Tax Benefit: Premium paid is eligible for tax benefits under Section 80C of the Income Tax Act, 1961 and death benefit is eligible for tax benefits under Section 10(10D) of the Income Tax Act, 1961. Note: There is no maturity or surrender benefit under this plan.

Eligibility Criteria for Bajaj Allianz iSecure Loan

Mentioned below are the eligibility details for Bajaj Allianz iSecure Loan:

CriteriaDescription
Minimum Entry Age18 years
Maximum Entry Age60 years
Minimum Sum Assured₹3,00,000
Maximum Sum AssuredNo Limit
Policy Term10, 15, 20 & 25 years
Premium Payment Term2/3rd of the policy term chosen; rounded down in years
Minimum Installment Premium
₹1,500 per yearly installment, ₹750 per half-yearly installment, ₹400 per quarterly installment, ₹150 for monthly installment*
*For monthly installment, three (3) installments need to be paid at the inception of the policy.
Minimum Maturity Age28 years
Maximum Maturity Age65 years

Premium Details

Mentioned below are the premium details: Premium Frequency Factor - The installment premium payment frequencies, other than yearly installment, is arrived at by multiplying the yearly premium with the premium frequency factors given below.

Premium FrequencyFrequency Factor
Monthly0.09
Quarterly0.26
Half Yearly0.51
Yearly1.00

Premium Rebates - You are entitled to a discount on the premium for choosing high sum assured of ₹5,00,000 and above.

Other details of Bajaj Allianz iSecure Loan

Grace Period - If you have failed to make payment of the premium by the due date, a grace period of 30 days for premium payment frequencies, other than monthly and 15 days, for monthly frequency is granted.

Free-Look Period – The free look period is 15 days.

Documents Required for Bajaj Allianz iSecure Loan

A prospective policyholder will have to submit their relevant KYC details - ID and Address Proof along with the Application/Proposal Form online.

Exclusions of Bajaj Allianz iSecure Loan

If the life assured or second life assured, in case of joint life policy commits suicide, whether sane or insane, within one year from the date of commencement of risk or the date of latest revival of the policy, the insurance policy shall be terminated by paying an amount equal to 80% of the premiums paid till the date of death, whether or not any beneficial interest has been created therein.

Review of Bajaj Allianz iSecure Loan

Bajaj Allianz iSecure is an excellent option for individuals who have too many liabilities vs. dependents. In order to prevent the burden of debt on the family members post the policyholder’s demise, the Bajaj Allianz iSecure Loan Term Insurance Plan provides good cover. Competitive pricing and superior quality customer service has made the company a market leader in a short time.

FAQs on BajajAllianz isecure Loan Term Plan

What are the rider options available under this policy?

There are no rider options available under this policy.

Can I avail minimum benefit in case I surrender the policy?

No, there are no surrender benefits under this policy.

Is there a loan facility available under this plan?

No, this plan does not come with a loan facility.

What happens if I’m unable to pay premiums?

If you fail to pay the premium post the grace period, the policy will cease to exist and no death benefit or paid-up value will be payable.