• Term Life
  • Investment

Bajaj Allianz i-Secure More Term Plan

Bajaj Allianz iSecure More Term Plan is an increasing cover term plan that enhances an individual’s protection to meet his or her family's financial requirements. The policy enables the insured to keep the family financially secure as the years go by.

About Bajaj Allianz: The insurer is a JV between Bajaj Finserv Limited and Allianz SE. Both the firms hold a reputation of expertise and stability. Quick response and affordable rates have helped the company earn the customers’ trust in a very short span of time.

(Note - All the information listed on this page has been sourced from the official website of Bajaj Allianz Life Insurance.)

Features of Bajaj Allianz i-Secure More Term Plan

The features of Bajaj Allianz i-Secure More Term Insurance Plan are as follows:

  • Increasing cover of 5% per annum at every policy anniversary up to twice the Sum Assured on policy inception.
  • Choice of policy period from 10 years to 25 years.
  • Single and joint life (with spouse) available.
  • Tax benefits are available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  • High sum assured rebate for coverage amount Rs. 5 lakhs and above.
  • Option for disbursement of policy pay out in monthly instalments.

Benefits of Bajaj Allianz i-Secure More Term Plan

Death benefit payable under Bajaj Allianz iSecure More Term Insurance Plan is as follows: a) Individual Life –

  • In the event of the death of the life assured during the policy period, provided all premiums are paid up to date, the benefit sum assured will be paid.
  • The policy cover shall terminate on the demise of the life assured. b) Joint Life -
  • The death benefit shall be paid on the death of each life, provided the policy is active. The benefit payable will be the prevailing sum assured.
  • On the demise of any one of the life assureds, the policy will continue on the surviving life assured with a reduced premium. The reduced premium will be on the basis of the age, policy period, premium payment frequency and sum assured of the surviving life assured, as at the policy inception.
  • The policy cover terminates on the demise of the surviving life assured. Note - No maturity benefit shall be paid on survival till the end of the policy period. Similarly, no surrender benefit is payable under the plan.

Eligibility Criteria

CriteriaMinimum Maximum
Entry Age18 years60 years
Maturity Age28 years70 years
Maturity AgeRs. 2,50,000No Limit (subject to the Sum Assured multiples)

Policy Term - 10, 15, 20 and 25 years

Product Details

  • Bajaj Allianz iSecure More gives one the option to cover self or to jointly cover self and spouse.

  • An individual can customize the policy by following the steps below:

    Step 1: Select between an individual or a joint life cover Step 2: Select the sum assured(s) Step 3: Choose the policy period and premium payment frequency

  • The premium under Bajaj Allianz iSecure More is based on one’s current age(s), sum assured(s), policy term and premium payment frequency.

  • The life cover will increase at every policy anniversary by 5% of the original sum assured at the policy’s inception.

  • This increase will be restricted, such that the cover amount is not more than twice the original sum assured at the inception of the policy.

  • In the event of the demise of the policyholder, the death benefit payable will be the prevailing sum assured as on the date of death.

Premium Detail

Premium of Bajaj Allianz i-Secure More Term Insurance Plan is based on the applicant’s current age(s), Sum Assured(s), policy period and premium payment mode.

Minimum Instalment Premium

ModePremium (Rs.)
YearlyRs. 1,500
Half-YearlyRs. 750
QuarterlyRs. 400
Monthly*Rs.150
  • For monthly instalment, three instalments have to be paid at the policy’s inception

Premium Frequency Factor

The instalment premium for premium payment frequencies besides yearly instalment is calculated by multiplying yearly premium with premium frequency factors as shown below:

Premium frequencyFrequency factor (freq)
Monthly0.09
Quarterly0.26
Half-Yearly0.51
Yearly1.00

Premium Rebates

The policy offers attractive premium discount for sum assured of Rs. 5,00,000 and above. The sum assured rebate for an individual life is as below

SA Band% Rebate (reb%) for Age Band
<=3031 - 4041 - 5041 - 50
5,00,000 to 9,99,99910.00%5.00%2.50%2.50%
10,00,000 to 19,99,99917.50%7.50%5.00%2.50%
20,00,000 to 49,99,99920.00%10.00%5.00%5.00%
50,00,000 & above25.00%10.00%7.50%5.00%

Premium rate for joint life will be determined by allowing rebate on the total of the gross premium applicable to the individual lives. The joint life rebate (JLR) for joint life is:

Age of Older Life AssuredJLR as % of the total Gross Premium applicable to the individual lives
<=405%
41 to 503%
>=511%

Other Details of Bajaj Allianz i-Secure More Term Plan

A. Option to take Death Benefit in instalments The policyholder’s spouse or nominee can choose to take the death benefit in monthly instalments of five or ten years.

B. Option to include spouse at a later date If the life assured is not married at the inception of the policy, the individual can include his or her spouse at a later date, after marriage.

Documents required

An individual will have to submit certain documents to avail Bajaj Allianz i-Secure More Term Insurance Plan. The documents include:

  • Identity Proof

    • PAN card,
    • Aadhaar card,
    • Passport, etc.
  • Address Proof

    • Aadhaar card,
    • Passport,
    • Driving license, etc.

Exclusions - Bajaj Allianz i-Secure More Term Plan

In case the life assured or second life assured (under joint life policy) commits suicide - whether sane or insane - within a year from the commencement of risk or the date of latest revival of the plan, the contract shall be terminated. The insurance company will pay an amount equal to 80% of the premiums paid until the date of death, whether or not any beneficial interest has been created therein.

Reviews of Bajaj Allianz i-Secure More Term Plan

“I found the premiums to be quite affordable and the cover amount was enough to meet my family’s needs. Also, since this is an increasing term plan, I have been told it addresses the impact of inflation. So, I find i-Secure More Term Insurance Plan all-in-all good.”

  • Vignesh Joshi, Bangalore “My friend referred this plan to me. When there was a death in his family, the company helped him make the claim and receive the pay out on time. He did not face any problem in making the claim and the whole process went quite smoothly.”
  • Shruti Sinha, Rajkot

FAQs on Bajajallianz More Term Plan

If a policyholder gets married during the term of the plan, can the individual include his or her spouse?

Yes. If the individual is unmarried at the inception of the policy but ties the knot later, the individual can include the spouse.

Does Bajaj Allianz i-Secure More Term Insurance Plan pay out maturity benefits?

No. Since Bajaj Allianz i-Secure More is a term insurance plan, it does not pay out any maturity benefits. The sum assured is only payable on the death of the life assured during the policy period.

What are the tax benefits available under Bajaj Allianz i-Secure More Term Insurance Plan?

Premiums paid toward Bajaj Allianz i-Secure More Term Insurance Plan are eligible for tax benefits as per Section 80C of the Income Tax Act, 1961. Death benefit(s) are eligible for tax benefits as per Section 10 (10D) of the Income Tax Act.

What happens if a policyholder is unable to pay his or her premiums?

In case the due premiums are not paid before the end of the grace period, the life cover under the policy will cease. This would mean that no death benefit will be payable. The individual can revive the plan within a revival period of two years from the due date of first unpaid premium.