- About Coverfox
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.)
The features of Bajaj Allianz i-Secure More Term Insurance Plan are as follows:
Death benefit payable under Bajaj Allianz iSecure More Term Insurance Plan is as follows: a) Individual Life –
|Entry Age||18 years||60 years|
|Maturity Age||28 years||70 years|
|Maturity Age||Rs. 2,50,000||No Limit (subject to the Sum Assured multiples)|
Policy Term - 10, 15, 20 and 25 years
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 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
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 frequency||Frequency factor (freq)|
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|
|<=30||31 - 40||41 - 50||41 - 50|
|5,00,000 to 9,99,999||10.00%||5.00%||2.50%||2.50%|
|10,00,000 to 19,99,999||17.50%||7.50%||5.00%||2.50%|
|20,00,000 to 49,99,999||20.00%||10.00%||5.00%||5.00%|
|50,00,000 & above||25.00%||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 Assured||JLR as % of the total Gross Premium applicable to the individual lives|
|41 to 50||3%|
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.
An individual will have to submit certain documents to avail Bajaj Allianz i-Secure More Term Insurance Plan. The documents include:
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.
“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.”
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.