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Bajaj Allianz iSecure Plan

Bajaj Allianz iSecureis a non-participating level cover term insurance plan. It keeps an individual’s family financially secured in the event he or she is no more. Bajaj Allianz iSecure offers life cover at a low premium, with the option for one’s loved ones to receive the sum assured in instalments.

About Bajaj Allianz Life Insurance Company - Bajaj Allianz is among India’s top private life insurers. It is a joint venture between Bajaj Finserv Limited and insurance conglomerate Allianz SE. The company started its operations in 2001, and today has 582 branches across India. Bajaj Allianz’s portfolio includes traditional insurance products, ULIPs, group insurance and health plans.

(Note - All the information contained in this page has been sourced from the official website of Bajaj Allianz.)

Features of Bajaj Allianz iSecure Term Plan

The key features of Bajaj Allianz iSecure Term Plan are as under:

  • Level term cover at low cost
  • Special premium rates for non-smokers as well as for medically fit non-smoker
  • Attractive high sum assured rebate
  • Option to boost coverage with rider benefits
  • Flexibility to:

    • Select policy period of 10, 15, 20, 25 or 30 years
    • Change premium payment frequency
    • Include spouse at a later date to the policy, if the individual is single at present
    • Choose payment of benefit in annual instalments

Benefits of Bajaj Allianz iSecure Term Plan

Death Benefit

a) Individual Life- In the event of the life assured’s demise during the policy period, the sum assured will be paid to the nominee. The cover shall terminate on the demise of the individual.

b) Joint Life- The death benefit is paid on the demise of each life. On the death of any one of the policyholders, the cover will continue for the surviving life assured with a reduced premium. The policy will terminate on the death of the surviving life assure

Eligibility criteria

ParametersEligibility
Minimum Entry Age18 years
Maximum Entry Age60 years
Minimum Sum Assured
Rs. 2,50,000 for general category and
Rs. 20,00,000 for the categories split by Preferred Non-Smoker, Non-Smoker and Smoker
Maximum Sum AssuredNo Limit
Policy Term10, 15, 20, 25 & 30 years
Minimum Maturity Age28 years
Maximum Maturity Age70 years

Premium Details

Minimum Instalment Premium
Sum Assured< 2,000,000>= 2,000,000
YearlyRs. 1,000Rs. 3,000
Half-YearlyRs. 500Rs. 1,500
QuarterlyRs. 250Rs. 750
MonthlyRs. 100Rs. 250

Bajaj Allianz iSecure Riders

The riders available with Bajaj Allianz iSecure are:

  • Bajaj Allianz Accidental Death Benefit Rider
  • Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider
  • Bajaj Allianz Waiver of Premium Benefit Rider

For joint life cover, the rider can be opted individually or jointly by the lives assured

Documents required

The documents that are required to avail Bajaj Allianz iSecure Plan include:

  • ID Proof
  • Address Proof
  • Age Proof
  • Recent Photograph

Exclusions - Bajaj Allianz iSecure Term Plan

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 risk commencement or policy’s latest revival, the contract of insurance shall be terminated. The insurer will pay out 80% of the premiums paid till the date of demise, whether or not any beneficial interest has been created therein. The insurance contract’s validity will be determined as per the actual date of demise of the life assured and not the date of intimation of death.

Faqs On Bajaj Allianze isecure term plan

How to reinstate a lapsed policy?

If the policy is lapsed as a result of premium non-payment, the individual can revive it by making an application for revival within two years from the due date of the first unpaid premium.

What are the benefits of Bajaj Allianz iSecure Plan?

The key advantages of Bajaj Allianz iSecure Plan are - Rebate for high sum assured, Life cover to your spouse and Payouts in instalments.

How to check claim status of Bajaj Allianz iSecure Plan?

Individuals can check the status of the claim on the ‘Get Claim Status’ page of Bajaj Allianz. The information that users will need to input include - Policy No., Notification No. and PH/LA Date of Birth.

What is the basic sum assured amount?

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What is the minimum and maximum entry age?

The minimum entry age is 18 years and maximum entry age is 60 years.

What is the minimum and maximum maturity?

The minimum maturity age is 28 years and the maximum maturity age is 70 years.

What is the premium paying frequency?

Bajaj Allianz iSecure Plan gives users the option to pay premiums on yearly, half-yearly, quarterly or monthly basis.

What is the grace period offered by the policy?

In case of failure to make premium payment by the due date, a grace period of 30 days is allowed for premium payment frequencies other than monthly. A grace period of 15 days is allowed for monthly frequency.

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