Bajaj Allianz LifeStyle Secure Term Plan is a non-participating, non-linked regular premium payment insurance policy that offers level cover term insurance and terminal illness benefit. The insurance policy assures financial protection to one’s family, giving them the security of maintaining their current lifestyle in the event something untoward happens.
About Bajaj Allianz: The insurance company is a joint venture between Bajaj Finserv Limited and Allianz SE. Both the companies hold a reputation of expertise, stability and strength. This JV incorporates local experience with global expertise. Competitive pricing as well as quick response time of the insurer has allowed it to win customers’ trust and market leadership in a very short 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 Life Style Secure Term Insurance Plan are as follows:
In case all due premiums are paid, then, in the event of the unfortunate demise or terminal illness of the life assured, whichever is earlier, the nominee or claimant will receive the sum assured in equated monthly instalments as per the table below:
| Policy Term | Death/ Terminal Illness benefit is paid over (in Months) |
|---|---|
| 5 | 60 |
| 7 | 84 |
| 10 | 120 |
| 15 | 180 |
| 20 | 240 |
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. Option to take Death /Terminal Illness instalments in a lump-sum - The nominee or claimant, at any time, can request for a discontinuance of the monthly instalments, even after the instalments have commenced. Once the insurance company has received the request, the nominee or claimant will be eligible to receive an amount that is equivalent to: Equated monthly instalment (Death or Terminal Illness benefit/policy term12) factor1
| Parameter | Eligibility |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 50 years |
| Minimum Age at Maturity | 23 years |
| Minimum Age at Maturity | 60 years |
| Policy Term | 5/ 7/ 10/ 15/ 20 years |
| Minimum Sum Assured | Rs. 3,00,000 |
| Maximum Sum Assured | Rs. 15,00,000 |
| Premium Payment Frequency | Monthly, Quarterly, Half Yearly, Yearly |
The premiums will be determined on the basis of the applicant’s current age, gender, sum assured, policy period and premium payment frequency.
| Mode | Minimum premium | Maximum premium |
|---|---|---|
| Yearly | Rs. 1,466 | Rs. 20,458 |
| Half-Yearly | Rs. 748 | Rs. 10,434 |
| Quarterly | Rs. 381 | Rs. 5,319 |
| Monthly | Rs.132 | Rs. 1,841 |
Option to Change Premium Payment Frequency - A policyholder can opt to change his or her regular premium payment frequency to any other mode (i.e. monthly, quarterly, half yearly or yearly), subject to availability of the frequency as well as minimum modal premium criteria under the policy.
The modal premium for frequencies besides the annual mode is determined by multiplying the annual premium by the premium payment frequency factors as given below:
| Premium frequency | Frequency Factor |
|---|---|
| Monthly | 0.09 |
| Quarterly | 0.26 |
| Half yearly | 0.51 |
| Yearly | 1.00 |
A policyholder can customize his or her policy in the following manner:
Step 1: Select the Sum Assured Step 2: Select the Policy Term
Premiums will be on the basis of the applicant present age, gender, coverage amount, policy period and premium payment frequency.
E.g.: Hassan, who is 28 years old, has opted for LifeStyle Secure for a policy period of 20 years. His coverage amount is Rs. 12,00,000. In the event of his demise during the policy term, the sum assured received by his nominee shall be Rs. 12,00,000, which will be paid over 240 equated monthly instalments.
High Sum Assured Rebate - The policy offers an attractive premium discount structure. For every complete additional Rs. 1,000 sum assured availed over and above the minimum coverage amount of Rs. 3,00,000, the life assured can benefit from a discount of Rs. 2.75.
Tax Benefits - The premiums paid towards this policy are eligible for tax benefit under Section 80C of the Income Tax Act, 1961 and death benefit is eligible for tax benefit under Section 10(10D) of the Income Tax Act, 1961.
An individual will have to submit certain documents to avail Bajaj Allianz LifeStyle Secure Term Insurance Plan. The documents include:
Identity Proof
Address Proof
In case the life assured commits suicide - whether sane or insane - within a year of the date of risk commencement or the date of latest revival of the policy, the policy shall get terminated. The insurance company will pay 80% of the premiums paid till the date of demise, provided the policy is active.
“Easy to buy, not costly and the staff is very friendly. The company issued this policy in a very short time.”
“Bajaj Allianz is a well-known company and that is why I bought insurance from them. I talked to their representative who suggested I get LifeStyle Secure Term Insurance Plan as it fits all my requirements.”
What are the benefits payable under Bajaj Allianz LifeStyle Secure Term Insurance Plan?
In the event of the demise or terminal illness of the life assured during the policy period, the nominee/claimant shall receive the sum assured in equated monthly instalments.
Does Bajaj Allianz LifeStyle Secure Term Insurance Plan pay out maturity benefits?
No. Since Bajaj Allianz LifeStyle Secure 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 LifeStyle Secure Term Insurance Plan?
Premiums paid toward Bajaj Allianz LifeStyle Secure Term Insurance Plan are eligible for tax benefits as per Section 80C of the Income Tax Act, 1961. Death benefit(s) are tax free 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 premium is not paid before the end of the grace period, the policy will lapse. The life cover under the lapsed policy will cease and death benefit will not be payable. If the death or terminal illness of the policyholder occurs during the grace period, the death benefit shall be payable under the policy, as if the policy was in effect for complete sum assured, after deduction of the outstanding premium due as on that date. A policy that has lapsed can be revived within a period of 2 years from the due date of first unpaid premium, subject to the revival conditions. If this is not done by the end of the revival period, the policy shall get terminated and all the premiums paid will be forfeited.
Is free-look period available for Bajaj Allianz LifeStyle Secure Term Insurance Plan?
Yes. If an individual disagrees with the terms of the Bajaj Allianz LifeStyle Secure Term Insurance Plan after having received the policy document, he or she can return the policy within 15 days of its receipt.
