- About Coverfox
Bajaj Allianz iSecure is 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.)
The key features of Bajaj Allianz iSecure Term Plan are as under:
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
|Minimum Entry Age||18 years|
|Maximum Entry Age||60 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 Assured||No Limit|
|Policy Term||10, 15, 20, 25 & 30 years|
|Minimum Maturity Age||28 years|
|Maximum Maturity Age||70 years|
|Minimum Instalment Premium|
|Sum Assured||< 2,000,000||>= 2,000,000|
|Yearly||Rs. 1,000||Rs. 3,000|
|Half-Yearly||Rs. 500||Rs. 1,500|
|Quarterly||Rs. 250||Rs. 750|
|Monthly||Rs. 100||Rs. 250|
The riders available with Bajaj Allianz iSecure are:
For joint life cover, the rider can be opted individually or jointly by the lives assured
The documents that are required to avail Bajaj Allianz iSecure Plan include:
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.
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 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.