Bajaj Allianz Life iSecure

A Non-Linked Non-Participating Term Life Insurance Plan

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Level Life Cover
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High Sum Assured Rebate
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Option to take death benefit in instalments
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Joint life cover
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  • Overview

  • Key Advantages

  • How this works

  • Eligibility

  • Downloads

  • Policy Benefits

A little planning goes a long way to manage some of the surprises life may have in store for you. This planning can also be essential to secure your family’s future, keeping their life goals on track. Buying a term insurance plan is one such plan to help your family realise their goals even in your absence.

Bajaj Allianz Life iSecure, a term plan, enables you to provide the required financial security for your family. It offers a life cover at a low premium, with the option to your loved ones to receive the death benefit in instalments, in order to meet their financial needs.

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Pay Regular or Limited Premiums

You can opt to pay premiums on a regular basis during the policy term or for a limited period of 5, 10, 15, 20 or 25 years

Rebate for high sum assured

If you opt for a high sum assured, iSecure offers attractive rebates in premium.

Life cover for your spouse

Enjoy the flexibility to include your spouse in the same policy, at inception or at a later date (in case of single at policy inception), and enjoy joint life rebate on the total gross premium.

Payouts in instalments

The nominee can opt to receive the death benefit payout in equal monthly instalments for five or ten years.

Lower premium for a healthy lifestyle

Get rewarded for maintaining a healthy life-style, if applicable, with special premium rates for non-smokers and non-smoker1. 1This categorisation is available, subject to medical examination/tests as decided by the Company. A Non-smoker who has no abnormalities in his medical examination/tests or family/personal history; has no risky avocation and does not have a risky occupation, as decided by the Company, is classified as a Preferred Non-Smoker. Based on Board Approved Underwriting Policy

Multiple options for policy terms

Choose from multiple policy terms depending on your requirement

Alter premium payment frequency

Premium can be paid in monthly, quarterly, half-yearly and annually. You can change the premium payment frequency on any policy anniversary.

Avail tax benefit

Premium paid, Surrender value and Death Benefit may be eligible for tax benefits as per extant Income Tax Act 1961, subject to the provision stated therein and as amended from time to time. You are requested to consult your tax consultant and obtain independent advice for eligibility and before claiming any benefit under the policy.

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Choose either individual or a joint life cover

Bajaj Allianz Life iSecure offers you the choice to cover your spouse as well jointly with yourself. 

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Choose your sum assured(s) (Life Cover)

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Choose your policy term, premium payment term & premium payment frequency

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Choose your lifestyle category either “Non-Smoker1” or “Smoker1

Your premium will be based on your current age(s), sum assured(s), lifestyle category (if applicable), policy term, premium payment term and premium payment frequency. In case of unfortunate demise, the death benefit will be the sum assured under the policy.

1This categorisation is available subject to medical examination/tests as decided by the Company. A Non-smoker who has no abnormalities in his medical examination/tests or family/personal history; has no risky avocation and does not have a risky occupation, as decided by the Company, is classified as a Non-Smoker Preferred, based on Board Approved Underwriting Policy.

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Entry Age

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Minimum age is 18 years

Maximum age is 65 years

For policies purchased through POS channel: Maximum Age is 55 years

Maturity Age

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Minimum Maturity Age

28 years

Maximum Maturity Age

85 years

For policies purchased through POS channel: Maximum Age is 65 years.
The minimum and maximum age at Maturity will be as per prevailing POS guidelines, as amended from time to time

Premium Payment Term (PPT) & Policy Term (PT)

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Premium Payment Type

Premium Payment Term

Policy Term

Limited Pay

5

10 to [85 minus Age at Entry]

10

11 to [85 minus Age at Entry]

15

16 to [85 minus Age at Entry]

20

 

21 to [85 minus Age at Entry]

25

26 to [85 minus Age at Entry]

Regular Pay

10 to [85 minus Age at Entry]

Same as Premium Payment Term

For policies purchased through POS channel:

Premium Payment Type

Premium Payment Term

Policy Term

Limited Pay

5

10 to [65 minus Age at Entry]

10

11 to [65 minus Age at Entry]

15

16 to [65 minus Age at Entry]

20

 

21 to [65 minus Age at Entry]

25

26 to [65 minus Age at Entry]

Regular Pay

10 to [65 minus Age at Entry]

Same as Premium Payment Term

Minimum & maximum Policy term will be as per prevailing POS guidelines, as amended from time to time

Minimum Installment Premium

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Yearly

Half-Yearly

Quarterly

Monthly*

₹3000

₹1500

₹750

₹250

Maximum Installment Premium

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As per the maximum Sum Assured
Minimum and Maximum Premium shall be as per the Board Approved Underwriting Policy (BAUP) of the Company

Sum Assured

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Minimum Sum Assured

₹25,00,000

Maximum Sum Assured

₹1,00,00,000

Maximum Sum Assured shall be as per the Board Approved Underwriting Policy (BAUP) of the company.

For POS Channel- The maximum Sum Assured will be as per prevailing POS guidelines, as amended from time to time.

(Sum Assured would be in multiple of Rs 50,000, as per POS guidelines, as amended from time to time)

The product is available for Sale through online mode.

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Brochure

Download

Policy Document

Download

Product Presentation

Download
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Maturity Benefit

No maturity benefit shall be payable on survival till the end of the policy term.

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Death Benefit

A.Individual Life

- In case of unfortunate death of life assured during the policy term, provided all premiums are paid up to date, the benefit will be Sum Assured on Death##

- The policy cover will terminate immediately on death of the life assured.

B. Joint Life

- The death benefit is payable on death of each life, provided the policy is in-force. The benefit payable will be Sum Assured on Death##

- On death of any one of the life assureds, the policy will automatically continue on the surviving life assured with a reduced premium. The reduced premium will be based on the age, lifestyle category (if applicable), policy term, premium payment term and premium payment frequency of the surviving life assured as at the inception of the policy and the sum assured with respect to the surviving life under the policy.

- The policy cover will terminate immediately on death of the surviving life assured.

##Sum Assured on Death is defined as the higher of (a) 10 times Annualized Premium*, (b) 105% of Total Premiums paid* till date of death, (c) Sum Assured (or prevailing sum assured, if applicable)

*Annualized Premium is the total premium/s payable in a policy year. The annualized premium is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, extra premium, and, and Total Premiums paid shall be the total of all premiums received, exclusive of taxes, and extra premium, if any. Please note that Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, will be collected over and above the premium under the policy.

For policies purchased through POS channel, Waiting Period of sixty (60) days from Date of commencement of risk or revival (whichever is latest) shall be applicable. During this period, the death benefit due to any reason other than accidental death will be 100% of total premiums paid till date, excluding GST/any other applicable tax levied, subject to changes in tax laws and any extra premium

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Surrender Value/Unexpired Risk Premium Value

For Regular Premium policies:

  • Surrender value is not available.

For Limited Premium policies:

  • Surrender value is available only after the premium payment term. The surrender value payable shall be higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV)

The Company shall have the right to revise the SSV Factors from time to time, subject to prior approval from the Authority.

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Tax Benefits

Premium paid, Surrender value and Death Benefit may be eligible for tax benefits as per extant Income Tax Act 1961, subject to the provision stated therein and as amended from time to time. You are requested to consult your tax consultant and obtain independent advice for eligibility and before claiming any benefit under the policy.

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Additional Rider Benefit

You have the option to enhance your coverage with optional rider benefits. The riders currently available with Bajaj Allianz Life iSecure are:

Sr. No.

Riders

UIN

1.

Bajaj Allianz Accidental Death Benefit Rider 

UIN: 116B034V02

2.

Bajaj Allianz Accidental Permanent Total/ Partial Disability Benefit Rider

UIN: 116B036V02

3.

Bajaj Allianz Waiver of Premium Benefit Rider

UIN: 116B031V02

In case of joint life the rider can be opted individually or jointly by the lives assured.

The rider can only be taken at the inception of the policy. For Joint Life, in case of accidental death of the first life an additional accidental death benefit shall be payable and the rider (along with the base policy) will continue on life of the surviving Life Assured. In case of non – accidental death of the first life the rider (along with the base policy) will continue on life of the surviving life assured.

Please refer to respective rider sales literature or visit Company website or consult your “Insurance Consultant” for more details and eligibility conditions.

For policies purchased from POS channel, riders would not be available.

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Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

Why Bajaj Allianz Life Insurance ?

99.23%
Claim Settlement Ratio~
1 Day
Claim Approval%
AAA
CARE Stable Rating$
₹1,09,829Cr
Assets Under Management (AUM)**
4.19 Cr
Number of Lives Covered#
432%
Solvency Ratio^

Disclaimer:~Individual Death Claim Settlement Ratio for FY 2023-2024 | %96.70% of non-investigative individual claims approved in one working day for FY 2023-24. 1 day is counted from date of intimation of claim before 3 PM on a working day (excluding Non-NAV days for ULIP) at Bajaj Allianz Life offices. | $For details refer to press release published by CARE | **All figures as on 31 March, 2024 | ^Solvency ratio 432% as at 31 March 2024 against IRDAI mandated 150%. | #Individual & Group.

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I have invested in various products of Bajaj Allianz Life Insurance - I am happy with the services, returns and diversified product portfolio.
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I am a happy customer who is satisfied with the after sales service. I have full trust in Bajaj Allianz Life Insurance Company.
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I was introduced by my advisor to invest in Bajaj Allianz Life Insurance .I have invested in the same and am happy with the returns and services.
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I am a 7 year old customer of Bajaj Allianz Life Insurance and very happy about the services.
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*As on 31st March, 2024

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Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

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