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Bajaj Allianz iSecure A Non-Linked Non-Participating Term Life Insurance Plan

    • Level life cover
    • High sum assured rebate
    • Option to take death benefit in instalments
    • Joint life cover
iSecure term assurance plan
Download Brochure 9 pages - 440KB
Download Policy Document 9 pages - 440KB
  • Overview
  • Key Advantages
  • How this works
  • Eligibility
  • Downloads
  • Sample Illustration
  • Policy Benefits
  • Performance
detail-list-image

iSecure Term Assurance Policy - Overview

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 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.

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 for medically fit 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.

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.

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

  1. 1

    Choose either individual or a joint life cover

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

  2. `
  3. 2

    Choose your sum assured(s) (Life Cover)

  4. `
  5. 3

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

  6. `
  7. 4

    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 Preferred Non-Smoker.

  8. `

Entry Age

Minimum age is 18 years

Maximum age is 65 years

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

Maturity Age

Minimum Maturity Age

28 years

Maximum Maturity Age

85 years

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

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

Premium Payment

Minimum

Maximum

PPT (years)

PT (years)

PPT (years)

PT (years)

Regular Premium

10

10

(85-Entry Age)

(85-Entry Age)

Limited Premium

5

10

25

(85-Entry Age)

For Limited Premium: Premium Payment Terms available are 5, 10, 15, 20 & 25 years. 

For policies purchased through POS channel:

Premium Payment

Minimum

Maximum

PPT (years)

PT (years)

PPT (years)

PT (years)

Regular Premium

10

10

(65-Entry Age)

(65-Entry Age)

Limited Premium

5

10

25

(65-Entry Age)

For Limited Premium: Premium Payment Terms available are 5, 10, 15, 20 & 25 years. 

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

Minimum Installment Premium

Yearly

Half-Yearly

Quarterly

Monthly*

`3000

`1500

`750

`250

* For monthly installment, three (3) installments need to be paid at the inception of the policy.

Sum Assured

Minimum Sum Assured

`25,00,000

Maximum Sum Assured

`50,00,000

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

Jai, 30 years old

Jai has opted for iSecure for a policy term and premium payment term of 20 years. The Sum Assured chosen by him is ₹ 25,00,000 for which he is paying an annual premium of ₹ 3,723. (exclusive of GST)

  • Death Benefit

In case of unfortunate death of Jai during the policy term, benefits received by the nominee will be the sum assured of ₹ 25,00,000.

Premium shown are for a non-smoker male life exclusive of Goods and Service Tax.

The sum assured amount and/or other benefit amount indicated, if any, is a non-guaranteed illustrative figure and is subject to policy terms and conditions.

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 Annualised Premium*, (b) 105% of total premiums paid* till date of death, (c) Sum Assured (or prevailing sum assured, if applicable)
*Annualised 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 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

Maturity Benefit

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

Surrender Benefit

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.

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.

Additional Rider Benefit

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

Disclaimer: Returns are 10 year compounded annualised growth rate (CAGR) as on 20/02/2018 (DD/MM/YYYY).
Past performance is not indicative of future performance. Star rating is Overall Rating as on January 2023.

Disclaimer: Returns up to 1 year are absolute and more than 1 year are compounded annualized growth rate (CAGR) as on 20/02/2018 (DD/MM/YYYY).
Past performance is not indicative of future performance. Star rating is Morning Star Overall Rating as on January,2023.

detail-list-image

iSecure Term Assurance Policy - Overview

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 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.

Documents you’ll need before investing

Term insurance benefits you should know about

Term Insurance Benefits and Things To Consider Before Buying a Term Insurance Plan

READ MORE
View term insurance plans from Bajaj Allianz Life

Term Insurance: How Much Should You Be Insured For And For How Long?

READ MORE

⭐ Is there any difference in the premium rates for smokers and non-smokers?

Yes, the premium rates differ as per the lifestyle habits of the life assured. For sum assured of ₹ 20 lakhs and above, the premium rates are decided depending on the lifestyle category of the life assured (Preferred non-smoker, non-smoker and smoker). 

⭐ The policy is available for joint life cover with a spouse. What happens in case of termination of marriage or the lives apply for separation during the policy term?

The first life will need to inform the company of the separation or divorce, along with sufficient proof. The second life is then excluded from the policy and the policy is continued as an individual life policy with a reduced premium. Once excluded, the life cannot be added again. The sum assured remains the same. 

⭐ What are the different riders available for iSecure? 

As per your requirement, you can choose from any of the three riders - Comprehensive Accidental Protection, Critical Illness Benefit and Hospital Cash Benefit.  Of these riders, Comprehensive Accidental Protection is available only for the first life assured, in case of a joint life. However, there is no restriction on selection of Hospital Cash Benefit and Critical Illness riders. 

Life Insurance Glossary

Annualised Premium

“Annualised Premium” means the total amount of Regular Premiums payable in a Policy Year, after due consideration of applicable premium factors for various Premium Payment Frequency. (In this calculation, any extra premium, Rider Premium or applicable taxes are excluded.

Grace Period

“Grace Period” means a period of fifteen (15) days for a monthly Premium Payment Frequency and thirty (30) days for other than monthly Premium Payment Frequency, from the due date of the Regular Premium payment.

Life Assured

“Claimant” means the Life Assured (if alive) or Policyholder (if different from the Life Assured) or the assignee or the Nominee or the legal heirs of Policyholder/Nominee(s) to whom the Policy Benefit will be payable.

Maturity Date

“Maturity Date” means the date specified in the Schedule on which the Maturity Benefit as per policy document shall become payable to the Policyholder

Nominee

“Nominee” means the person who has been nominated in writing to the Company by the Policyholder, who is entitled to receive the Death Benefits under the Policy as mentioned in Policy Document.

Paid-up Sum Assured on Death

“Paid-up Sum Assured on Death” is the reduced value of the Sum Assured on Death arrived at by multiplying the Sum Assured on Death with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy.

Paid-up Sum Assured on Maturity

If the Regular Premiums due for first three (3) Policy Years are paid and subsequent Regular Premiums are not paid, the Policy will, immediately and automatically, be converted to a paid-up Policy on the expiry of the Grace Period as per the conditions stated in the policy document.

Paid-up Sum Assured

“Paid-up Sum Assured” is the reduced value of the Sum Assured arrived at by multiplying the Sum Assured with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy

Policyholder

“Policyholder” means the adult person named in the Schedule who has concluded the Policy with the Company

Rider Benefit

“Rider Benefit” means the benefit payable under the Rider on the happening of the contingent event covered under the Rider. For more details, refer to the Policy Document

Rider Life Assured

“Rider Life Assured” means the person named as the Rider Life Assured in the Schedule whose life is assured under this Rider

Rider Premium

“Rider Premium” means the amount exclusive of applicable taxes, if any, payable by the Policyholder at regular intervals during the Rider Premium Paying Term, in amount (along with and as part of the Regular Premium) and at the Premium Payment Frequency.

Rider Premium Paying Term

“Rider Premium Paying Term” means the period specified in the Schedule during which the Rider Premium is payable.

Rider Term

"Rider Term” means the period between the Date of Commencement of Rider and the Rider Maturity Date, as mentioned in the Schedule

Sum Assured on Maturity

"Sum Assured on Maturity” is the amount as specified in the Schedule under the Policy Document

Sum Assured

“Sum Assured” is the amount as specified in the Schedule under the Policy.

Surrender Benefit

“Surrender Benefit” means the benefit, if any, payable on the surrender of the Policy. The details are as given in Policy Document

X

##Our policy covers COVID 19 claims subject to policy terms and conditions being met

3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Non -medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.