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Bajaj Allianz iSecure Loan A Non-Participating Mortgage Cover Term Assurance Plan

    • Cover for loans
    • Lower premium due to reducing cover
    • High Sum Assured rebate
    • Joint life cover
Term insurance plan that offers protection from loan liabilities
Download Brochure 9 pages - 440KB
Download Policy Document 9 pages - 440KB
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iSecure Loan Overview

Decreasing cover Term Insurance Plan - Bajaj Allianz iSecure Loan

Some life goals, like purchasing your dream home or any other property, might require a little support in form of a loan, which you’d pay during your earning years. As a responsible earning member of the family, you’ll do whatever it takes to ensure the life goals of your loved ones are on track no matter what the situation is around. Hence, it will be a prudent move to protect your family from any stress of loan repayment in case something happens to you. 

Bajaj Allianz iSecure Loan, a mortgage cover term assurance plan, is designed for just that. It will help in covering any loan liability in your absence, and at the same time enable your family members to focus on achieving their life goals without being distracted. 

Lower cost of insurance

With time the outstanding loan reduces, and hence the cost of your term insurance plan is low, as the life cover is linked to the loan dues.

Rebate on high sum assured

If you opt for a high sum assured of ₹ 5,00,000 and above, iSecure Loan offers attractive rebates in premium.

Multiple options for Policy Terms

To align your insurance to your loan term, you can choose from various policy terms – 10, 15, 20 and 25 years.

Limited premium payment term

iSecure Loan allows you to pay the premium for a limited period -- 2/3rd of your policy term.

Create your own schedule

Your life cover depends on your loan amount, tenure and the interest rate, thereby allowing you to create your own schedule of insurance, depending on what works best for you.

Option of joint life cover

Choose between individual or joint life cover. Joint life cover can be availed of with spouse, child or business partner.

Bajaj Allianz iSecure Loan offers you the option to cover yourself, or to cover yourself jointly with your spouse or child or business partner, etc., provided insurable interest can be established.

You can customize the plan to suit your requirement by following the steps below:

Choose between individual or jointly life cover.

 

Choose your sum assured(s) (Life Cover) depending on your loan amount.

 

Choose your policy term depending upon your loan tenure.

 

Select an appropriate fixed interest rate.

(Your premium under the plan is based on your current age(s), sum assured(s), loan interest rate, policy term and premium payment mode.)

The death benefit payable at any time will be the prevailing sum assured.

Entry Age

Minimum age is 18 years

Maximum age is 60 years

Sum Assured

Minimum Sum Assured is ` 3,00,000

Maximum Sum Assured is No Limit

Policy Term

10, 15, 20 & 25 years

Premium Paying Term

2/3rd of the policy term chosen; rounded down in years

Minimum Installment Premium

  • ` 1,500 per yearly installment
  • ` 750 per half-yearly installment
  • ` 400 per quarterly installment
  • ` 150 for monthly installment*

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

Maturity Age

Minimum Maturity Age

28 years

Maximum Maturity Age

65 years

Death Benefit

A.Individual Life

  • In case of unfortunate death of life assured during the policy term, provided all premiums are paid upto date, the Prevailing Sum Assured will be payable as death benefit to the nominee 
  • The policy 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 amount of benefit payable is the prevailing sum assured in respect of the deceased life assured
  • 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, policy term and the sum assured in respect of the surviving life as at the inception of the policy
  • The policy will terminate immediately on death of the surviving life assured

Tax Benefits

Premium paid are eligible for tax benefits under section 80C of the Income Tax Act and death benefit is eligible for tax benefits under Section 10(10D) of the Income Tax Act, subject to the provision stated therein.

Term insurance benefits you should know about

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

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Term insurance benefits for married people

Why Term Insurance Is important for Working Couples

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What kind of loans can be covered under this insurance plan?

Bajaj Allianz iSecure Loan covers all types of loans, including Home Loan, Personal Loan, Motor Loan and Credit Card Dues among others

What happens if the loan interest rates increase/decrease in future years?

In case of any change in loan interest rate, the policy will continue as per the original loan schedule. 

Can the first and second Life Assured under the joint life plan opt for different Sum Assured for different loan interest rates?

Bajaj Allianz iSecure Loan is available for either individual or joint life cover. This policy also gives the first and the second Life Assured the option to choose different Sum Assureds.

What is the Death Benefit under the plan?

For individual Life, the company will pay the prevailing Sum Assured to the nominee in case of unfortunate death of the policyholder, provided all the premiums are paid, and the policy will also terminate immediately. 

However, if you have opted for joint life policy and in case of the death of each of the life assured, the company will pay the prevailing Sum Assured to the surviving life assured or to the nominee of the 2nd life assured respectively. 

The policy will continue on the surviving life assured with the reduced premium, in case of the death of one of the life assured. The reduced premium will be  based on the age, policy term and the Sum Assured. The policy will cease to be active on the death of the second life assured.

Life Insurance Glossary

Annualized 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

“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. For more details refer to the Policy Document

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  • Claim deposits via electronic transfer to make process faster
  • Solvency ratio of 767% **
  • Our Priority is not to sell Life Insurance, it is to serve you in the fastest & most convenient manner when you need us.

**All figures as on 31 December, 2018.

"What are your life goals?" is one of the most common questions that comes to one's mind while taking any step further in Life. Most just answer it by laughing it off or saying we will think about it.

A key reason that they feel this way is that they haven't spent enough time thinking about what they want from their life, and haven't set themselves any goals.

Goals keep changing as per different life stages and one has to plan meticulously for their future.

Deciding your Life Goal is all about planning to "Live your life, your way". There could be various Life Goals such as trotting the globe, becoming a food blogger to starting your own business, owning your dream house, or planning your Childs education or marriage.

L"IF"E is full of IF's... and one needs to plan to secure their loved ones and themselves against the Ifs of Life. When you opt for a life insurance plan, you transfer your family's financial risks in case of any unfortunate event to the life insurer. This allows you and your loved ones to live life fearlessly. Life Insurance protects your family's financial wellbeing from the consequences of living without an income.

When you purchase a life insurance policy, one of your major life goal gets fulfilled i.e. you purchase a sense of security. A safety net that cushions your family members from the financial impact of your sudden absence and ensures that any outstanding debts that were incurred during your lifetime don't fall upon your loved ones.

Having life goals is an important aspect in each one's life. One needs to be SMART and plan out well in advance to ensure nothing goes wrong in the future. Life insurance offers a range of products that could come in handy for meeting your financial goals.

To ensure that it is not too late, get your #LifeGoals insured with us today! It will help you smile in the face of tomorrow's uncertainties and let you live a worry free life!

The 1st step to achieving your Life Goals is to literally have to describe the goal and your life in a great deal of detail. Once your life goals are defined, the next step is creating a plan to get there. Achieving life goals is a long and complex process. Based on your knowledge of what it will take to achieve your goal, the next step is to break it down into smaller components.

Most people buy Life Insurance primarily to ensure peace of mind and secure their families standard of living in case of any unfortunate event. Life Insurance ensures that your loved ones will meet their Life Goals, come what may!

A life insurance policy can prove advantageous in a number of ways besides just the risk cover. When you opt for a life insurance plan, you could stand to receive the following benefits.

With a life insurance policy you stand to receive two loan-related benefits. The first is that if you meet with an untimely demise, your life insurance plan will safeguard your loved ones from any mortgages you may have, such as home loans, etc.

In case of a financial crunch, instead of surrendering your policy mid-way through your goal realization, you can easily avail loans by putting your life insurance policy up as a collateral. You can take a loan against the surrender value of your life insurance policy. This is applicable for certain types of Life Insurance products.

The 1st step to achieving your Life Goals is to literally have to describe the goal and your life in a great deal of detail. Once your life goals are defined, the next step is creating a plan to get there. Achieving life goals is a long and complex process. Based on your knowledge of what it will take to achieve your goal, the next step is to break it down into smaller components.

Most people buy Life Insurance primarily to ensure peace of mind and secure their families standard of living in case of any unfortunate event. Life Insurance ensures that your loved ones will meet their Life Goals, come what may!

A life insurance policy can prove advantageous in a number of ways besides just the risk cover. When you opt for a life insurance plan, you could stand to receive the following benefits.

With a life insurance policy you stand to receive two loan-related benefits. The first is that if you meet with an untimely demise, your life insurance plan will safeguard your loved ones from any mortgages you may have, such as home loans, etc.

In case of a financial crunch, instead of surrendering your policy mid-way through your goal realization, you can easily avail loans by putting your life insurance policy up as a collateral. You can take a loan against the surrender value of your life insurance policy. This is applicable for certain types of Life Insurance products.