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

  • Increasing life cover
  • Joint life cover
  • High sum assured rebate
  • Death Benefit payments in instalments
iSecure More increasing term insurance
  • Overview
  • Key Advantages
  • How this works
  • Eligibility
  • Downloads
  • Policy Benefits
  • Performance
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iSecure More Increasing Term Insurance Plan - Overview

While every passing day brings us closer to our life goals, we also tend to add newer life goals with each new life stage. Similarly, with passing of time the overall cost of living and life goals tend to increase due to inflation. Hence, it is essential that your financial plan includes current and future life goals, of you and your family, keeping this increasing cost in mind.

Buying a term insurance plan with a fixed life cover is a smart way of securing the future of your family members in your absence. However, a fixed cover term plan may not always be sufficient. Bajaj Allianz iSecure More, a term policy with an increasing life cover, is a smart way of ensuring that dreams and aspirations of your family remain on track.

Life cover increases annually

The sum assured under iSecure More increases 5% at each policy anniversary; subject to maximum of twice the sum assured chosen at policy inception.

Convert to joint life cover

You can include your spouse in the existing policy or at a later stage in case you were single at the time of purchasing the policy.

Rebate on high sum assured

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

Multiple Option for policy terms

Opt for one of the four policy terms 10, 15, 20 and 25 years depending on your needs.

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.

Receive payouts in instalments

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

Tax benefits

Premiums are eligible for tax benefits under Section 80C and death benefits are eligible for tax benefits as per Section 10 (10D) of the Income Tax Act, subject to provision stated therein.

Option to enhance your coverage with rider benefits

Option to choose among three rider options to expand the coverage at a nominal extra cost.

  1. 1

    Choose between individual or joint life cover

    Bajaj Allianz iSecure More offers you the option to cover yourself or to cover yourself, jointly, with your spouse. You can customize the plan to suit your requirement by following the steps below:

  2. `
  3. 2

    Choose your Sum Assured(s) (Life Cover)

  4. `
  5. 3

    Choose your policy term & premium payment frequency

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

    Your life cover under the plan will increase at each policy anniversary by 5% of the original sum assured at inception of the policy. This increase is restricted such that the life cover is not more than twice the original sum assured at the policy inception.

    In case of unfortunate demise, the death benefit payable will be the prevailing sum assured as on date of death

  6. `

Entry Age

Minimum Entry Age 

18 years

Maximum Entry Age

60 years

Maturity Age

Minimum Maturity Age

 28 years

Maximum Maturity Age

70 years

Policy Term

10, 15, 20 & 25 years

Minimum Installment Premium

Mode

Yearly

Half-Yearly

Quarterly

Monthly*

Premium ₹

`1,500

`750

`400

`150

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

Sum Assured

Minimum Sum Assured

`250,000

Maximum Sum Assured

No Limit

Death Benefit

Individual Life

  • In case of unfortunate death of life assured during the policy term, provided all premiums are paid up to date, the benefit Sum Assured on Death$
  • The policy cover will terminate immediately on death of the life assured.

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, policy term and, premium payment frequency 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) Prevailing Sum Assured

*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 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.

Maturity Benefit

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

Rider Benefit

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

The riders can only be taken at inception of the policy. In case of joint life the rider can be opted individually or jointly by the lives assured. 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.

Tax Benefits

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

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 February 2024.

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 February,2024.

birthday_image

iSecure More Increasing Term Insurance Plan - Overview

While every passing day brings us closer to our life goals, we also tend to add newer life goals with each new life stage. Similarly, with passing of time the overall cost of living and life goals tend to increase due to inflation. Hence, it is essential that your financial plan includes current and future life goals, of you and your family, keeping this increasing cost in mind.

Buying a term insurance plan with a fixed life cover is a smart way of securing the future of your family members in your absence. However, a fixed cover term plan may not always be sufficient. Bajaj Allianz iSecure More, a term policy with an increasing life cover, is a smart way of ensuring that dreams and aspirations of your family remain on track.

Term insurance benefits - save on income tax

How To Save Income Tax By Investing In Term Life Insurance Plan

READ MORE
Term insurance riders - know all about them

Term Life Insurance Policy Riders: Why They Matter

READ MORE

⭐ What is the Sum Assured under this plan?

The minimum Sum Assured in Bajaj Allianz iSecure More is ` 2,50,000, and there is no upper limit for maximum Sum Assured. This is a key advantage of iSecure More term plan where there is  increase in the Sum Assured by 5% at each policy anniversary; subject to maximum of twice the sum assured chosen at policy inception.

⭐ Can the policyholder (first Life Assured) add his/her spouse in the existing policy if he/she was unmarried at the time of purchasing the policy?

Yes, you can add your spouse in the existing policy in case you were not married at the time of policy purchase. However, if you were already married at the time of purchasing the policy, you do not have the option of adding your spouse in the existing policy.

⭐ Under the joint life option can the policyholder (first Life Assured) and the second Life Assured, choose different sum assured?

Yes, the second life assured can opt for a sum assured less than or equal to the first life’s sum assured, subject to the minimum sum assured under the plan.

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

“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

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.

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

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##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.