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Bajaj Allianz Life Secure A Non-Linked Whole Life Term Plan

  • Life cover till you turn 100 years
  • Three coverage options to choose from
  • High sum assured rebate
  • Choice of premium payment terms
Term life insurance - Bajaj Allianz Life Secure
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Whole Life Term Insurance Plan - Bajaj Allianz Life Secure

Each of us wishes to live a long and fulfilling life to be able to accomplish our life goals, and watch our family fulfil their dreams. Buying a term life insurance plan helps you offer a security cover to your family, however, they come with an age-limit. Will this life cover be there if you were to live till 100 years?

Bajaj Allianz Life Secure will be there. It is a whole life term insurance plan that also provides accidental death cover and accelerated critical illness cover plus waiver of premium benefit, depending on coverage option chosen by you.

The plan is designed keeping the needs of an individual who wish to leave a legacy for their dependents, with appropriate coverage options and attractive rebates.

Insurance cover for life

Life Secure is a whole life plan that provides you life cover up to 100 years. If death benefit has not been paid till age 100 years, the Sum Assured will be paid to you. Incase the critical illness benefit has been paid, the sum assured minus the amount paid towards the  critical illness benefit will be paid.

Multiple coverage options

Choose coverage options that best suit your needs ranging from only death benefit, death benefit plus accidental death benefit or death benefit/accelerated critical illness plus waiver of premium benefit.

Limited premium payment terms

Though your life cover will last till your 100th birthday, you just need to pay the premium for a limited period. You can choose amongst the four premium paying terms --- 5, 7, 10 or 15 years. Also surrender benefit is available depending on the premium payment term and the policy year in which surrender is exercised.

High sum assured rebate

Life Secure provides rebate in premium for each additional  ` 1 lakh sum assured purchased over and above the minimum sum assured of ` 20 lakh.

Coverage Options

Life Secure whole life term plan comes with three coverage options:

Coverage Option I:  Death Benefit

Benefits: On death of the life assured during the policy term, the sum assured will be paid and the policy terminates.

Coverage Option II: Death benefit plus accidental death benefit

Benefits:

*On death of the life assured anytime during the policy term, the Sum Assured will be  paid and the policy terminates.

*If the life assured dies due to an accident before reaching age 65 years, the nominee gets an additional Sum Assured subject to a maximum of ` 2 crore.

Coverage Option III: Death benefit or accelerated critical illness plus waiver of premium benefit.

Benefits

*  If the life assured is diagnosed with first Critical Illness before attaining age 65 years and during the first 30 years of the policy, he/she receives 50% of the Sum Assured subject to maximum of ` 50 lakh.

*  All future premiums under the policy will be waived. 

* On death of the life assured subsequently, the remaining sum assured, if any, will be paid.

* On death of the life assured during the policy term, before any critical illness benefit has been paid, Sum Assured on Death will be paid and the policy will terminate.

You can customize your policy to suit your requirement in the following manner:

Choose your coverage option^

^The coverage option chosen at inception cannot be changed during the policy term.

Choose your Sum Assured

Choose your Premium Payment Term (PPT)

(Your premium will be based on your current age, gender, Sum Assured, coverage option, PPT & premium payment frequency.)

Entry Age

Minimum age is 25 years

Maximum age  

Coverage Option I & II: 55 years

Coverage Option III: 50 years

Policy Term

(100 minus Age at Entry) years

Premium Paying Term

5, 7, 10 and 15 years

Premium Payment Frequency

Yearly, Half Yearly, Quarterly and Monthly#

#Monthly premium payment frequency will be available under salary deduction scheme & ECS.

Minimum Premium

Installments

Yearly

Half-Yearly

Quarterly

Monthly

Amount

`36,720

`18,727

`9,547

`3,305

Maximum Premium

No Limit

Sum Assured

Minimum Sum Assured

`20,00,000 

Maximum Sum Assured

No Limit
Sum Assured has to be opted in multiples of ₹ 50,000

 

Vishal aged 35, years

He has taken a Bajaj Allianz Life Secure - coverage option III for a premium paying term of 15 years. The Sum Assured chosen by him is ₹ 30,00,000 for which he is paying an annual premium of ₹ 84,940 after a high sum assured rebate of ₹ 710.

  • Death Benefit

In case of unfortunate diagnosis of any of the critical illness, say, at age 40, Vishal will receive ₹ 15,00,000 immediately and all the future premiums will be waived. In case of unfortunate death subsequently, say, at age 80 years, the nominee/claimant will receive ₹ 15,00,000 immediately.

  • life-secure-death

In case of unfortunate death, say, at age 50 (no critical illness benefit was paid before), the nominee/claimant will receive ₹ 30,00,000 immediately.

  • life-secure-death

Premium shown above is exclusive of Goods and Service Tax, and any extra premium.

For female lives, 3 year age set back is applicable in premium calculation for Coverage Option I and II

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. 

The benefit payable will be as per the below mentioned coverage option chosen at inception of the policy:

For Coverage Option I(Only Death Benefit)

  • On death of the life assured during the policy term: Sum Assured on Death will be paid and the policy will terminate.

For Coverage Option II (Death Benefit plus Accidental Death Benefit)

  • On death of the life assured during the policy term: Sum Assured on Death will be paid and the policy will terminate.
  • On death of the life assured due to accident, before reaching age 65 years: Sum Assured on Death plus an additional Sum Assured subject to maximum of ₹ 2 crores, will be paid and the policy will terminate.

For Coverage Option III (Death Benefit OR Accelerated Critical Illness plus Waiver of premium Benefit)

  • On occurrence of first Critical Illness on the life of the life assured before attaining age 65 years and during the first 30 years of the policy: 50% of Sum Assured on Death, subject to maximum of ₹ 50 lacs, will be paid and all future premiums due under your policy, if any, will be waived. Policy will remain in-force for death benefit for the remaining Sum Assured on Death. No benefit is payable with respect to any future critical illness on the life of the life assured.
  • On death during the policy term, after critical illness benefit has been paid: the remaining Sum Assured on Death will be paid and the policy will terminate.
  • On death during the policy term, before any critical illness benefit has been paid: Sum Assured on Death will be paid and the policy will terminate.

If death benefit has not been paid before the life assured attains age 100 years, the below mentioned benefit will be paid and the policy will terminate:

  • If critical illness benefit has not been paid, Sum Assured.
  • If critical illness benefit has been paid, Sum Assured Minus Amount of critical illness benefit paid.

The Sum Assured on Death is defined as:

  • For age at entry less than 45 years, higher of  (i) 10 times Annualised Premium*, (ii) 105% of total premiums paid till date of death or (iii) Sum Assured  

  • For age at entry 45 years; above, higher of (i) 7 times Annualised Premium*, (ii) 105% of total premiums* paid till date of death or (iii) Sum Assured  

*Annualized Premium and total premium is exclusive of extra premium and Goods and Service Tax.

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What is the Sum Assured on death?

The Sum Assured on death for Bajaj Allianz Life Secure plan is categorised in two parts based on your age at the time of policy inception. In case the policy entry age is below 45 years, the sum assured on death will be higher of 10 times Annualised Premium or 105% of total premiums paid till the date of death or the total Sum Assured.

However, if the policy entry age is equal to or more than 45 years then the Sum Assured on death will be higher of 7 times Annualised Premium or 105% of total premiums paid till date of death or the total Sum Assured.

Is it possible to change the premium payment mode during the course of the policy?

Yes, you have the option of changing the prevailing premium payment mode on any policy anniversary during the policy term, subject to availability of the mode and minimum modal premium criteria under the plan. The modal premium for frequencies other than annual mode is calculated by multiplying the annual premium by the premium payment frequency factors, as stated below:

Premium Frequency

Monthly

Quarterly

Half yearly

Yearly

Frequency Factor

0.09

0.26

0.51

1.00

What happens if you survive the policy term of 100 years?

If the death benefit has not been paid before you attain the age of 100 years, you will receive the Sum Assured in case the critical illness benefit has not been paid. And, if the critical illness benefit has been paid, then you will receive the Sum Assured minus the amount of critical illness benefit paid.

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.

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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!