Why Bajaj Allianz iSecure as a Online Term Insurance Plan?
You have always tried your best to fulfill all your responsibilities and take care of your family. However, life comes with risks and unforeseen incidents that can put your family's financial security in jeopardy. Have you thought about a secure term insurance plan?
Presenting the Bajaj Allianz iSecure Insurance Plan; a level cover term assurance plan that secures your family's financial needs by giving you a level term cover for high sum assured, but at a low cost.
What is Term Insurance
Term insurance is a life insurance which provides coverage for the policy term decided between the policy holder and insurer at the onset of the policy.
After this policy term expires the term insurance cover is no longer valid. If the insured dies during this term, the death benefit is paid to the nominee. Thus, term insurance is the most basic, inexpensive and non-complicated insurance policy that you can purchase for your family security.
Types of Term Insurances
There are two kinds of term insurance Plans:
- Annual Renewable Term Insurance Plan which gives cover for one year at a time and then you renew it annually. These plans usually have the lowest annual premium to start but the premium rises as you age.
- Level Premium Term Insurance Plan which you buy for a specific multiyear period such as 5, 10 or 20 years. This plan lets you lock in the premium for that period; the premium never to changes, from the first year to the last.
- Term insurance policy gives tax benefits. You receive tax exemption as per 80C and 10(10D)* of the Indian Income Tax Act.
- Get the advantage of a level term insurance cover at low cost, especially for larger sum assured.
- Term insurance companies reward the insured people for maintaining a healthy life-style, if applicable, with special premium rates for non-smokers and medically fit non-smokers.
- Benefit of attractive high sum assured rebate.
- Your nominee will have the option to take the death benefit in equal monthly installments over a period of 5 or 10 years.
- Select your policy term of 10, 15, 20, 25 or 30 years depending on your requirement.
- Alter your term insurance premium payment frequency.
- Include your spouse at a later date in your existing policy, if you are single at present.
- Plan to meet recurring expenses of your loved ones by opting for payment of benefit in annual installments.
How Does Your Plan Work
Bajaj Allianz iSecure places itself as one of the safest term insurance plans in India. It offers you the choice to cover your spouse as well jointly with yourself. You can customize your term insurance policy to suit your requirements by following the steps as follows:
Choose either individual or a joint life term insurance cover
sum assured(s) (Life Cover)
Policy Term & premium payment frequency
If sum assured chosen is Rs.20,00,000 you may choose your lifestyle category either "Non-Smoker1" or "Smoker1"
Your term insurance premium will be based on your current age(s), sum assured(s), lifestyle category (if applicable), policy term and premium payment frequency.
In case of unfortunate demise, the dependents will receive the death benefit as promised by the term insurance company.
This categorization is available for sum assureds of Rs.20,00,000 & above and subject to medical examination/tests as decided by the term insurance 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.
Am I Eligible?
Rs.250,000 for general category and
Rs.20,00,000 for the categories split by Preferred Non-Smoker1 , Non-Smoker1 & Smoker Minimum
10, 15, 20, 25 & 30 years
Minimum Installment Premium Sum Assured Yearly Half-Yearly Quarterly Monthly* Less than Rs.2,000,000 Rs.1000 Rs.500 Rs.250 Rs.100 Greater than or equal to Rs.2,000,000 Rs.3000 Rs.1500 Rs.750 Rs.250
* For monthly installment, three (3) installments need to be paid at the inception of the policy.
Bajaj Allianz iSecure (UIN:116N109V02)
Policy Benefits and Features
- Premiums paid are eligible for tax benefits as per Section 80C of the Income Tax Act
- Death benefit(s) are eligible for tax benefits as per Section 10 (10D) of the Income Tax Act.
Subject to the provision stated therein.
- 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
- 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 of any one of the life assureds, the term insurance 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 frequency and sum assured of the surviving life assured as at the inception of the policy
- This term insurance policy cover will terminate immediately on death of the surviving life assured
Jai aged 30 has opted for iSecure for a policy term of 20 years. The Sum Assured chosen by him is Rs.1,00,00,000 for which he is paying an annual premium of Rs.10,465 after a high sum assured rebate of Rs.5,635
- In case of unfortunate death of Jai at 7th policy year, benefits received by the nominee will be the sum assured of Rs. 1,00,00,000
- Premium shown are for a non-smoker male life exclusive of service tax and Edu.Cess
Frequently Asked Questions and Support
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