Term Assurance Plan
Term Assurance Plan
We are all used to a certain lifestyle. But life is full of uncertainties, and unfortunate events that can leave you unable to support your family financially, the way you had planned. It's a scary thought not being able to secure your family's current lifestyle (and needs) in the future.
Providing a solution, we present Bajaj Allianz LifeStyle Secure - a risk cover (term assurance & terminal illness cover) plan that assures financial protection to your family, so they have the security of maintaining their current lifestyle and you, the smile of a worry-free life.
Bajaj Allianz LifeStyle Secure is a non-linked, non-participating regular premium payment insurance plan that provides level cover term assurance or terminal illness benefit. The key advantages of this plan are:
You can customize your policy to suit your requirement in the following manner:
Policy Term (PT)
Your premium will be based on your current age, gender, Sum Assured, policy term& premium payment frequency.
Let's see an example:
Shruti aged 28 years has opted for LifeStyle Secure for a policy term of 20 years. The Sum Assured chosen by her is Rs. 12,00,000 for which she is paying an annual premium of Rs. 3,722 after a high sum assured rebate of Rs. 2,475. In case of unfortunate death at any time during the policy term, the benefit received by the nominee/claimant will be Rs. 12,00,000 paid over 240 equated monthly installment. (Same benefits will be payable in case of terminal illness)
Premium shown above is exclusive of Goods and Service Tax and any extra premium.
The Claimant is a person who is either 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
5/ 7/ 10/ 15/ 20 years
|Minimum Premium (in Rs.)||1,466||748||381||132|
|Maximum Premium (in Rs.)||20,458||10,434||5,319||1,841|
|Maximum Premium - No Limit|
Premium Payment Frequency
Yearly, Half yearly, Quarterly and Monthly
* Monthly premium payment frequency will be available under salary deduction scheme & ECS..
Bajaj Allianz LifeStyle Secure (UIN: 116N129V01)
Death & Terminal Illness
If all due premiums are paid under the policy, then, in case of unfortunate death or Terminal Illness (TI) of the life assured, whichever is earlier, the nominee/ claimant will receive the Sum Assured in equated monthly installments as per the table below:
|Policy Term (in years)||5||7||10||15||20|
|Death/ TI benefit is paid over (in Months)||60||84||120||180||240|
No maturity benefit shall be payable on survival till the end of the policy term.
No surrender benefit is payable under the Policy.
High Sum Assured Rebate
The plan offers an attractive premium discount structure, where you can have a discount on the annual premium for each complete additional Rs. 1,000 Sum Assured purchased over and above the minimum Sum Assured of Rs.3,00,000 is Rs. 2.75.
Premium paid are eligible for tax benefit 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.
You are requested to consult your tax consultant before claiming any benefit under the policy.
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Disclaimer: I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business.
Disclaimer: Insurance is the subject of the solicitation. For more details about risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. Please note that the name of the Bajaj Allianz product/plan does not indicate the quality of the insurance contract and its future prospects or returns. Investment in ULIPs is subject to market risks associated with capital markets. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Service Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.
Premium paid are eligible for tax benefits under section 80C of the Income Tax Act and Maturity benefit,death benefit and Surrender value are eligible for tax benefits under Section 10(10D) of the Income Tax Act, subject to the provision stated therein.