Bajaj Allianz Term Insurance Plan

1. Bajaj Allianz Term Insurance Plan (iSecure)

Bajaj Allianz offers a range of term plans to suit the needs of every individual whether it is for pure protection purposes or for securing loans. Let us consider the range of term plans offered by Bajaj Allianz Life Insurance Company and the aspects of each. 

Bajaj Allianz Term Plan - iSecure

A term insurance plan  is available only through the website of the company. The Bajaj Allianz term plan features are mentioned below:

• Under the single life option, Sum Assured is paid in case of the policyholder’s death during the term

• Under the joint life option, in case of the first death, the Sum Assured is paid and the plan continues. If the second life also dies during the term, an additional Sum Assured is again paid.

• Death benefit can be taken in instalments spread over a 5 or 10 year period. The value of each instalment will be (1.04*Sum Assured)/60 or (1.08*death benefit)/120 respectively

• Discounts in premium are allowed for non-smokers and preferred non-smokers

• Rebates in premiums is also allowed for choosing a higher Sum Assured level.

• The plan is available on a single life and also on joint life basis for the spouse.

Eligibility Details

	Minimum	Maximum
Entry Age	18 years	60 years
Maturity Age	28 years	70 years
Policy Term	10 years	30 years
Sum Assured	Rs.2 lakhs for smokers Rs.20 lakhs for non-smokers and preferred non-smokers	No limit
Annual Premium Amount	Rs.3000	No limit
Premium Payment Term	Equal to policy term
Premium Payment Frequency	Yearly, half-yearly, quarterly or monthly

2. Bajaj Allianz Term Insurance -  iSecure Loan

A term insurance plan offered for loan protection. The features of the plan are as follows:

• This Bajaj Allianz term plan is available on a single life and also on joint life basis for the spouse, business partner or child

• The Sum Assured is equivalent to the outstanding amount of loan against which the plan is bought

• Under the single life option of the plan, the Sum Assured is paid to the nominee in case of death of the policyholder during the term of the plan

• Under the joint life option of the plan, in case of the first death, the Sum Assured is paid and the plan continues. If the second life also dies during the term, an additional Sum Assured is again paid.

• The death benefit can be taken in instalments over a period of 5 or 10 years. The value of each instalment will be (1.04*Sum Assured)/60 or (1.08*death benefit)/120 respectively

• Discount in premium @5% is allowed for buying the plan online

• Rebates in premiums is also allowed for choosing a higher Sum Assured level of Rs.5 lakhs and above

• The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details

	Minimum	Maximum
Entry Age	18 years	60 years
Maturity Age	28 years	65 years
Policy Term	10 years	25 years
Sum Assured	Rs.3 lakhs	No limit
Annual Premium Amount	Rs.1500	No limit
Premium Payment Term	2/3rd of the policy term
Premium Payment Frequency	Yearly, half-yearly, quarterly or monthly

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