Bajaj Allianz iSecure Term Plan

Bajaj Allianz iSecure Term plan is a non-linked and non-participating term insurance plan. Bajaj Allianz iSecure Term plan helps you to secure a financially secured future for your loved ones in your absence. This term insurance plan offers life cover at a nominal cost. Bajaj Allianz iSecure Term plan offers an option for your loved ones to receive death benefits in equal instalments in order to fulfill their financial requirements. 

Under this plan the policyholder has a free-look period offered wherein you can take a glance at the terms and conditions of the policy and if not satisfied with the same you can cancel the policy. The free-look period offered is 15 days after receiving the policy offline and 30 days in case of purchasing the policy online or receiving the policy through distance mode.

Best Features of Bajaj Allianz iSecure Term Plan

Here are some key features of Bajaj Allianz iSecure Term plan which makes it incomparable to other term plans:

• You can choose from 2 types of life cover that are individual life cover and joint life cover wherein you can include your spouse in the same insurance plan.
• You can choose to opt for death benefits in equal instalments for 5 or 10 years.
• The plan offers special premium rates for non-smokers and medically fit people.
• By opting for a high sum assured you can avail attractive discounts on premiums.
• You are offered with flexibility to choose the policy term of 10, 15, 20, 25 or even 30 years according to your age and requirements.
• This plan only offers Death Benefits and no Maturity or Survival Benefits.

Benefits of Bajaj Allianz iSecure Term Plan

Here are some benefits of Bajaj Allianz iSecure Term plan which you can avail when you purchase this plan:

• Availability of 2 Life Cover Options

With this plan you get the benefit to choose from 2 life cover options, namely Individual life cover and Joint life cover. If you choose to opt for Joint life cover, you can include your spouse in the same insurance plan. When you choose to opt for individual life cover, the death benefit payable will be as sum assured in the event of untimely death. In case you opt for joint life cover, the death benefit payable will be as sum assured on death of each individual covered under the same insurance policy.

• Death Benefits Payouts in Instalments

Bajaj Allianz Life Insurance Company understands that no family should be dependent on someone else after losing the life of their breadwinner. As the sole breadwinner of the family Bajaj Allianz Life Insurance helps you in providing your family with regular income in your absence.  You can opt for death benefit payouts as equal regular instalments that will help your loved ones to fulfill their financial requirements. 

• Rider Benefits

As many as 3 optional riders are allowed under Bajaj Allianz iSecure Term plan:

1. Bajaj Allianz Accidental Death Benefit Rider
2. Bajaj Allianz Accidental Permanent Total or Partial Disability Benefit Rider
3. Bajaj Allianz Waiver of Premium Rider

You can choose any rider for enhanced coverage by paying additional premium. In case of joint life cover variant, if the one of the life assured passes away and the cause of death is accidental then the death benefit shall be payable but the rider (along with the basic policy) shall be continued for the surviving life assured.

• Premium Payment Flexibility Benefit 

Bajaj Allianz iSecure Term plan offers you the flexibility to change the premium payment frequency according to your budget and preference. You can choose to change the premium payment frequency on the anniversary date of the policy that is the date on which the policy will be renewed. You can opt for monthly, quarterly, half-yearly or annual premium payment options according to your needs and budget.

What is Covered?

Under Bajaj Allianz iSecure Term plan following events are included:

1. Untimely Death: In case of untimely death of the insured during the term, provided all due premiums have been paid, the death benefit is payable in the following manner -

• Individual Life Benefit - If the policyholder dies during the tenure of the policy, the sum assured on death will be paid to the nominee or the family members of the policyholder and the plan will be terminated.

For example, this is how it works -

Benefits Payable -

If Mr. Verma dies within the period of 30 years then his nominee or family members will be paid INR 50 Lakh and the policy would be terminated.

• Joint Life Benefit -

Under this option, on the death of any one of the policyholders or the life insured, the policy will continue with all its beneficial services at a reduced premium payment. The sum assured on death will be provided for the death of each life, if all due premiums have been paid. The policy will be terminated after the death of both policy members.  

For example -

• Benefits payable -

1. If Mr. Verma dies during the policy tenure of 30 years, his nominee(s) or family members would be paid INR 50 Lakh.
2. If Mrs. Verma die during the tenure of 30 years, her nominee(s) or family member would be paid a sum assured of INR 50 Lakh.
3. If both Mr. Verma and Mrs. Verma die during the tenure of 30 years, their nominee or family members would be paid a sum assured of INR 50 Lakh life cover for each of the life assured and the policy would be terminated.

2. Accidental Death: Bajaj Allianz Life Insurance offers an Accidental Death benefit rider that covers the demise of the policyholder due to an accident, this rider pays out an additional rider sum assured amount to the claimant.

3. Accidental Permanent Total or Partial Disability: This is an additional rider that can be purchased with this plan wherein the policyholder is provided with a lump sum amount in case of accidental permanent total/partial disability.

Bajaj Allianz iSecure Term Plan Eligibility

Given below are the eligibility parameters of buying Bajaj Allianz iSecure Term plan –

What Is not Covered?

The most important exclusions under Bajaj Allianz iSecure Term plan is for suicides. Bajaj Allianz iSecure Term plan does not cover death due to suicide. The clauses for death due to suicide are following:

• Suicide within 12 months of issuing the policy or within 12 months of reviving the policy shall not be covered.
• In such events the insurance company will pay 80% of the total premiums paid till the time of death of the policyholder.

Bajaj Allianz iSecure Term Plan Claim Process

The claim process for Bajaj Allianz iSecure Term plan is hassle-free. The insurance company provides one day claim settlement approval for a smooth claim settlement process. Following is the claim settlement process of Bajaj Allianz iSecure Term plan:

• The nominee is required to generate the claim form online by filling in the policy details in the claims portal of the Bajaj Allianz Life Insurance website.
• After the claim form has been generated, the nominee must fill the form, attach the required documents and submit it to the nearest Bajaj Allianz Life Insurance branch office.
• The insurance company will verify the documents and the claim form submitted. If everything is provided then the claim will be settled as soon as possible.

Documents Required For Death Claims

• Original Policy Document
• Copy/Original Death Certificate issued by local authority
• Claim Intimation Form
• Claimant’s Photo ID Proof
• Claimant’s Address Proof
• Bank Details such as Copy of Cancelled Cheque/Copy of Bank Statement/ Copy of Bank Passbook.
• Copy of All Medical Reports such as test reports, discharge summary or death summary.
• Attending Physician’s Statement Form

Additional Documents Required In Case Of Accidental Death

• Copy of FIR/Punchnama
• Copy of Post Mortem Report

Bajaj Allianz iSecure Term Plan Riders

Bajaj Allianz iSecure Term plan offers 3 optional riders, as mentioned earlier. The details of these riders are as follows:

1. Bajaj Allianz Accidental Death Benefit Rider: Bajaj Allianz Accidental Death Benefit Rider covers death due to accident with an additional cover. In case of policyholder’s unforeseen demise due to an accident, this rider pays out an additional rider sum assured amount to the claimant. This plan helps in providing a little extra financial support.
2. Bajaj Allianz Accidental Permanent Total or Partial Disability Benefit Rider: Bajaj Allianz Accidental Permanent Total or Partial Disability Benefit Rider provides a lump sum amount to the policyholder in case of accidental permanent total/partial disability. This rider provides financial support to policyholder’s family members when he/she is not able to do so.
3. Bajaj Allianz Waiver of Premium Rider: Bajaj Allianz Waiver  of Premium Rider offers the policyholder with a benefit of waiving of all the future premiums that are payable under the insurance policy in the event of unforeseen death, accidental permanent total disability or diagnosis of critical illness.

Bajaj Allianz iSecure Term Plan Review

Bajaj Allianz iSecure Term plan offers life cover at affordable premium rates. This plan is available in 2 life cover options - Individual life cover and Joint life cover. With the Joint life cover option you can include your spouse under the existing insurance plan with yourself. Under  Bajaj Allianz iSecure Term plan the nominee can opt for receiving death benefits in equal instalments in order to fulfill their financial requirements. All things considered, Bajaj Allianz iSecure Term is a unique plan and lets you financially secure the future of your loved ones in case of your absence. 

Bajaj Allianz Life Insurance company has maintained a high claim settlement ratio of 95.01% for the FY 2018-19. The insurance company has been awarded with ‘Best Digital Customer Experience Initiative’ at Customer Fest Leadership Awards 2020. People who are looking for an insurance plan that is affordable and that allows them to save money for their family’s secured future in case any unforeseen event takes place can consider this plan for purchase.