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Bajaj Allianz Life Term Insurance Plans

Term plans are the best tool for the financial protection of your family. Bajaj Allianz term plans offer the large life cover with bundle of benefits at a cost effective price. Bajaj Allianz life insurance company strives to offer the best protection plans to its customers by offering a variety of term plans to choose and buy from. Term plans provide pecuniary safety to your loved ones in case you are not around. Term plans are the best financial solutions.

Bajaj Allianz Life has a claim settlement ratio of 91.85% as Claim Settlement Ratio (as per IRDAI Annual Report 2014-15).

Bajaj Allianz Life Insurance Company offers following Term Plans:

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1. Bajaj Allianz iSecure Online Term Plan

Life is full of uncertainty and you never know an unforeseen incident can put the financial security of your family at risk. Bajaj Allianz iSecure is a non-linked and non-participating level term insurance plan that provides the financial cover for your family, so they can lead a healthy lifestyle even after your demise.

Key Features

•Avail level term cover for a large sum assured even at reasonable cost

• Get premium rebates when choosing high sum assured

• Option to choose a flexible policy term

• Choose premium payment options as per your ease

• Flexibility to cover your spouse jointly in the plan

• Opt for death benefit to receive in annual installments

Benefits

  • Death Benefit

    o   Individual Life: Upon the death of the insured during policy, the sum assured will be paid (if all premiums are fully paid). The tenure of the policy will terminate on the death of the life assured.

    o   Joint Life: The sum assured will be paid on the death of each life. Moreover, on the unfortunate death of any one of the life assured, the policy will continue on another life assured with a reduced premium (depending on age, lifestyle, premium payment frequency, policy tenure and sum assured). This term policy will terminate on the unfortunate demise of the surviving life assured.

  • Tax Benefit

    Under this plan, the premium payment qualify for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 60 years
Age at Maturity 28 years 70 years
Policy Tenure 10 years 30 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 2.5 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Rider Benefit Not available -
Surrender Benefit Nil -

2. Bajaj Allianz iSecure More Term Insurance Plan

Financial responsibilities tend to increase as you go ahead in life and thus, ensuring family’s financial protection is quite essential. Bajaj Allianz iSecure More is an increasing cover term insurance plan that enhances financial protection for your family and is helpful to combat inflation during the policy term with increasing life cover.

Key Features

• 5% annual increase in life cover at each policy anniversary

• Option to enhance cover up to twice the sum assured at policy inception, subject to policy terms

• Attractive discounts on choosing Sum Assured Rs.5 lacs and above

• Option to choose single or joint life under one plan

• You may choose policy proceeds in monthly installment

Benefits

  • Death Benefit

    o   Individual Life: Upon the death of the insured during policy, the sum assured will be paid (if all premiums are fully paid). The tenure of the policy will terminate on the death of the life assured.

    o   Joint Life: The sum assured will be paid on the death of each life. Moreover, on the unfortunate death of any one of the life assured, the policy will continue on another life assured with a reduced premium (depending on age, lifestyle, premium payment frequency, policy tenure and sum assured). This term policy will terminate on the unfortunate demise of the surviving life assured.

  • Tax Benefit

    Under this plan, the premium payment qualify for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 60 years
Age at Maturity 28 years 70 years
Policy Tenure 10 years 25 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 2.5 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Riders Not Available -
Surrender Value Nil -

3. Bajaj Allianz iSecure Loan

Loan liabilities can bring havoc to your family, when they are not financially capable to pay off, especially when you are no longer around them. Bajaj Allianz iSecure loan is a non-participating mortgage cover term assurance plan that secures your family from any loan liabilities such as personal loan, home loan, motor loan, or other loans.

Key Features

• Lower cost of insurance

• High sum assured rebate

• Flexibility to choose the policy term depending on the tenure of the loan

• Option to choose the loan interest rate at policy inception

• Flexibility to choose a premium payment frequency

Benefits

  • Death Benefit

    o   Individual Life: Upon the death of the insured during policy, the sum assured will be paid (if all premiums are fully paid). The tenure of the policy will terminate on the death of the life assured.

    o   Joint Life: The sum assured will be paid on the death of each life. Moreover, on the unfortunate death of any one of the life assured, the policy will continue on another life assured with a reduced premium (depending on age, lifestyle, premium payment frequency, policy tenure and sum assured). This term policy will terminate on the unfortunate demise of the surviving life assured.

  • Tax Benefit

    Under this plan, the premium payment qualify for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 60 years
Age at Maturity 28 years 65 years
Policy Tenure 10 years 25 years
Premium Paying Term 2/3rd of the policy term chosen -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 3 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Riders Not available -

4. Bajaj Allianz Life Secure

We always want to get protection at at all stages of our life, but getting the protection for the lifetime is quite precious. Bajaj Allianz Life Secure is a non-linked whole life term plan offering protection for a lifetime. This term insurance plan provides you complete protection till 100th birthday, so you can lead a worry-free life.

Key Features

• Option to choose from 3 coverage options

• Cover available up to 100 years of age

• Flexible premium payment terms of 5, 7, 10 & 15 years

• High Sum Assured Rebate

• Discounted premium rates for female lives

Benefits

  • Death Benefit

    o   Option I: On the death of the life insured during the policy term, the insurer pays the sum assured and the policy will terminate.

    o   Option II: On the death of the life insured during the policy term, the insurer pays the sum assured and the policy terminates. On the death of the life insured due to accident before 65 years of age, the insurer pays the sum assured plus an additional sum assured (maximum of Rs 2 crores) and the policy will terminate.

    o   Option III: On the occurrence of first critical illness of life insured before the age of 65 years and during the first 30 policy years, the insurer pays 50% of the sum assured on death (maximum of Rs 50 lacs) and the future premiums are waived off. The policy continues for death benefit for the remaining sum assured.

    On the death of the life insured during the policy term (after receiving critical illness benefit), the insurer pays the remaining sum assured and the policy will terminate.

  • Surrender Benefit

    Avail surrender benefit, provided you have paid first two full years’ premiums if the premium paying term is less than 10 years and first three full years’ premiums if the premium paying term is 10 years or more.

  • Tax Benefit

    Under this plan, the premium payment qualify for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act,1961.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 25 years 55 years
Age at Maturity 28 years 65 years
Policy Tenure 100 minus entry age -
Premium Paying Term 5, 7, 10 and 15 years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 20 Lakh No Limit (subject to underwriting)
Maturity Proceeds Nil -
Riders Not available -

5. Bajaj Allianz LifeStyle Secure

We are all habitual to live a certain lifestyle and also wish that our family can also lead a comfortable lifestyle, even in our absence. It is thus crucial to secure the family’s future and in order to address this issue, you can opt for Bajaj Allianz LifeStyle Secure plan. It is a non-linked term assurance plan that ensures financial protection to your family, so they can maintain their current lifestyle.

Key Features

• Ensures regular income to your family

• Enjoy inbuilt Accelerated Terminal Illness cover

• Get plan benefits in equated monthly installments

• No medical examination required

• High Sum Assured Rebate

• Attractive premium discounts for female lives

Benefits

  • Death/Terminal Illness Benefit

    o   In the event of unfortunate death or terminal illness (if all due premiums are fully paid), the insurer pays the sum assured to the nominee in equated monthly installments.

  • Tax Benefit

    Under this plan, the premium payment qualify for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 50 years
Age at Maturity 23 years 60 years
Policy Tenure 5/ 7/ 10/ 15/ 20 years -
Premium Paying Term Same as policy term Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 3 Lacs 15 lacs (subject to underwriting)
Maturity Proceeds Nil -
Riders Not available -
Surrender Value Nil -