Bajaj Allianz Life Secure Term Insurance Plan and Policy

Bajaj Allianz Life Secure Term Insurance Plan and Policy - Bajaj Allianz Life Secure Plan is a traditional, non-participating Whole Life Term Assurance plan which provides insurance protection for the policyholder’s lifetime.

Key Features - Bajaj Allianz Life Secure Term Insurance Plan and Policy:

• This is a traditional Whole of Life Term plan which does not provide bonuses.
• It is a Limited Premium Paying plan where the policyholder can choose any tenure from 5, 7, 10 or 15 years.
• There are three options of death benefit to choose from and coverage is provided till the insured reaches 100 years of age.
• The Accidental Death Benefit rider, Accelerated Critical illness Rider and Waiver of Premium Benefit rider are inbuilt in the plan under Death Benefit options II and III 
• Females are charged a lower premium rate than males.

Eligibility Details - Bajaj Allianz Life Secure Term Insurance Plan and Policy:

• The policyholder chooses the coverage required, the Death Benefit option and the Premium Paying Tenure based on which the premium amount is calculated.
• If the insured dies any time before reaching 100 years of age, the death benefit is paid according to the chosen death benefit option.
• If the policyholder survives till maturity, i.e. after attaining 100 years of age, the maturity benefit would be paid depending on the death benefit option chosen.

Benefits - Bajaj Allianz Life Secure Term Insurance Plan and Policy:

• Maturity Benefit – If the insured attains 100 years and the plan matures, the Sum Assured is paid if any Critical Illness benefit is not paid under Death Benefit option III. If the Critical Illness benefit is paid, then the Sum Assured net of the benefit paid would be paid on maturity and the plan would terminate. 
• Death Benefit – If the insured dies before reaching 100 years of age, the death benefit payable would be dictated by the Death Benefit option selected which is:

  • Death Benefit Option I – Only Death Benefit:
    Sum Assured on Death
  • Death Benefit Option II – Death Benefit plus Accidental death Benefit:
    Sum Assured on Death is payable if the death occurs due to any causes other than accident. In case of accidental death before reaching 65 years, Sum Assured on Death + Accidental Sum Assured (equal to Sum Assured to a maximum of Rs.2 crores) is paid
  • Death Benefit Option II – Death Benefit or Accelerated Critical Illness plus waiver ofPremium Benefit:
    If the insured suffers a Critical Illness before attaining 65 years of age and within the first 30 years of the policy tenure, 50% of the Sum Assured on death to a maximum of Rs.50 lakhs would be paid. Future premiums would be waived off and the plan would continue. If the policyholder dies subsequently, the remaining Sum Assured on Death would be paid and the policy would end. If any Critical illness has not occurred and the insured dies then full Sum Assured on death would be paid.
    The Sum Assured on Death for all the above benefit options would be higher of the following:
  • 10 times the annual premium is age is lower than 45 years or 7 times the annual premium for ages higher than 45 years
  • Sum Assured 
  • 105% of all premiums paid till death
• Loan –Loans are not allowed under the plan. 
• Bonus – Bonuses are not declared under the plan since it is a non-participating plan.Tax benefit – Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.