Bajaj Allianz Lifestyle Secure Term Insurance Plan and Policy - Bajaj Allianz Lifestyle Secure Plan is a traditional, non-participating Term Assurance plan which provides an enhanced death benefit when the policyholder dies during the plan tenure.
Key Features - Bajaj Allianz Lifestyle Secure Term Insurance Plan and Policy:
- This is a traditional Term plan which does not provide bonuses.
- The plan can be bought easily without undergoing any medical examinations.
- There is an inbuilt Accelerated Terminal Illness Benefit which enhances the benefit payable under the plan.
- The benefit is paid in installments over e specified tenure.
- Females are charged a lower premium rate than males.
Eligibility Details - Bajaj Allianz Lifestyle Secure Term Insurance Plan and Policy:
The policyholder chooses the coverage required and the plan tenure based on which the premium charged would be calculated.
In case the insured dies or becomes terminally ill, the plan benefit would be paid in monthly installments depending on the term of the plan chosen.
If the policyholder survives till maturity, no benefit is payable.
Benefits - Bajaj Allianz Lifestyle Secure Term Insurance Plan and Policy:
Maturity Benefit – Being a Term Assurance plan, there is no maturity benefit payable.
Death Benefit – If the insured dies or becomes terminally ill, whichever happens earlier, the Death or the Terminal Illness benefit would be payable. This benefit is equal to the Sum Assured and is paid monthly for a fixed tenure depending on the plan term. The available tenures for payment of the benefits are:
|Policy Tenure in years||5||7||10||15||20|
|Benefit tenure in months||60||84||120||180||240|
Alternatively, the death benefit or the Terminal Illness benefit can be availed in lump sum where a discounted value of the benefit would be paid collectively. The value of the benefit would be:
(Death or Terminal Illness Benefit/12)*Policy Term*Factor 1
Factor 1 would be specified by the company which would depend on the policy term and the benefit month in which the lump sum is taken.
- 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.
Bajaj Allianz Term Life Insurance Plans and Policy