Bajaj Allianz iSecure More Insurance Plan is an increasing term plan, which means that the Sum Assured, chosen for at the beginning of the tenure, keeps increasing by 5% every year till it reaches twice the initial amount. If the policyholder dies within the policy tenure, then the Sum Assured is paid out according to the corresponding year of death and the policy terminates.
However, if the policyholder lives throughout, then nothing is payable to him on maturity.
Pure Increasing Term Insurance Policy where the Sum Assured increases by 5% each year till it become double of the original Sum Assured.
Can be availed for Joint Life also where the spouse can be included at a later date
You can opt for disbursement of policy proceeds in annual instalments
There are 3 additional riders available with this plan
There also a discount for advance payment of premiums in a lumpsum
Death Benefit can be taken in instalments for a period of 10 years instead of in a lumpsum
Individual Life - In case the life insured dies within the policy tenure then the prevailing sum assured as on the date of death will be payable as Death Benefit to the nominee and the policy will terminate immediately.
Joint Life - If any one of the 2 Joint Life Insured dies within the policy tenure, the prevailing Sum Assured as on the date of death would be paid out and the policy will automatically continue on the life of the other person with a reduced premium. The policy will terminate immediately on death of the second life assured after paying the Sum Assured again.
Since this is a pure risk plan, there are no maturity benefits payable under this plan.
Eligibility Minimum Maximum
Sum Assured (in Rs.) 2,50,000 No limit
Policy Term (in years) 10 25
Premium Payment Term
(in years) Equal to Policy Term Equal to Policy Term
Entry Age of Policyholder 18 60
Age at Maturity 28 70
Payment Modes Monthly, Quarterly, Half-Yearly, Yearly
Income Tax Benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Also the maturity proceeds received by the family will be exempted from tax
There are no riders available under this plan
Protection Benefit YesAccidental
Dismemberment Benefit No
Waiver of Premium No
Critical illness Yes
Family Income Benefit No
Accelerated Sum Assured No
Hospital Cash Benefit Yes
Discontinuance of Premiums
If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period from the due date of the first unpaid premium. You can re-instate the policy within 2 years of lapsation by paying up all due premiums with interest.
If regular premiums are not paid within the grace period of 30 days from due date of premium, your policy will lapse and the life cover will cease immediately.
There is no loan facility available under this policy.
Reinstatement of a lapsed Policy
If your policy lapses anytime during the term, it can be reinstated within two years from the date of first unpaid premium. To reinstate your policy you will have to provide proof of continued insurability as the Company deems suitable and pay revival fee along with all due premiums.