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Assured Sum Keeps Increasing

Monday, October 03, 2011
By Manoj Aswani

Plan Summary
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.

Key Features

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

Death Benefit

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.

Maturity Benefit

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
Riders                              Available   
Comprehensive                  Accident
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.


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