Bajaj Allianz Life Secure Plan

What is the Plan all About?

We always want to get protection 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.

Three coverage options to choose from:

Option I - Death Benefit

Option II - Death Benefit plus Accidental Death Benefit

Option III - Death Benefit or Accelerated Critical Illness plus Waiver of Premium Benefit

What are the Key Features?

Option to choose from 3 coverage options
Life 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
Tax Benefits under Section 80C & 10 (10D)

What are the Plan Benefits?

Death Benefit

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

Who can Buy the Plan?

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	-

Is any Rider Available with this Plan?

No rider is available with this plan.

How does the Plan Work?

Let us understand the plan with the example of Vishal:

Name of the Life Assured: Vishal
Age of the Life Assured: 35 years
Plan opted: Bajaj Allianz Life Secure- coverage option III
Sum Assured: 30 Lakhs
Premium Paying Term: 15 years
Annual Premium: Rs 84,940

Scenario 1:

In case of unfortunate diagnosis of any of the critical illness, say, at age 40
Vishal will receive Rs. 15,00,000 immediately and all the future premiums will be waived
In case of unfortunate death subsequently, say, at age 80 years, the nominee/claimant will receive Rs. 15,00,000 immediately

Scenario 2:

In case of unfortunate death, say, at age 50 (no critical illness benefit was paid before), the nominee/claimant will receive Rs. 30,00,000 immediately.

Is the Plan, eligible for 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.

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