Bajaj iSecure Loan Term Plan

Overview

Bajaj iSecure Loan Term Plan is a protection-focused insurance plan designed to clear your outstanding loan in case of death. It ensures your family does not inherit financial liability and ensures their future remains stable even during unexpected events.

It is designed for people with home loans, personal loans, or other long-term borrowings who want simple debt protection in one plan.

Bajaj iSecure Loan Plan offers a range of benefits including:

• Premium Flexibility
• Tax Benefit
• Surrender Value
• Additional riders to choose from
• Death benefits
• Choice of sum assured

Riders Associated with Bajaj i-Secure Loan Term Plan

You can add the following riders to your Bajaj i-Secure Loan Term Plan:

Bajaj Accidental Death Benefit Rider

In case of the policyholder’s demise due to an accident, benefits are paid to their nominee.

Bajaj Waiver of Premium Benefit Rider

Future premiums are waived in case of the policyholder’s demise, accidental death, disability, or any of the 11 critical illnesses mentioned.

Bajaj Accidental Permanent Total/Partial Disability Benefit Rider

Benefits are offered in case of the policyholder’s disability or demise due to an accident.

Key Features

Limited Premium Payment Term

Benefit from a limited premium payment term of 2/3rd of your policy term.

Choose Your Premium Payment Term

Bajaj i-Secure Loan Term Plan provides an option to choose from multiple premium payment terms.

Select Your Policy Term

Flexibility to select your policy term from 10, 15, 20, and 25 years, depending on the tenure of your loan.

Option to Opt for Rider Benefits

Bajaj i-Secure Loan Term Plan provides the option to enhance your coverage with rider benefits.

Reducing Loan Liabilities

As you pay premiums and the policy continues, your loan amount reduces. The prevailing sum assured is paid upon the death of the life assured.

Premium Discounts on High Sum Assured

This plan offers premium discounts when choosing a sum assured above ₹5 lakhs.

Death Benefits

Upon the unfortunate demise of the life assured during the policy term, the Bajaj iSecure Loan Term Plan pays the death benefits to their loved ones.

Tax Benefits

Bajaj offers term insurance tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in the same financial year.

Exclusions

• The policy will be void if the policyholder commits suicide within 12 months from the date of policy inception.
• Death due to the consumption of intoxicants.
• Death due to an aviation accident.