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Overview
The Bajaj iSecure plan is a non-linked, non-participating plan that offers an advanced level of term insurance coverage at a low cost. The plan offers rewards for maintaining a healthy lifestyle and special premium rates for non-smokers and women. The policyholder gets the flexibility to select their policy terms and premium payment frequency, and can even add a spouse later during the policy term. To meet changing financial needs, the plan offers the option of receiving benefits in installments and adding riders for extra coverage.
Key Benefits of Bajaj iSecure Plan
- Death Benefits
- Surrender Benefits
- Rider Benefits
- Discounts
- High Sum Assured Discounts
- Joint Life Cover
Riders Associated with Bajaj iSecure Term Plan
You can add the following riders to your Bajaj iSecure 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 off in case of the policyholder’s accidental death, disability, or diagnosis of any of the 11 critical illnesses mentioned.
Bajaj Accidental Permanent Total/Partial Disability Benefit Rider
Under the accidental disability rider, benefits are offered in case of the policyholder’s disability or accidental demise.
Key Features of Bajaj iSecure Term Plan
Policy Loan
Under the Bajaj iSecure Term Plan, you cannot avail a loan against your policy.
Include Your Spouse at a Later Stage
You can include your spouse at a later date in your existing policy if you are single at present.
Benefits in Installments
Plan to meet the recurring expenses of your loved ones by opting for payment of benefits in installments.
Affordable Premiums
The plan offers affordable premiums.
Choose the Premium Payment Term at the Start of the Policy
You must choose your premium payment tenure at the start of the policy; it cannot be changed later.
Lower Premium Rates for Female Lives
The plan offers up to 20% lower premium rates for its female policyholders. This discount is valid for all premium payment terms except 'pay till 60'.
Lower Premiums for Non-Smokers
Bajaj iSecure Term Plan offers lower premium rates for non-smokers. However, for accident cover and accelerated benefits, premium rates do not vary by smoker status.
No Restrictions on Travel/Occupation
The plan does not restrict travel anywhere in the world or future occupation changes. All eligible claims will be settled after submitting the proper documents.
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.
Terminal Illness Benefit
In case of diagnosis of a terminal illness, Bajaj will pay a part of the sum assured for the treatment, and the remaining sum assured will be paid to the nominee.
Exclusions
- Suicide during the first 12 months of policy inception will not be covered.
