Bajaj Allianz Isecure Loan Plan
Bajaj Allianz Life Insurance
Our Verdict
Bajaj Allianz iSecure Loan is ideal for borrowers seeking life insurance to cover outstanding loans. It ensures liability protection but lacks maturity benefits, making it purely a risk-cover plan.
About the Plan
Bajaj Allianz iSecure Loan is a non-linked, non-participating life insurance plan designed to cover outstanding loan liabilities in case of the policyholder's demise. This decreasing term plan aligns with the reducing loan balance, ensuring financial security. It offers individual or joint coverage, flexible sum assured, and policy terms matching loan tenure. In case of death, the sum assured for that year is paid. Policyholders can select an interest rate between 5% and 20%, ensuring adequate coverage throughout the loan period.
About the Plan
Eligibility
• Minimum Entry Age :
18 years
• Maximum Entry Age :
60 years
• Minimum Sum Assured :
₹3,00,000
• Maximum Sum Assured :
No Limit
• Policy Term Options :
10, 15, 20, and 25 years
• Premium Payment Term :
2/3rd of the policy term (rounded down in years)
• Minimum Maturity Age :
28 years
• Maximum Maturity Age :
65 years
Eligibility
Features of the Product
Terminal Illness
If diagnosed with a terminal illness during the policy term, the entire sum assured is paid out immediately, even before death, allowing the insured to utilize the funds as needed.
Zero Cost Option
If the policy is foregone before maturity within a specified period, all premiums paid will be refunded.
Total Permanent Disability Payout
In case of permanent total disability due to an accident, all future premiums are waived, ensuring continued coverage.
Inflation Protection Coverage
The sum assured increases automatically at a predefined rate to counteract inflation.
Premium Payment Customizations
Premium payment term is 2/3rd of the policy term (rounded down in years).
Flexible premium payment frequency (Yearly, Half-Yearly, Quarterly, Monthly)
Maturity Benefit
No maturity benefit shall be payable on survival till the end of the policy term.
Surrender Benefit
No surrender benefit is payable under the plan.
Exclusions
Any death due to pre-existing medical conditions that were not disclosed at the time of policy issuance may not be covered.
Death resulting from high-risk activities such as adventure sports, racing, or hazardous occupations may be excluded.
Death due to alcohol or drug consumption beyond prescribed limits may not be covered.
Death occurring while engaging in unlawful acts, riots, or war-like situations is excluded
Death caused by intentional self-harm, whether sane or insane, other than suicide within the suicide clause period, is not covered.
Exclusions
Accidental Death - In case of accidental death, an additional lump sum is paid to the nominee. With the Accidental Death Benefit Rider, an extra sum assured is provided along with the base policy’s death benefit. In joint life policies, the benefit is paid on the first life insured's accidental death, while coverage continues for the surviving life.
Critical Illness - If you’re ever diagnosed with a debilitating illness, you would want your insurance policy to pay a fixed sum so that you can deal with any monetary obligations you may have
Add-ons
Note :
Suicide Clause : If the life assured dies due to suicide within 12 months from the date of commencement of risk or the latest revival of the policy, the nominee will receive 80% of the total premiums paid, provided the policy is in force. No other benefits will be payable.
Free look up period: 15 days for policies purchased offline.
30 days for policies purchased electronically or through distance mode.
If the policyholder is not satisfied with the terms, they can return the policy and receive a refund of the premiums paid, minus proportionate risk premium, medical examination costs, and stamp duty charges.
Grace Period: 30 days for premium payments made yearly, half-yearly, or quarterly. 15 days for monthly premium payments. If death occurs during the grace period, the full sum assured will be paid after deducting any due premiums.
Still Confused ?
Why OneAssure?
We guide your loved ones every step of the way to ensure they receive the full benefit of their coverage.
About the Company
Bajaj Allianz Life Insurance is a leading private life insurance company in India, formed as a joint venture between Bajaj Finserv Limited and Allianz SE founded in August 2001 in Pune headquarters. Known for its strong claim settlement ratio and innovative products, the company emphasizes customer-centric solutions with features like flexible premiums, rider options, and online services. Bajaj combines the financial expertise of Allianz SE with the trust and legacy of Bajaj Group, making it a preferred choice for long-term financial security.
The managing director and CEO of Bajaj Allianz is Mr Tarun Chugh.