Bajaj Allianz Lifestyle Secure Plan
Bajaj Allianz Life Insurance
Our Verdict
Bajaj Allianz LifeStyle Secure is ideal for individuals seeking a term plan with regular income benefits. It includes terminal illness and disability coverage but lacks maturity benefits and critical illness riders. Best for those prioritizing family income security and disability protection.
About the Plan
Bajaj Allianz LifeStyle Secure is a non-linked term plan ensuring financial security through regular income for your family in case of death or terminal illness. It includes an inbuilt terminal illness cover and requires no medical exams. Policy terms range from 5 to 20 years, with the sum assured paid in monthly installments over 60 to 240 months. The plan offers high sum assured rebates and lower premium rates for females but has no maturity or surrender benefits.
About the Plan
Eligibility
• Entry Age :
Minimum 18 years
• Maximum Maturity Age :
60 years
• Policy Term :
5 to 20 years
• Minimum Sum Assured :
₹3 lakh
• Premium Payment Term :
Regular premium payments throughout the policy term
• Premium Payment Frequency :
Annual, semi-annual, quarterly, or monthly
• Citizenship :
Indian residents
Eligibility
Features of the Product
Terminal Illness
Bajaj Allianz Lifestyle Secure plan does include a Terminal Illness benefit. If the insured is diagnosed with a terminal illness during the policy term, a lump sum benefit is payable.
Total Permanent Disability Payout
It does not typically include a separate, standalone payout specifically for Total and Permanent Disability (TPD) unless it is explicitly mentioned in your policy document or you have opted for a TPD rider.
Premium Payment Frequency
Annual
Semi-annual
Quarterly
Monthly (sometimes available, but not always)
Premium Payment Term
The same as the policy term (meaning you pay premiums until the policy ends)
A shorter duration than the policy term (meaning you pay premiums for a set number of years, even if the policy continues longer)
Online Payment Options
Bajaj Allianz likely offers online payment options through their website or app, making it convenient to pay premiums.
Exclusions
If the life assured commits suicide within 12 months from the policy commencement or revival, only 80% of the total premiums paid will be refunded.
Failure to pay premiums within the grace period results in the policy lapsing, and no death benefit will be paid.
The policy will terminate if the sum assured is paid out or in case of non-payment of premiums beyond the grace period.
No benefits will be payable if the policy is surrendered as there is no surrender value.
Any exclusions related to pre-existing conditions, hazardous activities, or specific causes of death may apply as per policy terms.
Exclusions
Accidental Death - Provides an additional lump sum payout in case of death due to an accident, ensuring extra financial security for the family.
Total and Permanent Disability (TPD) Rider - Offers financial support if the insured suffers total and permanent disability due to an accident or illness. Can be received as a lump sum or regular income.
Waiver of Premium Rider - Ensures that all future premiums are waived if the policyholder becomes totally and permanently disabled, keeping the policy active without financial burden.
Add-ons
If you smoke
Higher premiums for smokers.
Note :
Free look up period : The free look period for Bajaj Allianz Lifestyle Secure allows policyholders to review terms and cancel within 15 days for a refund.
Grace period : Bajaj Allianz LifeStyle Secure offers a grace period of 30 days for premium payments, except for monthly frequencies, which have a 15-day grace period. If the life assured death or terminal illness occurs during this period, the full sum assured is payable after deducting the outstanding premium.
Suicide Clause: If death occurs due to suicide within 12 months, the nominee receives 80% of premiums paid, with no other death exclusions.
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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.