Salient features of Bajaj Allianz iSecure Loan Insurance Plan
1- Can be availed as individual or Joint Life. Also has option to include the spouse at a later date
2- Lower cost of insurance based on your reducing loan liabilities (Sum Assured decreases each year)
3- Rebate on high sum assured (Rs.500,000 and above)
4- Limited premium payment term of 2/3rd of policy term
5- Additional discount for online policies
6- Choose the loan interest rate as appropriate to you, at the inception of the policy
7- Pay your future premiums in advance and get appropriate discount
How does Bajaj Allianz iSecure Loan Insurance Plan work?
Bajaj Allianz iSecure Loan Insurance Plan offers you the option to cover yourself, or to cover yourself jointly with your spouse or child or business partner, etc., provided insurable interest can be established.
You can customize the plan to suit your requirement by following the steps below:
Step 1: Choose between individual or jointly life cover
Step 2: Choose your sum assured(s) (Life Cover) depending on your loan amount
Step 3: Choose your policy term depending upon your loan tenure.
Step 4: Select an appropriate fixed interest rate
Your premium under the plan is based on your current age(s), sum assured(s), loan interest rate, policy term and premium payment mode.
The death benefit payable at any time will be the prevailing sum assured.
|Minimum Entry Age||18 years|
|Maximum Entry Age||60 years|
|Minimum Sum Assured||Rs. 300,000|
|Maximum Sum Assured||No Limit|
|Policy Term||5, 10, 15, 20 & 25 years|
|Premium Payment Term||2/3rd of the policy term chosen; rounded down in years.|
|Minimum Installment Premium||Rs. 1,500 per yearly installment,
Rs. 750 per half-yearly installment,
Rs. 400 per quarterly installment,
Rs. 150 for monthly installment
|Minimum Maturity Age||23 years|
|Maximum Maturity Age||65 years|
In case of unfortunate death of life assured during the policy term the Sum Assured will be payable as death benefit to the nominee. The policy will terminate immediately on death of the life assured
The death benefit is payable on death of each life provided the policy is in force. The amount of benefit payable is the prevailing sum assured in respect of the deceased life assured. On death of any one of the life assureds, the policy will automatically continue on the surviving life assured with a reduced premium. The reduced premium will be based on the age, policy term and the sum assured in respect of the surviving life as at the inception of the policy. The policy will terminate immediately on death of the surviving life assured.
Comparison with Term Care
|S.No.||Product||Sum Insured||Cover Term||Premium Paying Term||Premium|
|1||Term Care – Economy||10,00,000||25 Years||25 Years||Rs. 11120|
|2||iSecure Loan Term Insurance||10,00,000||25 Years||16 Years||Rs. 2458|
* Insured Age 30, #Loan Interest Rate 12% for iSecure Loan Term Insurance
1- Option to take on Joint Life
2- Rebate on high sum assured (Rs.500,000 and above)
3- Discount for online policies
4- Pay future premiums in advance and get appropriate discount
All the above points make it excellent plan for loan coverage. We recommend this plan for loan coverage.