Bajaj Allianz Life Secure Analysis

Bajaj Allianz Life Secure – Overview
Bajaj Allianz Life Secure is a non-linked, whole life term insurance plan which provides complete protection for a lifetime. It offers a choice of 3 coverage options, namely term assurance cover, accidental death cover and critical illness cover. This unique term plan protects the insured individual till the age of 100 so that one can live a life without any worries.

Key Features
• Total Protection: Being a term life insurance plan, it provides comprehensive protection throughout the life of the insured individual
• 3 Coverage Alternatives: This plan gives the flexibility to choose from 3 coverage death benefit options, namely Pure Death Benefit, Death Benefit plus Accidental Death Benefit and Death Benefit
The policy terminates subsequent to such payment. o Third Option: Both Death and Accelerated Critical Illness Benefits besides Waiver of Premium Benefit
 Accelerated Critical Illness and Waiver of Premium Benefits: 50% of the Sum Assured on Death, subject to a maximum limit of Rs. 50 lakh, is paid and all remaining future premiums are waived off if the below three conditions are met:
• This is the first instance of a critical illness in the life of the insured
• He / she has not reached the age of 65 years
• The illness occurs in the first 30 years of the policy.
The insurance policy remains in force for the remaining Sum Assured. However, no further benefit is payable if the insured person is diagnosed again with a critical illness.
 Death Benefit (If Critical Illness Benefit Paid): If a critical illness benefit has been paid and the insured unfortunately expires during the tenure of the cover, then the balance Sum Assured on Death is paid to the nominee or the beneficiary. The plan terminates subsequent to such
he / she attains the age of 100 years on maturity of the insurance policy and death benefit has not been paid, then he / she will receive maturity benefit as detailed below: o Sum Assured, if no critical illness benefit has been paid o Sum Assured less the amount of critical illness benefit paid earlier, in case the critical illness benefit has been paid before during the tenure of the policy
• Surrender Benefit: The insurance policy can be surrendered if either one of the below mentioned pre-conditions are met: o The full premium has been paid for the first two policy years if the premium payment term is less than 10 years o The full premium has been paid for the first three policy years if the premium payment term is 10 years or above
The surrender value paid is higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value