Bajaj Allianz launch Online Term Insurance iSecure

August 31, 2012   ·   0 Comments

 

Bajaj Alliaz has joined the bandwagon of other private insurance companies by bringing . Bajaj Allianz has named the product as Bajaj Allianz iSecure which can be bought directly from their website cutting out the cost of paying Agent a hefty commission for buying an insurance.

 

Premium Rates of Bajaj Allianz iSecure:

The table below shows the premiums for an age of 30 years and a sum assured of Rs.2,500,000 under all the lifestyle categories and for various policy terms:

 

Lifestyle Category Policy Term (In Years) 
 

10

15

20

25

30

Smokers

3803

3973

4266

4753

5387

Non-Smokers

3469

3561

3723

4047

4486

Preferred Non-Smokers

3258

3353

3488

3780

4208

 

Rebate Plans of Bajaj Allianz iSecure:

 

The plan offers rebates to the people who tends to take

  • Joint life policy for their respective family – often termed as JLP
  • High Sum assured often termed as HSAR

 

Age of Older Life Insured <=40 40 – 50 >=50
Rebate 5% 3% 1%

 

Read:

 

Benefits of Bajaj Allianz plan iSecure

 

  • Comprehensive Accidental Protection Benefi
  • Critical Illness Benefit
  • Hospital Cash Benefit
  • Option to Take an Individual or a Joint Life Policy – If you were not married at policy inception, you may include your spouse after your marriage in your existing individual policy.
  • You can change the premium payment frequency at any policy anniversary during the term of the policy, subject to the minimum premium limits under the plan.
  • Option to Take Death Benefit in Annual Installment: Your loved ones may not be in a position to determine the best suitable financial plan or to invest the policy proceeds to support their lifestyle, in case of your unfortunate demise. We offer your nominee (both under the individual and joint life option) the option to receive the policy proceeds in annual installments over a settlement period of 10 years from the date of death This option needs to be informed in writing to the company at the time of filling the “Death Claim Form.”

The annual installment will be an amount equivalent to (100% + x%) of sum assured divided by 10 years. The x% will be decided by the company at the time of admitting the death claim and will remain the constant throughout the settlement period.

 Read: All you want to know about LIC – Retire & Enjoy plan

 

Advantages of online Term Insurance Plan – Bajaj Allianz iSecure

  • First and foremost, it’s very convenient. You can do it from the comfort of your bedroom.
  • You are never under any form of pressure from an agent. You have the advantage of quietly considering your options.
  • You’ll always get the best rates online. Business costs are less online than in a brick and mortar office.

 

Disadvantages of online Term insurance plan – Bajaj Allianz iSecure

 

  • Since the product is sold online, you will have to complete the process by yourself without help from any intermediary or agent. Hence, you may have to deep dive to understand the product conditions and terms by yourself that could be a painful job to understand and compare the different products.

 

Claim to Settlement Ratio for Bajaj Allianz iSecure

 

A high claim settlement ratio is important, and the higher the better from the perspective of the insured as you are effectively buying insurance to protect your family. According to IRDA, Claim to settlement ratio for Bajaj Allianz in 2012 is 88.18. For any company older than three years, one should look for an acceptance ratio of a minimum 90% 

 

IRDA Report

Company (launch year)

Claims Settled (%)

LIC (1956)

96.53

HDFC Life (2000)

91.14

ICICI Prudential (2000)

90.17

ING Vysya (2001)

89.30

Birla SunLife (2001)

89.09

Reliance Life (2002)

89.07

Bajaj Allianz (2001)

88.18

Aviva (2002)

87.11

Kotak Mahindra (2001)

86.97

SBI Life (2001)

83.27

Metlife (2001)

82.54

Tata AIG (2001)

78.17

Bharti AXA (2006)

77.80

Max New York (2000)

65.51

Sahara (2004)

63.06

Star Union Dai-ichi (2009)

58.33

IndiaFirst (2009)

53.85

IDBI Federal (2007)

49.52

Aegon Religare (2008)

48

DLF Pramerica (2008)

40

Shriram (2005)

39.54

Future Generali (2007)

38.85

Canara HSBC (2008)

38.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Read: Term Insurance – Why & How much life cover one need?

 

Verdict: If we compare only the premium rates of Bajaj Allianz with other online insurance term plans, then it seems to be coming at premium. HDFC, ICICI do provide the plans at much cheaper rate but they don’t have any option of any riders as providing accident cover or critical illness cover or Hospital cash benefit which makes this product unique in its category.

 

The benefits of the riders needs to be understood clearly before taking up these plans as not much detail is provided about these benefits even on the Bajaj Allianz website. Because of the uniquess of the product, we do give it a Thumbs up and feel it can be worthy enough to be considered if you are looking to buy out online term insurance plan. Depending on person needs, one should finalize the term insurance plan of Bajaj Allianz iSecure.

 

Did I miss on something while reviewing Bajaj Allianz iSecure. Tell us if you have considered any online term insurance plan and your experience with it. I am listening.

 

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Rajesh Singla

Rajesh is the founder & CEO of Stockssavvy, Stocks analyst,financial advisor by choice,software engineer by fate,biker,gamer,cricket lover n enthusiastic person. He believes in doing things not just to get by but to get Ahead...

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