Bajaj Allianz iSecure Loan Insurance Plan

Invest In Tax Saving Mutual Funds Online

Download Tax Saving Mutual Fund Application Forms

Buy Gold Mutual Funds

Call 0 94 8300 8300 (India)

 

Bajaj Allianz iSecure Loan Insurance Plan

 

	Objective		This policy aims to insure against the liability of a home loan, in case the borrower dies during the loan repayment tenure. The sum assured chosen at the beginning of the tenure will decrease each year as the outstanding loan gets repaid.
What does it do?		The policy allows you to choose a sum assured and policy term depending on the loan amount and tenure. You can also choose the interest rate suitable to you in the range of 5 and 20 per cent. This takes away the loan repayment burden from the dependents of the insured, in case of policyholder's untimely death. The plan is available as both, individual and joint life cover. A joint life policy will pay the death benefit on death of each insured life. In case of the first policyholder's death, the policy will pay the death benefit and continue to cover the surviving life at a reduced premium. The reduction in premium will depend on the age, gender, remaining policy term and sum assured.
Pros		This is a simple policy for those looking to cover the liability of a home loan. There is a premium discount on policies with sum assured of Rs 5 lakh and more. Policies purchased online get additional 5 per cent premium discount. Premium payment frequency can be changed at any policy anniversary. Premiums can be paid in advance and avail a discount. The discount rates are declared for each financial year.
Cons		The policy does not factor-in changes in interest rates, which affect home loans taken on floating rates.
Suited for		This policy is designed to suit borrowers looking to protect dependents from the liability of loan repayment.
Our View		A home loan insurance cover is convenient and desired. However, the policyholder is allowed to fix the interest rate and tenure while taking the policy. The policy is unable to address the need for changing interest rates that home loans are exposed to.

 

	Eligibility
Entry Age (years)
Minimum		18
Maximum		60
Maximum Maturity Age (years)		65
Policy Term (years)
Minimum		5
Maximum		25
Sum Assured (Rs)
Minimum		300000
Maximum		No limit
Minimum Premium (Rs)
Yearly		1500
Half-Yearly		750
Quarterly		400
Monthly		150
Premium Payment Frequency		Yearly, Half-Yearly, Quarterly, Monthly
Premium Payment Term		Limited (2/3rd of policy term)
Premium Factor (multiply with annual premium)		Semi Annually: 0.51 Quarterly: 0.26 Monthly: 0.09
Policy Cover		Cover remains fixed throughout the policy tenure
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period		You are allowed to pay premiums within 30 days from the due date for Yearly, Half yearly and quarterly premium payment modes and 15 days in case of monthly premium payment mode.. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement		You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any.
Tax Benefits		Section 80C, 10(10D) of the Income Tax Act, 1961 would apply.
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.
Surrender Value		There is no surrender benefit. However, in case of advance premium payment, on death or surrender, discounted advance premiums paid but not yet due will be refunded without any interest.
Customer Service
Address		Bajaj Allianz Life Insurance Company Limited, G.E. Plaza, Airport Road, Yerawada, Pune - 411 006.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

1. Largecap Funds Invest Online
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds Invest Online

1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
2. Mid and SmallCap Funds Invest Online

1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
3. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
4. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
5. Tax Saver MutualFunds Invest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund
6. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund