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Bajaj Allianz iSecure Loan Insurance Plan


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.


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.


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.

Entry Age (years) 
Maximum Maturity Age (years)65
Policy Term (years) 
Sum Assured (Rs) 
MaximumNo limit
Minimum Premium (Rs) 
Premium Payment FrequencyYearly, Half-Yearly, Quarterly, Monthly
Premium Payment TermLimited (2/3rd of policy term)
Premium Factor (multiply with annual premium)Semi Annually: 0.51
Quarterly: 0.26
Monthly: 0.09
Policy CoverCover remains fixed throughout the policy tenure
Other Features 
Free Look CancellationIn 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 PeriodYou 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 ReinstatementYou 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 BenefitsSection 80C, 10(10D) of the Income Tax Act, 1961 would apply.
ExclusionsIn 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 ValueThere 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 
AddressBajaj Allianz Life Insurance Company Limited,
G.E. Plaza, Airport Road, Yerawada, Pune - 411 006.
Mail To[email protected]
Call OnBSNL/ MTNL: 1800 22 5858; Others: 1800 209 5858
SMSLIFE to 56070
Annual premium option
Policy Term (in Years)Age (in Years)
Figures indicate premiums on a Rs 20 lakh policy with interest @10% on loan across different age over different policy tenures exclusive of service tax. Premium Payment Term is 2/3rd policy term.