The Bajaj Allianz Life iSecure II is a Non-Linked, Non-Participating, Individual Life Insurance Term Plan designed to offer pure risk cover with exceptional flexibility and a safety net for policyholders who may wish to exit the policy later in life.
The plan offers three key variants: Life (pure protection), ROP (Return of Premium), and Easy (a simplified short-term cover). Its main appeal is the Early Exit Value available in the Life variant, allowing you to walk away with 100% of the total premiums paid (excluding taxes, etc.) after a certain age (typically 60), if your coverage needs are met. This unique feature mitigates the “money gone” feeling often associated with pure term plans.
Quick Overview: Bajaj Allianz Life iSecure II
| What’s Good? | What’s Not Good? |
| Early Exit Value: Option to exit the policy after age 60 and receive 100% of total premiums paid back (available under the Life variant). | WOP Rider Limitation: The Waiver of Premium (WOP) benefit is typically in-built for Accidental Total & Permanent Disability/Terminal Illness, but a WOP for Critical Illness is generally not included in the base plan. |
| Three Variants: Offers Pure Protection (Life), Return of Premium (ROP), and a simplified ‘Easy’ option. | No Automatic Cover Increase: The plan lacks an option to automatically increase the Sum Assured (SA) to counter inflation (unlike some competitors). |
| High CSR: Bajaj Life maintains a strong 99.29% Claim Settlement Ratio (FY 2024-25), indicating high reliability. | Maturity Age: Coverage is extended up to a maximum maturity age of 85 years, which is slightly less than Whole Life plans covering up to 99 or 100. |
| Custom Payout: Nominee can choose to receive the death benefit as a Lump Sum, Monthly Income (for up to 40 years), or a combination. | ROP Premiums: The iSecure II ROP variant comes with a significantly higher premium than the pure ‘Life’ variant. |
Pricing and Insurer Track Record
This reflects the company’s reliability and solvency.
| Detail | Bajaj Allianz Life Insurance Company Limited |
| Founded in | 2001 |
| Claim Settlement Ratio (FY 2024-25) | 99.29% (Individual Death Claim Paid Ratio) |
| Solvency Ratio (FY 2024-25) | 359% (Mandated minimum is 150%) |
| Maximum Maturity Age | Up to 85 years |
Detailed Product Overview of Bajaj Allianz Life iSecure II
The Bajaj Allianz Life iSecure II is characterized by its adaptability. The availability of the ROP variant ensures that individuals who are hesitant about pure term insurance can still secure coverage with the assurance of premium refund upon survival. The most distinctive feature, the iSecure II Early Exit Value , allows policyholders to recover 100% of their base premiums paid if they decide to terminate the policy after a specific age (typically 60) and satisfy the conditions, a huge comfort factor.
The plan offers significant flexibility in premium payment (Regular or Limited Pay, e.g., 5, 10, 15 years) and payout. The option to pay the death benefit as an income stream for up to 40 years (5, 10, 20, 30, or 40 years) ensures the nominee receives a structured, inflation-resistant financial cushion over a long period. Furthermore, the plan includes a built-in Terminal Illness benefit, providing an early lump sum payout upon diagnosis.
The company’s strong 99.29% Claim Settlement Ratio (CSR) and high Solvency Ratio of 359% underscore the reliability of this promise, making the Bajaj Allianz Life iSecure II a robust choice for long-term financial planning.
At A Glance
| Product Benefit | Feature Details (Bajaj Allianz Life iSecure II) |
| Product Type | Non-Linked, Non-Participating, Pure Term Plan (with ROP option) |
| Plan Variants | Life, ROP (Return of Premium), Easy (Short-term) |
| Death Benefit Payout | Lump Sum OR Monthly Income (up to 40 years) OR Combination |
| Early Exit Value | Receive 100% of Total Premiums Paid (base) upon voluntarily exiting after age 60 (Life variant only). |
| Return of Premium (ROP) | 100% of Total Premiums Paid returned at maturity (if survived, ROP variant only). |
| Inbuilt Terminal Illness | Accelerated payout upon diagnosis of a terminal illness. |
| Waiver of Premium (Inbuilt) | For Accidental Total & Permanent Disability or Terminal Illness. |
| Riders Available | Accidental Death Benefit, Critical Illness Benefit, Accidental Permanent Total/Partial Disability. |
| Tax Benefits (80C) | Premiums eligible for deduction up to ₹1.5 lakh. |
| Tax Status (10(10D)) | Death/Maturity benefits are generally tax-exempt. |
Frequently Asked Questions
1. What is the iSecure II Early Exit Value feature?
The iSecure II Early Exit Value is a unique feature in the Life variant that allows the policyholder to voluntarily surrender the policy after attaining a specified age (usually 60) and receive 100% of the total base premiums paid back.This is an excellent option for those whose financial responsibilities end before the policy term.
2. Does the Bajaj Life iSecure II plan include a Return of Premium (ROP) option?
Yes, the iSecure II ROP variant provides a guarantee that if the life insured survives the entire policy term, 100% of the total premiums paid (excluding taxes, rider premiums, etc.) will be returned as a maturity benefit.
3. What is the Bajaj Allianz Life Claim Settlement Ratio (CSR)?
Bajaj Allianz Life Insurance maintains a very high Claim Settlement Ratio (CSR) of 99.29% for individual death claims (FY 2024-25), demonstrating strong reliability in honoring claims.
4. Can the nominee convert the monthly income payout to a lump sum?
Yes. If the nominee initially selects the installment (income) option, they generally have the flexibility to convert all the remaining future installments into a single discounted lump sum at any time after the claim is processed.
5. Is the Waiver of Premium (WOP) Rider available for Critical Illness?
While the base plan includes an inbuilt WOP for Accidental Total & Permanent Disability and Terminal Illness, the Bajaj Allianz Life New Critical Illness Benefit Rider is required to be added for a WOP benefit upon diagnosis of a covered Critical Illness.
6. What is the maximum age I can be covered until?
The maximum maturity age under the Bajaj Allianz Life iSecure II plan is 85 years.
7. Can I buy iSecure II and include my spouse later?
Yes, the policy offers a provision to include your spouse later in the policy term under a Joint Life option, provided the spouse meets the eligibility and underwriting criteria at that time.
8. How many years of Limited Premium Payment Term (LPPT) are available?
The plan offers significant flexibility with Limited Premium Payment Term options, typically including 5, 10, 15, 20, or 25 years, allowing you to align payment with your working career.
9. Is there a terminal illness benefit included?
Yes, the plan includes an Inbuilt Terminal Illness Benefit, which pays out an accelerated portion of the Sum Assured upon diagnosis of a terminal illness, helping meet immediate expenses before the eventual death claim.
10. Does the policy offer any premium rebates?
Yes, the plan offers premium rebates for high Sum Assured amounts (typically above ₹20 Lakh), online purchase discounts, and preferential rates for female lives (usually via a set-back in age).
Important Disclaimer & Disclosure
Please Read Before Proceeding: The information provided in this blog post about Bajaj Allianz Life iSecure II is for informational and educational purposes only. This content is based on our interpretation of policy brochures and market research as of November 2025.
- Not Financial Advice: This is not insurance or financial advice. Always consult with a certified financial advisor or insurance expert before making any purchase decisions.
- Policy Wording is Final: Features, limits, premium rates, exclusions, and benefits are subject to change. The final, legally binding terms and conditions are those stated in the official Policy Wording document issued by the insurer. Please review this document thoroughly before committing to a plan.
- Tax Disclaimer: Tax benefits are subject to changes in the Income Tax Act, 1961. Consult a qualified tax professional to confirm current tax implications for your specific financial situation.
