Quick Overview
Bajaj Life iSecure II is built for both salaried and self-employed individuals, including those without perfect paperwork. This blog breaks down its eligibility, features, riders, pricing, exclusions, and insurer metrics to help you decide if it fits your long-term protection needs.
Eligibility Conditions for Bajaj Life iSecure II Term Plan
Key Features of Bajaj Life iSecure II Term Plan
Early Exit Option (Zero-Cost Exit)
Allows policyholders under the Life variant to exit the policy and receive all premiums paid once the life assured attains age 60. This option can be exercised during the first 5 policy years after turning 60, provided the policy was issued before age 50, has a minimum term of 35 years, and a maturity age of at least 70.
Auto Cover Continuance Benefit
Lets you defer premium payments for up to 12 months while keeping the policy active and benefits intact. Missed premiums can be paid at the next renewal without interest or late fees. Available after 3 policy years under the Life and ROP variants, and can be used multiple times with a 5-year gap.
Instant Payout on Claim Intimation
For policies with a minimum sum assured of ₹50 lakh, an immediate payout of ₹2 lakh is made within 3 working days of claim registration (post 1-year waiting period). The balance amount is paid after claim approval.
Health Management Services
Offers access to non-insurance wellness services such as medical consultations, second opinions, and case management through registered service providers, as long as premiums are paid on time.
Maturity Benefit
Under the Return of Premium (ROP) variant, the total premiums paid are returned to the policyholder if they survive the policy term, while still providing full life cover during the term. However, its premiums are approximately 60%-100% more expensive.
Note: Features such as terminal illness and life-stage upgrades are notably missing, in contrast to the eTouch II plan from the same insurer.
Riders Under Bajaj Life iSecure II Term Plan
- Accidental Death Benefit Rider
Provides an additional payout if death occurs due to an accident, over and above the base term insurance amount. The rider cover is capped at ₹1 crore or 30% of the base plan premiums. - Accidental Permanent Total/Partial Disability Benefit Rider
Pays a lump sum if the life assured suffers an accidental disability, 100% of the rider sum assured for total disability, and 50% for partial disability. The maximum rider cover is ₹1 crore or 30% of base plan premiums. - Family Protect Rider
Ensures lifelong financial support for parents in case of the insured’s death or accidental total permanent disability. It pays an immediate lump sum plus a monthly income to parents for life, independent of the main nominee. - New Critical Illness Benefit Rider
Pays a lump sum on diagnosis of listed critical illnesses, over and above the base plan payout. Available in three variants covering 10, 25, or 60 major critical illnesses, with a 90-day waiting period and a 14-day survival period.
Note: Notably, the plan does not offer a Waiver of Premium rider and also misses the Premium Holiday feature available in Bajaj’s flagship eTouch II plan.
What are the Exclusions in the Bajaj Life iSecure II Term Plan?
Like most term insurance policies, the Bajaj Life iSecure II Term Plan includes standard exclusions, such as suicide during the initial 12-month period, and certain claim-related limitations as defined in the policy wording. These exclusions are in line with industry norms and regulatory guidelines.
To understand these in detail, read this guide on the types of deaths not covered under a term insurance plan.
Bajaj Life iSecure II Term Plan Premium Comparison
Premiums are calculated for a person seeking a ₹2 crore sum assured, with coverage up to age 70, for a non-smoking male, with no added riders or 1st year discounts.
Insights: Bajaj Life iSecure II’s premiums are notably higher than most competitors. In some age groups, they are nearly double those of plans like Axis Max or Bajaj eTouch II for the same ₹2 cr cover. This premium reflects its underwriting flexibility for those without formal income documentation, as insurers view such a lack as a higher risk. For most buyers with proper documentation, other term plans offer much better value.
In addition to analyzing the plan’s features, costs, and benefits, policyholders must also review the insurer’s long-term performance metrics to assess overall reliability and service quality.
Metrics of Bajaj Life iSecure II Term Plan
Insight: Bajaj Life shows strong claim reliability, with a higher-than-average claim settlement ratio and one of the lowest complaint volumes in the industry. Its solvency ratio is more than double the industry average, reflecting a very strong financial buffer. The only relative lag is speed, as its 30-day claim settlement rate is slightly below the industry average.
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Ditto’s Take
Bajaj Life is a financially strong insurer with a high solvency ratio and an impeccable claim settlement record, making iSecure II a dependable, protection-first plan. However, it misses advanced features such as Waiver of Premium, life-stage upgrades, terminal illness benefits, and premium holidays, which are available in Bajaj Life’s flagship eTouch II plan. iSecure II is also priced higher than eTouch II.
However, where iSecure II really stands out is in its underwriting flexibility. Around 70% of applications get a financial waiver based on CIBIL score and digital spending patterns, with medical tests mandatory for all cases. If needed, alternative income proofs like bank statements, investments, SIPs, credit cards, property, or car ownership may be considered. This makes it ideal for freelancers, gig workers, small business owners, and others with real income but limited documentation.
Disclaimer: Bajaj Life Insurance is a partner insurer with Ditto. If you’ve purchased your policy through us, you can reach out to our advisors for help with any aspect of your policy, including servicing, claims, or follow-ups with the insurer.
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