Overview of iSecure II
Bajaj Life iSecure II is a non linked, non-participating pure term insurance plan designed for salaried and self-employed individuals who may not have traditional income proof like pay slips or tax returns. The plan uses alternative data such as credit scores, digital spending, and financial assets for underwriting. The policy offers flexible death benefit payout options (lump sum or monthly income), premium payment terms up to age 85, and options like premium breaks and early exit to suit long-term financial planning.
Experts' Review of iSecure II
Written by Monish Vora
Chief Editor
Bajaj Life iSecure II is a pure term insurance plan designed for self-employed and salaried individuals who may lack traditional income proof, leveraging credit scores and digital financial footprints for underwriting. Available in two live variants—Life (pure term cover) and Return of Premium (ROP), it offers both straightforward protection and valuable flexibility.
The plan features customizable death benefit payouts: a lump sum or staggered monthly income for 5 to 40 years, with premium discounts for choosing income-based payouts. The Auto Cover Continuance allows a one-year premium payment break without losing coverage, while the Early Exit option (Life variant) enables withdrawal of premiums after age 60, subject to tenure conditions.
iSecure II includes comprehensive riders such as Critical Illness coverage (60 illnesses), Accidental Death, and Disability benefits, providing enhanced protection. Although the ROP variant involves higher premiums, it appeals to those seeking survival benefits. Key choices like payout structure and riders must be selected at inception.
Pros
While not groundbreaking, the features provided meet the basic requirements.
Bajaj Life has a solid track record with a good CSR, minimal complaints, and high solvency ratio.
offers two variants and a Family Protect Rider that safeguards parents in case of mishaps.
Cons
Premiums are relatively high compared to other term plans.
The plan lacks terminal illness, cover increase, and exit benefits, and provides only a limited cover amount.
Bajaj Life
Key Insights
Founded
2001
Bajaj Life was established 25 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
99.32% CSR, calculated as a 3-year average
Bajaj Life settles 99.32% of all claims it receives demonstrating strong credibility.
Complaints
2.8 complaints per 10,000 claims registered
Bajaj Life maintains a low volume of complaints, reflecting strong customer satisfaction and effective service.
Amount Settled
93.42% of total claim amount settled
Bajaj Life shows a reasonable claim payout record, with around 93.42% of the total claim amount settled, indicating moderate settlement efficiency.
The aforementioned ratios have been averaged over three years (FY24-FY26)
Features of iSecure II
Family Protect Rider
Standout
This pays Parents of the Life assured an additional amount in case of demise or Accidental Total Permanent Disability of the policyholder.
Zero Cost Option
Some insurers will return all your premiums if you forego your policy before maturity, during a period specified by the insurer. Meaning you get all your premiums back, while also being protected under the term plan during this time. And iSecure II extends this option.
Waiver of Premium
Some policies waive all future premium payments if you are ever disabled (due to accident) or diagnosed with a critical illness. iSecure II extends the waiver-of-premium option in both cases.
Critical Illness
If you're ever diagnosed with a critical illness, you would want your insurance policy to pay a fixed sum that can help you deal with any monetary obligations and financially support your needs during treatment. iSecure II extends critical illness benefit without too many restrictions and pays up to ₹1.5 Cr so long as you are diagnosed with one of the 60 illnesses listed in the policy brochure.
Customisable
Includes the critical illness cover. In case of diagnosis of any of the listed CI, lumpsum payout is made.
Special Exit Value
Some insurance companies will return all your premiums if you surrender your policy before maturity, but this can only be possible if you have a policy tenure above a certain number of years and maintain consistent renewals for a minimum period specified by the insurer. This means you get all your premiums back, while being protected under the term plan during this time. iSecure II extends this option.
Add-ons of iSecure II
Accidental Death Benefit
In case of death due to an accident, a lump sum payout is given on top of the base cover.
Family protect Rider
This pays Parents of the Life assured an additional amount in case of demise or Accidental Total Permanent Disability of the policyholder.
Critical Illness Rider
Includes the critical illness cover. In case of diagnosis of any of the listed CI, lumpsum payout is made.
Accidental Partial/Total Permanent Disability Rider
A lump sum amount is paid to the life assured in case of accidental permanent total(100% of rider SA) or partial disability(50% of rider SA) depending upon the rider terms and conditions.
Exclusions in iSecure II
Conditions or treatments that the policy clearly says it will not cover.
Suicides are not covered in the first year.
Death due to intoxication.
If the nominee is involved in the death of the policyholder, that would not be covered.
The policyholder dies with respect to his involvement in criminal activity.
Death by suicide within the first policy year is not covered.
Disclaimer: For illustration purposes only - exact terms are in the policy wording.
Variants of iSecure II
Life
Benefit payable on death of the Life Assured during the policy term No maturity benefit on survival.
ROP
Benefit payable on death of the Life Assured during the policy term.Sum Assured on Maturity will be paid out on the maturity date. The policy will terminate immediately & automatically on payment of the maturity benefit.
Easy
Benefit payable on death of the Life Assured during the policy term. No maturity benefit on survival (for SA less than or equal to 30 L)
What's missing in iSecure II
No Terminal Illness Benefit
No Top-Up Option
No option to increase your cover with inflation
No option to decrease your cover over time
No option to increase cover at life milestones
Reviews for iSecure II
P
Pranav Pillai
Picked this plan discounts for salaried non smoker made it cheaper and rider options are solid for CI and disability Satisfied so far Works w
P
Pallavi Srinivasan
Opted for this plan online process was quick and paperless and payout choice lump sum or income feels practical Feels reliable Honestly overall
V
Vibha Z. Sen
Took iSecure riders ka combo acha hai CI disability bhi and premium break wali feature kaafi kaam aayi Good value Works well Works well value
S
Sanya Bhatia
Opted for iSecure non smoker discount mila thoda paisa bacha but premium thoda higher laga but ok overall Would recommend with care ok for my
N
Niraj Rao
Opted for this plan premium break wali feature kaafi kaam aayi and online process super smooth zyada calls nahi Feels reliable No stress felt
Frequently Asked Questions
What is the Bajaj Life iSecure II Plan?
What are the benefits of the Bajaj Life iSecure II Plan?
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