Bajaj Allianz launches an online term plan iSecure

MUMBAI: Bajaj Allianz Life has recently started selling its term plan - iSecure - through the online platform. Almost all life insurers today offer online term policies that are cheaper than their physical variants. Their contention is that since these products are sold directly through the internet, they save on commissions payable to distributors. These savings on costs are passed on to the policyholders.

Under iSecure, non-smokers can earn rewards in the form of lower premiums. Those opting for higher covers will also be entitled to further discounts. The minimum sum assured under the policy is Rs 20 lakh and i t comes with rider benefits like critical illness, accidental protection and hospital cash.

If you wish to ensure regular income for your family in your absence, the product offers to disburse the policy proceeds in annual installments. The premium paying term ranges from 10-30 years and you are allowed to alter your premium payment frequency during the period.

Upside : Being the cheapest form of insurance, pure protection term covers are a must-have in any individual's portfolio. To add to this, online term policies are even cheaper, which means that insurance-seekers can expect to buy a large cover at a cost-effective rate.

Downside : Since the product is sold online, you will have to complete the process by yourself without help from any intermediary or agent. Therefore, those not conversant with computers or the Internet may not find the mode of purchase and payment convenient.