Bajaj Allianz LifeStyle Secure

LifeStyle Secure is a comprehensive life insurance and investment solution offered by Bajaj Allianz. It blends protection, wealth creation and flexibility to suit the changing needs of individuals and families.

What is LifeStyle Secure?

LifeStyle Secure is a nonparticipating, unitlinked, endowment plan that provides a lumpsum payout at the end of the policy term along with life cover throughout the term. The product is designed for people who desire a disciplined savings habit, want to build a retirement corpus, and simultaneously ensure financial security for their loved ones.

Unlike traditional term plans, it offers the dual advantage of protection and marketlinked returns. The policyholder can choose from a range of fund optionsequity, debt, or balancedbased on risk appetite. Moreover, the plan allows periodic premium payments (monthly, quarterly, halfyearly or yearly) which makes it affordable for a broad audience.

Key Features

Flexible Premium Payment Options: Choose a payment term that matches your cash flow5, 10, 15, 20 years or pay-up to the policy term.
Multiple Fund Choices: Allocate premiums across Equity, Debt, and Hybrid funds. Reallocation can be done anytime without any penalty.
Guaranteed Maturity Benefit: A guaranteed sum assured (minimum 150% of the total premiums paid) is payable at maturity, irrespective of market performance.
Life Cover: A basic assured death benefit equal to the sum assured is guaranteed for the policy term.
Partial Withdrawals: After the completion of the 5th policy year, you may withdraw up to 25% of the accumulated fund value, subject to minimum premium paid requirements.
Loan Facility: Policy loans up to 90% of the fund value are available after the policy completes the 3rd year.
Tax Benefits: Under Section 80C, premiums up to Rs1.5lakh are deductible. The maturity proceeds are taxfree under Section 10(10D) subject to conditions.
Riders: Optional critical illness, accidental death, and waiver of premium riders can be added for enhanced protection.

Benefits for Policyholders

Wealth Creation: Funds are invested in marketlinked schemes, providing the potential for higher returns compared to pure protection plans.
Financial Security: In the event of premature death, the nominee receives the sum assured plus any accrued bonuses, helping to meet immediate financial obligations.
Retirement Planning: The lumpsum payout at maturity can serve as a retirement corpus or fund childrens higher education.
Flexibility: Switch between fund options, topup additional premiums, or make partial withdrawals based on lifes changing needs.
Discipline: Regular premium payments inculcate a saving habit, ensuring consistent wealth accumulation over the long term.

Who Should Consider LifeStyle Secure?

The plan is ideal for:

Young professionals looking to start a disciplined savings habit while enjoying marketlinked growth.
Middleaged individuals seeking a blend of protection and retirement savings.
Parents who want to secure their childrens future education or marriage expenses.
Salaried or selfemployed earners who prefer flexible premium payment options.

Frequently Asked Questions

Q: What is the minimum sum assured?
A: The minimum sum assured is Rs4lakhs for a policy term of 10 years and Rs5lakhs for other terms.
Q: Can I increase the sum assured after buying the policy?
A: Yes, you can increase the sum assured during the first 5 years, subject to underwriting approval.
Q: How are the returns calculated?
A: Returns depend on the performance of the chosen fund(s). The funds Net Asset Value (NAV) is tracked daily, and the fund value in your policy reflects those movements.
Q: Is the policy surrenderable?
A: Yes, you may surrender the policy after the 5th policy year, but surrender charges will apply based on the surrender value schedule.
Q: What happens if I miss a premium?
A: A grace period of 30 days is allowed. If the premium is not paid within this period, the policy may lapse unless a revival is initiated.