Bajaj Allianz New Risk Care II
Objective
This is an online term insurance policy where the sum assured increases at 5 per cent each year till it becomes twice the basic sum assured. It offers three optional riders to enhance coverage.
What does it do?
This term plan pays sum assured to the nominee in case of death of the policyholder. The plan can be bought online without intermediaries. The sum assured increases till it becomes twice the basic sum assured. The policy does not pay any maturity value. However, single premium policyholders are allowed to surrender their policies in case of an emergency. The surrender value according to the prespecified formula. Policyholders can also attach riders to enhance the scope of protection under same policy.
Pros
The plan offers premium discount to high sum assured policies.
Single premium policyholders can surrender the policy.
The plan provides optional riders to enhance protection.
Comprehensive accident protection rider can be taken on any policy anniversary.
The plan can offer coverage as low as Rs 2 lakh.
Cons
Critical illness rider and hospital cash rider can be bought only at the time of purchase and not during the policy term. Single premium policyholders cannot take additional riders.
Suited for
The increasing cover makes this policy more suited for those who expect their responsibilities to increase with time.
Our View
This is a decent policy for those who are yet to shoulder responsibilities. The three optional riders can be taken to enhance protection. Critical illness rider should be taken if there have been incidents of any of the 11 dreadful diseases covered in the policy.
Eligibility
| Entry Age (years) | |
| Minimum | 18 |
| Maximum | 60 |
| Maximum Maturity Age (years) | 65 |
| Policy Term (years) | |
| Minimum | 5 |
| Maximum | 40 |
| Sum Assured (Rs) | |
| Minimum | 200000 |
| Maximum | No limit |
| Minimum Premium (Rs) | |
| Yearly | 1200 |
| Half-Yearly | 612 |
| Quarterly | 312 |
| Monthly | 108 |
| Single | 5000 |
| Premium Payment Frequency | Single, Yearly, Half-Yearly, Quarterly, Monthly |
| Premium Payment Term | Single, equal to Policy term |
| Policy Cover | Cover keeps increasing @5% every year upto maximum of twice the initial basic Sum Assured. |
| Other Features | |
| Free Look Cancellation | In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered. |
| Grace Period | You are allowed to pay premiums within 30 days from the due date for Yearly, Half yearly and quarterly premium payment modes and 15 days in case of monthly premium payment mode.. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated. |
| Lapsed Policy Reinstatement | You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any. |
| Tax Benefits | Section 80C, 10(10D) of the Income Tax Act, 1961 would apply. |
| Exclusions | In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. |
| Surrender Value | Allowed under Single Premium Policcies only. It is calculated as: 0.70*(Policy term-elapsed policy years)/Policy term*Single Premium |
| Customer Service | Bajaj Allianz Life Insurance Company Limited, G.E. Plaza, Airport Road, Yerawada, Pune - 411 006. |
| Customer Service | |
| Mail To | [email protected] |
| Call On | BSNL/ MTNL: 1800 22 5858; Others: 1800 209 5858 |
| SMS | LIFE to 56070 |
| Available Rider(s) | Bajaj Allianz Comprehensive Accidental Protection Benefit (CAP): Death due to accident within 180 days of the accident. Permanent total/ partial disability as a result of an accident within 180 days of the accident. The rider Sum Assured can be received as a 10 year annuity as well. The annuity payable would be 110% of the benefit. Waiver of Premium in case of total permanent disability. Bajaj Allianz Critical Illness Benefit: It covers 11 critical illnesses namely: First Heart Attack, Coronary Artery Disease requiring surgery, Stroke, Cancer, Kidney Failure, Major organ transplantation, Multiple Sclerosis, Aorta Graft Surgery, Primary Pulmonary Arterial Hypertension, Alzheimer's Disease and Paralysis. There is a waiting period of 6 months from inception of the policy to claim the critical illness benefit. Bajaj Allianz Hospital Cash Benefit: hospital bills (room charges) after a waiting period of 60 days from the inception date. |
| Rider Conditions | |
| Entry Age (years) | |
| Minimum | 18 |
| Maximum | 50 |
| Maximum Maturity Age (years) | 65 |
| Rider Term (years) | |
| Maximum | Equal to base policy term |
| Sum Assured (Rs) | |
| Minimum | Critical illness Benefit: 50000 and Bajaj Allianz Hospital Cash Benefit rider200 per day |
| Maximum | Accidental Death Benefit:: 50 lakh Accidental Permanent Total Disability: 50 lakh Accidental Permanent Partial Disability: 25 lakh Hospital Cash Bnefit: 1000 per day |
| Single Premium Option (Online Policy) | |||||||||
| Policy Term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | ||
| 5 | 13750 | 14270 | 17190 | 25470 | 37250 | 58250 | 87750 | 134130 | |
| 10 | 22720 | 25460 | 32780 | 51720 | 79140 | 121580 | 183840 | NA | |
| 15 | 31430 | 37510 | 50650 | 83490 | 126690 | 192790 | NA | NA | |
| 20 | 39880 | 50340 | 71220 | 118420 | 178820 | NA | NA | NA | |
| 25 | 49530 | 65870 | 94530 | 157490 | NA | NA | NA | NA | |
| 30 | 61240 | 83280 | 120640 | NA | NA | NA | NA | NA | |
| Figures indicate premiums on a Rs 20 lakh policy across different age over different policy tenures exclusive of service tax. | |||||||||
