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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) 
Minimum18
Maximum60
Maximum Maturity Age (years)65
Policy Term (years) 
Minimum5
Maximum40
Sum Assured (Rs) 
Minimum200000
MaximumNo limit
Minimum Premium (Rs) 
Yearly1200
Half-Yearly612
Quarterly312
Monthly108
Single5000
Premium Payment FrequencySingle, Yearly, Half-Yearly, Quarterly, Monthly
Premium Payment TermSingle, equal to Policy term
Policy CoverCover keeps increasing @5% every year upto maximum of twice the initial basic Sum Assured.
Other Features 
Free Look CancellationIn 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 PeriodYou 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 ReinstatementYou 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 BenefitsSection 80C, 10(10D) of the Income Tax Act, 1961 would apply.
ExclusionsIn 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 ValueAllowed under Single Premium Policcies only. It is calculated as: 0.70*(Policy term-elapsed policy years)/Policy term*Single Premium
Customer ServiceBajaj Allianz Life Insurance Company Limited,
G.E. Plaza, Airport Road, Yerawada, Pune - 411 006.
Customer Service 
Mail To[email protected]
Call OnBSNL/ MTNL: 1800 22 5858; Others: 1800 209 5858
SMSLIFE 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) 
Minimum18
Maximum50
Maximum Maturity Age (years)65
Rider Term (years) 
MaximumEqual to base policy term
Sum Assured (Rs) 
MinimumCritical illness Benefit: 50000 and Bajaj Allianz Hospital Cash Benefit rider200 per day
MaximumAccidental 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)
2530354045505560
513750142701719025470372505825087750134130
102272025460327805172079140121580183840NA
1531430375105065083490126690192790NANA
20398805034071220118420178820NANANA
25495306587094530157490NANANANA
306124083280120640NANANANANA
Figures indicate premiums on a Rs 20 lakh policy across different age over different policy tenures exclusive of service tax.

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