Bajaj Allianz New Risk Care II
This plan has been withdrawn by the insurance company and is no longer available for sale.
Bajaj Allianz New Risk Care II Plan Summary
Bajaj Allianz New Risk Care II is a pure term insurance plan with no maturity benefit unlike Bajaj Allianz Term Care, where the premiums are returned on maturity. This is a vanilla product with additional rider benefits.
Key Features
This has a large tenure of the policy of 40 years and caters to people who require low sum assured as well
Benefits
There are 3 exclusive riders available along with the Term Plan
- Comprehensive Accident Protection : Covers against Accident and Disability
- Critical Illness Benefit (CI) : Covers you against 11 defined critical diseases
- Hospital Cash Benefit (HCB) : Reduces your burden against hospitalization expenses
In case of death of the policy holder, the nominee gets the sum assured under the plan and rider benefits as applicable.
Being a pure Term Plan, there are no maturity benefits under this plan.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
How it works
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.) | Rs.2,00,000 | No Limit |
Policy Term (in years) | 5 | 40 |
Premium Payment Term (in years) | Single | Equal to policy term |
Entry Age of Policyholder | 18 | 60 |
Age at Maturity | - | 65 |
Single premium | Rs 5,000 | No Limit |
Payment modes | Yearly, Half-Yearly, Quarterly, Monthly and Single |
FAQs
If the policy holder stops paying the premium, then the policy would lapse after 15 days of the grace period is over. Then it can be revived within 2 years from the due date of first unpaid premium if the necessary conditions are fulfilled and the due premium and interest is paid.
Surrender Benefit is available with Single Premium policies. It is paid according to the formula:
Surrender Value= 0.70 * (n-t) / n * Single Premium
Loan facility is not available under this policy.