Bajaj Allianz New Risk Care II Plan
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.
Compare Term Insurance Plans 
Key Features of Baja Allianz New Risk Care II Plan
- This has a large tenure of the policy of 40 years and caters to people who require low sum assured as well
- Surrender Option is available with Single premium policies
- There are quite a few rider options available along with this plan
Benefits you get from New Risk Care II Plan
Death Benefit – In case of death of the policy holder, the nominee gets the sum assured under the plan and rider benefits as applicable.
Maturity Benefit – Being a pure Term Plan, there are no maturity benefits under this plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in New Risk Care II Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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Rs.2,00,000
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No Limit
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Policy Term (in years)
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5
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40
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Premium Payment Term (in years)
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Single
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Equal to policy term
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Entry Age of Policyholder
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18
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60
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Age at Maturity
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-
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65
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Single premium
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Rs 5,000
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No Limit
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Payment modes
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Yearly, Half-Yearly, Quarterly, Monthly and Single
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Sample illustration of premium amount in New Risk Care II Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years
Additional Features and Benefits of New Risk Care II Plan
Riders – There are 3 exclusive riders available along with the Term Plan
1. Comprehensive Accident Protection : Covers against Accident and Disability
2. Critical Illness Benefit (CI) : Covers you against 11 defined critical diseases
3. Hospital Cash Benefit (HCB) : Reduces your burden against hospitalization expenses
You stop paying the premium - 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.
You want to surrender the policy – Surrender Benefit is available with Single Premium policies. It is paid according to the formula:
Surrender Value= 0.70 * (n-t) / n * Single Premium
You want a loan against your policy – Loan facility is not available under this policy.
Alternate term plans from different insurance companies
Max New York Life Platinum Protect
Tata AIG Raksha Plan
SBI Life Smart Shield Plan
AEGON Religare iTerm
Other term insurance plans from Bajaj Allianz Life Insurance
Bajaj Allianz Term Care
Bajaj Allianz Protector
Bajaj Allianz iSecure
Always compare life insurance plans from different insurance companies to get the best one.
