Bajaj Allianz Term Care Plan

This is a variant of the term insurance policy which returns the premiums paid by you on maturity. So if nothing happens to you till the maturity period of the plan, all premiums paid will be returned. There is some additional flexibility in terms of making a single payment and a large number of riders in combinations. Being a return of premium term plan, the premium rates would be higher than the conventional term insurance plans.

Compare Term Insurance Plans

• Premiums paid by you are returned on maturity
• Option of regular premium or single premium payment
• Large cover at relatively low costs

• Death Benefit – The nominee would receive the Sum Assured in case of death of the policy holder during the term of the policy.
• Maturity Benefit – All premiums paid by you during the term of the policy would be returned to the policy holder.
• 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. Maturity benefits too are tax exempt as per Section 10(10D)

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs.5,00,000 and Policy Term = 25 years. This is for the Basic Economy Variant.

Premium values of Term Car Plan for various ages at which policy is bought

Clearly, the earlier you buy this policy the cheaper it is.

Riders – The Term Care Plan has some built-in riders which come in the form of policy variants.

• You want to surrender the policy – You can surrender you policy only after 3 full years premiums have been paid. This is not recommended though and should be done only for cash emergencies.
• You want a loan against your policy – No loans are available against this policy.