Bajaj Allianz Term Care Plan
This plan has been withdrawn by the insurance company and is no longer available for sale.
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.
Key Features
Premiums paid by you are returned on maturity
Option of regular premium or single premium payment
Large cover at relatively low costs
Benefits
The nominee would receive the Sum Assured in case of death of the policy holder during the term of the policy.
All premiums paid by you during the term of the policy would be returned to the policy holder.
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 Term Care Plan has some built-in riders which come in the form of policy variants.
| Policy Variant | Type of Rider Benefit |
| Economy Package | No Riders |
| Protect | Accidental death benefit |
| Permanent Total/Partial disability benefit | |
| Waiver of premium benefit | |
| Health | Critical illness (or dread diseases) benefit |
| Hospital cash benefit | |
| Total | All the above riders are added |
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | Rs.1,00,000 | Rs.10,00,000 |
| Policy Term (in years) | 5 | 40 |
| Premium Payment Term (in years) | Equal to policy term | Equal to policy term |
| Entry Age of Policyholder | 18 | 50 |
| Age at Maturity | - | 65 |
| Regular premium | Rs.1,500 | - |
| Single premium | Rs.6,000 | - |
| Payment modes | Yearly & Half-Yearly | |
FAQs
What happens if 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.
What happens if you want a loan against your policy?No loans are available against this policy.
