Bajaj Allianz New Risk Care II

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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)
Minimum		18
Maximum		60
Maximum Maturity Age (years)		65
Policy Term (years)
Minimum		5
Maximum		40
Sum Assured (Rs)
Minimum		200000
Maximum		No limit
Minimum Premium (Rs)
Yearly		1200
Half-Yearly		612
Quarterly		312
Monthly		108
Single		5000
Premium Payment Frequency		Single, Yearly, Half-Yearly, Quarterly, Monthly
Premium Payment Term		Single, equal to Policy term
Policy Cover		Cover keeps increasing @5% every year upto maximum of twice the initial basic Sum Assured.
Other Features
Free Look Cancellation		In 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 Period		You 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 Reinstatement		You 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 Benefits		Section 80C, 10(10D) of the Income Tax Act, 1961 would apply.
Exclusions		In 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 Value		Allowed under Single Premium Policcies only. It is calculated as: 0.70*(Policy term-elapsed policy years)/Policy term*Single Premium
Customer Service		Bajaj Allianz Life Insurance Company Limited, G.E. Plaza, Airport Road, Yerawada, Pune - 411 006.
Customer Service
Mail To		life@bajajallianz.co.in
Call On		BSNL/ MTNL: 1800 22 5858; Others: 1800 209 5858
SMS		LIFE to 56070
Additions to the Plan
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)
Minimum		18
Maximum		50
Maximum Maturity Age (years)		65
Rider Term (years)
Maximum		Equal to base policy term
Sum Assured (Rs)
Minimum		Critical illness Benefit: 50000 and Bajaj Allianz Hospital Cash Benefit rider200 per day
Maximum		Accidental Death Benefit:: 50 lakh Accidental Permanent Total Disability: 50 lakh Accidental Permanent Partial Disability: 25 lakh Hospital Cash Bnefit: 1000 per day

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