Bajaj Allianz New Risk Care

Name: Bajaj Allianz New Risk Care II

Type of policy: Term Insurance

Our recommendation if you are looking for buying this policy: Yes

Our recommendation if you are already holding this fund: Continue.

Term insurance is a fantastic product that every single family needs to have, for its earning member(s). It is a pure life insurance policy that gives your family a cover in case of an eventuality to the bread winner. A single term policy of adequate cover will suffice for entire insurance needs.

We typically recommend an insurance cover of 4-8 times your annual income and for as long a term as is available for your age. Find out the ideal cover for you using this calculator.

Additional benefits like critical illness cover and personal accident cover are offered with this policy. But we recommend a standalone critical illness cover as that gives wider range of cover in terms of number of illnesses, renewability and comes at lower premium. Personal accident cover is really an additional expense to be avoided as it covers your life which is already covered by the term policy.

Product features:

 

Parameter

Value

Minimum age at entry

18 years

Maximum age at entry

60 years

Minimum Term

5 years

Maximum policy term

40 years or 65 years whichever is earlier

Minimum sum assured

Rs 2 lakh

Maximum sum assured

No Limit

 

 Illustration:

Below table shows indicative Single premium for a male.

 

Your age

Term

Indicative Single Premium

(For cover of Rs.50 lakh )

25 years

25 years

Rs. 133200

30 years

25 years

Rs. 171686

40 years

20 years

Rs. 321968

50 years

10 years

Rs. 336181

 *Exclusive of service tax and educational cess.

Returns: If the insured survives term, no benefits are paid. Insurance should be viewed as an expense rather than investment.  Both function best when handled separately.


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