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Return of Premium Term Plan - Term Care

     

Term Care

Get your premiums back on maturity.Learn More

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Overview

The Bajaj Allianz Term Care Plan is a term insurance plan. It is an economical way of providing for one's life cover and at the same time ensuring that the premiums paid are returned at maturity. This plan offers you the convenience of choosing between two premium payment options:

Regular Premium Payment - Premium payment throughout the selected term.

Single Premium Payment - One time premium payment for the selected term at commencement.

Parameter Details
Minimum Entry Age 18 years
Maximum Entry Age 50 years
Maximum Age at Maturity 65 years
Minimum Policy Term 5 years
Maximum Policy Term 40 years
Minimum Sum Assured Rs. 1,00,000
Maximum Sum Assured Rs. 10,00,000
Minimum Premium (Rs.) Rs. 1500/- for Yearly, Rs. 1500/- for Half Yearly

The minimum premium for Single Premium option shall be Rs. 6,000.

Premium Payment Mode
Premium can be paid in Half Yearly, Yearly or Single Premium.

What is Term Insurance

Term insurance is a life insurance which provides coverage for the policy term decided between the policy holder and insurer at the onset of the policy.

After this policy term expires coverage is no longer valid.If the insured dies during this term, the death benefit is paid to the nominee.

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Why Bajaj Allianz?
Why Term Care as a Life Insurance Plan?

This plan not only offers you life insurance cover at a low cost, but also provides for return of premiums on maturity. The premiums returned at maturity will be equal to the single premium or the sum total of equivalent annual premiums of the Economy Pack (excluding extra premiums charged, if any). In case of pre-mature death during the policy term, the full Sum Assured will be paid to the nominee.

Apart from covering the risk of natural death, this plan also provides you the option to choose upto 5 additional benefits. You can select a specific combination of additional benefits best suited to your needs, available in 4 attractive packages to choose from.

i. Economy: This is the basic plan, which is available for both the regular and single premium payment options.

ii. Protect: This pack comes with the following 3 in-built additional benefits:

  • a. Accidental Death Benefit.
  • b. Accidental Permanent Total/Partial Disability Benefit.
  • c. Waiver of Premium Benefit (in case of accidental permanent total disability).
The Protect Pack is available with the regular premium payment option only.

iii. Health: This pack comes with the following 2 in-built additional benefits:

  • a. Critical Illness Benefit.
  • b. Hospital Cash Benefit.
The Health Pack is available with the regular premium payment option only.

iv. Total: This pack comes with the following 5 in-built additional benefits:

  • a. Accidental Death Benefit.
  • b. Accidental Permanent Total/Partial Disability Benefit.
  • c. Waiver of Premium Benefit (in case of accidental permanent total disability).
  • d. Critical Illness Benefit.
  • e. Hospital Cash Benefit.
The Total Pack is available with the regular premium payment option only.

 

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BALIC Claim Settlement Ratio

  • In FY 2012-13

    Our death settlement is the highest among private insurers.






  • Claim settlement ratio – 93.63%
    Claim repudiation ratio – 4.72%
    Claim rejection ratio – 1.65%



  • We have one of the lowest repudiation / rejection percentage among private insurers.

    Account value is refunded for repudiated unit linked policies.


  • Early claims with complete documents are settled within 30 days.

    Deaths in calamities are settled with minimum documents and at less TAT.
    e.g. Manglore Air crash.


  • Image – based processing introduced which has reduced the turn around time for claim settlement.

    We settle 77% of claims through electronic mode for faster realization of the claim proceeds.


  • We have a very broad based Claim Review Committee.





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That's not all
Key Features

  • Tax Exemption u/s 80C & 10(10D)
  • Regular and Single Premium payment options.
  • The only pure term insurance plan in the market to provide Hospital Cash Benefit.
  • Enhanced Protection options available through Additional Rider Benefits.
  • Tax benefits on premiums paid and benefits received under this Policy as per the existing Income Tax Laws.

Not Sure?

Call us now at 1800-209-0144(toll-free) and we will explain all the salient features of the plan to you.
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Benefits

Death Benefits
Accidents are always sudden and sometimes fatal. You can't lessen the emotional shock, but you can certainly soften the financial one. Bajaj Allianz Accidental Death Benefit gives your loved ones something to start with after the permanent loss of your income by paying double the basic Sum Assured. The total Accidental Death Benefit shall however be subject to a maximum of Rs. 10,00,000/- under all policies taken with Bajaj Allianz together.

Accidental Permanent Total/Partial Disability Benefit
Accidents are unpredictable and so are the consequences. This may lead to a disability - partial or total. The Bajaj Allianz Accidental Permanent Total/Partial Disability Benefit provides a financial cushion against such misfortunes.

Type of Disability Benefits
Accidental Permanent Partial Disability 50% of Sum Assured *
Accidental Permanent Total Disability 100% of Sum Assured **
* Subject to a maximum of Rs. 5,00,000/- under all policies with Bajaj Allianz taken together.
** Subject to a maximum of Rs. 10,00,000/- under all policies with Bajaj Allianz taken together.

Critical Illness Benefit (CI):
Some illnesses are critical. They not only alter your life's pattern but also result in a financial drain. Bajaj Allianz Critical Illness Benefit softens the impact on your family by paying out the Critical Illness Benefit (equal to the Sum Assured) under the plan immediately, while other policy benefits continue (excluding Hospital Cash Benefit). We cover 11 Critical Illnesses.

Waiver of Premium Benefit:
An accident may lead to permanent total disability limiting your ability to earn. The Bajaj Allianz Waiver of Premium Benefit is a helping hand when you need it most. It keeps your insurance cover alive by waiving off future premiums and enables you to live up to your commitments.

Hospital Cash Benefit (HCB):
The worry of settling hospital bills (room charges) adds to the trauma of hospitalisation. Bajaj Allianz Hospital Cash Benefit reduces this financial burden and helps you to recover with peace of mind.

Tax Benefits
Premiums paid are eligible for Tax Exemption under Section 80C of the Income Tax Act and maturity and death proceeds are Tax Free under Section 10(10D) of the Income Tax Act. The premiums for the Critical Illness benefit and the Hospital Cash benefit will be eligible to Tax Exemption under section 80D of the Income Tax Act.

Maturity Benefits
Since this plan is a pure term plan, there are no maturity benefits

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Flexibility in Coverage

At Bajaj Allianz, we believe in offering benefits and not just products. We realise that you are unique and your needs for insurance vary with time. We therefore offer you the flexibility of including the following benefit combination at each policy anniversary.

Combination 1: Accidental Death Benefit; Accidental Permanent Total/Partial Disability Benefit; Waiver of Premium Benefit. This combination can be added, if not taken earlier, deleted and added subsequently at each policy anniversary.

We also offer the flexibility of excluding the following benefit combination:

Combination 2: Critical Illness Benefit; Hospital Cash Benefit. This combination can be taken at inception only but can be excluded subsequently at any policy anniversary. Once excluded, Combination 2 cannot be included in the policy subsequently.

* Available with the regular premium payment option only.
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What are people saying?
Customer Reviews

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Learn More
Frequently Asked Questions and Support

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RightInsure Calculator

"RightInsure" - is an easy to use calculator that helps you determine your right amount of insurance that meet your needs.

Just answer the following 4 questions and see if you are - "RightInsured"

1. What is your Annual Income (after taxes)?

2. Estimated increase in income every year?

3. Which part of your income you spend only on yourself?

4. How many more years you will like to work?

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