"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Bajaj Allianz Life eTouch Online Term Insurance Plan

    The Life eTouch Online Term Insurance Plan, offered by Bajaj Allianz Life Insurance, basically provides coverage for a specific policy term agreed upon between the policyholder and insurer, at the beginning of the policy. This means that the policyholder’s nominees will be offered a lump sum payment if he/she succumbs to death when the policy is still active.

    To begin with Bajaj Allianz Life eTouch Online Term Insurance Plan has four different variants:

    • Shield: Life benefit plus WOP benefit (in case of ATPD)
    • Shield Plus: Life benefit plus ADP plus WOP (in case of ATPD)
    • Shield Super: Life benefit plus ADB plus ATPD Benefit plus WOP Benefit (in case of ATPD)
    • Shield Supreme: Life benefit plus ACI Benefit plus ATPD Benefit plus WOP Benefit (in case of ATPD or CI)

    Here are the acronyms for the aforementioned abbreviations, which will be adhered to in all future reference of these short forms through the page.

    i) ATPD - Accidental Total or Permanent Disability

    ii)WOP - Waiver or Premium

    iii) ADB - Accidental Death Benefit

    iv) CI - Critical Illness

    v) ACI - Accelerated Critical Illness

    Eligibility Criteria for Bajaj Allianz Life eTouch Online Term Insurance Plan:

    In order to get the Bajaj Allianz Life eTouch Online Term Insurance Plan, a prospective policy buyer must meet the following requirements:

    Eligibility factor Eligibility criteria
    Minimum age at the time of entry 18 years
    Maximum age at the time of entry 65 years
    Minimum age at maturity 28 years
    Maximum age at maturity 75 years
    Minimum policy term 10 years
    Maximum policy term 40 years
    Minimum Sum Assured Rs.50 lakhs
    Maximum Sum Assured Life Benefit: No limit ACI Benefit: Rs.75 lakhs ADB and ATPB: Rs.2 crores
    Minimum premium amount Rs.5000 per annum
    Maximum premium amount Depends on the maximum sum assured

    Key features of Bajaj Allianz Life eTouch Online Term Insurance Plan:

    Here are some of the key features of Bajaj Allianz Life eTouch Online Term Insurance Plan listed out for you:

    Type Term and health cover plan
    Basis Individual
    Policy terms 10-40 years
    Premium payment terms 10-40 years (Premium payment term is equal to the policy term chosen)
    Premium payment frequency Annually, bi-annually, quarterly and monthly. Bi-annual, quarterly, and monthly modes are only available under auto-debit process that is allowed by RBI for financial institutions
    Death benefit In case of death of the insured, the nominees will have three payout options to choose from:
    • 100% lump sum payment
    • 50% lump sum payment and the rest in level or increasing monthly installments
    • 100% payment in level or increasing monthly installments
    Maturity benefit There is no maturity benefit under this plan, as it is primarily a term insurance plan
    Free look period 30 days, during which period the policyholder can return the policy in case he/she doesn’t like the terms offered
    Grace period 30 days for annual, bi-annual, and quarterly payment frequencies and 15 days for monthly modes
    Surrender There is no surrender benefit under this plan
    Policy cover Term and health cover plan
    Loan facility No loan facility is available under this policy
    Policy revival This policy can be revived within two years from the date of first unpaid premium in case the policy is lapsed
    Tax benefits This policy is eligible for tax benefits under section 80C of the Income Tax Act, 1961
    Riders There is no rider available with this policy

    Benefits of Bajaj Allianz Life eTouch Online Term Insurance Plan:

    The Bajaj Allianz Life eTouch Online Term Insurance Plan comes with plenty of benefits for the policyholder. Here are a few things you should know about:

    • Benefit details for different variants:
      • Shield: In case of ATPD of the person insured, all of their future premium payments will be waived off, and the policy will still continue. Upon death, however, the sum assured on death will be paid to the nominees and the policy will be terminated.
      • Shield Plus: In case of ATPD of the person insured, the sum assured will be paid as ATPD benefit. In this case, the maximum payable amount would be Rs.2 crores. All future premiums will be waived and the life cover will continue. Upon death, the sum assured on death will be paid and the policy will be terminated.
      • Shield Super: In case of ATPD of the person insured, the sum assured will be paid as ATPD benefit (maximum limit is Rs.2 crores). All future premiums will be waived and the any other remaining benefits will continue. Upon death by accident, the sum assured at death will be paid along with ADB, and the policy will be terminated. The maximum sum assured in this case is Rs.2 crores. However, if death occur by means other than an accident, only the sum assured on death will be paid and the policy will be terminated.
      • Shield Supreme: With the Shield Supreme variant, the benefits payable are quite extensive. Here’s how the benefits look:
        1. In case the person insured is diagnosed with a CI, an ACI benefit of Rs.5,00,000 will be paid. Once the benefit is paid for a particular diagnosis, it can’t be claimed for another occurrence of the same illness. The policy will, however, include all the other ACI benefits for the remaining CIs covered, provided all the premiums are paid.
        2. In case of ATPD of the person insured, all of their future premium payments will be waived off, and the policy will still continue.
        3. In case of death of the person insured, the sum assured (-) any ACI benefit claimed earlier, will be paid. If no ACI benefit has been claimed, nominees will receive the full Sum Assured on death.
    • Death benefit and accidental death benefit (ADB):

      Below is the death benefit and accidental death benefit available on Bajaj Allianz Life eTouch Online Term Insurance Plan:

      • Nominee appointed by the person insured will have the option to either take life benefit only or the accidental benefit only or both at the same time in any of these three ways mentioned below:
        1. 100% of the benefit in a single lump sum payment.
        2. 50% lump sum payment and the rest in level or increasing monthly installments.
        3. 100% payment in level or increasing monthly installments.
      • If the nominee opts for the benefit to be paid on a monthly basis, it will either be paid as level or increasing monthly installments for a period of 120 months, wherein the first installment will have to be paid on the date of death of the person insured. Here’s a table to show how the installments will look like for a benefit of Rs.1 crore
      • 1st monthly installment Level Installment Mode Increasing Installment Mode
        Rs.1,10,220 Rs.78,610
        Total amount paid in 120 months Rs.1,32,26,400 1,36,78,140
      • Once the nominee chooses the installment payment mode, they will have the option to discontinue under any circumstances.
    • Tax Benefits:

      Premiums paid under this policy are eligible for tax benefits based on Section 80C of the IT Act. Also, death, critical illness, and accidental permanent total disability are eligible for tax benefits under Section 10(10D) of the IT Act, depending on the provisions mentioned.

    • How the policy works:

      The way Bajaj Allianz Life eTouch Online Term Insurance Plan works can be explained in four simple steps:

      Step 1: Choose any one of the four variants: Shield, Shield Plus, Shield Super, and Shield Supreme.

      Step 2: Choose the sum insured depending on your needs.

      Step 3: Choose the policy term, which ranges from 10 years to 40 years.

      Step 4: Choose the premium payment frequency.

      Note: Premiums offered will be based on the applicant’s gender, age, sum assured, policy term, premium payment frequency, and the variant chosen.

    • Revival terms for Bajaj Allianz Life eTouch Online Term Insurance Plan:

      If the policyholder fails to pay the premium within the grace period, they will still be able to revive the policy, provided they fulfill the following requirements:

      1. They should send a written application for revival within a period of 2 years from the due date of the first unpaid premium.
      2. They should pay all the due premium along with any applicable interest. Currently, the interest rate stands at 10% p.a., which is compounded bi-annually.
      3. They should undergo a thorough medical examination under their own expense and furnish evidence of the same.
      4. The revival will only happen if the company explicitly communicates it with the policyholder.
      5. The revival policy may come with different terms as opposed to the conditions at the inception of the policy. New terms will basically be approved by a prevailing board.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.