Bajaj Allianz Life eTouch Online Term Insurance Plan is a complete term insurance solution that is built to protect you and your family from the uncertainties in life. Term insurance is an ideal product to avail protection at an affordable cost.
This term plan has a specific tenure and offers Accidental Death Benefit (ADB), Accidental Total Permanent Disability Benefit (ATPDB), and benefit for Accelerated Critical Illness (ACI), during the tenure. The coverage is largely based on the variant chosen. The plan enables the nominee to receive the policy benefits either in the form of a lump sum amount or as monthly installments. The plan also offers lower premium for non-tobacco users and those who lead a healthy lifestyle.
The plan is available in four variants, i.e., Shield, Shield Plus, Shield Super, and Shield Supreme. The premium for the plan starts at Rs.5,000. The policy also provides tax benefits to the policyholder.
A customer has to fulfill certain eligibility criteria set by the insurer to be able to purchase the Bajaj Allianz Life eTouch Online Term Insurance Plan. These conditions are related to the age of the customer and the extent of coverage he/she seeks. These details are as shown in the table below:
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years|
|Minimum Maturity Age||28 years|
|Maximum Maturity Age||75 years|
|Minimum Policy Term||10 years|
|Maximum Policy Term||40 years|
|Premium Payment Term||10 - 40 years; Equal to policy term|
The policy offers various benefits such as Death Benefit, High Sum Assured Rebate, etc. The sum assured under the policy is decided by the policyholder, subject to the minimum and maximum sum assured for Life Benefit. The maximum benefit under the plan for ADB, ATPDB, and ACI benefit is capped at the maximum amount mentioned below:
|Minimum Sum Assured||Rs.50 lakh|
|Maximum Sum Assured||Life Benefit - No Limit ADB, ATPDB - Rs.2 crore ACI Benefit - Rs.75 lakh|
Sum assured under the plan is always in multiples of Rs.1 lakh, and is subject to prevailing underwriting norms.
The policyholder is required to pay premiums at specific intervals, determined at the inception of the policy. The premium amount and payment frequencies are as shown below:
|Minimum Premium* (Rs.)||5,000 per annum|
|Maximum Premium* (Rs.)||Varies according to the maximum sum assured chosen|
|Premium Payment Frequency**||Annually, Semi-annually, Quarterly, and Monthly|
*The premium for the variants Shield, Shield Plus, and Super Shield are guaranteed for the entire term of the policy. The premium for Shield Supreme is guaranteed for a period of 5 policy years from the date of policy commencement.
**The premium payment frequencies of half-yearly, quarterly, and monthly are only allowed under auto-debit process, as determined by the RBI.
The plan works in the following manner:
|Shield||This variant offers Life Benefit plus Waiver of Premium (WOP) Benefit (if the life assured suffers ATPD)|
|Shield Plus||This variant offers Life Benefit plus ATPD Benefit plus Waiver of Premium Benefit (if the life assured suffers ATPD)|
|Shield Super||This variant offers Life Benefit plus ADB plus ATPD Benefit plus Waiver of Premium Benefit (if the life assured suffers ATPD)|
|Shield Supreme||This variant offers Life Benefit plus ATPD Benefit plus Accelerated Critical Illness (ACI) Benefit plus Waiver of Premium Benefit (if the life assured suffers ATPD or any predefined Critical Illness)|
Suicide Exclusion - Within one year from the commencement of the policy, if the life assured commits suicide, the policy will be terminated and the nominee will be paid an amount that is equal to 80% of the paid premium as on the date of death. This is, however, subject to the policy being in-force at the time of death.
The Accidental Death Benefit and Accidental Total Permanent Disability Benefit will not be payable in the following scenarios:
In addition to the above scenarios, the Critical Illness Benefit is not paid in the following situations as well:
The plan variants of Shield Super, Shield Plus, and Shield Supreme will not be offered to the customer if he/she already has an exclusion condition at the inception of the policy.
The salient features of the Bajaj Allianz Life eTouch Online Term Insurance Plan are described below:
|High Sum Assured Rebate (HSAR)||The policy offers a discount in premium based on smoker categorisation, sum assured for each age group, variant, and policy term. The HSAR is applied for each additional Rs.1 lakh increase in sum assured above the base sum assured.|
|Change in premium payment frequency||If required, the policyholder can choose to change the premium payment frequency at the policy anniversary. This is subject to the requested and existing frequencies being aligned and available for the shift. It also depends on the minimal modal premium value.|
|Free-look period||If the customer is dissatisfied with the terms and conditions mentioned in the policy documentation, he/she can choose to return the policy back to the insurer, stating relevant reasons. The return should be made within 30 days from the date of receipt of the policy documentation. The policyholder will receive a refund of the regular premiums paid minus the stamp duty and medical examination charges.|
|Grace Period||If the policyholder fails to pay the premium as on the due date, he/she will be allowed a grace period of 30 days for all premium payment frequencies, except monthly. The grace period for a policy with monthly frequency is 15 days. If the policyholder pays the due and unpaid premiums within the grace period, the policy will continue to offer the same coverage as at inception.|
|Revival of policy||
If the policyholder does not pay the due premiums and the policy moves into lapsed status, it can be revived under the following instances:
The policy terminates at the earlier occurrence of either of the events mentioned below:
Tax rules are subject to change from time to time. So, it is advisable to take the assistance of a Tax Consultant to understand the latest provisions before investing.
|Credit Cards||Payments through Visa, MasterCard, American Express, Maestro, and Diners Club cards|
|Debit Cards||Payments through Visa, MasterCard, Maestro, and RuPay cards|
|Bill Junction||Customers can register at Bill Junction and authorise their premium payments online|
|Netbanking||A customer can use the Netbanking facility at his/her bank’s online portal to pay insurance premiums|
|e-Wallets||It is possible to pay premiums through e-Wallets like Airtel Money, ITZCash, Jio Money, PayCash, iCashCard, Oxigen, and Idea Money|
Bajaj Allianz is a joint venture of Bajaj Finserv Limited and Allianz SE. The company offers an extensive range of insurance solutions that combine global exposure with local experience. The products from Bajaj Allianz are notable for the technical expertise and in-depth market knowledge with which they are configured. Bajaj Allianz products are also offered with reasonable pricing. The company’s quick response on queries and claims has made it a significant player in the Indian insurance market within a short span of time.
Bajaj Allianz currently offers a bouquet of insurance products that offer extensive coverage to customers in all segments and age brackets. Their products range from child plans to Unit Linked Insurance Plans, health insurance packages and group insurance schemes. The company has also been focussing on the penetration of insurance in the rural pockets of the country.
The claim settlement ratio of Bajaj Allianz was a robust 98.07% in the financial year 2015-16. The ratio for the individual product range is 91.3% and that for group products is 98.87%.
Bajaj Allianz has also been conferred with multiple awards and recognitions, emphasizing its excellence in marketing initiatives, customer service, and technological innovations.
If a claim has not been settled by Bajaj Allianz for more than 30 days, the insurer pays the beneficiary an interest of 10.5% for each day’s delay. Bajaj Allianz is also known to settle 96.82% of all registered claims directly through electronic transfer, ensuring quicker payout.
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