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Bajaj Allianz Life eTouch Online Term Plan

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.

Eligibility -Who is the Bajaj Allianz Life eTouch Online Term Insurance Plan for?

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:

Parameter Eligibility
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

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured:

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.

Premium:

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:

Parameter Details
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.

Plan Coverage - What the Bajaj Allianz Life eTouch Online Term Insurance Plan Covers?

The plan works in the following manner:

  • The customer is required to choose the plan variant:
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)
  • Life Benefit refers to the sum assured under the policy that is paid out at the death of the life assured.
  • Accelerated Critical Illness (ACI) refers to the benefit that is paid out when the life assured is diagnosed with any of the pre-defined Critical Illnesses. This benefit is deducted from the Sum Assured at Death.
  • The variant chosen at the inception of the policy cannot be changed during the policy term.
  • The critical illnesses covered under the policy are:
    • Alzheimer’s disease
    • Angioplasty
    • Aplastic Anaemia
    • Apallic Syndrome
    • Cancer of Specified Severity
    • Benign Brain Tumor
    • Cardiomyopathy
    • Blindness
    • Brain Surgery
    • Liver Disease - End Stage
    • Heart Valve Surgery
    • Coma of Specified Severity
    • Deafness
    • Kidney Failure that needs Regular Dialysis
    • Loss of Independent Existence
    • Loss of Limbs
    • First Heart Attack of Specified Severity
    • Loss of Speech
    • Major Head Trauma
    • Major Burns
    • Medullary Cystic Disease
    • Motor Neurone Disease with Symptoms that are Permanent
    • Multiple Sclerosis with Symptoms that are Persistent
    • Muscular Dystrophy
    • Bone Marrow or Major Organ Transplant
    • Poliomyelitis
    • Open Chest CABG
    • Permanent Paralysis of Limbs
    • Parkinson’s Disease
    • Primary Pulmonary Arterial Hypertension
    • Stroke that causes Permanent Symptoms
    • Aorta Surgery
    • Systemic Lupus Eryth with Renal Involvement
  • The customer then chooses the sum assured. Discounts are offered based on smoker categorisation, value of the sum assured, variant, and policy term.
  • If the customer opts for a large sum assured, a High Sum Assured Rebate (HSAR) is provided. The HSAR is applicable for every Rs.1 lakh increase in sum assured above the base level.
  • The policy term is also chosen, based on the customer’s needs.
  • The customer then selects the premium payment frequency. Once chosen, this can be altered at any policy anniversary. However, this is subject to the availability of the requested frequency and the minimum modal premium criteria under the policy.
  • The premium will be decided on the basis of the age of the customer, sum assured chosen, gender, policy term, variant, and premium payment frequency.
  • The plan does not provide maturity benefits, surrender benefits, and policy loans.
  • The Death Benefit is offered as described below:
    • The nominee of the life assured can take the Life Benefit, the ADB, or both benefits in any of the ways mentioned below:
      • 100% of the benefit as a lump sum value
      • 50% of the benefit as a lump-sum amount and the remaining in the form of increasing or level monthly installments.
      • 100% of the benefit as increasing or level monthly installments.
    • If benefits are taken as level or increasing monthly installments, then it is paid for 120 months. The first installment is paid on the date of death.
      • In level installments, the amount of installments will be calculated as, [(Amount of benefit taken in installment) * 1.1022%]
      • In the case of increasing installments, the amount of installment in the first month is calculated as, [(Amount of benefit taken in installment) * 0.7861%]. The installments increase by 10% per annum of the first monthly installment. The simple interest is calculated at the end of each 12 months from death.
    • The amount of installment benefit is chosen by the nominee. This could be the entire sum assured or half of that amount. Once chosen, the installment benefits cannot be discontinued.
    • The ATPD Benefit and ACI Benefit are always paid as lump-sum amounts.

Exclusions - What the Bajaj Allianz Life eTouch Online Term Insurance Plan doesn’t cover?

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:

  1. The accident/injury leading to death or total permanent disability occurred before the date of commencement of the policy.
  2. The life assured commits suicide or intentional self-inflicted injury, whether sane or not.
  3. At the time of the accident, the life assured was under the influence of alcohol or drugs, not prescribed by a registered doctor.
  4. Death or total permanent disability due to invasion, war, hostilities, terrorist activity, strike, or civil commotion.
  5. The life assured participates in a unlawful or criminal act with criminal intent.
  6. The life assured engages in activities such as mountaineering, scuba diving, hunting, steeple-chasing, racing, aerial sports, professional sports, hand-gliding, or ballooning.
  7. The life assured gets involved in any underwater activity.
  8. Existence of AIDS, HIV, or any other Sexually Transmitted Disease (STD).
  9. The life assured serves in the navy, police, air force, military, or paramilitary forces
  10. The life assured participates in any flying activity, apart from being a passenger in a commercial aircraft.
  11. Mental illness or physical handicap of the life assured.
  12. The life assured fails to seek medical assistance.
  13. Chemical or radioactive contamination, nuclear reaction, etc.

In addition to the above scenarios, the Critical Illness Benefit is not paid in the following situations as well:

  1. A pre-defined critical illness manifests itself within 90 days of risk commencement.
  2. A pre-existing condition for which the life assured received medical advice or treatment within 48 months before the commencement of the risk.
  3. Congenital diseases.
  4. Ayurveda, homeopathy, reflexology, unani, acupuncture, naturopathy, rolfing, massage therapy, herbalist treatment, hypnotism, aroma therapy, or any other form of treatment apart from allopathy.
  5. Any donor treatment for the replacement of an organ.

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.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

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:
  • An application for revival is submitted within 2 years from the due date of the premium.
  • All due premiums, associated interests, and taxes are paid. The revival interest is 10% per annum compounded on a half-yearly basis.
  • The policyholder agrees to undergo medical checkup and provides evidence for continuing insurance.
The revival of the policy may be on terms that are different from those applicable before the policy lapsed.
  • The insurer may refuse to revive the policy, based on underwriting guidelines.
  • The revival will happen only after the insurer informs the policyholder of the same.
  • When a policy is revived, the Sum Assured at Death and the sum assured under the policy will be reinstated.
Termination The policy terminates at the earlier occurrence of either of the events mentioned below:
  • When the revival period of 2 years expires.
  • When 100% of the death benefit/ADB is paid out as a lump sum amount.
  • When the last monthly installment of the death benefit/ADB is paid. The risk cover under the policy will terminate immediately on the date of death of the life assured.
  • On the date of maturity of the policy.

Tax Benefits – How you can save with the Bajaj Allianz Life eTouch Online Term Insurance Plan?

  • Premiums paid towards the policy are eligible for tax benefits under Section 80C of the Income Tax Act.
  • The payouts from the policy, such as death benefit, accidental permanent total disability benefit, accidental death benefit, and critical illness benefit are eligible for tax rebates under Section 10(10D) of the Income Tax Act.

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.

Other Benefits – How you can save with the Bajaj Allianz Life eTouch Online Term Insurance Plan?

  • Bajaj Allianz has an online customer portal where you can login and access your policy-related information in a convenient manner.
  • Customers can also renew their insurance policies online through the Bajaj Allianz website.
  • Premium payment can be done through the following channels:
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
  • A policyholder can initiate an online chat with a customer care representative who will assist him/her in clarifying queries.
  • Bajaj Allianz also offers the SMS Support facility using which customers can receive a callback from a representative of the customer service group.
  • A customer can receive a callback using the Bajaj Allianz online portal as well.

Why you should buy the Bajaj Allianz Life eTouch Online Term Insurance Plan from Bajaj Allianz?

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.

  • The company received the ABP News award in 2016 for the “Best Life Insurance Company in the Private Sector”.
  • Bajaj Allianz was honoured for excellence in Direct Benefit Transfer with the ASSOCHAM Awards on ICT for Development 2015.
  • The Economic Times conferred the “Best Corporate Brand 2016” award to the insurer as well.
  • It also received the “Financial Inclusion and Deepening Award 2015” by SKOCH in 5 categories for the 4th consecutive year.

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.