Bajaj Allianz Life eTouch Online Term Plan

Key Features of Bajaj Allianz eTouch Term Plan

This term insurance plan offers financial security for your life to cover terminal illness, disability, and death.

• Financial safety net for your life to cover terminal illness, disability, and death

• Flexibility to pay premium amounts throughout the policy tenure or for a limited time or till your retirement age i.e., 60 years

• Get 105% or 120% of your total premium amount paid back as a maturity benefit

• Additional payout in case of death because of accident

• Option to choose how your family members receive the payout in case of your absence, as a lump sum amount or as a combination of monthly and lump sum income.

• Option to exit early and receive your premium paid back in form of Early Exit Value

• Premium Break or Holiday option with which you can skip your premium amount for 1, 2, or 3 years during the PPT.

• Get Tax benefits as per the prevailing Income Tax Laws, 1961.

ABD is available with Life Shield Plus

Maturity Benefit is available with Life Shield Return of Premium Benefit

Early Exit value is available with Life Shield & Shield Plus

How Does the Plan Work?

Step 1: Choose Your Plan Variant

Step 2: Choose the sum assured amount based on the level of protection you need to protect your family’s future. If you have purchased Life Shield Plus Variant, you will choose the Accidental Death Benefit (ADB) Sum Assured which is paid with the death benefit to your family in case of demise because of an accident.

Step 3: Choose the payment option of the death benefit

• One-time lump sum payment

• Partly as a lump sum and partly as monthly income for 60 months

Step 4: Choose the Premium Payment Term and Policy Term

Step 5: Choose the frequency of paying premium amounts

Key Benefits of Bajaj Allianz Life eTouch Term Plan (Life Shield) Variant

1. Death Benefit

   Benefits paid on life assured’s death during the policy term. Your nominee/legal heir will receive the sum assured chosen at the time of policy commencement. The plan will terminate on death.

2. Terminal Illness Benefit

   Benefit paid in case the life assured gets diagnosed with the terminal illness during the policy tenure

   • If the SA chosen is <= Rs. 2 Crores: Pay the sum assured and the plan will terminate

   • If the SA chosen is >2 Crore: Pay 2 Crores and the plan will last with a balance SA (of less than 2 Crores). This balance SA will be paid on the life assured’s death and the plan will terminate on the demise of the life assured.

3. Waiver of Premium (WOP) Benefit on TI/ATPD

   The future premium will be waived off under the plan:

   • If the life assured get diagnosed with ATPD

   • If the life assured gets diagnosed with TI and the chosen SA is more than Rs. 2 Crore

   *TI- Terminal Illness

   *SA- Sum Assured

   *ATPD- Accidental Total Permanent Disability

Sample Premium Illustration of the Plan

Kamal, an IT employee of 30 years has just invested in starting a new medical clinic and wants to secure his family members from the financial eventualities that might arise, in case of unforeseen death. He opted for this plan with Life Shield Variant. The plan details are:

Let’s understand this with the help of different cases:

Case 1: If Kamal dies at 50 years of age, then his family members receive the SA of Rs. 1 Crore as a single-time lump sum and the plan terminates.

Case 2: If Kamal is diagnosed with a Terminal illness at 50 years of age, then Rs. 1 Crore is paid as TI benefit and the plan terminates

Case 3: If Kamal has an accident at 50 years of age which results in TPD, then all future premiums for Kamal are waived off and his life cover will continue till 85 years of age.

Benefits of Bajaj Allianz Life eTouch Term Plan Life Shield ROP Variant

1. Death Benefit

   Benefits paid on life assured’s death during the policy tenure. Your legal heir will get the sum assured and the policy terminates on death.

2. Terminal Illness Benefit

   Benefit paid when the life assured gets diagnosed with TI during the policy tenure

   • If the SA chosen is < or = Rs. 2 Crore

   • If the SA chosen is > 2 Crore

3. WOP Benefit on TI/ATPD

   All the future premiums will be waived off under this plan:

   • If the life assured gets diagnosed with ATPD, the plan will continue for the current terminal illness and death benefit.

   • If the life assured gets diagnosed with TI and selected SA is more than Rs 2 Crores, the plan will continue for the current death benefit. If the policyholder outlives the policy term, maturity benefit will be paid.

4. Maturity Benefit

   Benefit paid if the life assured survives till the maturity date and no death claim has been made before the maturity date. Your payout options for maturity benefits are:

   • Lump sum payment

   • Installment Payout

Sample Premium Illustration

Rajan, 40 years old is retired government personnel and opened his own business currently. He is finding new opportunities which can help his family members stay independent in case of an unforeseen death and returns his invested amount if something happens to him. Rajan Buys this plan with ROP type and his policy details are:

Let’s again understand this with the help of cases:

Case 1: If Rajan dies at 55 years of age, then his family members will receive the sum assured amount of Rs. 1 Crore as a single-time lump sum payment and the plan terminates.

Case 2: If Rahul gets diagnosed with a TI at 55 years of age, then Rs. 1 crore is paid as TI benefit and the plan terminates.

Case 3: If Rajan has an accident at 55 years of age which results in TPD: In such cases, the future premium amounts are waived off and his coverage will continue till 85 years of age. Maturity benefit is paid in case Rajan outlives the policy term till 85 years.

Case 4: If Rajan outlives the policy term for 85 years, then he will receive a maturity benefit and the plan terminates.

Eligibility Criteria of Bajaj Allianz eTouch Term Plan

Policy Details

1. Discounts

   • Special 1st-year discounts for salaried customers: Discount of 5% on 1st-year premium

   • Special 1st-year discounts for fully COVID vaccinated customers: Discount of Rs. 500 on 1st-year premium

   • Discounts throughout Premium payment term for AutoPay customers - 1% discount throughout PPT

   Note: An auto-pay rebate will be available for all policies where premium payment is under the auto-debit process (as allowed by RBI from time to time).

2. Free Look Period

   If you are not satisfied with the T&Cs of the policy, then within 15 days of receiving the policy receipt and 30 days in case of e-policies, you have the option to review all details again. If you are still not satisfied, then you have the option to return the plan mentioning the reasons for your objections. You will get a refund of all the premium amounts paid minus the proportionate amount of premium.

3. Grace Period

   If you fail to pay the premium amount on time, you will be provided a grace period of 30 days for all premium payment frequencies, apart from monthly and 15 days for monthly payment frequency to pay the due amount of premium.

4. Revival

   In case your policy gets lapsed or converted to a paid-up plan because of non-payment of premiums after the grace time, you have the option to revive the policy by writing an application within 5 years from the due date of the 1st unpaid premium.

Exclusions

If the life assured dies because of suicide within 12 months from the risk commencement or the date of current policy revival, whichever is later, then the beneficiary/nominee of the life assured shall be eligible to get a higher of 80 percent of the total premium paid or the surrender amount as on the death date, provided the plan is active.

Accidental Death Benefit (ADB) will not be paid in the below cases if death occurs:

• because of any criminal intent

• Under the influence of drugs or alcohol

• Self-inflicted injuries

• Taking part in any military, naval, or air force

• Due to suicide

• Because of any hazardous activity