• Term Life
  • Investment

Bajaj Allianz eTouch Online Term Plan

Bajaj Allianz Life eTouch Online Term Plan provides comprehensive protection against the various risks facing one's life. Through this online term policy, an individual can financially secure the future of his or her loved ones. Bajaj Allianz Life eTouch Online Term Plan provides the benefit of life, health and accidental insurance, along with the benefit of waiver of premium. (Note - All the information on this page has been sourced from the website of Bajaj Allianz Life Insurance)

Features of Bajaj Allianz Life eTouch Online Term Plan

The features of Bajaj Allianz Life eTouch Online Term Plan

High Sum Assured Rebate (HSAR) -

The plan offers a premium discount for all policies, on the basis of smoker categorization, sum assured slab for each age, variant and policy period. The HSAR shall be applied for every additional Rs. 1 lakh increase in coverage amount above the base sum assured.

Death Benefit and ADB payment option -

The life assured’s nominee has the option to take the Life Benefit only or the ADB only or both the benefits (Life Benefit and ADB) in any of the three ways as stated below:

1) 100% of the benefit in a lump sum, 2) 50% of the benefit in a lump sum and the rest in level or increasing monthly instalments 3) 100% of the benefit in level or increasing monthly instalments In case benefits are to be paid in monthly instalments, then they will be paid as level or increasing monthly instalments for a period of 120 months. The first instalment shall be payable on the date of the life assured’s demise. The details of level or increasing monthly instalments is as follows:

1) In Level Instalments: The amount of instalments is [(Amount of benefit taken in Instalment) 1.1022%]. 2) In Increasing Instalments: The sum of instalment in the first month = [(Amount of benefit taken in Instalment) 0.7861%]. The instalments shall grow by 10% p.a. (simple interest) of the first monthly instalment at the end of each of the 12 months from the date of demise.

The nominee can choose the amount of benefit taken in instalment. This could be the whole sum assured or 50% of the sum assured as mentioned. The nominee is not permitted to discontinue the benefits in instalments once opted. Note: The ATPD Benefit & ACI Benefit shall be payable as lump-sum only.

Option to Change Premium Payment Frequency -

The policyholder can change the prevailing premium payment frequency on any policy anniversary during the policy period. The premium payment options include yearly, half-yearly, quarterly and monthly.

Tax Benefits -

Tax deduction can be claimed on the premiums paid toward the term insurance policy under Section 80C of the Income Tax Act, 1961. Additionally, proceeds from the policy are completely tax-free under Section 10(10D) of the Income Tax Act.

Benefits of Bajaj Allianz Life eTouch Online Term Plan

Bajaj Allianz Life eTouch Online Term Plan is a pure term insurance plan with regular premium payment. The policy offers life insurance combined with benefit on accidental death, accidental total permanent disability & critical illness and benefit of waiver of premium, depending on the policyholder’s choice of variant. Below are some of the advantages of Bajaj Allianz Life eTouch Online Term Plan:

  • Comprehensive protection
  • Flexibility to select from four variant options to have complete protection
  • Nominee can receive the policy benefits in a lump-sum amount or in monthly instalments
  • Low premiums for leading a healthy lifestyle for non-tobacco users

Eligibility Criteria

ParameterDetails
Minimum Age at Entry18 years
Maximum Age at Entry65 years
Minimum Age at Maturity28 years
Maximum Age at Maturity75 years
Minimum Policy Term10 years
Maximum Policy Term40 years
Premium Payment Term10 years - 40 years
Minimum PremiumRs. 5,000 p.a.
Maximum Premium As per the maximum sum assured
Premium Payment FrequencyYearly, Half yearly, Quarterly and Monthly
Minimum Sum AssuredRs. 50,00,000
Life Benefit - No Limit ADB, ATPDB - Rs. 2 crores ACI Benefit - Rs. 75,00,000

Product Details

VariantDetails
Shield
a) In case of Accidental Total Permanent Disability of the policyholder, all future premiums will be waived, and the policy will continue.
b) On demise of the policyholder, the sum assured will be paid and the policy will terminate.
Shield Plus
a) In case of Accidental Total Permanent Disability of the life assured,
i) an amount equal to the coverage amount (subject to a maximum of Rs. 2 crores) will be paid as ATPD benefit
ii) all the future premiums will be waived, and the policy will continue with life cover
b) On demise of the policyholder, the sum assured will be paid and the policy will terminate.
Shield Super
a) In case of Accidental Total Permanent Disability of the life assured then,
i) an amount equal to the coverage amount (subject to a maximum of Rs. 2 crores) will be paid as ATPD benefit
ii) all the future premiums will be waived, and the policy will continue with all its remaining benefits
b) In case of the policyholder's demise on account due to accident, then,
i) Sum Assured on Death plus
ii) an amount equal to the sum assured (subject to a maximum of Rs. 2 crores) will be paid as Accidental Death Benefit and the policy will terminate
c) On demise of the life assured, if the cause is not an accident, the Sum Assured on Death will be paid and the policy will terminate .
Shield Supreme
i) If the diagnosed CI needs Angioplasty, fixed ACI benefit of Rs. 5,00,000 shall be paid. WOP will not apply if Angioplasty is conducted for CI. No further ACI benefit shall be payable for future occurrence of Angioplasty. But the plan will continue for other benefits.
ii) If the CI is other than one requiring Angioplasty then,
1. In case no previous ACI benefit has been paid for Angioplasty, then ACI Benefit of 75% of Sum Assured, subject to maximum of Rs. 75,00,000, will be paid
2. If any prior ACI benefit for Angioplasty has been paid, then, the remaining ACI Benefit will be paid, which is 75% of Sum Assured (subject to a maximum of Rs. 75,00,000) minus Rs. 5,00,000 (paid for Angioplasty)
3. All future premiums will be waived after ACI Benefit is paid. The policy will continue to remain active.
b) In case of ATPD of the policyholder, then,
i) an amount equal to the sum assured (subject to a maximum of Rs. 2 crores) will be paid as ATPD benefit
ii) all the future premiums will be waived, and the policy will continue to remain active
c) On demise of the life assured, the below benefit will be paid and the policy will terminate,
i) If ACI benefit has been paid previously, then Sum Assured on Death minus the ACI benefit amount already paid shall be payable.
ii) If ACI benefit has not been paid previously, then Sum Assured on Death will be paid.

Variants offered under Bajaj Allianz Life eTouch Online Term Plan

Bajaj Allianz Life eTouch Online Term Plan has four options available:

a) Shield: This variant helps to financially protect the family of the life assured. Shield provides Life Benefit plus Waiver of Premium Benefit (on occurrence of Accidental Total Permanent Disability.)

b) Shield Plus: This variant helps to ensure that the life assured and his or her family live comfortably even in case of an Accidental Total Permanent Disability. Shield Plus provides Life Benefit plus Accidental Total Permanent Disability Benefit plus Waiver of Premium Benefit (on occurrence of Accidental Total Permanent Disability.)

c) Shield Super: This variant provides protection and complete peace of mind from dire events and accidents. Shield Super provides Life Benefit plus Accidental Death Benefit plus Accidental Total Permanent Disability Benefit plus Waiver of Premium Benefit (on occurrence of Accidental Total Permanent Disability.)

d) Shield Supreme: This variant gives all-round protection from life’s uncertainties. Shield Supreme provides Life Benefit plus Accelerated Critical Illness Benefit plus Accidental Total Permanent Disability Benefit plus Waiver of Premium Benefit (on occurrence of Accidental Total Permanent Disability or Critical Illness)

Other Details of Bajaj Allianz Life eTouch Online Term Plan

Grace period - If the policyholder fails to pay premiums by the due date specified, he or she will be allowed a grace period of 30 days for premium payment frequencies other than monthly payments. For monthly frequency, the grace period allowed is 15 days.

Free-look period – After availing the policy, if the individual finds that he or she does not agree to any of its terms and conditions, the user can return the policy document within 15 days of the receipt of this policy.

Suicide exclusion - If the policyholder commits suicide, whether sane or insane, within a year from the date of commencement of risk or the date of the policy’s latest revival, the policy shall be terminated by paying to the nominee, a sum, which is 80% of the premium paid as on the date of death, provided the policy is active as on the date of demise.

Document Required for Bajaj Allianz Life eTouch Online Term Plan

To buy a term insurance plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are generally acceptable include:

  • ID Proof -

    • PAN card
    • Passport
    • Voter ID card
  • Address Proof

    • Passport
    • Driving license
    • Voter ID card

Exclusions - Bajaj Allianz Life eTouch Online Term Plan

Suicide exclusion - In case the policyholder commits suicide, whether sane or insane, within a year from the date of risk commencement or the date of the policy’s latest revival, the policy shall be terminated by paying the nominee a sum which is 80% of the premium paid as on the date of demise, provided the policy is active as on the date of demise. Under Accidental Death Benefit, no benefit will be paid for any condition arising through or in consequence of the following exclusions:

  • Injury occurred before the date of risk commencement.
  • Suicide or attempted suicide or intentional self-inflicted harm, by the policyholder, whether sane or not at that time.
  • Policyholder being under the influence of alcohol, drugs, narcotics or psychotropic substance, not prescribed by a Registered Medical Practitioner.

For information on all the list of exclusions, kindly go through the product brochure.

ATPD benefit shall not be paid for any disease or losses caused or aggravated by any one of the following:

  • A medical condition that first manifests itself within 90 days of the date of risk commencement or date of latest revival, if any.
  • A pre-existing medical condition.
  • A congenital disorder, or illness related to congenital disorder or complication occurring as a result of congenital disorder.

For information on all the list of exclusions, kindly go through the product brochure.

Review of Bajaj Allianz Life eTouch Online Term Plan

Ms. Pallavi Joshi I bought Bajaj Allianz Life eTouch Online Term Plan on my friend’s suggestion. I think the policy’s benefits and coverage are fit all my needs. Also, I find the premium value to be good when I compare it with some other options. Mr. Mohit Pandey My father had Bajaj Allianz Life eTouch Online Term Plan. When he passed away, the company helped us with the claims process. We got our money right when we needed it the most without much trouble.

FAQs on Bajajallianz etouch Online Term Plan

Can a policyholder take a loan against Bajaj Allianz Life eTouch Online Term Plan?

No, term insurance plans do not have any cash value and, thus, loans are not available against them.

What happens to Bajaj Allianz Life eTouch Online Term Plan if premium payments are not made?

If a policyholder has not paid due premium before the expiry of the grace period, then the policy shall lapse once the grace period ends, and no benefit under the policy will be paid.

Does Bajaj Allianz Life eTouch Online Term Plan acquire a surrender value?

No, Bajaj Allianz Life eTouch Online Term Plan does not acquire a surrender value.

How is premium calculated for Bajaj Allianz Life eTouch Online Term Plan?

An individual’s premium will be determined on the basis of his or her current age, gender, sum assured, variant, policy term and premium payment frequency.