Bajaj Allianz New eTouch Term Life Insurance Plan 2023

Bajaj Allianz-
eTouch Term Insurance Plan Overview

Life is full of “IF’s”. Presenting a complete protection plan built to safe guard you and your loved ones from various uncertainties in life. Don’t let worry come knocking on your doors. Be prepared with Bajaj Allianz Life eTouch Term, a solution for you and your loved ones to be able to realize your dreams without any compromises in case of an unforeseen event.

• Shield for your life to cover death, terminal illness & disability
• Flexibility to pay premiums throughout the policy term, or for a limited number of years, or till your retirement (Age 60)
• Get back 105% or 120% of your total premiums* paid as Maturity benefit
• Extra payout in case of death due to accident
• Choose how your family receives the benefit in your absence, as a lump sum or a combination of lump sum & monthly income
• Exit early (after your need for cover is over) and get back your paid premiums* as Early Exit Value
• Premium Holiday option which helps you skips your premiums for 1, 2 or 3 years during the premium payment term
• Tax benefits available on what you pay & what you or your family receive, as per extant Income Tax Act

Bajaj Allianz- eTouch Term Insurance Plan Benefits & Features

• Death Benefits:-
  Benefit payable on death of the Life Assured during the policy term. Your nominee/legal heir will receive the Sum Assured (as chosen by you at inception. The policy will terminate on death.
• Terminal Illness Benefits:-
  Benefit payable in case the Life Assured is diagnosed with Terminal Illness during the policy term.
  
  a) If the Sum Assured chosen is lesser than or equal to `2 crores, We will pay the Sum Assured (as chosen at inception) and the policy will terminate.
  
  Or,
  
  b) If the Sum Assured chosen is greater than `2 crores, we will pay `2 crores and the policy will continue with the balance Sum Assured, i.e. (Sum Assured less 2 crores). This balance Sum Assured will be payable on death of the Life Assured, and the policy will terminate on death of Life Assured.

Bajaj Allianz- eTouch term insurance covers you against death & terminal illness. It also waives your future premium due (if any) in case of diagnosis of Accidental Total Permanent Diability (ATPD) or Terminal Illeness (whichever is earlier).

• Tax Benefits
  You are exempted from paying taxes on what you pay and what you or your family recieve as per Income Tax Act.
• Premium Holiday
  An option to skip premiums for 1, 2, or 3 years during premium payment term.

Bajaj Allianz Life eTouch Term offers a Premium Holiday option – where you can skip paying premiums for 1, 2 or 3 years during the policy term (as per your choice). This can help you during a financial emergency like job loss, paycuts or sudden medical expenditure etc, when you can continue your policy without paying premiums for the year & keep your life cover intact.

During the Premium Holiday period, the policy will remain in-force with all applicable benefits, without the need of paying premiums.

You can select the number of Premium Holidays at inception. The first Premium Holiday will be available after completion of five (5) policy years. If you have selected more than one holidays, then, the next premium holiday can be opted after a period of five (5) policy years after the previous premium holiday year

• **Other conditions for Premium Holiday:

1. Premium Holidays will be available only if you have selected a Policy term and premium payment term 20 years or more

2. The duration of one premium holiday shall be a period of 12 policy months. The premium waived shall be the total premium payable during that year

3. If the premium holidays chosen under the policy is more than one-year, then, the next premium holiday can be opted only after a period of five (5) policy years after the previous premium holiday year, provided the policy is in-force and all premiums are paid up-to-date then.

4. You need to inform the company about your intention to exercise the premium holiday within its grace period.

5. If the policyholder discontinues due-premium payment immediately after a premium holiday year, the revival period will be considered to start from the date of premium-due after premium holiday period is over.

6. The premiums not received during the premium holiday will not be part of the Total Premium paid calculation.

7. If any premium holiday benefit is opted and then not exercised voluntarily through-out during the policy term, then, the company will waive the last one or two or three policy year premiums, depending on number of un-utilized premium holidays

8. The Life Stage Upgrade feature shall not be available if premium holiday has been opted in the policy.

• WOP Benefit on ATPD/TI:-
  The future premiums will waive off under the following cicumstances.
  
  a) If the Life Assured is diagnosed with Accidental Total Permanent Disability (ATPD)
  Or
  
  b) If the Life Assured is diagnosed with Terminal Illness (TI) & chosen Sum Assured is greater than `2 crores The policy will continue for existing Death Benefit & Terminal Illness Benefit (in case WOP Benefit is triggered due to ATPD & not Terminal Illness).
• Maturity Benefit :-
  (Benefit payable if the Life Assured survives till date of maturity and if no death claims have been made before date of maturity) At inception, you have an option to decide how you want to receive the Maturity Benefit. Your options are:
  
  a) Lump-sum Payout:You will receive an amount equal to 105% of total premiums paid, as a one-time lump sum on the date of maturity, and the policy will terminate.
  
  b) Instalment Payout:-
  You will receive an amount equal to 120% of the total premiums* paid, as equated an nual instalments over the next 5 years. Each annual instalment would be equal to 24% of the total premi ums* paid & the first instalment shall be paid on the date of maturity. The risk cover will terminate on the date of maturity, and the policy will terminate on payment of the last instalment.
• Payment Flexibility
  You can pay premiums as usual (monthly / Quaterly / annually) throughout the policy term or for limited number of years or till you retire (retirement age 60).
• Early Exit
  Exit early (after your need for cover is over) and get back your paid premiums as Early Exit Value.

Bajaj Allianz eTouch Term Insurance Plan Leigibility Criteria

• Minimum Age of Entry: 18 Years
• Maximum Age of Entry: 65 Years
• Age at Maturity for Cover Upto 99 Years: 99 years
• Age at Maturity for Cover Less Than 99 Years: min. 28 years & max. 85 years.
• Policy Term For Cover Up to Age 99: min. 34 years & max. 81 years
• Policy Term For Cover Less Than Age 99: min. 10 years & max. 67 years.
• Minimum Sum Assured: Rs. 50,00,000/-
• Maximum Sum Assured: Rs. 2,00,00,000/- or No limit (subject to Board Approved Undertaking Policy)
• Premium Payment Frequency: Monthly, quaterly, Half Yearly or Yearly (subject to auto-debit process).

Who Can Buy Bajaj Allianz eTouch Term Insurance Plan ?

The bajaj allianz term insurance plan is one of the most affordable term insurance plan in India covering your family with Rs. 1 Crore @428/month. Considering affordability and terms and conditions set by the insurer below are criteria about who can buy bajaj allianze term policy.

Anyone with financial dependents should buy a Term Insurance Policy. This includes married couples, parents, business people and self-employed, SIP investors, young professionals with dependent parents, and in some cases, even retirees. Let's see in details.

• Parents:
  Parents are generally the sole source of financial support for their children. The needs of children extend from school fees and living expenses to hefty university fees, later on in life. An unfortunate event with a parent can jeopardise their future and deprive children of life’s opportunities. Parents must ensure that this scenario does not come to pass, by purchasing a term insurance policy. This policy will pay out a lump sum and/or income to satisfy their children’s expenses, in the event of any mishap of the parent(s).

• Newly-married couple:
  Roses, chocolates and movie tickets are great, but here’s a truly long-lasting gift for your spouse – term insurance. This gift will give your spouse more than momentary joy, and it will secure their future. Term Insurance assures the spouse of financial support in case of a mishap with the insured person and should be purchased as soon as possible by married couples.

• Working Women:
  The women of today are on an equal footing with men, whether it be managing their finances or providing for their family. Today, a family is as dependent on the woman’s income as it is on the man’s. This dependency brings with it the need to financially secure your loved ones in case something happens to you.
  
  A Term Insurance plan assures that your parents/spouse/children are financially secured even in your absence. It ensures that your family does not have to compromise on their lifestyle and can continue with the goals you set for them. The term insurance cover amount also helps to take care of any outstanding liabilities like home loan, auto loan, education loan, and more. Not only this, but some term insurance plans also come with the added benefit of a critical illness cover that provides a payout if you are diagnosed with a serious illness like breast or cervical cancer.

• Taxpayers:
  Term Insurance premiums paid are allowed as a deduction from taxable income under Section 80C^^ of the Income Tax Act, 1961^^. The term insurance payouts on maturity are also exempt from tax subject to conditions under Section 10(10D)^^. Hence taxpayers can use term insurance to reduce their tax burden significantly.

• Self Employed:
  As a self-employed person, you face many challenges. Unlike salaried individuals, you do not earn a fixed monthly income; you have an uneven source of income that depends on the ups and downs of the market. Plus, you may have also taken a business or personal loan from creditors, banks, or even your family and friends. Hence, buying a term insurance plan to secure your family becomes even more important for you. A term life insurance policy can ensure that your family remains financially secure even in your absence.

• SIP Investors:
  Investors in mutual fund SIPs (Systematic Investment Plan) invest a fixed amount every month in a mutual fund. The wealth creation in an SIP is driven by a stream of regular instalments which compound over time. However, an unfortunate event of the investor can stop the flow of instalments. Term Insurance can protect the SIP by providing the nominees of the insured person with funds to continue the SIP.

• Retirees:
  Retired persons need to have term insurance if they have dependant spouses or families. Buying term life insurance can also be a way of leaving an inheritance for their families. This is because, Term Insurance is paid out to nominees in case of any mishap with the insured person. The payment of Term Insurance is also tax-free subject to conditions under Section 10(10D)^^ of the Income Tax Act,1961^^.

How To Download Bajaj Allianz Policy?

The policyholder or a person can download bajaj allianz policy in 2 ways- online and offline. Let's see how you can download your policy online.

1. Visit the official website of Bajaj Allianz and login (click here to visit)
2. Click on the ‘Support” button at the top of the home page. When you hover down the page, you will see the “E-Policy Copy” section under the “Our Services” Section.
3. Simply go to the “E-Policy” section, you will see blank fields wherein you need to enter details like Policy Number, Registered Number, OTP, Email Id, and do a basic math calculation (2+2, for example).
4. After filling in your policy number and registered contact no, you will need to click on “Generate OTP”.
5. Enter OTP recieved on your mobile number and proceed.
6. Complete the process by providing details, if asked. Finally, your policy will be send via email to your given email address.

Reasons To Buy Bajaj Allianz eTouch Term Policy

The top reason to consider this term policy are
A. 1 Day approval once you apply
B. High cliam settlement ratio.
C. One of the most trusted insurance company.

D. 2.87 Crore policies have been sold

Bajaj Allianz eTouch Term Insurance Plan Premium

• Monthly:- Rs. 428
• Quaterly:- Rs. 1712
• Half Yearly:- Rs. 2568
• Yearly:- 5163

Bajaj Allianz Insurance Customer Care Number & Contact Details

Customer Care No. (Sales):- 1800 209 4040

Customer Care No. (Service):-1800 209 7272

Fax no. :- (020) 6602 6789

Email Address:- customercare@bajajallianz.co.in