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Bajaj Allianz Life eTouch Online Term Plan

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Bajaj Allianz eTouch Online Term Plan Summary

eTouch Online Term Plan from Bajaj Allianz Life Insurance is a pure term insurance plan with options which make the protection more comprehensive. Additional protection has been provided for Accidental Death, Accidental Disability & Critical Illness scenarios.

We will understand these options in detail in the sections below.
 
Plan Type Unique Identification Number (UIN)
Term Insurance 116N140V03

Note: There were 2 earlier versions of this plan with UINs 116N140V01 & 116N140V02
 

Variants & their Benefits in Bajaj Allianz eTouch Online Term Policy

The plan has 4 variants to choose from:
 
Variant Name Benefits
Shield
  • Death benefit
  • Waiver of Premium on ATPD
Shield Plus
  • Death benefit
  • ATPD Benefit
  • Waiver of Premium on ATPD
Shield Super
  • Death benefit
  • Accidental Death Benefit
  • ATPD Benefit
  • Waiver of Premium on ATPD
Shield Supreme
  • Death benefit
  • Accelerated Critical Illness Benefit
  • ATPD Benefit
  • Waiver of Premium on ATPD or Critical Illness 

ATPD - Accidental Total Permanent Disability

Now let us understand the key terms mentioned above in detail.
  • Death Benefit - In case of the policyholder’s death, the nominee will receive the Sum assured on Death, which is defined as the highest of:
    • Sum Assured
    • 10 x Annualised Premium
    • 105% of Total premiums paid
.
  • Accidental Total Permanent Disability (ATPD) - If the Life Assured meets with an Accident and is being subject to one of the following impairments within 90 days of the date of Accident:
    • Total and irrecoverable loss of entire sight in both eyes or
    • Amputation of both hands at or above the wrists or
    • Amputation of both feet at or above the ankles or
    • Amputation of one hand at or above the wrist and one foot at or above the ankle
   
  • Accidental Death Benefit - In case of death due to an accident, you will get the additional sum assured selected by you. This is in addition to the base sum assured of the plan. You need to pay additional premiums for this. 

We will understand these benefits better with the help of Examples #1 to #4.


Eligibility conditions in the Bajaj Allianz eTouch Online Term Policy

 
Parameter Minimum Maximum
Entry Age 18 years 65 years
Maturity Age 28 years 75 years
Policy Term 10 years 40 years
Premium Rs. 5,000 p. a. No limit
Sum Assured Rs. 50 lakhs Life Benefit - No limit
ADB & ATPD - 2 crores
ACI Benefit - 75 lakhs
Premium payment modes Yearly, Half-yearly, Quarterly, Monthly



Examples - Bajaj Allianz eTouch Online Term Plan


Let us understand the different options and the benefits they offer with the help of examples.

# 01 - Shield Option

Benefits - Life Benefit + Waiver of Premium on occurrence of Accidental Total Permanent Disability

Suppose Surinder Bhalla has taken this plan with Shield option. He does not consume any form of tobacco.

Age - 30 years
Cover Amount - 1 crore
Policy Term - 20 years

His annual premium will be Rs. 5,813 + taxes which he has to pay for 20 years.

Benefits under this option are:
  • Life Benefit - Surinder’s nominee will get Rs. 1 crore in case he dies anytime during the policy term and the policy is terminated.
  • Waiver of Premium on Accidental Total Permanent Disability - In case Surinder meets with an accident and suffers total permanent disability, all the future premiums will be waived and the policy will continue for the balance term. 


# 02 - Shield Plus Option

Benefits - Life Benefit + Waiver of Premium on occurrence of Accidental Total Permanent Disability + Accidental Total Permanent Disability Benefit  

Suppose Surinder Bhalla has taken this plan with Shield Plus Option. He does not consume any form of tobacco.

Age - 30 years
Cover Amount - 3 crore
Policy Term - 20 years
Accidental Total Permanent Disability Cover - 2 crores (you can choose this value)

His annual premium will be Rs. 17,273 + taxes which he has to pay for 20 years.

Benefits under this option are:
  • Life Benefit - Surinder’s nominee will get Rs. 3 crores in case he dies anytime during the policy term and the policy is terminated.
  • Accidental Total Permanent Disability Benefit - In case Surinder meets with an accident and suffers total permanent disability, he will be paid Rs. 2 crores and policy will continue. He also is eligible for the Waiver of Premium benefit mentioned below.,
  • Waiver of Premium on Accidental Total Permanent Disability - In case Surinder meets with an accident and suffers total permanent disability, all the future premiums will be waived and the policy will continue for the balance term. 

# 03 - Shield Super Option

Benefits - Life Benefit + Waiver of Premium on occurrence of Accidental Total Permanent Disability + Accidental Total Permanent Disability Benefit + Accidental Death Benefit  

Suppose Surinder Bhalla has taken this plan with Shield Super Option. He does not consume any form of tobacco.

Age - 30 years
Cover Amount - 3 crore
Policy Term - 20 years
Accidental Total Permanent Disability Cover - 2 crores (you can choose this value)
Accidental Death Benefit - 2 crores (you can choose this value)

His annual premium will be Rs. 26,890 + taxes which he has to pay for 20 years.

Benefits under this option are:
  • Life Benefit - Surinder’s nominee will get Rs. 3 crores in case he dies anytime during the policy term and the policy is terminated.
  • Accidental Total Permanent Disability Benefit - In case Surinder meets with an accident and suffers total permanent disability, he will be paid Rs. 2 crores and policy will continue. He also is eligible for the Waiver of Premium benefit mentioned below.
  • Waiver of Premium on Accidental Total Permanent Disability - In case Surinder meets with an accident and suffers total permanent disability, all the future premiums will be waived and the policy will continue for the balance term. 
  • Accidental Death Benefit - In case of death due to an accident, in addition to the Life Benefit of Rs. 3 crores as mentioned above, the nominee will get the additional Accidental Death Benefit Cover of Rs. 2 crores. So total payout will be of Rs. 5 crores.

# 04 - Shield Supreme Option

Benefits - Life Benefit + Waiver of Premium on occurrence of Accidental Total Permanent Disability or Critical Illness + Accidental Total Permanent Disability Benefit + Accelerated Critical Illness Benefit  

Suppose Surinder Bhalla has taken this plan with Shield Super Option. He does not consume any form of tobacco.

Age - 30 years
Cover Amount - 3 crore
Policy Term - 20 years
Accidental Total Permanent Disability Cover - 2 crores (you can choose this value)
Accelerated Critical Illness (ACI) Benefit - 75% of Cover amount; maximum 75 lakhs

His annual premium will be Rs. 28,419 + taxes which he has to pay for 20 years.

Benefits under this option are:
  • In case of diagnosis of Critical Illness, the benefit payable will be,
    • If the diagnosed Critical Illness requires Angioplasty, fixed ACI benefit of ` 5,00,000 will be paid. WOP is not applicable, if Angioplasty is conducted for the Critical Illness. No further ACI benefit will be paid for any future occurrence of Angioplasty. But, the policy will continue for other benefits, including remaining amount of ACI benefit for the remaining CIs covered, subject to payment of all due premium.
    • If the Critical Illness is other than one requiring Angioplasty then, 
      • If no prior ACI benefit has been paid for Angioplasty, then, ACI Benefit of 75% of Sum Assured, subject to maximum of 75,00,000, will be paid
      • 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 maximum of 75,00,000) minus 5,00,000 (paid for Angioplasty)
      • All the future premiums under the policy will be waived once ACI Benefit is paid. The policy will continue with all its remaining benefits.
  • In case of Accidental Total Permanent Disability of the life assured, then, 
    • 2 crores will be paid as ATPD benefit
    • All the future premiums under the policy will be waived, and the policy will continue with all its remaining benefits
  • On death of the life assured, the below benefit will be paid and the policy will terminate,
    • If ACI benefit has been paid earlier, then, Sum Assured on Death minus the amount of ACI benefit already paid will be payable.
    • If ACI benefit has not been paid earlier, then Rs. 3 crores will be paid.


Other benefits and features in this plan


Option to take the Death Benefit in instalments - The death benefit payable to the nominee can be taken in instalments also. So there are 3 effective ways in which you can decide the way the money should be received by the nominee:
  • 100% lumpsum
  • 50% lumpsum and balance in level or increasing monthly instalments
  • 100% in level or increasing monthly instalments
The monthly instalments will be spread over a period of 10 years.

Option to change the premium paying frequency - At any policy anniversary, you can change the frequency of payments - monthly, half-yearly, quarterly, yearly subject to minimum premium criteria. Please inform the company well in advance to make this change.

Loan - No loan is available against this policy

Tax Benefits - Premiums paid and the various payouts are eligible for tax rebates. As per current income tax rules, the sum assured should be at least 10 times the premiums paid annually for tax benefits to accrue completely.

Revival - You can revive the plan within 5 years of premium discontinuation by paying all due premiums with interest. The current applicable rate of interest is 10% per annum, compounding half-yearly. The company can refuse the revival request. You may have to undergo medical tests.

So, that is it about this plan! Hope this was useful. If you have any questions on this plan, please comment below and we will be happy to share our thoughts.
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