Compare Bajaj Allianz Life Etouch Online Term Plan

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Bajaj Allianz Life eTouch Online Term Plan

Bajaj Allianz Life’s eTouch Online Term Plan is, as the name suggests, an online term insurance plan which can be easily bought online. The plan is customizable and the policyholder can choose any coverage option available under the plan.

Key features of the plan

  • There are four coverage variants of Shield, Shield Plus, Shield Super and Shield Supreme. Each of these variants offers different coverage benefit.
  • Discounts are allowed for choosing a high level of Sum Assured.
  • The nominee can select to avail the death benefit in lump sum, partly in lump sum and partly in monthly instalments or completely in monthly instalments.

How does the plan work?

Step 1 – the policyholder chooses the Sum Assured and the coverage option. There are four coverage options to choose from which are as follows:

  • Shield – this option pays the Sum Assured in case of death. If the insured suffers total permanent disability due to an accident, future premiums are waived off.
  • Shield Plus – this option pays an additional Sum Assured if the life insured suffers total permanent disability due to an accident. Moreover, future premiums are waived off and in case of death, the death benefit is paid.
  • Shield Super – this option pays an additional Sum Assured if the life insured suffers total permanent disability due to an accident. Future premiums are also waived off thereafter. In case of accidental death, an additional Sum Assured is paid along with the original Sum Assured. In case of normal death, however, the basic Sum Assured is paid.
  • Shield Supreme– this option covers critical illnesses. If the insured is diagnosed with an illness and Angioplasty is required, a fixed benefit of Rs.5 lakhs is paid. If, however, the insured is diagnosed with any other critical illness which does not require Angioplasty, 75% of the chosen Sum Assured is paid limited to Rs.75 lakhs. If the insured has had an Angioplasty and later suffers an illness, the benefit paid would be 75% of the Sum Assured less Rs.5 lakhs already paid for Angioplasty. If the critical illness benefit is paid (except for Angioplasty), the future premiums are waived off. In case of accidental total permanent disability, an additional Sum Assured is paid and future premiums are waived off. In case of death, the Sum Assured less any critical illness benefit already paid is paid to the nominee.

Step 2 – the policyholder then chooses the plan tenure and the premium paying frequency.

Step 3- in case of death, total permanent disability or diagnosis of a critical illness, the benefit would be paid which would depend on the plan option selected by the policyholder.

Step 4 – the nominee can take the death benefit in any of the following ways:

  • Total benefit in lump sum
  • 50% of the benefit in lump sum and the remaining as uniform or increasing monthly instalments
  • Total benefit as uniform or increasing monthly instalments

Step 5 – if the insured survives the plan tenure, no benefit is paid.

Example

Arvind, aged 30 years, buys eTouch Plan and chooses a Sum Assured of Rs.50 lakhs. The term is 35 years and premiums are paid annually.

Option 1 – He opts for Shield. The premium is Rs.7037 payable for 35 years. In case of death during the tenure, Rs.50 lakhs would be paid to the nominee. In case of Accidental Total Permanent Disability (ATPD), future premiums are waived.

Option 2 – He opts for Shield Plus. The premium is Rs.7691 and in case of ATPD Rs.50 lakhs is paid. Future premiums are waived and the plan continues. In case of death during the chosen tenure another Rs.50 lakhs is paid.

Option 3 – Arvind chooses Shield Super where his premium is Rs.10, 153. In case of ATPD Rs.50 lakhs is paid and future premiums are waived. If the insured dies due to an accident, a total of Rs.1 crore is paid. However, if death occurs due to any other reason Rs.50 lakhs is paid.

Option 4 – For the fourth option of Shield Supreme the premium works out to be Rs.21, 162. In case of the insured undergoing Angioplasty, Rs.5 lakhs is paid. On any further illness, Rs.3.70 (75% of Rs.50 lakhs – 5 lakhs already paid) is paid. Future premiums are waived off.  In case of ATPD, Rs.50 lakhs is paid. In case of death, Rs.50 lakhs less any critical illness benefit already paid is paid.

Option 5 – if the plan matures, no benefit is payable.

Plan benefits

  • Death benefit – the death benefit is paid as per the coverage option selected by the policyholder. The death benefit would be equal to the Sum Assured chosen under the plan.
  • Maturity Benefit – there is no maturity benefit payable under the plan
  Minimum Maximum
Age at entry (in completed years) 18 years 65 years
Age at maturity (in completed years) 28 years 75 years
Term of the plan 10 years 40 years
Premium paying options Regular pay  
Premium Paying term Equal to the plan tenure  
Sum Assured Rs.50 lakhs No limit

What is not covered in the policy?

  • In case of suicide committed within 12 months of inception or revival of the plan, 80% of the premiums paid are refunded.
  • For the accidental death benefit, accidents occurring due to suicide, self-inflicted injuries, war, participation in hazardous activities, criminal acts, aviation, etc. would not be covered.
  • For total permanent disability benefit, disabilities arising out of congenital ailments, within the first 90 days of the policy, pre-existing ailments, suicide, criminal acts, war, racing, etc. are not covered.
  • In case of critical illness benefit, illnesses within the first 90 days of the policy issuance or arising due to pre-existing conditions, congenital conditions, suicide, war, etc. are not covered.

Premium Illustration
Below are the sample rates of premium payable by a non-tobacco user male for a combination of different ages, cover option and Sum Assured. The term is taken to be 35 years and premiums are paid annually for the entire duration.

Bajaj-Allianz-Life-eTouch-Online-Term-Plan

FAQs

  • How many critical illnesses are covered under the critical illness benefit?
  • The critical illness benefit covers a list of 34 illnesses

  • What is the limit of additional Sum Assured payable in case of accidental total permanent disability benefit?
  • The maximum additional Sum Assured payable is Rs.2 crores.

  • Are there any premium discounts?
  • Yes, the plan allows rebates in premiums for choosing a higher Sum Assured. Moreover, non-tobacco users and female lives are charged a lower rate of premium.

  • What is the Sum Assured limit for critical illness benefit?
  • The maximum allowable Sum Assured for Critical Illness benefit is Rs.75 lakhs

  • Does the plan allow loans?
  • No, loans are not allowed under the plan.

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