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In this article, I will explain you the features and details about a term insurance policy i just purchased. The policy name is Bajaj Allianz Life E-Touch Term Insurance policy. And this is available for purchase through online mode only.

I will explain the variants of this policy, advantages, eligibility criteria and terms and conditions mentioned in the product brochure in easy to understand manner. Do remember to like, subscribe and share if you find the article useful!

You can also watch this review on youtube. Continue scrolling if you prefer reading.

Note that this is not a sponsored post and purpose of this blog is to just help audience understand the policy features. Viewers are requested to do their own research before buying suitable term insurance policy.

Lets get started.

Policy Variants

Bajaj Allianz Life E-Touch Term Insurance is available in three variants:

1. Life Shield
2. Life Shield Plus
3. Life Shield Return of Premium (ROP)

Life Shield Plan

Life Shield is the basic plan but offers many benefits which most of the customers look for! You get Death Benefit, Terminal Illness benefit and waiver on future premiums in case of accidental total permanent disability or terminal illness.

In this plan, i terminal illness is detected where doctor declares that you can survive only for maximum six months, you will be paid sum assured upto 2 Crore immediately and future premiums will be waived off. On eventual death, remaining sum assured will be paid.

You also get future premium waiver on accidental total permanent disability with Life Shield Plan. Note that accidental total permanent disablity should happen within 180 days of accident and caused directly due to accident.

Life Shield Plus

Next is Life Shield Plus variant. The extra feature on this is the inclusion of Accidental Death rider. Extra sum assured will be paid if death happens as a result of accident and within 180 days of accident. At the time of buying policy you choose this extra sum assured and premium is calculated accordingly.

Life Shield Return of Premium (ROP)

Last variant is Life Shield Return of Premium .This is similar to Life Shield plan but extra thing you will get is the return of premiums. If you survive policy period and no claims have been paid, you will get back the premium paid as one time lumpsum on policy maturity date. Note that in this plan, you will not get Accidental Death Benefit.

Now, let us look at some of the advantages offered by this term insurance plan from Bajaj Allianz

Advantages

I found five major advantages of Bajaj Allianz E-Touch Term Insurance policy:

1. In this plan, terminal illness is included in all variants by default. So unlike most other term insurance plans, you don’t have to add this as a rider.
2. You can choose how your family receives the money after your death. They can either receive it as lumpsum or as lumpsum plus monthly income for 5 years. This monthly income can also be converted into lumpsum anytime.
3. You can opt for premium holiday which helps you skip premiums for one, two or three years during premium payment terms. Will explain this feature in detail in some time.
4. Fourth advantage of this policy is the discounts you can get. Existing Bajaj Allianz Life insurance customers will receive 1% discount for all premium payments. You can also get 1% discount throughout premium payment term if you opt for auto pay. If you are a first time insurance buyer or a salaried person, you can also avail 5% discount on first year premium.
5. You will get Health management service under all variants at no extra cost. This service include second opinion, medical case management and medical consultation with registered service providers etc.

Apart from these, regular features like Return on Premium, Zero cost, accidental death benefit rider etc are available.

Eligibility Criteria

Coming to eligibility criteria, table here shows the eligibility criteria. I have highlighted key points on this. Instead of explaining the table, i request you to go through the criteria as they are self-explanatory.

Features

Now, let us understand other features offered in this term insurance policy:

Early Exit feature

This feature is available in Life Shield and Life Shield Plus variants. With this feature, you can exit the policy before it matures and get back all premiums paid. So, this is good for those who take policy for long period but then finish their financial goals earlier.
Note that this feature can be used to exit policy only between the age of 60 – 63 under conditions that policy entry age is less than or equal to 50 years, period is 35 years or more and maturity age is 68 years or more.

Life Stage Upgrade feature

This feature is available in Life Shield and Life Shield Plus variants.
In this feature, you can increase sum assured within six months of major life events like marriage, child birth, home loan or child education loan. Note that all these can be done before attaining age 45 years.

Conditions to be met are that outstanding premium payment term should be minimum five years, outstanding policy term is minimum ten years and total increase in sum assured will be capped to 100% of original sum assured.

Premium Holiday feature

This feature is available in all the variants. In this, you can skip paying premium for one, two or three years during policy term as per your choice. This is useful in financial emergency like job loss or medical issues. You will have to opt for this feature during purchase of policy and first skip of premium can be only after five years of policy. Similarly, second skip can happen only after five years of first premium skip.

Conditions to be met are that policy and premium payment term are twenty years or more. If you opt for premium skip but do not skip when the time comes, then company adjusts the premiums towards end of policy.
Note that life stage upgrade feature is not available with premium holiday feature.

So, this in nutshell is everything you should know about Bajaj Allianz Life E-Touch Term Insurance Plan. Hope you found it useful. Please share your valuable comments and feedback. And please remember to like, subscribe and share!!!