Bajaj Allianz Life eTouch Online Term Plan

Here is the list of the key features and benefits of the Bajaj Allianz Life eTouch Online term.

1. Option to Change Premium Payment Frequency 

On any policy anniversary during the policy period, the policyholder may modify the current premium payment frequency. There are four ways to pay for the premiums: annually, biannually, quarterly, and monthly.

2. Tax Benefits

According to Section 80C of the Income Tax Act of 1961, a tax deduction may be claimed on the premiums paid for the term insurance policy. In addition, Section 10(10D) of the Income Tax Act exempts any proceeds from the policy from taxes.

3. High Sum Assured Rebate (HSAR)

For all policies, the plan provides a premium discount based on the classification of smokers, the total assured slab for each age, variant, and policy period. Every extra Rs. 1 lakh in coverage beyond the base sum assured will be subject to the HSAR.

4. Death Benefit and ADB payment option

The nominee for the life-assured has the choice of receiving either the Life Benefit, the ADB, or both benefits (Life Benefit and ADB) in any of the three ways described below:

1) A lump sum payment of the full benefit,

2) A lump sum payment of 50% of the benefit and level or rising monthly installments for the remaining 50%

3) Monthly payments of level or rising amounts equalling 100% of the benefit If benefits are to be paid in monthly installments, they will be paid over 120 months in flat or increasing monthly installments.

5. Free-Look Period

The consumer has the option to return the policy to the insurer, giving proper justification, if the terms and conditions outlined in the policy documents do not satisfy him or her. After receiving the policy documentation, the return must be made within 30 days. The stamp tax and medical examination fees will be deducted from the policyholder’s reimbursement of the regular premiums.

6. Grace Period

For any premium payment frequencies other than monthly, the policyholder will be given a grace period of 30 days if the premium is not paid by the due date. A monthly frequency policy has a 15-day grace period. The policy will continue to provide the same coverage as when it was first issued if the policyholder pays the current and unpaid payments within the grace period.

7. Policy Revival

The following situations may arise if the policyholder does not pay the required premiums and the policy becomes lapsed:

• Within two years following the premium’s due date, a request for revival must be made.

• All taxes, associated interest, and due premiums have been paid. The revival interest accrues at a 10% annual compound rate paid every six months.

• The policyholder produces proof of ongoing insurance and consents to a medical examination.