Which life insurance to buy? Term insurance – pure life insurance

eTouch Online Term and Health Cover Plan – a comprehensive solution for all #IfsOfLife


Why to buy a life insurance? The answer is to have peace of mind. If unforeseen situation abruptly end your journey of life, your loved ones need not face a financial crunch in addition to mental agony. Financial planning is a must, but what if it ends in the middle of your wealth creation, if an accident breaks the life thread when your toddler just started talking and has a complete life ahead without one parent? Few things are very difficult to plan but planning for these emergencies is now possible in with the #Term insurance plans. 
#Term insurance is a pure life insurance product without a string of saving or investment attached with it. What it simply means is that if the policy holder dies within the policy term, insurance company is liable to pay the sum assured. In case of survival during the term, insurance company has no liability towards policy holders. As the younger generation is warming up to this insurance product, companies are bringing in additional features to include some more additional risks to give a comprehensive solution to policyholders with a little extra premium. 
Recently I attended the launch of eTouch Online Term Plan by Bajaj Allianz LIC, and interacted with the team as well. In the question answer session, I actually came to know about certain facts about term insurance, which we don’t think deeply but is essential to know. 

5 ultimate features of eTouch Online Term and Health Cover Plan
1. Complete online product which can be bought in few minutes with online chat support. A dedicated call centre is also available to walk you through the whole process, it reduces the agent interference and reducing the premium for the product
2. This product takes care of the scariest #IfsOfLife untimely death, permanent disability due to accident and 34 critical illnesses, one has an option to choose from – Shield, Shield Plus, Shield Super, Shield Supreme gives the policy holders flexibility to choose from
3. A minimum cover of 50 Lakh can by bought but anybody who has a yearly income of Rs. 3 lakh, the premium for the same could be as low as Rs. 5 Thousand, for a healthy 30 year old. 
4. The plan also offers an inbuilt waiver of premium rider applicable in case of accidental total permanent disability or on critical illnesses, depending on the variant opted for. 
5. Apart from the flexible options for policy holder, Bajaj Allianz Life eTouch Online Term and Health Cover Plan also allows for the nominee to receive the policy benefits in a lump-sum amount or in monthly instalments. Option 1 – lumpsum, option 2- 50% lumpsum and rest in increasing monthly instalment, option 3 – monthly level or increasing instalments.
Click here 
Step 1- Calculate your premium
Step 2- Generate your quote
Step 3- Choose your plan

Important features of the plan 
1. Tax benefits under 80C
2. Minimum entry age 18 years
3. Maximum age at entry 65 years
4. Minimum age at maturity – 28 years
5. Maximum age at maturity – 75 years
6. Minimum and maximum policy term – 10 – 40 years
7. Premium payment frequency – yearly, half yearly, quarterly and monthly
8. Minimum sum assured = Rs. 50 lakhs
9. On non-payment of premium before the expiry of the grace period, then, the policy will lapse at the expiry of the grace period, and no benefit under the policy will be paid.
10. HSAR Benefit – The plan offers a premium discount for all policies based on smoker categorization, variant, sum assured slab for each age and policy term. The HSAR will be applied for every additional `1lac increase in sum assured above the base sum assured.
11. Free look period – 30 days
12. Grace period – 15 days
B-Fit wellness app 
With the new policy, Bajaj Allianz LIC also launched wellness app, B-Fit, for its employees and policy holders. Equipped with features like a food guide for Indian cuisine, a health score tracker, expert recommendations basis health score and personalized health articles curated to the user’s interests to make the app engaging. Providing a multitude of other exciting services, B-Fit is an assured and reliable app to help one achieve one’s fitness goals.
So, take care of your health, wealth and family by buying a right term plan. Stay fit with B-Fit app. Do post your queries on financial planning or worries, would love to help you out. 
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