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. 

Bajaj Allianz is all set to bring an ultimate inclusive term insurance plan for all

Term insurance is making its place in India with its own right. The beauty of the pure insurance product has charmed the savvy Indian investors and steadily catching up with all. 

What is a term insurance ?
Term insurance is the purest form of life insurance with no strings of savings or investment attached to it. It is known for providing a lump sum benefit incase of unfortunate death of policyholder. It is an ultimate protection plan for the claimant.

Who should buy term insurance policy? 
Term insurance is one of the most important financial instrument for every earning individual who has dependants to look after. The tenure can vary from 10 to 40 years. However, generally the cover is extended till upto 70 years of age.
Affordable premium for high coverage 
The benefit which make it most attractive to the younger generation is it’s low-cost pricing. The pricing is extremely affordable compared to the other forms of life insurance with a high monetary coverage for the policyholder ensuring unforeseen situation doesn’t cause financial distress. It’s best to buy the insurance policy early to lock-in a low premium for the entire term. With every passing year, the premium cost increases, entering early has it’s own advantage. So, with increased age of the policy holder, premium increases significantly. Two other important factor which affects the premium are the lifestyle of the policyholder (smoking/drinking habits) and nature of profession, individual with life risk exposure in the job, will fetch higher premium.
What do we expect from a friend? To be flexible, helping and being around through ups and downs and sail through the #IfsOfLife. This product aims to be just that. This product aims to protect you and your family like that best friend, who will help you in sail through all tough times.

What is so special about the new product by Bajaj Allianz Life Insurance company?
Looking at the growing interest on term insurance plans, Bajaj Allianz has designed an inclusive product which will not only provide death benefit but also extend a caring hand incase of critical illness or permanent disabilities.

Isn’t it great if an insurance product is committed to you for life, like your best friend, staying around and helping during the toughest phase of your life. Many a times it is not untimely death, but a critical illness or permanent disability caused by an accident which leaves the family morally and financially down and distressed. This product will be an answer to these unforeseen circumstance. And all these can be done with few clicks! Starting from choosing the right protection amount and tenure, term, and additional benefits which is a flexible choice. It also will encourage the buyers to do a thorough check on inclusions and exclusions.

Bajaj Allianz, a joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited an established name in the life and non-life insurance segment. It has done an extensive research to develop the insurance plan keeping in mind the changing lifestyle of the progressive Indians. The gen Y is now aware and accept the concept of pure insurance and increasingly opting for term plans which offers adequate cover at rational pricing. 
I am eagerly waiting for the launch of the new life insurance product by Bajaj Allianz @BajajAllianzLIC, on 23rd of December 2016 in Mumbai. #IfsOfLife
error

Found the information useful? Please spread the word :)

Latest post alert
Pinterest
fb-share-icon
LinkedIn
Share