Bajaj Life eTouch II Term Plan Review: Coverage, Premium, and Claim Settlement

Bajaj Life eTouch II Term Plan is a relatively new entrant in India's competitive term insurance market. This plan offers a range of coverage options, premium structures, and claim settlement mechanisms designed to cater to diverse policyholder needs. The plan comes in three variants: Life Shield, Life Shield Plus, and Life Shield ROP, each offering different levels of protection and benefits.

In terms of coverage, all three variants provide base life insurance protection, with the Life Shield Plus and Life Shield ROP variants offering additional benefits such as Terminal Illness Accidental Death Benefit and Premium Waiver on Accidental Terminal Illness (ATPD/TI). The Life Shield ROP variant stands out as it allows policyholders to receive their premiums back if they outlive the policy term, providing a unique return of premium feature.

Key features of the Bajaj Life eTouch II Term Plan include Auto Cover Continuance, which keeps the life cover active for up to 12 months if premiums are temporarily unpaid, and Premium Holiday, allowing policyholders to take a break from premium payments for 1, 2, or 3 years without terminating the policy. The plan also offers the Early Exit Value1 option for Life Shield and Life Shield Plus variants, enabling policyholders to discontinue the policy and receive a portion of the paid premiums if their insurance protection needs have reduced.

Flexibility in death benefit payout is another standout feature, with options to receive the payout as a lump sum, a monthly income over several years, or a 100% monthly payout over a chosen period. Tax benefits are also available under the Income Tax Act, though specific details depend on individual circumstances and applicable laws.

The premium for Bajaj Life eTouch II Term Plan is not fixed and varies based on several factors such as age, gender, chosen variant, sum assured, policy term, and payment options. Policyholders can choose to pay premiums throughout the full term, for a limited number of years, or until retirement (age 60), providing some flexibility in premium payment management.

Eligibility for the plan ranges from 18 to 65 years, with a minimum sum assured of ₹50,00,000 and no upper limit subject to board-approved underwriting policies. The plan is available for year-end, half-yearly, quarterly, and monthly premium payments.