Bajaj Allianz Life eTouch

Bajaj Allianz Life eTouch is a term insurance policy offered by the Bajaj Allianz Life Insurance Company. 

This term insurance policy is considerably cheap compared to other products in the market. And, the insurer has an excellent track record with respect to purchase as well as claims service, meaning you and your family are very likely to get a smooth experience. However, the product doesn’t allow you to choose other important customizations such as increasing cover or limited pay. There are also not many options available for customizing how your family receives the claim amount.

Here is a detailed review of the Bajaj Allianz Life eTouch review.

What are the features and benefits of the Bajaj Allianz Life eTouch Plan?

The benefits and features of the Bajaj Allianz eTouch Plan are as follows -

• Life Cover Benefit: With this term plan, your family will receive an assured sum of money if you pass away during the policy duration. With this term insurance policy, you can claim tax benefits under Section 80C of the Income Tax Act. However, there is no maturity benefit in this policy - meaning, you won’t get anything back in case you survive the policy term. 
• Entry Age for the Policy: Bajaj Allianz’s eTouch plan allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old. 
• Cover Duration: This plan offers you a term cover, up to the age of 99 years. This makes it an ultra-long-term policy - meaning, you can be covered for your entire life and enjoy the cover benefits post-retirement as well.  
• Increasing Cover: The Bajaj Allianz eTouch term plan does not provide the increasing cover option to grow your cover automatically. So, every time you want to upgrade your coverage, you will have to buy a new term insurance policy manually. 
• Limited Pay Option: Using this option, you can finish paying off all your premiums in larger and quicker installments within 5, 6, 10, 12, 15, and 20 till the age of 60 years. This feature is suitable if you want to get the burden of premiums off your chest while you still have a dependable income. 
• Claim Payout Options: The eTouch term insurance plan by Bajaj Allianz provides several options to customize how your family will receive the claim amount. They are -  
  • One-time lump sum: Here, your nominee will receive the entire claim payout in one large payment. 
  • Monthly income: Here, your nominee will be paid a regular income on a monthly basis for a specific number of years. 
  • Lump-Sum with monthly income: Here, your nominee will receive a part of the claim amount as a lump sum. The remaining claim amount will be divided into several smaller payments and will be paid on a monthly income basis.

Which riders are available with Bajaj Allianz eTouch Plan? 

Riders are additional benefits that you can opt for by paying an extra premium. Riders available with Bajaj Allianz Life eTouch Term Plan include -  

• Accidental Death Benefit Rider: With this rider, your family will be paid an additional amount of money, if you pass away due to an accident. You can also consider buying this rider to improve your overall coverage in case the eligible cover amount is lower than the cover amount you want to buy for your family. 
• Waiver of Premium due to Accidental Disability Rider: This is one of the most helpful riders, which you must consider buying. If you get seriously disabled due to an accident, this rider will waive your pending premiums. So, you will not have to pay any remaining policy premiums. However, you can continue to enjoy the policy benefits until the end of the term.

Why should you consider buying a policy from Bajaj Allianz Life Insurance?

Here are a few reasons why you can consider purchasing from Bajaj Allianz Life Insurance - 

• Claims Complaint: According to our research, we found that Bajaj Allianz Life Insurance has a very less number of complaints in comparison to other insurers. This indicates a smooth claim settlement process and that your family is likely to have a seamless experience. 
• Online Tracking of Claims: Bajaj Allianz Life Insurance provides your nominee the option to track their claim online as well, instead of reaching out to the company, again and again, to learn about the claim status. 
• Claim Settlement Ratio: The claim settlement ratio of Bajaj Allianz Life Insurance is 98.48% and their claim amount settlement ratio is 91.97%.

What are the limitations of buying from Bajaj Allianz Life Insurance? 

Here are some of the disadvantages and limitations of buying from Bajaj Allianz Life Insurance Company -

• Speed of claims: Bajaj Allianz Life Insurance has settled 85.11% of its claims in less than 30 days. This indicates that your family or nominee might have to wait a little longer to receive the claim payout after submitting the claims documents. 
• Length of the Claim Form: Bajaj Allianz, has a moderately lengthier claim form compared to other insurers. This indicates your family or nominee is likely to face some hassle while filling out the claim form. 
• Home Pick-up for Claims: The insurer does not provide the option to pick up the documents from home. Your family/ nominee will have to visit the branch to submit the documents personally.

How is the customer service provided by Bajaj Allianz Life Insurance?

• Response on Toll-Free Service: When it comes to customer service, our research found the insurer’s response over the toll-free to be quick compared to other insurers. 
• Response on Twitter: Your nominee would also have the option to connect over Twitter for any doubts or queries with regard to the status of their claims. Our research suggests that Bajaj Allianz Life Insurance Company’s response rate over social media is quick too.

About the Insurer - Bajaj Allianz Life Insurance

Bajaj Allianz also known as Bajaj Allianz Life Insurance Company Limited is a Life Insurance Company in India. It offers Term Life Insurance Plans, Traditional Savings Plans, and Unit Linked Insurance Plans. Founded in the Year 2001, it is a joint venture between Bajaj Finserv Limited and Allianz SE. The company is headquartered in Pune and has 759 branches across various cities in India. The CEO / CMD of the company is Mr. Tarun Chugh.

Final review of Bajaj Allianz Life eTouch 

Considering all the product benefits, customer service, and claims experience, and on the basis of 100+ parameters analyzed by our in-house research team, the Bajaj Allianz eTouch term plan gets a Beshak⭐Rating of 2.9/5.