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Bajaj Life eTouch II
ILM Ratings
ILM Ratings
Claims Experience:
Customer Service:
Product Benefits:
Introduction to Bajaj Life eTouch II
Bajaj Life eTouch II is a term insurance plan offered by Bajaj Life Insurance Company. A term insurance plan is one of the most cost-effective ways to ensure your family will have a secure financial future. The plan offers multiple Limited Pay options to finish premiums early, flexible claim payout choices and an early exit option with premium refund. While it does not offer increasing cover over time, it provides add-ons like critical illness rider that pays over and above life cover and an accidental death benefit rider.
Claims Experience:
Customer Service:
Product Benefits:
Quick Overview:
What's Good?
- Multiple Limited Pay options to speed up payments
- Several options to customize claim payouts
- Option to exit the plan while active and get premium refund
- Critical illness rider's payout is in addition to the life cover amount
- Additional payout option for accidental death
What's Not Good?
- No option to automatically increase claim amount, with time
- No premium waiver option available if listed illness is diagnosed
- No premium waiver option available in case of accidental disability
Insurer Track Record
About Bajaj Life Insurance Co. Ltd.
JV Partners
Turnover (GWP)
Number of Policies
Number of Claims
Detailed Product Overview
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Did you know
The Bajaj Allianz Life eTouch II is a term insurance plan from Bajaj Allianz Life Insurance Company. Term insurance is one of the most affordable ways to protect your family’s future. If the insured passes away during the policy term, the family receives a death benefit. This payout is meant to give financial security, helping them manage daily expenses, maintain their lifestyle, and continue working toward important life goals without additional financial pressure.
This plan comes with several strong features. It offers multiple Limited Pay options, allowing you to complete your premium payments faster. You also get the flexibility to choose from different claim payout options, along with the choice to exit the plan while it is active and receive a refund of premiums paid. There are also multiple riders available with this plan to enhance the coverage. On the flip side, this plan does not offer the option to automatically increase the cover amount over time.
In terms of pricing, the plan is cheaper than other similar options. The insurer’s track record is also strong, with fewer complaints about both claim settlement and policy purchase compared to other insurers, which adds to the reliability of the plan.
Here’s the term plan review -
Key Product Features of Bajaj Allianz Life eTouch II
The Bajaj Allianz Life eTouch II's notable features are as follows:
- Life Cover Benefit: The policy offers a death benefit to your family in case you unfortunately pass away during the policy term.
- Early Exit Option: You are allowed to exit the policy within a specified time period, even when the policy is still in force. In that case, the Bajaj Allianz Life eTouch II provides a refund of the paid premiums.
- Increased Coverage: Certain policies permit the cover amount to increase at regular intervals until a maximum limit is reached. This policy does not have that feature, so the cover amount is constant.
- Coverage Period: As compared to the numerous plans that offer coverage till age 60 or 65, this plan offers protection till the age of 99, keeping one secure even post-retirement.
- Limited Pay Options: The policy provides an option to complete premium payments faster with Limited Pay options. You can choose to pay them off in 5, 6, 10, 12, 15, 20, or pay till 60 years. The premium payment can be done either monthly, quarterly, half-yearly, or yearly. It relieves the financial burden in subsequent years and suits those who want to pay the premium earlier, before they stop earning a steady income.
- Claim Payout Options: On occurrence of a claim, the nominee is entitled to receive the death benefit either as a one-time payout, in installments, or a combination of both.
What are the Riders Available with Bajaj Allianz Life eTouch II?
You can tailor your coverage to meet your unique needs with riders at extra cost:
- Critical Illness Rider: In case the insured is diagnosed with any of the critical illnesses covered under the policy during the term, this rider provides a one-time lump sum. With the Bajaj Allianz Life eTouch II, you can choose to add this rider in order to increase your protection based on your preference and choice. It provides coverage against 60 listed ailments, up to age 80, and facilitates a maximum sum assured up to the base cover.
- Accidental Death Benefit Rider: This rider gives an additional payment on top of the base term insurance death benefit if the covered person dies due to an accident while the policy is in force. You can buy it under the Bajaj Allianz Life eTouch II to enhance coverage. You can be covered up to age 99, and you can opt for coverage up to the Base Cover.
- Waiver of Premium Rider: The rider will ease the financial burden by waiving future premium payments if the insured develops a covered critical illness or is disabled in an accident. This rider is only available for accidental disability within the Bajaj Allianz Life eTouch II. You can be insured until the age of 65.
Each of the riders serves a particular purpose. Check your needs and goals before deciding whether or not to buy some of the riders.
Why should you choose Bajaj Allianz Life Insurance Company?
An outline of Bajaj Allianz Life Insurance Company's claims experience is as follows:
- Speed of Settlement of Claims: The insurance company has settled 93.94% of the claims within 30 days from the date of receipt of all the documents, providing financial support to the family in time.
- Online Claim Tracking: The firm provides a facility to track claims online, rendering the process more transparent and simpler to navigate for claimants.
- Claims Settlement Ratio: The Claim Settlement Ratio (CSR) represents the percentage of claims that an insurance firm settles out of the total claims it receives during a financial year. Bajaj Allianz Life Insurance Company has a claims settlement ratio of 99.29%.
- Claim Complaints: The insurer has only 0.03% claim complaints. From our research, the insurer has received fewer claim complaints compared to other insurers.
- Death Claim Form: The company's death claim form is relatively shorter compared to other insurers. This can make the claim procedure less time-consuming.
What are the drawbacks of buying from Bajaj Allianz Life Insurance Company?
Bajaj Allianz Life Insurance Company's possible drawbacks are listed below:
- No Claims Pickup at Home: The insurer does not offer a home pickup facility for claims documents. It can be inconvenient for some families because the nominee(s) need to go personally to a branch to hand over the necessary documents.
- Personal Relationship Manager: Bajaj Allianz Life Insurance Company doesn't appoint a personal relationship manager to assist the nominee(s) with the claim settlement process.
How is the customer service quality of Bajaj Allianz Life Insurance Company?
Let's now see the Bajaj Allianz Life Insurance Company's Customer Service Quality:
- Toll-Free Support: Compared to other insurers, the company's toll-free helpline response rate is average. For individuals seeking instant support, this may have a negative impact on their overall customer service experience.
- X (Twitter) Response: The response time of the company using the X (Twitter) handle is slow, with low responsiveness and social media engagement.
- Percentage of Complaints Received for After-Sales Service: Research indicates that 0.37% of the customers are dissatisfied with the after-sales service.
About the Insurer - Bajaj Allianz Life Insurance Company
Founded in 2001, Bajaj Allianz Life Insurance Company is an Indian life insurance provider. It functions as a joint venture between Bajaj Finserv and Allianz SE. The company is headquartered in Pune, Maharashtra, and its CEO/CMD is Mr. Tarun Chugh.
Final Review on Bajaj Allianz Life eTouch II
After evaluating over 100 factors, including product benefits, customer service, and claims experience, the Bajaj Allianz Life eTouch II has secured an overall MyInsureBuddy⭐Rating of 3.9 out of 5 by our in-house research team.
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- Quick Overview
- Detailed Overview
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