Bajaj Allianz Life Superwoman Term Insurance Plan

The plan combines Bajaj Allianz eTouch II, Health Management Services, Critical Illness Rider, and Family Protect Rider (Child Care Rider). These benefits create a unique plan for women that ensures their financial protection, provides health benefits, and protects their families in their absence.

Key Features of Bajaj Allianz Superwoman Term Insurance

The following are the key features of this term insurance plan by Bajaj Allianz Life Insurance Company:

• The plan provides financial protection as per the Bajaj eTouch II plan at lower premiums applicable for women.

• Get in-built terminal illness benefits and waiver of premium on the diagnosis of accidental total and permanent disability or terminal illness under the plan.

• Choose to cover your spouse and your kids along with yourself under the same plan.

• Receive term insurance rider benefits with critical illness cover against 60 critical illnesses covered, including cancer of varied severity.

• The plan offers Health Management Services up to ₹36,500 p.a., which includes female-specific benefits like pregnancy OPD wallet and more.

• Choose to defer the premium payments with the premium holiday feature after the completion of 3 policy years.

• With the smart exit benefits, exit the plan early and receive all the premiums paid at the termination of the policy.

• The nominee will receive the 2 Lacs immediate term insurance claim amount on the claim intimation.

Benefits of Bajaj Allianz Life Superwoman Term Insurance Plan

Here is a list of benefits offered under the Bajaj Allianz Life Superwoman term insurance plan:

Benefits Under the Bajaj Allianz eTouch II Plan

The plan offers the following benefits as per the Bajaj Allianz eTouch II plan:

• Death Benefits

  On the death of the policyholder during the policy term, the sum assured selected at the time of buying the policy (given that terminal illness benefit has not been claimed), the insurer will pay out the death benefit to the nominee of the policy. 

• In-built Benefits

  • Terminal Illness Benefits: In case of the diagnosis of a terminal illness during the policy term, the insurer will pay out 100% of the life cover to you instead of waiting till after the death. You can use this benefit amount to get better treatment or take care of other financial liabilities. 

  • Waiver of Premium: The waiver of premium rider waives off all the remaining premiums and allows you to get covered under the plan’s benefits if you are unable to pay the premiums of the policy due to an accidental total and permanent disability or the diagnosis of a terminal illness.

• Early Exit Benefits

  The early exit benefits or the special exit benefits allows you to exit the plan early during a specific period decided by the insurer and receive back all the premiums paid (excluding GST) during the policy term and the policy will terminate. This benefit is only available for policyholders applying under the age of 50 years, the policy term is 35 years or more, and the cover till age selected is 70 years or more. This no cost term insurance benefit is not available with the Return of Premium (ROP) benefit.

Benefits Under Health Management Services

The Bajaj Allianz Life Superwoman term insurance plan provides Health Management Services up to ₹36,500 for female customers during the policy term. The benefits offered are as follows:

• Comprehensive health check-ups including cancer screening, thyroid profile, etc.

• Free OPD in-clinic consultations

• Unlimited Diet, Nutrition and Psychologist Consultations

• Unlimited insta-consultations with Expert Doctors

• Pregnancy OPD wallet

Rider Benefits 

Critical Illness Rider

The critical illness cover under this plan offers coverage against the diagnosis of 60 critical illnesses, including cancer, paralysis, and loss of limbs due to injury. On diagnosis of any of the covered critical illnesses, the lump sum benefit amount will be paid, which can help you take care of the medical bills and cover other expenses that may occur due to job loss. The benefit of this rider is that the premium for this remains the same the entire policy term, whereas the premiums for a health policy changes every year. The rider sum assured is paid immediately on the diagnosis of the first critical illness and while keeping base sum assured protected for the remaining policy term.

Child Care (Optional)

This Bajaj Allianz Family Protect Rider benefit offers monthly income for the child until the child turns 25. This add-on benefit is optional and allows you to cover up to 2 children under the same plan. Under this benefit, on the death of the mother, the lump sum amount equal to 105% of Total premium will be paid immediately and the Additional income payout to child along with the base life cover also gets paid to the child which allows them to take care of their financial needs like paying for education, paying for their wedding, or funding their business endeavours. 

Tax Benefits

You can claim term insurance tax benefits as per the prevailing tax laws under the Sections 80C on the premiums paid and Section 10(10D) for the death benefits paid to your family in your absence. It is advised that you consult your financial advisor to check the tax benefits applicable for your profile. 

Eligibility Conditions of the Bajaj Allianz Superwoman Term Insurance 

Here are all the eligibility conditions you need to follow to buy this Bajaj Allianz term insurance plan:

Note: You can also use the term insurance calculator to check the premiums applicable for your desired life cover.

Additional Benefits of the Bajaj Allianz Life Superwoman Term Plan

Here is a list of all the additional benefits offered under this Bajaj Allianz life insurance plan:

Premium Break

The premium holiday feature of the Bajaj Life Superwoman term insurance plan allows you to defer your premium payments by 12 months in case of financial difficulties. You can avail this free-of-cost benefit multiple times after the completion of the first 3 policy years.

Claim Intimation Benefits

The plan offers a claim intimation benefit of 2 Lacs, which comes with a waiting period of 1 year. This means after the completion of the first policy year, in case the policyholder suffers an untimely death, on the life insurance claim intimation by the nominee, the insurer will immediately pay the 2 Lacs intimation amount to take care of the immediate financial needs like funeral costs or hospital bills. 

Premium Payment Modes/Term

You can choose to pay the premiums in your preferred term insurance premium payment modes/terms with the regular and limited pay terms and the monthly, annually, semi-annually, and quarterly premium pay frequencies.

Exclusions

In case of the policyholder’s suicidal death within the first policy year, the insurance company will pay 80-90% of the total premiums paid till that point instead of the death benefit. However, after the end of the first policy year, the insurer will cover suicidal death and pay out the sum assured to the nominee of the policy. You can look at the other deaths not covered under term insurance plans in India.