Bajaj Allianz Life Jan Suraksha Yojana plan is a Micro Group Term Insurance Plan offered by Bajaj Allianz Life Insurance. This group scheme provides life insurance cover to all the members in the group. This non-linked regular or single group micro term assurance plan is one of the most sought-after group insurance plan offered by Bajaj Allianz Life Insurance. There is one master policy holder is the scheme and the others are called the members of the scheme. Bajaj Allianz Life Insurance is one of the top non-banking firms offering several group insurance plans in India.
|Type of the plan||Non-participating regular or single premium group micro term insurance plan.|
Eligibility Conditions for the Bajaj Allianz Life Jan Suraksha Yojana Plan:
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years|
|Minimum maturity age||23 years|
|Maximum Maturity Age||70 years|
Policy Terms for the Bajaj Allianz Life Jan Suraksha Yojana Plan
|Policy terms allowed for members||Upto 5 years|
|Premium payment term||Single or Equal policy term|
|Minimum sum insured||Rs.10,000 per member|
|Maximum sum insured||Rs.2,00,000 per member|
|Minimum premium||As per the sum assured.|
|Premium payment frequency||Annually, monthly and fortnightly.|
|Minimum group size||5 members|
|Revival period||Policy can be covered within 2 years from the date of the first unpaid premium.|
|Policy loan option||Not available|
What you should know about Bajaj Allianz Life Jan Suraksha Yojana Plan:
- This is a Non-participating regular or single premium group micro term insurance plan.
- It has both Regular and Singular Premium plan.
- You do not have the option to avail a loan under this Bajaj Allianz Life Jan Suraksha Yojana policy .
Advantages and Benefits of Bajaj Allianz Life Jan Suraksha Yojana Plan
On death of a member, the sum assured in case of death will be paid to that member provided the life insurance cover on the member is active.
A policyholder can surrender his/her policy anytime. Once a member surrenders the policy, no new member can be enrolled in the policy.
Premium paid towards Bajaj Allianz Life Jan Suraksha Yojana plan is exempted from taxes as per the applicable tax laws.
Free look period:
A policyholder or a member gets 15 days from the date the policy is issued to review the terms and conditions of the policy. If the insured doesn’t agree with any of the terms and conditions, he/she has an option to return the policy.
Surrender of member’s policy:
A member can surrender the policy anytime, however, for regular premium policy, no surrender value is available. On the other hand, for single premium policy, the surrender value is payable on completion of one year of membership. The amount is calculated using the below table:
|Membership surrender year||Percentage of single premium paid|
Changing the premium payment frequency
Policyholder or any member can change the premium payment frequency on any membership anniversary day. One can choose to pay yearly, monthly or fortnightly. The table used to calculate the premium other than annual premium frequency is as follows:
GST of 18% is applicable on life insurance effective from the 1st of July, 2017