• Bajaj Allianz Group Employee Benefit Plan

     0.0 / 5.0   by 0 users
    Used this product? Write a review >>

    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Overview

    Bajaj Allianz Group Employee Benefit Plan helps the master policyholder to set aside funds for gratuity and leave encashment benefits of their employees. This policy is a non-participating unit linked fund based multi featured plan offering a complete employee benefit solution. The investment risk in the investment portfolio is borne by the policyholder and not by the employee. There are 9 funds to select from and you can choose the frequency at which you want to pay the premium and switching of funds is done for free. This is an employer-employee group plan only.

    Eligibility Conditions of Bajaj Allianz Group Employee Benefit Plan

    Size of group

    Minimum – 10 members

    Maximum – No limit

    If group member falls below 10 after commencement of the plan, it will still continue.

    Entry Age

    Minimum – 15 years

    Maximum – 79 years

    Maximum age at maturity

    80 years

    Key Features of Bajaj Allianz Group Employee Benefit Plan

    Type

    A unit- linked group insurance plan.

    Basis

    Group

    Coverage

    • Death Benefit: In the event the member dies, the sum assured along with the amount decided by you will be paid and will be cancelled from the pooled unit fund. The sum assured is to be paid by the company and not from the pooled unit fund.

    • Other benefits: other benefits can be paid after cancelling it from the pooled unit fund. But it should be in accordance with the scheme rules. The amount to be paid will be limited to the extent of the fund value in the pooled unit fund.

    Premium amount

    Minimum – Rs.1 lakh

    Maximum – No limit

    Sum assured

    Minimum – Rs.1,000

    Maximum – No limit

    Policy term

    One year- renewable

    Premium paying term

    Each year at the time of renewal.

    Premium paying frequency

    Monthly, quarterly, half-yearly and yearly.

    Renewability

    Available every year.

    Riders

    Not available.

    Bonuses

    No bonus offered.

    Surrender Value

    The policy can be surrendered at any time and the surrender value will be equal to the pooled unit fund subject to the surrender charge. The policy will be terminated after the fund value has been paid to the master policyholder.

    Loan

    Not available.

    Free look period

    The plan has a 15 days free look period from the date of receipt of the policy document. You will get 30 days if the policy was issued under IRDA Guidelines on Distance Marketing. You need to provide a written reason of objection along with the policy document. You will receive refund on the date of allocation along with deductions of proportionate risk charges and expenses incurred on medical examination and the stamp duty charges, if any.

    Grace period

    The policyholder gets 30 days grace to pay the premium for yearly and half yearly mode. But for the monthly mode, 15 days grace is given.

    Tax benefits

    Applicable as per the Tax Laws.

    Nomination

    The nomination is allowed as per Section 39 of the Insurance Act, 1938.

    Exclusion

    Suicide exclusion is not available. If the member commits suicide, the full death benefit as stated under death benefit is paid to the nominee.

    Charges

    • Premium allocation charge: 2% of the contribution subject to a maximum of Rs.1 lakh.
    • Surrender charge: if you surrender between 1-35 months, minimum of 0.05% of the fund value or Rs.5 lakhs is to be paid. If you surrender after 36 months, then no surrender charge is to be paid.
    • Partial withdrawal charge: Nil
    • Switching charges: Free
    • Miscellaneous charges: Rs.100 charged to the company for request of duplicate policy document. The maximum charge can be Rs.200.
    • Mortality charge: depends on the age, sum assured and nature of the group. It is guaranteed for entire scheme term. It is applied on the sum at risk.
    • Service Tax on charges: All the charges will be applicable to service tax.
    • Fund management charge:

    Group Equity Fund

    1.35%

    Group BlueChip Fund

    1.35%

    Group Asset Allocation Fund – II

    1.25%

    Stable Gain Fund

    1.20%

    Secure Gain Fund

    1.20%

    Group Balanced Gain Fund

    1.20%

    Group Debt Fund II

    1%

    Group Short Term Debt Fund III

    0.90%

    Group Liquid Fund II

    0.70%

    Advantages of Bajaj Allianz Group Employee Benefit Plan

    The advantages of this plan are:

    • It is an employer-employee group plan.
    • It helps the master policyholder to set aside funds for gratuity and leave encashment benefits of their employees.
    • This policy is a non-participating unit linked fund based multi featured plan offering a complete employee benefit solution.
    • The policyholder bears the investment risk in the investment portfolio.
    • You have the liberty of choosing the frequency at which you want to pay the premium and switching of funds is done for free.
    • There are 9 funds to select from and you can choose from.
    • In the event the member dies, the sum assured along with the amount decided by you will be paid and other benefits can be paid after cancelling it from the pooled unit fund will be paid to the nominee.

    Investment Fund Options:

    There are 9 investment funds and two investment options available.

    Fund name

    Risk profile

    Asset allocation

    Group Equity Fund

    Very high

    Equity and Equity related securities: 60-100%

    Debt and debt related securities & fixed deposits: 0-40%

    Cash, money markets and mutual funds: 0-40%

    Group BlueChip Fund

    High

    Equity and Equity related securities: 60-100%

    Debt and debt related securities & fixed deposits: 0-40%

    Cash, money markets and mutual funds: 0-40%

    Group Asset Allocation Fund – II

    High

    Equity and Equity related securities: 20-100%

    Debt and debt related securities & fixed deposits: 0-80%

    Cash, money markets and mutual funds: 0-80%

    Stable Gain Fund

    Moderate

    Equity and Equity related securities: 0-35%

    Debt and debt related securities & fixed deposits: 65-100%

    Cash, money markets and mutual funds: 65-100%

    Secure Gain Fund

    Moderate

    Equity and Equity related securities: 0-20%

    Debt and debt related securities & fixed deposits: 80-100%

    Cash, money markets and mutual funds: 80-100%

    Group Debt Fund II

    Low

    Equity and Equity related securities: 40-100%

    Debt and debt related securities & fixed deposits: 40-100%

    Cash, money markets and mutual funds: 0-60%

    Group Short Term Debt Fund III

    Low

    Equity and Equity related securities: 40-100%

    Debt and debt related securities & fixed deposits: 40-100%

    Cash, money markets and mutual funds: 0-60%

    Group Liquid Fund II

    Very low

    Equity and Equity related securities: 0-60%

    Debt and debt related securities & fixed deposits: 0-60%

    Cash, money markets and mutual funds: 40-100%

    Group Balanced Gain Fund

    High

    Equity and Equity related securities: 0-60%

    Debt and debt related securities & fixed deposits: 40-100%

    Cash, money markets and mutual funds: 40-100%

    How The Plan Works

    If Mr. Brat who is aged 30 takes a policy term for 10 years and his premium payment term is 10 years, the premium per annum he pays is Rs.2 lakhs and the sum assured is Rs.20,000, then the fund value at maturity if it is calculated at 4% is Rs.22,87,488 and at 8% it is Rs.28,56,382.

    If he takes a policy term for 15 years and his premium payment term is 15 years, the premium per annum he pays is Rs.5 lakhs and the sum assured is Rs.50,000, then the fund value at maturity if it is calculated at 4% is Rs.92,37,013 and at 8% it is Rs.1,29,07,969.

    If he takes a policy term for 20 years and his premium payment term is 20 years, the premium per annum he pays is Rs.10 lakhs and the sum assured is Rs.1,00,000, then the fund value at maturity if it is calculated at 4% is Rs.2,65,66,728 and at 8% it is Rs.4,18,36,595.

    This calculation is as per 100% investment in Group Debt Fund II after considering service tax and education cess.

    Premium Payment

    The minimum premium amount is Rs.1 lakh, there is maximum limit. The policy is renewed every year and the premium is paid at the policyholder’s convenience. The premiums can be paid either monthly, quarterly, half-yearly or yearly. You can check online payment of all Bajaj Allianz life.

    Riders

    No riders available

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Bajaj Allianz Group Employee Benefit Plan Reviews

  • Page 1 of 17 1 2 3 4 5
    • Bajaj Allianz Life Life Insurance
      "Best product offerings"
      0.5 4.0/5 "Great!"
      I have three policies from Bajaj Allianz life. The premium gets auto debited from the account(Check details here : https://www.bajajallianzlife.com). I don't have to worry about the due date and this makes life so much easier. The agents are very friendly and in case of any discomfort, they have always helped me understand and sort things out. I recommend Bajaj Allianz to everyone over any other company in the market
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
    • Bajaj Allianz Life Life Insurance
      "Excellent Policy"
      0.5 5.0/5 "Blown Away!"
      Got a Bajaj Allianz Life insurance policy around 4 years ago. The policy tenure 18 years with a premium amount of Rs. 12,000 in a year. The customer support is very responsive, and I loved their support every time. The plan benefit is excellent and most of the services can be availed online(https://www.bajajallianzlife.com).
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • Bajaj Allianz Life Life Insurance
      "Satisfied"
      0.5 3.5/5 "Pretty good"
      I have a Bajaj Allianz life insurance from more than 10 years and it is a long term policy. There are not much branches of Bajaj. I am happy with the coverage and returns of this insurance policy. I pay my premium once in a year and i am convenient with the payment options. I have taken this policy mainly for tax savings.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2018
    • Bajaj Allianz Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The main issue with the Life Insurance policy from Bajaj is that I've been receiving n number of fake calls. I never had any issues pertaining to this policy. I pay the premium either via check or online. Overall Their service is not as good as I expected.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • Bajaj Allianz Life Life Insurance
      "GOOD POLICY"
      0.5 5.0/5 "Blown Away!"
      I took this policy mainly because of the good returns, its long tenure process , the payment can be done through easy monthly ecs . The best about the policy is claim rate is high compared to other policy available in the market. There customer service and customer response is good .
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 30, 2018
    • Bajaj Allianz Life Life Insurance
      "Life insurance with BAJAJ"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from BAJAJ ALLIANZ and the policy premium is 30000 annually. This is an investment come insurance policy so i will get some interest from mutual funds. We have to pay the premium for 5 years. The customer service and response with the card is fine.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have four policy's with Bajaj Allianz Life Insurance service. Tenure period is good with Bajaj Allianz Life Insurance service. The payments options are through online. It was an good experience with Bajaj Allianz Life Insurance service.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 25, 2018
    • Bajaj Allianz Life Life Insurance
      "Worst company to buy insurance from"
      0.5 1.0/5 "Really Bad"
      I had bought Super Saver policy which is Super Loser policy. Instead of giving returns, it actually eats up all your money. Agents mislead you that the policy can be withdrawn at early stage of 3 or 5 years. But actual term is 15 years or so. Absolutely rubbish plan. Customer support is pathetic an unhelpful. No knowledge about the product as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 31, 2018
    • Bajaj Allianz Life Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I hold a my life insurance with Bajaj Allianz from last 15 years and it is a long term policy. The tenure of this policy is 10 years. I have to pay a premium for 4-5 years and for remaining years the company will pay. It is an average policy, i am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 29, 2018
    • Bajaj Allianz Life Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 7-8 years and it is a term insurance. The tenure of this life insurance policy is 20 years. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the Life insurance policy from the BAJAJ ALLIANZ LIFE INSURANCE Company. I have got this policy around a year ago. The customer support service is good with the BAJAJ ALLIANZ LIFE INSURANCE company. This policy has the tenure of life time and I have paid Rs,12,000 to this policy .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 14, 2018
    • Bajaj Allianz Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the Life insurance policy from the BAJAJ ALLIANZ LIFE INSURANCE Company. I have got this policy around a year ago. The customer support service is good with the BAJAJ ALLIANZ LIFE INSURANCE company. This policy has the tenure of life time and I have paid Rs,12,000 to this policy .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 14, 2018
    • Bajaj Allianz Life Life Insurance
      "better experience"
      0.5 4.0/5 "Great!"
      I had applied and got a life insurance policy from the famous private sector insurance company BAJAJ ALLIANZ LIFE INSURANCE. Most of all benefits are covered under one policy. I feel that there are no benefits to renew my health policy so I withdrawn my health policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 03, 2018
    • Bajaj Allianz Life Life Insurance
      "Better "
      0.5 3.0/5 "Satisfactory"
      I have taken the life insurance policy with the Bajaj allianz life insurance company. The premium amount is nominal one for me and the coverage value is reasonable one for me with them. Every aspects are better one with the Bajaj allianz life insurance company.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 03, 2018
    • Bajaj Allianz Life Life Insurance
      "Very Good Investment"
      0.5 4.0/5 "Great!"
      This is absolutely a delight to have this Insurance. I took it last November. Their return is around 9.5%. I have been paying Rs.50000 as an annual premium for it. I just need to pay for 6 years and after that it has a 6 years locking period after which I can take out a good return out of it.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 02, 2018
    • Bajaj Allianz Life Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Bajaj Life insurance service is good. I have taken one policy with Bajaj for the period of 15 years. The payments are generally through online and the new schemes and offers they provide is good,it is totally a good experience with Bajaj Life insurance service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 02, 2018
    • Bajaj Allianz Life Life Insurance
      "Good policy to use"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with Bajaj Allianz from last 5 years and it is a short term policy. This policy has a tenure period of 2 years and my premium amount gets auto deducted from the salary account. I am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Okay"
      0.5 2.5/5 "Just OK"
      I am having the life insurance policy with the Bajaj allianz life insurance company. I would like to say that the customer service is good one and the coverage value too. Every aspects are not yet experienced with the Bajaj allianz life insurance company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 26, 2018
    • Bajaj Allianz Life Life Insurance
      "Good policy"
      0.5 4.5/5 "Excellent!"
      Recently I took a life insurance with Bajaj Allianz. It was taken through an agent. The representative was very kind and helpful. It is good and secured policy. I paid 25K yearly for this insurance. I made the payment through cheque. The total tenure period is 7 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 08, 2018
    • Bajaj Allianz Life Life Insurance
      "Good Products"
      0.5 5.0/5 "Blown Away!"
      Bajaj Finserv issued insurance for the loan products, its a life insurance cum accidental cover from Bajaj Allianz company. They have taken one time premium around Rs. 3100 for the tenure of six years. They are providing critical illness, accidental care as well. I got the policy copy on time, I am satisfied about it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2018
    Common Loader Icon
    Page 1 of 17 1 2 3 4 5
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.