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  • Bajaj Allianz Group Employee Benefit Plan

    Bajaj Allianz Life Insurance

    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

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