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  • Bajaj Allianz Group Income Protection Plan

    Bajaj Allianz Life Insurance

    Overview

    Bajaj Allianz’s Group Income Protection plan is a fixed term annuity plan which provides regular income such as annuity and death benefit in the event of the death of the landholder. Any farmer or landowner whose land has been acquired for development of a special economic zone can become a member (landholder) under the plan. The annuity term varies from 5 to 33 years under the Bajaj Allianz Life plan. The following annuity options are available at the time of inception (option cannot be changed).

    • Option I: An annuity amount (level) is paid till the expiry of the annuity term or death of the member, whichever is earlier. If the member dies, the nominee receives the total sum of annuity till the expiry of the annuity term as a lump sum.
    • Option II: An increasing annuity amount (3.33% p.a) is paid till the expiry of the annuity term or the death of the member, whichever is earlier. Upon death of the member, the nominee receives the total sum of annuity till the expiry of the annuity term as a lump sum.
    • Option III: The member receives an increasing/level annuity amount (X% p.a. of annuity in the first year) as long as she/he is survives the annuity term. In the event of the death of the member, the nominee receives the death benefit as a lump sum which is equal to the sum assured opted by the member. The nominee or the legal heirs will continue to receive the annuity till the end of the annuity term.

    Eligibility Conditions of Bajaj Allianz Group Income Protection Plan

    Age

    Minimum: N.A

    Maximum: 80 years (option I & II)

    100 years (option III)

    Member

    Any farmer or landowner whose land has been acquired for development of a special economic zone can become a member under the plan

    Nomination

    A member can nominate an individual/individuals as nominee/nominees who will receive the lump sum benefit, after the death of the member

    Key Features of Bajaj Allianz Group Income Protection Plan

    Type

    Fixed annuity group plan

    Group Size

    50

    Mode

    Yearly, half-yearly,quarterly, monthly

    Sum Assured

    Minimum: Rs.1000

    Purchase Price

    Depends on minimum annuity amount

    Coverage

    • Annuity Benefit

      The annuity installment is paid to the member or beneficiary. The annuity is paid one year after the annuity commencement date for yearly frequency

      (six months for half-yearly frequency, three months for quarterly and one month for monthly frequency).

    • Death Benefit

      Option I and II: Upon the death of the member during the annuity term, the sum of annuity amount from the death of the demise of the member till the expiry of the annuity term is paid as a lump sum to the beneficiary as death benefit

      Option III: Upon the death of the member during the annuity term, the sum assured is paid as death benefit to the nominee.

    Annuity

    The minimum annuity is listed in the table below:

    Mode

    Amount

    Quarterly

    Rs.2, 904

    Monthly

    Rs.960

    Half-yearly

    Rs.5, 880

    Yearly

    Rs.12, 000

    Annuity Frequency Mode

    The purchase price for different annuity options are listed below:

    Option I

    Age

    Yearly Annuity**

       

    50

    12000

    15000

    20000

     

    175,392

    219,240

    292,320

    Option II

    Age

    Yearly Annuity

       

    50

    12000

    15000

    20000

     

    240,636

    300,795

    401,060

    Option III*

    Age

    Yearly Annuity

       

    50

    12000

    15000

    20000

     

    222,369

    277,881

    370,400

    **Annuity term = 33 years

    *Death benefit = Rs.1000

    Surrender

    No surrender value is available

    Loan

    No loan facility is available

    Benefits of Bajaj Allianz Group Income Protection Plan

    Tax Benefits

    This plan is eligible for tax benefits. Please contact Bajaj Allianz for details.

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