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Bajaj Allianz Group Income Protection Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

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.

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

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