Group life insurance plans are a great way to protect employees as in most cases the amount of funds available to the family of the employee in the form of gratuity, provident fund, pension, etc. are extremely limited. Group life insurance plans give members a sense of assurance with the singular opportunity for providing relief at a nominal price to the family of the member.
Types of Bajaj Allianz Life Insurance Group Plans
Bajaj Allianz Group Income Protection Plan
This plan caters to landowners / farmers whose land has been acquired by any entity for developing Special Economic Zones (SEZs). These companies buy land at attractive rates but have the concern that the landowner/ farmer that they purchased from might not use the lump sum amount optimally. Bajaj Allianz Group Income Protection Plan allows SEZ building companies to gift the landholder and their families a steady income in the form of an annuity.Benefits
- Offers flexible benefits options.
- Flexible annuity frequency modes.
Group Term Life Insurance Plan
This plan offers members longstanding financial certainty and peace of mind. This plan provides its members with fundamental life insurance under one policy along with other benefits.Benefits
- This plan provides the option of profit sharing to the members.
- This scheme can be contributory or non-contributory wherein the members and/or employer can choose to contribute towards the premiums paid.
Group Employee Benefit Plan
Under this scheme, employers are given the option of providing employees with benefits as part of statutory or employee welfare requirements.Benefits
- Gives employers the chance to set up a separate fund for gratuity and leave encashment benefit for employees.
- Choice of 9 funds to choose for depending on the investment requirement.
- Choice of payment frequency.
- Unlimited free switches to manage investments.
Group Employee Care
This scheme aids employers in developing a considerable fund in order to ensure problem free discharge of his responsibilities.Benefits
Events other than death, such as retirement, termination, resignation, etc. can also be included in the policy at the employer’s discretion.
In the event of the death of an employee due to suicide, full death benefit, as stated in the benefit section of the policy, is payable.
A grace period of 15 days is available for monthly frequency and 30 days for any other frequency is granted.
Group Credit Protection Plan
Under this scheme, the employer is provided with a cost-effective method of protecting the member's family from the hardship of repaying loans in case of death or permanent disability of the member. The plan is intended to cover various types of loans given by employers, financial institutions, co-operatives, etc.Benefits
- The plan awards the choice of opting for a single life or joint life coverage.
- Choice of single or regular premium payment options.
- Options of tenures ranging from 2 years to 30 years.
- Opportunity to add riders, like Accelerated Critical Illness Benefit and /or Accelerated Accidental Permanent Total Disability Benefit cover.
Bajaj Allianz Group Term Care
This policy grants the members with returns up to 100% of the premiums paid on maturity.Benefits
- Single premium payment.
- Members can enjoy benefits for the entire policy term.
- High sum assured rebate for members who choose a higher sum assured.
Group Superannuation Secure
This scheme is intended for employers to be able to assure employees of a secure and independent post-retirement life. This policy is used to manage employees’ pension fund.Benefits
- Minimum guaranteed the interest rate.
- Guaranteed interest rate for entire policy term.
- The additional interest rate which is declared by the company at the beginning of each financial quarter.
Group Annuity Plan
This policy assures employees of a steady post-retirement income with a single premium payment.Benefits
- Flexible annuity frequency mode.
- This policy is eligible for tax benefits as per the applicable law.
Niyamit Sanchay Suraksha
This scheme is a non-linked, non-participating regular, limited and single premium, group savings variable insurance policy which gives the employees a guaranteed interest rate as well as an additional interest rate, guaranteed for the entire policy term.Benefits
- Flexibility to choose life cover for members.
- Choice of single, regular or limited premiums payment options.
- Choice of partial withdrawals.
- The choice to alter premium payment frequency.
- Guaranteed death benefit of 105% of the total premiums paid.
Save Saral Suraksha
This plan provides adequate life insurance cover at an affordable price. It also provides a return of premiums paid at maturity.Benefits
- Flexible premium payment frequency.
- Premium paying term is equal to the policy term.
Why choose Bajaj Allianz Group Plans?
Bajaj Allianz Life Insurance Company is a joint venture of Bajaj Finserv Ltd and Allianz SE. While Allianz SE brings technical expertise and experience to the table, Bajaj Finserv Ltd brings in-depth market knowledge and goodwill of the brand Bajaj in India. Together, Bajaj Allianz incorporates global expertise with local experience. Noted by customers as trustworthy and a market leader, Bajaj Allianz Insurance Company ensures competitive pricing and quick honest responses.
Example of how their plan works
Karan, owner of a Bangalore-based business bought a Bajaj Allianz Life Insurance Group Plan for all of his employees. Karan’s employee Dharam took a loan from which he was unable to pay due to an accident. Since, Karan’s group life insurance policy covered for loan repayment of employees, Karan was able to retrieve his money even though Dharam was not in the position to pay off the debt.
Group life insurance plans are a great way to build employee morale while giving the employees’ the comfort of having life insurance to take care of their families in case of any unfortunate event.
Other Bajaj Allianz Life Insurance Plans
GST of 18% is applicable on life insurance effective from the 1st of July, 2017