Bajaj Allianz Group Superannuation Secure Plan

Overview

The Bajaj Allianz Group Superannuation Secure plan is particularly designed for employers to help their employees manage pension funds. This is a non-linked and non-participating group by using which you can make build adequate retirement funds for your employees. You can ensure regular and secure income flow to your employees after their retirement with the help of this plan. The Bajaj Allianz Group Superannuation Secure plan is a variable fund based group superannuation plan, offering you guaranteed interest rate.

Eligibility Conditions for Bajaj Allianz Group Superannuation Secure Plan

The eligibility conditions for Bajaj Allianz Group Superannuation Secure plan include:

Minimum entry age

18 Years.

Maximum entry age

75 years.

Maximum maturity age

80 years.

Minimum size of the group

10 members.



Key Features of Bajaj Allianz Group Superannuation Secure Plan

Plan type

It is a non – linked and non-participating variable fund based life insurance plan.

Plan basis

Group plan.

Sum assured

Minimum sum assured: Rs. 1, 00, 000.

Maximum sum assured: Rs. 1 Crore.

Policy term

Annually renewable.

Policy administration fees

0.5% of the total contribution or Rs. 1, 00,000 or whichever is lower.

Premium payment frequency

Monthly, half-yearly, quarterly and annually.

Free look period

  • 15 days for manually purchased policies.

  • 30 days for policies purchased via distance marketing. l

Nomination

Nomination is accepted under this plan.

Loans

Loan against policy is not allowed.

Policy coverage

Death benefits, maturity benefits and survival benefits.

Policy account size

Minimum: Rs. 1, 00,000.

Maximum: There is no limit.



Benefits/Advantages of Bajaj Allianz Group Superannuation Secure Plan

The Bajaj Allianz Group Superannuation Secure Plan enables you to enjoy the following benefits:

  • Death benefits: The Bajaj Allianz Group Superannuation Secure Plan offers death benefits to designated nominees, in case any member of a group dies within the policy tenure. The policy pays death instant death benefits once a policy member dies. For Pooled Level policies, the nominee will receive the amount chosen by a member you as per the policy rules. For Individual Level policies, the nominee will receive 101% of a member’s contribution or the individual account value, whichever is higher.

  • Surrender benefits: The policyholder/member can surrender the Bajaj Allianz Group Superannuation Secure policy at any time by giving a notice of 3 months. On receiving the request for surrendering, the policy will pay higher of the Guaranteed Surrender Value as surrender benefits. However, the surrender benefits payable under this policy will be lower of 0.05% of the total policy account value.

  • Tax benefits: A policyholder may receive tax benefits for purchasing this policy under section 80C of the Indian income tax Act, 1961. Tax benefits are subject to change based on changes in the tax laws of India.

  • The Bajaj Allianz Group Superannuation Secure Plan offers vesting benefits after retirement. If it is a Pooled Level policy, the nominee will receive the amount chosen by you ( policy member) as per the policy terms. If it is an Individual Level policy, the nominee will receive 101% of member’s contribution or the individual account value, whichever is higher.

  • The Group Superannuation Secure Plan also offers benefits on withdrawals. For a Pooled Level policy, it offers the amount selected by you based on policy terms. The policy will pay the individual account value as withdrawal benefit, if it is an Individual Level policy.

How Bajaj Allianz Group Superannuation Secure Plan Work

The Bajaj Allianz Group Superannuation Secure Plan comes with two options:

  • Option 1 - Pooled – level

  • Option 2 - Member -level.

Based on the choice of your option, your contribution towards the policy can be credited either to the Pooled Account or to the Individual Account, once the policyholder pays the policy administration fees. You will receive a yearly amount of 3% as Guaranteed Investment Returns (GIR) during the entire policy tenure. At the beginning of each financial quarter, Bajaj Allianz Life Insurance Company charges some additional amount as Additional interest Rate on this plan.

Premium Payment

The Bajaj Allianz Group Superannuation Secure charges an amount of 0.5% of the total contribution or Rs. 1, 00,000, whichever is lower as premium allocation fees.

Riders

There is no rider available under the Bajaj Allianz Group Superannuation Secure Plan.

If you want to protect your employee’s future and provide them with enhanced safety after retirement, the Bajaj Allianz Group Superannuation Secure plan is must for you. The Bajaj Allianz Group Superannuation Secure plan can really help your employees enjoy an economically stable and safe post-retirement life.

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

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