Bajaj Allianz Group term Care Plan

Overview

The Bajaj Allianz Group Term Care Plan helps you enjoy sufficient coverage at affordable price. It is a non-linked and non-participating group term life insurance plan. Not only you can enjoy protection with this plan, you can also receive assured returns at maturity.The Bajaj Allianz Group Term Care Plan is a single premium plan. The plan can be taken by employer -employee groups and non-employer and employee homogenous group. The life insurance cover offered by the policy ends under three circumstances- the death of policy member, any member reaching the maturity date of the policy, and on surrendering the policy membership.

Eligibility Conditions for Bajaj Allianz Group Term Care

The eligibility conditions for Bajaj Allianz Group Term Care plan include:

Key Features Bajaj Allianz Group Term Care Plan

The Bajaj Allianz Group term Care Plan comes with a number of attractive features. Listed below are the key features of Bajaj Allianz Group term Care Plan:

Benefits/Advantages of Bajaj Allianz Group Term Care Plan

The Bajaj Allianz Group Term Care Plan comes with a lot attractive benefits. Listed below are the major benefits offered by the plan:

• Surrender benefits: The Bajaj Allianz Group Term Care Plan offers surrender benefits. Any member can surrender the policy as and when he/she wishes. The surrender value offered by the policy is higher of Special Surrender Value and Guaranteed Surrender Value. Membership of this policy will terminate after paying the surrender the value. However, a master policyholder cannot surrender the policy. He/she can only stop enrolling new policy members.
• Tax benefits: The Bajaj Allianz Group Term Care Plan may offers tax benefits under section 80C of the Indian income tax Act, 1961. You may receive income tax benefits on the premiums you pay for this policy.
• Death benefits: In case a member of the group dies within the policy tenure, the sum assured will be paid to the nominee and membership will terminate after paying the death benefits.
• The Bajaj Allianz Group Term Care plan offers Special Surrender Value and Guaranteed Surrender Value.
• The Bajaj Allianz Group Term Care Plan offers discount on premiums, if the sum assured is for high. The discount is called HSAR. The policy offers a minimum amount of Rs.1, 000 as discount. For example, if your basic sum assured is Rs.1, 00,000 under this policy, you will get the following percentages of rebate on select membership terms:

  Term of membership	% of rebate ( HSAR)
  10 years	25%
  7 years	20%
  5 years	15%

• Maturity benefits: The policy pays maturity benefits, provided the policy is in-force till the end of policy term. Out of the total single premium paid, the policy offers a certain amount as maturity benefits. Based on different membership terms, the maturity value differs. The Bajaj Allianz Group Term Care Plan offers the following maturity values for different tenures:

  Term of membership	Maturity value.
  10 years	100%
  7 years	90%
  5 years	75%

How Bajaj Allianz Group Term Care Plan Works

The Bajaj Allianz Group term Care plan works in the following process - members of a group need to pay single premiums to enjoy the benefits offered by the plan for the whole membership tenure. In case, a member dies, the sum assured will be paid to selected nominees. If the policy is continued till the end of policy term, it will pay 100% of the single premium paid as maturity benefits. The policy also offers rebate on premiums for assuring high sum. The Bajaj Allianz Group term Care Plan comes with a free-look period of 15 to 30 days within which you can return your policy, if you are not happy and satisfied with the policy terms. Also, you can surrender the policy as and when you want to surrender.

Premium Payment

The Bajaj Allianz Group Term Care plan is a single premium policy. A policy member needs to pay the whole amount of premium at the time of purchasing the policy.

Riders

There is no rider’s available under the Bajaj Allianz Group Term Care plan.

Being a joint venture of Bajaj Finserv Limited and Allianz SE, Bajaj Allianz Life Insurance Company offers wide range of life insurance plans to meet your personalized needs. The Bajaj Allianz Group Term Care is a must for you, if want to provide adequate coverage to your employees at affordable premiums.

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