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  • Bajaj Allianz Group term Care Plan

    Bajaj Allianz Life Insurance

    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:

    Minimum entry age

    • 15 years.

    • 65 years.

    Age at maturity

    • Minimum: 20 years.

    • Maximum: 70 years.

    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:

    Plan type

    It is a non – linked and non- participating plan.

    Plan basis

    Group plan

    Sum assured

    • Minimum sum assured: Rs. 1, 00, 000 per member.

    • Maximum sum assured: There is no limit.

    Premium payment frequency

    Single

    Premium payment frequency factor

    Not applicable.

    Free look period

    • 15 days for manually purchased policies.

    • 30 days for policies purchased via distance marketing. l

    Nomination

    The policy accepts nomination.

    Policy coverage

    Death benefits, maturity benefits and surrender benefits.

    Loans

    No loans can be taken against this policy.

    Policy modification

    Not allowed except in case of policy endorsement.

    Policy exclusion

    The policy does not provide insurance cover for suicide related cases. If a life assured commits suicide, the policy will terminate after paying 80% of the total premium paid.

    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.

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