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  • Bajaj Allianz Group Term Life Insurance Plan

    Bajaj Allianz Life Insurance

    Overview

    Bajaj Allianz Group Term Life Insurance Plan can be taken by employer-employee groups and non-employer employee groups. This plan provides cover to families of members at a low cost in the unfortunate event of the demise of members. There are two options in terms of coverage as listed below:

    • Uniform: This cover is same for all group members
    • Graded: This cover is provided on the basis of rank, CTC, outstanding amount, bank deposit and gratuity scheme.

    This scheme offers basic life insurance protection to all members who will be covered under a single policy of Bajaj Allianz Life. The sum assured will be different for each member as agreed by the employer. A member can opt for death benefit as a lump sum or part lump sum while the remaining in installments. The sum assured is paid upon the death of a member. Under the joint life cover, both member and the spouse will be covered while the death benefit will be paid upon the death of either of them. This scheme is eligible for profit-sharing by way of reduction in renewal premium.

    Bajaj Allianz Group Term Life Insurance Plan can be contributory or noncontributory. The scheme is a one-year contract which can be renewed in line with underwriting norms. It is important to note that premium and other terms and conditions are reviewed on an yearly basis.

    Eligibility Conditions of Bajaj Allianz Group Term Life Insurance Plan

    Age at entry

    Minimum: 14 years (employer-employee and non-employer employee groups); Joint Life - younger spouse should attain minimum age

    Maximum: 79 years (employer-employee) and 69 years (non-employer employee groups); Joint Life - older spouse’s age should not exceed maximum limit

    Maturity

    80 years (employer-employee) and 70 years (non-employer employee groups)

    Key Features of Bajaj Allianz Group Term Life Insurance Plan

    Type

    Traditional, non-linked, non-participating group term life insurance plan

    Group Size

    50 (non-employer employee groups)

    10 (employer-employee groups)

    Policy Term

    One year

    Maturity Benefit

    No maturity benefits available under this plan

    Premium

    Depends on sum assured

    Sum Assured

    Minimum:Rs.1000 (per member)

    Maximum: No limit

    Coverage

    Death Benefit

    Benefit is payable to the nominees. Members can nominate the person who will receive the policy proceeds. Members have two options to choose from to receive the death benefit as listed below:

    Option I: Upon death of the member and death of either of the member (joint life), sum assured is paid as lump sum

    Option II: Upon death of the member and death of either of the member (joint life), x% of the sum assured will be paid as lump sum. The remaining amount will be paid in equal instalments till a specific period as chosen by the member.

    Instalment amount = (1 – X%) * sum assured / instalment period] * installment factor]

    Free Cover

    Members from the employer-employee groups who are eligible can avail of the free cover limit as listed in the table below:

    Lives

    Free Cover Limit

    50

    2.5 x average sum assured

    101-200

    2.5 x average sum assured

    501 – 1000

    6 x average sum assured

    1000 – 2000

    7 x average sum assured

    Premium Payment Frequency

    Yearly, half-yearly, quarterly and monthly. The annual premium is multiplied by the premium factor as listed in the table below:

    Monthly

    Yearly

    Half-yearly

    0.09

    0.26

    0.51

    Loan Facility

    No loan facility is available under this plan

    Surrender Benefit

    No surrender benefit is available under this plan

    Profit-sharing

    • If the premium is paid, the reduction will shared by members and policyholders in the same ratio

    • If there are losses, they will be accordingly adjusted in the profits registered in subsequent years

    Renewability

    One year

    Grace Period

    30 days

    Free look Period

    15 days

    Tax Benefits

    As applicable under relevant sections of IT Act, 1961.

    Riders

    • Bajaj Allianz Group Accidental Death Benefit Rider
    • Bajaj Allianz Group Accidental Permanent Total/ Partial Disability Benefit Rider
    • Bajaj Allianz Group Accelerated Critical Illness Benefit Rider
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