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  • Bajaj Allianz Niyamit Sanchay Suraksha Plan

    Bajaj Allianz Life Insurance

    Overview

    In today's world, success often depends on how we work together as a team, with team effort trumping individual hard work anyday. Ensuring a team stays healthy and safe is an important criteria for any business entity, which is where Bajaj Allianz Niyamit Sanchay Suraksha comes in. This is a traditional group savings insurance plan which guarantees peace of mind to members, ensuring their financial security is the last thing on their mind. Guaranteed interest rates and additional interest rates make this Bajaj Allianz Life plan a perfect ally for teams looking to grow together.

    Eligibility Criteria of Bajaj Allianz Niyamit Sanchay Suraksha

    Group Size

    Minimum - 20 members

    Maximum – 5000 members

    Entry Age

    Minimum – 18 years

    Maximum – 60 years

    Maturity Age

    Maximum – 70 years

    Sum Assured

    Minimum

    Members under 45 years

    • Regular premium – 10 times the annualized premium
    • Single premium – 1.25 times the single premium

    Members over 45 years

    • Regular premium – 7 times the annualized premium
    • Single premium – 1.1 times the single premium

    Maximum

    • Regular premium – 50 times the annualized premium
    • Single premium – 10 times the annualized premium

    Annual Premium

    Minimum

    • Single premium – Rs 5,000
    • Yearly premium – Rs 1,000
    • Half-yearly premium – Rs 600
    • Quarterly premium – Rs 300
    • Monthly premium – Rs 100

    Maximum – No upper limit

    Key Features of Bajaj Allianz Niyamit Sanchay Suraksha

    Type

    Traditional group variable insurance plan

    Coverage

    Death Benefit – In the event of unfortunate demise of life insured individual during the policy term, his/her nominee will receive the a benefit equivalent to the total of sum assured and the premium account value, with a minimum guaranteed benefit which is 105% of the total premiums paid.

    Maturity benefit – Individuals will be paid the regular/single premium account value on maturity.

    Basis

    Group

    Premium paying term (PPT)

    • Regular premium – equal to policy term per member
    • Limited premium – (policy term minus 5 years)
    • Single premium - one

    Premium paying modes

    Monthly, quarterly, half-yearly, yearly and single

    Renewability

    Lapsed policies can be renewed within 2 years from date of discontinuance by clearing all outstanding dues. Members could also be required to provide their medical and financial information to the Board.

    Grace period

    Yearly, half yearly and quarterly payment – 30 days

    Monthly payment – 15 days

    Surrender

    Individual members can opt to surrender their membership, with the surrender value depending on the time of surrender.

    The entire policy, however cannot be surrendered.

    Loans

    No loan facility under this plan

    Free Look Period

    Policyholders get a 15 day Free Look period wherein they can choose to return the policy if they do not agree with any terms and conditions of this plan.

    Advantages of Bajaj Allianz Niyamit Sanchay Suraksha

    Tax Benefits

    Policyholders are entitled to tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961.

    Guaranteed Interest and additional interest Rates

    This plan offers a guaranteed interest rate and additional interest rate to policyholders.

    Flexible

    Organizations have the flexibility to choose a policy for different members of their group, with multiple payment options.

    Partial Withdrawals

    This scheme allows for partial withdrawals.

    How The Plan Works

    Groups like associations, corporates, schools, etc can opt to utilize this scheme for their members. Under this plan, an individual account is opened for every member of that organization, with the premium being paid by the employer/administrator of that group. These premiums will be paid and maintained in individual accounts for particular employees. In the event of death or maturity, the group administrator/handler will pay the benefit to the nominee of an employee. Similarly, the maturity benefit will be paid through the employer/administrator to individual members.

    Premium Payments

    Premium payments for this plan vary depending on the premium payment term, with different premium payment terms having different policy terms. Groups can opt for either yearly, half-yearly, quarterly, monthly or single premiums.

    Riders

    There are 3 riders available under this plan as mentioned below.

    • Bajaj Allianz Group Accelerated Critical Illness Rider - This rider offers additional protection to members during times of critical illnesses. 11 critical illnesses are covered under this rider.
    • Bajaj Allianz Group Accidental Death Benefit Rider - This rider offers accidental death benefit which is equal to the cover opted under it, in the event of accidental death of policyholder.
    • Bajaj Allianz Group Accidental Permanent Total/Partial Disability Benefit Rider - This rider provides additional cover to members in the event of accidental permanent total or partial disability.
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