Bajaj Allianz Sarve Saral Suraksha Plan
Secure your future with Bajaj Allianz Sarve Saral Suraksha Plan - A group term assurance policy offering life cover and return of premiums on maturity. Ideal for organizations seeking flexible, tax-saving insurance solutions.
Every organization has a prerogative to ensure its employees are happy and secured, secured not just in terms of job safety but in terms of life too.
In this unpredictable world, a majority of us wonder about the future, hampering the way we life in the present, which invariably impacts our work life. Bajaj Allianz Sarve Saral Suraksha is a group term assurance plan which is designed to put these fears at rest.
Eligibility Criteria of Bajaj Allianz Sarve Saral Suraksha
Group Size | Minimum - 50 members |
Entry Age | Minimum – 18 years Maximum – 60 years |
Maturity Age | Minimum – 25 years Maximum – 70 years |
Sum Assured | Age at entry – 40 years
Age at entry – 41- 60 years
|
Premium | Minimum
Maximum
|
Key Features of Bajaj Allianz Sarve Saral Suraksha
Type | Non-linked non-participating regular premium group term assurance. |
Coverage | Death Benefit – In the event of unfortunate demise of life insured individual during the policy term, his/her nominee will receive the sum assured. Maturity benefit – Individuals will be paid the total of all premiums paid on maturity. Surrender Benefit – Members get paid a surrender value which is the higher of guaranteed surrender value or special surrender value. |
Basis | Group |
Premium terms | 7/10 years |
Premium paying term (PPT) | This is equal to the policy term of an individual |
Premium paying modes | Monthly, quarterly, half-yearly and yearly |
Early termination | Early termination of policy is possible if a minimum of 1 years premium has been paid and the policy has been in force for at least 12 months, subject to 2 full years premium being unpaid for a 7 year policy and 3 full years premium being unpaid for a 10 year policy. |
Renewability | Lapsed policies can be renewed/revived within 2 years from date of first unpaid premium by submitting a written application for the same and paying all dues. |
Grace period | Yearly, half yearly and quarterly payment – 30 days Monthly payment – 15 days |
Surrender | 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 | Members get a 15 day Free Look period wherein they can decide to return the policy if they do not agree with any of the terms and conditions of this plan. This period is 30 days in case of policies purchased under distance marketing. |
Advantages of Bajaj Allianz Sarve Saral Suraksha
Tax Benefits | Policyholders are entitled to tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. |
Flexible | Organizations/members can choose to change their premium payment mode to suit their finances. |
Premium on maturity | Members get back their premiums on maturity. |
How The Plan Works
Bajaj Allianz Sarve Saral Suraksha is an ideal plan for organizations which fall under the non employer – employee homogeneous group. Such groups can opt to cover their members by choosing between the available terms and paying the necessary premium. In the event of death of a member, a death benefit will be paid to his/her nominee. On maturity of policy, a member/group will get back the total of premiums paid for a particular term.
For example, Mr. Kumar working in a reputed organization is covered under Sarve Saral Suraksha plan, with his organization choosing a 7 year term and paying an annual premium of Rs 5,000. Mr. Kumar unfortunately passes away 5 years later, leaving behind his wife and kid. In this case, his wife, who is his nominee will receive a death benefit on his behalf.
Premium Payments
Premium payments for this Bajaj Allianz life plan vary depending on the premium term chosen. One can opt for terms of either 7 or 10 years, with the premium payment term equal to the chosen term. One also has flexibility in terms of mode of payment, with an option to pay the premiums monthly, quarterly, half-yearly or yearly.
Riders
There are no riders available under this plan.
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.