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  • Bajaj Allianz Sarve Saral Suraksha Plan

    Bajaj Allianz Life Insurance

    Overview

    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, offering cover on both maturity and in the event of an unforeseen incident.

    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

    • 7 year PPT – 15 x annualized premium
    • 10 year PPT – 25 x annualized premium

    Age at entry – 41- 60 years

    • 7 year PPT – 7 x annualized premium
    • 10 year PPT – 10 x annualized premium

    Premium

    Minimum

    • Yearly premium – Rs 1,500
    • Half-yearly premium – Rs 1,200
    • Quarterly premium – Rs 600
    • Monthly premium – Rs 200

    Maximum

    • Yearly premium – Rs 12,000
    • Half-yearly premium – Rs 6,000
    • Quarterly premium – Rs 3,000
    • Monthly premium – Rs 1,000

    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 Bajaj Allianz 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.

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