Bajaj Allianz Life Group Term Life Plan and Policy - 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.
Key Features - Bajaj Allianz Life Group Term Life Plan and Policy:
Type |
Traditional, non-linked, non-participating group term life insurance plan |
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Group Size |
50 (non-employer employee groups) 10 (employer-employee groups) |
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Policy Term |
One year |
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Maturity Benefit |
No maturity benefits available under this plan |
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Premium |
Depends on sum assured |
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Sum Assured |
Minimum:Rs.1000 (per member) Maximum: No limit |
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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] |
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Free Cover |
Members from the employer-employee groups who are eligible can avail of the free cover limit as listed in the table below:
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Premium Payment Frequency |
Yearly, half-yearly, quarterly and monthly. The annual premium is multiplied by the premium factor as listed in the table below:
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Loan Facility |
No loan facility is available under this plan |
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Surrender Benefit |
No surrender benefit is available under this plan |
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Profit-sharing |
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Renewability |
One year |
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Grace Period |
30 days |
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Free look Period |
15 days |
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Tax Benefits |
As applicable under relevant sections of IT Act, 1961. |
Eligibility Details - Bajaj Allianz Life Group Term Life Plan and Policy:
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) |
Riders - Bajaj Allianz Life Group Term Life Plan and Policy:
- 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
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
Bajaj Allianz Term Life Insurance Plans and Policy |
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