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Bajaj Allianz Group Annuity Plan

The Bajaj Allianz Group Annuity Plan is a single premium, assured annuity group plan that assures an income in the future for members. The plan, which is to be purchased by an employer or co-operatives/associations for employees, provides members with a regular income after retirement. Additionally, it also makes provision for the securing of the member’s spouse. The plan comes with a number of options, which can be selected based on the type of coverage and length of coverage the employer wishes to provide. The minimum size of the group is 25 and the plan provides members to choose their annuity payment frequency based on convenience.

Additionally, members stand to receive tax benefits as applicable under prevailing tax laws.

Eligibility – Who is the Bajaj Allianz Group Annuity Plan for?

The Bajaj Allianz Group Annuity Plan is an ideal plan for organisations and professional bodies looking to safeguard and ensure their employees’ futures after retirement. The primary policyholder can choose from a range of policy term and benefit options based on the structure and type of coverage they wish to provide to members. The minimum entry age for members under the policy for all the options is completion of 40 years, while the maximum age at entry is 70 years.

Parameter Eligibility
Minimum entry age 40 years
Maximum entry age 70 years
Minimum group size 25 members

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured:

Being an annuity plan, there is no sum assured amount. Instead, the plan has an annuity amount that would depend on the type of plan type selected. The minimum annuity instalment payable is as per the table given below:

Minimum annuity instalment Mode
Rs.1,000 Monthly
Rs.2,000 Quarterly
Rs.3,500 Half-yearly
Rs.5,000 Yearly

Premium:

The premium amount would depend on the annuity amount payable as well as the plan term selected. The premium amount is also determined by the age of the member and the purchase band selected. The premium is single pay and is payable at the time of purchase of the policy.

Plan Coverage- What the Bajaj Allianz Group Annuity Plan covers?

The Bajaj Allianz Group Annuity Plan coverage is as follows:

  • The primary policyholder is to select the type of annuity option desired and the mode as chosen by the primary holder and the members.
  • The primary policyholder is to make a lump sum payment towards the premium based on the type of annuity option and the mode selected.
  • Based on the type of annuity plan selected, the member can choose to add his/her spouse to the plan, who would also be covered under the plan.
  • The annuity amount would be paid following the expiry of the monthly/quarterly/half-yearly/annual interval based on the annuity payment mode selected.
  • In case of the Return of Purchase option, the amount that was used to buy the annuity is paid to the nominee on the demise of the member/last survivor (in case of coverage of spouse).
  • The types of annuity options available are listed below:
Annuity option Features
Option A Annuity payable till the demise of the member.
Option B Life annuity with the return of purchase price on the death of the member/spouse (if added to the plan).
Option C Annuity certain, with a guaranteed annuity for 10/15/20 years and life following the selected term.
Option D Annuity for life till the death of the member, after which 50% of the annuity would be paid to the surviving spouse (if nominated) till the spouse’s death.
Option E Joint life last survivor annuity with a return of purchase price, where the annuity is payable up to the death of the last survivor, with the return of purchase price payable to the nominee on the death of the last survivor.
Option F Joint life last survivor with 100% annuity to spouse, where the annuity will be payable till the demise of the last survivor, following which the spouse will receive 100% of the annuity till his/her death.

The table below lists the coverage under the plan:

Surrender value The plan does not allow for surrender.
Death benefit This would depend on the type of annuity plan selected, where the spouse is eligible to receive the return of purchase price or 50% or 100% of the annuity till their death.
Nomination Members can select a nominee to whom the annuity will be payable.

Exclusions:

There are no exclusions under the Bajaj Allianz Group Annuity Plan.

Other Key Features- Freelook Period, Surrender Value, Grace Period etc:

The other salient features available are as follows:

Free look period If the policyholder, on receipt of the policy, disagrees with any of the terms and conditions, he/she can return the policy during the free look period at no charge. The free look period is 15 days from the date of receipt of the policy document and 30 days in case of distance marketing policies. All premiums paid will be refunded by the company if the policy is returned during this time.
Termination of policy The policy stands terminated if the company discover any of the following:
  • Fraud
  • Misrepresentation (with regard to any information submitted at the time of issuance of the policy)
  • Forfeiture.
Payment of death claim The death claim will be payable to the nominee on production of documentary proof. In case there is no surviving nominee or beneficiary, the death benefit will be payable to the primary policyholder.

Tax Benefits- How you can save with Bajaj Allianz Group Annuity Plan?

There are no tax benefits available under this policy.

Other Benefits- How you can save with Bajaj Allianz Group Annuity Plan?

Bajaj Allianz has made it convenient for customers to purchase an insurance policy without having to go to a physical branch to do so. The company has a number of online plans which can be purchased with minimum hassle and documentation. Additionally, policyholders need not visit a Bajaj Allianz branch for details on their ongoing policy as all information pertaining to the policy is available on the website. Members can also refer to website for any query regarding the policy, such as nomination or notifying the company in case of the demise of the primary member.

Why you should buy the Bajaj Allianz Group Annuity Plan from Bajaj Allianz?

Bajaj Allianz is one of the most established life insurance providers in the country, with experience spanning the length of the insurance sector. A joint venture between Bajaj Finserv and Allianz SE, the company is a blend of local as well as international expertise in the field of insurance.

The company has a comprehensive list of insurance products to meet the insurance needs of the diverse populace that they cater to, with the option to tailor policies to individual needs.

The company offers a range of benefits and added services to their customers, providing a superior user experience. This, coupled with their excellent customer service and prompt claims processing make them an ideal choice.

Their claims settlement ratio is also one of the best in the industry, with a 98.07% ratio for the year 2015-16.

The company has been lauded by peers and industry alike for their stellar record, receiving the ‘Best Corporate brand’ award in 2016 from the Economic Times. They have also secured the ‘Best Life Insurance Company in the Private Sector’ award for the year 2016 from ABP News, among a host of other accolades.