Bajaj Allianz Group Employee Benefit Plan
- Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
- Claim up to Rs. 1,50,000 deduction under section 80C**
- Choose between annual and monthly premium payment options
Bajaj Allianz General Insurance Company Limited is the product of a joint venture between Bajaj Finserv Limited and Allianz SE. As one of the leading private insurers based out of India, Bajaj Allianz provides a wide range of insurance products that are meant to meet the needs and requirements of its large customer base. Bajaj Allianz received a certificate of registration from the Insurance Regulatory and Development Authority of India (IRDAI) on the 2nd of May, 2001.
One of the products offered by Bajaj Allianz is the Bajaj Allianz Group Employee Benefit Plan. The plan is mainly aimed at helping the master policyholder to have funds set aside for leave encashment benefits and gratuity. An employer is obligated to reward his/her employees with benefits to promote a healthy work environment. The Bajaj Allianz Group Employee Benefit Plan helps you make provisions that can be used to take care of the welfare of your employees. Any risk incurred due the policy is taken care of by the employer and not the employee.
Some of the Key Benefits of this Policy by Bajaj Allianz are:
- Provides the opportunity for an employer to set a separate fund aside which can be used later for leave encashment benefits and gratuity.
- There are 9 different funds to choose from to help you decide on a policy that best fits your needs and requirements.
- There are unlimited free switches that are provided to help manage your investments better.
- You have the option of choosing the intervals when your contribution is made.
Eligibility for Bajaj Allianz Group Employee Benefit Plan:
An individual should meet the following parameters to be eligible for a Bajaj Allianz Group Employee Benefit Plan:
| Parameters | Eligibility Criteria |
| Maximum age at maturity | 80 years or up to the time of retirement |
| Minimum and Maximum age at the time of Entry | Minimum: 15 years Maximum: 79 years |
| Sum Assured | Minimum: Rs.1,000 Maximum: No limit |
| Pooled Unit Fund Size | Minimum: Rs.1 lakh Maximum: No limit |
| Size of the Group at entry | Minimum: 10** Maximum: No limit |
| Policy Term | Renewable after one year |
| Contribution Frequency | Monthly, quarterly, half-yearly, yearly |
**During the tenure of your existing policy, if a member leaves the company, the policy continues as usual.
Charges:
After the IRDAI provided an approval to Bajaj Allianz General Insurance, the company has the right to revise charges levied for the use of the company’s services and products. Listed below is a table that shows various charges that are levied:
| Charge for Premium Allocation | 2% of the contribution made subject to a maximum cap of Rs.1 lakh | |
| Surrender Charge | Month of Surrender | Charges levied for Surrender |
| 1-35 months | Minimum of Rs.5 lakhs or 0.05% of fund value. | |
| 36 months and above | Nil | |
| Charges for Partial Withdrawal | N/A | |
| Charges for Switching | Unlimited free switches | |
| Service Tax levied on Charges | Charges that are paid will be subjected to service tax | |
| Fund Management Charge (FMC) | Name of the Fund | Charge per annum |
| Stable Gain Fund | 1.20% | |
| Secure Gain Fund | 1.20% | |
| Group Equity Fund | 1.35% | |
| Group Balanced Gain Fund | 1.20% | |
| Group BlueChip Fund | 1.35% | |
| Group Debt Fund II | 1.00% | |
| Group Asset Allocation Fund – II | 1.25% | |
| Group Short Term Debt Fund III | 0.90% | |
| Group Liquid Fund II | 0.70% | |
| Adjustments to this charge will be made in unit price | ||
| Mortality Charges |
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| Miscellaneous Charges | A charge of Rs.100 will be levied for issuing a duplicate copy for a policy document if the original has been misplaced | |
*Bajaj Allianz has the right to revise these charges and will notify the policyholder about these changes within three months before they are made.
Premiums vary based on age, location, plan term and other factors
Bajaj Allianz Group Employee Benefit Plan coverage:
There are two main scenarios where this policy can be used and its benefits can be availed:
- Death Benefit: If a member dies, the sum that is assured coupled with the amount that has been decided by you will then be paid after which it will be cancelled from the pooled unit fund. The company has to pay the amount that is assured and will not be paid from the pooled unit fund.
- Other Benefits: Other benefits as listed in the scheme rules has to be paid by cancelling units from the pooled unit fund. The benefits paid by the company will be limited to the value of the fund in the pooled unit fund.
Riders for Bajaj Allianz Group Employee Benefit Plan:
A rider is an add-on that you can purchase for an insurance plan to gain more benefits that will suit your needs and requirements. These can be used to customize your insurance plan accordingly. Unfortunately, there are no riders available for a Bajaj Allianz Group Employee Benefit Plan.
Investment options and Funds provided for Bajaj Allianz Group Employee Benefit Plan:
This plan offers a number of various funds which you can select to invest in. These plans are listed below:
| Name of the Fund | Amount of Risk | Investment Objective | SFIN |
| Group Equity Fund | Very High | To offer capital appreciation using investments in equity shares | ULGF01018/04/11 GREQTYFUND116 |
| Group Asset Allocation Fund – II | High | To understand total income which includes capital appreciation and current income | ULGF01710/05/13 GRASSALLC2116 |
| Group Bluechip Fund | High | To offer capital appreciation using investments in equities while forming part of NSE IFTY | ULGF01118/04/11 GRBLUECHIP116 |
| Secure Gain Fund | Moderate | Aimed at providing stable returns with a low risk towards loss of principle | ULGF00215/10/04 SECUREFUND116 |
| Stable Gain Fund | Moderate | To offer moderate returns to the policyholder while minimizing risk levels | ULGF00115/09/04 STABLEFUND116 |
| Group Debt Fund II | Low | To have a stable flow of returns by investing in fixed income securities | ULGF01924/06/13 GRDEBTFU02116 |
| Group Liquid Fund II | Very Low | To invest in a various fixed deposits, short term debt policies, and money market instruments to help have a flow of returns | ULGF02124/06/13 GRLIQUFU02116 |
| Group Short Term Debt Fund III | Low | To have a stable flow of returns by investing in various medium tenor fixed income securities | ULGF02024/06/13 GRSHTRDE03116 |
| Group Balanced Gain Fund | High | To provide reasonable risk capital appreciation by investing in equities and debt | ULGF01810/05/13 GRBALCEDGA116 |
Exclusions of Bajaj Allianz Group Employee Benefit Plan:
Suicide exclusion is not part of the scheme. If a member does any type of bodily harm that leads to the death of the member or suicide, the death benefit will be paid out to the family of the member or nominee. This amount will be paid out in full as stated under Death Benefit.
Other Key Features of Bajaj Allianz Group Employee Benefit Plan:
The key features of Bajaj Allianz Group Employee Benefit Plan are listed below:
| Free Look Period | You have 15 days (30 days in case the policy has been issued under IRDAI Guidelines on Distance Marketing of Insurance Products) from the date of receiving the policy to read, understand the terms and conditions, and if needed, return the policy if you are not satisfied with it. The contribution that you have paid will be refunded to you after mortality charge for the period has been deducted. |
| Grace Period | 15 days grace period is provided for monthly frequencies and 30 days is provided for other frequencies. |
| Surrender Values | The policy can be surrendered at any time that you desire. The surrender value shall be equivalent to the value of the pooled unit fund after it has been subjected to surrender charges. The policy will be terminated after this is done. |
Tax Benefits of Bajaj Allianz Group Employee Benefit Plan:
You can avail tax benefits which are applicable as per Tax Laws on the Bajaj Allianz Group Employee Benefit Plan that you have taken out. Premiums that are paid towards Bajaj Allianz Group Employee Benefit Plan are eligible for tax benefits that come under Section 80(C) of the Income Tax Act.
How you can save with the Bajaj Allianz Group Employee Benefit Plan?
The official website of Bajaj Allianz has an online customer portal which people can use to get in touch with customer services. You can log into the site to read and understand the terms and conditions for your insurance policy. You can also initiate a conversation with the customer service executive online and have your problems and doubts clarified. Apart from this, the insurer also offers an SMS facility which you can use to make a request for a callback from a customer service executive. You can also request for a callback using the official website of Bajaj Allianz.
Payment of premiums can be made through any of the following channels:
| Debit Cards | Maestro, RuPay, MasterCard, and Visa, cards are accepted |
| Bill Junction | Register at Bill Junction and authorise payments towards your premiums online |
| Credit Cards | MasterCard, Maestro, American Express, Diners Club, and Visa cards are accepted |
| e-Wallets | E-Wallets like Jio Money, ITZCash, Airtel Money, iCashCard, Oxigen, Idea Money, and PayCash, can be used to pay your premiums |
| Netbanking | Netbanking facility that is provided by your issuing bank can be used to make payments towards your premiums online |
Why you should purchase the Bajaj Allianz Group Employee Benefit Plan?
Bajaj Allianz is known to be one of the top insurance providers that operates in India. The insurance provider has a plethora of services and products that are made easily available to its large customer base. These products range from ULIPs, life insurance, and health insurance to online grievance, live chat, etc.
There is a lot of market research that goes into creating a product that is capable of meeting the requirements and needs of its customers. These products are made using a lot of in-depth knowledge about the product, customer requirements, and the market. The insurance company has become one of the leading insurance aggregators in the country boasting a claim settlement ratio of 98.1% in the financial year of 2016-17. Bajaj Allianz has received a number of different awards in the fields of customer service, marketing strategies, and many more. Here is a list of some of the awards won by the insurer:
- Bajaj Allianz were awarded the BFSI Sector Award for Marketing Excellence in 2016 at the National Awards.
- ABP News presented the “Best Life Insurance Company” award at the insurer at the BFSI Awards in 2017.
- The insurer was also honoured with the title of “Company with Highest Claim Settlement” at the BFSI Awards by ABP News in 2017.
- Bajaj Allianz Life Insurance was recognised for the company’s marketing connect, customer centricity, product variants and brand reputation and was crowned with the “Seal of Gold” in the year 2016.
Bajaj Allianz has a number of policies that a customer can avail and benefit from, such as:
- A customer will receive 10.5% of the sum assured for each day that the company does not settle a claim after the 30 day settlement period.
- Most of registered claims made online are settled using direct electronic transfer. This makes the payout process reliable and speedy.