Bajaj Allianz Group Employee Care Plan is a non-linked and non-participating policy, which helps employees take care of employee benefits. This policy aids organisations in building a sizeable cash reserve which enables to carry out the issue of benefits payable in a relatively stress-free manner.
The Group Employee Care plan by Bajaj Allianz caters to small and large employment organisations and will help them manage several employee benefits like gratuity, leave encashment, post-retirement medical benefits and the like. In order to buy this policy, employers are required to meet the following eligibility criteria:
|Minimum Age At Entry||18 years|
|Maximum Age At Entry||79 years|
|Minimum Group Size||10 members|
The Sum Assured and Premium Range for this plan is as follows:
|Sum assured||Minimum: Rs.5,000 Maximum: No limit|
|Premium range||Minimum: Rs.1,00,000 Maximum: No limit|
|Payment frequency||Monthly, quarterly, half-yearly, yearly|
The Bajaj Allianz Employee Care offers a number of benefits. Here’s a list of all of them:
A rider is basically an add-on plan, which can be included to a primary policy to increase the scope of coverage on a given plan. Riders are usually availed by paying a small premium and the payout for these will be triggered if the terms and conditions mentioned in the policy are met. Unfortunately, the Bajaj Allianz Group Employee Care Plan does not come with any riders at the moment.
Apart from the ones mentioned above, the Bajaj Allianz Group Employee Care Plan comes with a few other key features. These are as follows:
|Freelook Period||There are two freelook periods available for this policy, depending on the mode used to buy the policy.
|Grace Period||Policyholders will have a grace period of 15 days, in case of monthly frequency and 30 days for other frequencies, to pay the premium. If the timeline is not adhered to the policy will be lapsed along with all the benefits payable.|
|Policy Loan||As this is a group policy and not an individual one, there is no loan facility available for the policyholder.|
|Suicide Clause||The Bajaj Allianz Group Employee Care Plan does not come with a suicide clause, meaning if a person listed under a policy commits suicide, the nominees will receive the total amount listed under the terms as a benefit.|
|Nomination||Nomination under the Bajaj Allianz Group Employee Care Insurance Plan should comply with the provisions of Section 39 of the Insurance Act, 1938.|
The Bajaj Allianz Group Employee, like other insurance plans comes with a few tax benefits. These are based on the tax laws applicable on group policies. To begin with, policyholders can claim deduction under Section 80C/Section 80CCC and Section D/Section DDD of the Indian Income Tax Act of 1961.
Here are some of the non-policy benefits available with Bajaj Allianz Group Employee Care Plan:
|Customer Service||Bajaj Allianz Group Employee Care Plan is covered by the esteemed Bajaj Allianz brand, meaning customers will receive top-of-the-line service with regards to having their queries cleared.|
Registered in the year 2001, Bajaj Allianz is one of the most financial robust insurance providers in the country. The company, a joint venture between Bajaj Finserv Limited and Allianz SE, a European insurance leader, has experience in dealing with complicated market dynamics and offers its customers with some of the most advance cover options.
Also, the company has won plenty of awards over the last 16 years for its contribution to the Indian insurance industry. The company has received an iAAA rating for the tenth consecutive - starting from 2006 - for its commitment to clear its customers’ settlements promptly.