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Bajaj Allianz Group Employee Care Plan

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.

Eligibility - Who is the Bajaj Allianz Group Employee Care Plan for?

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:

Parameter Eligibility
Minimum Age At Entry 18 years
Maximum Age At Entry 79 years
Minimum Group Size 10 members

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

The Sum Assured and Premium Range for this plan is as follows:

  1. Sum Assured: For the Sum Assured, the minimum sum assured stands at Rs.5,000 while there’s no limit on the maximum amount as it primarily depends on the total investment made by the organisation.
Parameter Particulars
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

Plan Coverage - What the Bajaj Allianz Employee Care Plan Covers?

The Bajaj Allianz Employee Care offers a number of benefits. Here’s a list of all of them:

  • Surrender Benefit: The Employee Care Plan comes with a surrender feature, which lets the policyholder terminate the policy ahead of the maturity period. To make the surrender, however, the policyholder should provide an advance notice of at least three months. Once the insurer receives the request, they will adjust the policy account for Market Value Adjustment (MVA) and will charge a surrender penalty before paying the remaining amount as the final settlement.
  • Death Benefit: If a person listed in the policy dies while serving their role, their nominees will receive the total sum assured earmarked for that particular person under the policy.
  • Other benefits: In case an employee retires, resigns, or is relieved of their position, the benefits payable will be based on the rules specified in the policy and the total amount he/she will receive will be taken out of the policy account.

Riders - Additional Coverage under the Bajaj Allianz Group Employee Care Plan?

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.

Other Key Features of Bajaj Allianz Group Employee Care Plan:

Apart from the ones mentioned above, the Bajaj Allianz Group Employee Care Plan comes with a few other key features. These are as follows:

Benefit Particulars
Freelook Period There are two freelook periods available for this policy, depending on the mode used to buy the policy.
  1. If the policy is bought through the traditional means, i.e., through an agent or an agency, the policyholder will be offered a free look period of 15 days. The period starts from the date the policy was purchased, and if an organisation decides to cancel the policy upon reading through the terms and conditions, they should do it in less than 15 days. However, to do so, they will have to mention the reason.
  2. If the policy is bought through online means, based on IRDA guidelines of Distance Marketing, the free look period afforded stands at 30 days. The same principle as in the previous case is applicable here as well, except the total number of days available for them.
Note: Any money paid towards the policy including premiums and the like, will be reimbursed as long as the policy is returned before the freelook period is over.
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.

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

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.

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

Here are some of the non-policy benefits available with Bajaj Allianz Group Employee Care Plan:

Benefit Description
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.

Why you should buy Group Employee Care Plan from Bajaj Allianz?

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.