Bajaj Allianz Group Life Insurance Plans

Bajaj Allianz offers a wide range of customised group insurance policies that safeguard an employee’s interests and show the employer’s commitment towards him/her. These group plans provide financial stability to the group members. Ease of fund management and operations is another significant benefit of buying a group insurance policy from Bajaj Allianz.

Benefits of Bajaj Allianz Group Life Insurance Plans:

• The group life insurance schemes from Bajaj Allianz offer coverage for all members under a single policy that is issued to the policyholder. In the case of a company, the employer is the policyholder while the employees are members of the group.
• The sum assured of each member will be proposed based on some justifiable factor. In the case of a company, this could be the occupation, salary of the member, etc.
• Most of the group plans offer the choice of availing the death benefit as a lump sum amount or partly as lump sum and the remaining as equal installments spread over a period of time.
• The plan may be contributory or non-contributory. A contributory scheme is one in which the employer pays a certain amount towards the premium of the employee.
• Some of the group policies also provide coverage for joint life.
• Some group plans enable the employer to set up a separate gratuity or leave encashment fund for the benefit of its employees.
• Several group plans from Bajaj Allianz enable policyholders to invest in specific funds, based in their risk appetite.

List of Group Life Insurance Plans Provided by Bajaj Allianz:

The Group Life Insurance Plans offered by Bajaj Allianz are the following:

Bajaj Allianz Life Jan Suraksha Yojna:

This is a non-participating, non-linked, single and regular premium group micro term insurance plan. The scheme provides basic life insurance cover to the members. The policy will be issued to the policyholder, covering all members under a single plan. The premium is borne by the members of the policy. Minimum group size is 5 members.

Benefits and Features of Bajaj Allianz Life Jan Suraksha Yojna:

• The Sum Assured at Death is paid at the demise of the member during the policy term.
• The total sum assured that can be paid to a single member under this product is restricted to the maximum sum assured allowed for the plan.
• The Bajaj Allianz Life Jan Suraksha Yojna offers the following payouts:
  1. Surrender Benefit - A policyholder can surrender the policy at anytime. Once the policy is surrendered, new members cannot be enrolled into the scheme. The existing members are provided an option to continue the membership as an individual policy with the same terms and conditions. When a member opts for this, the coverage will be continued till the end of the original group policy term. The members will be directly serviced by Bajaj Allianz in this case.
     • The surrender value is not available for a regular premium policy.
     • In the case of a single premium policy, the surrender value is paid only if the policy completes 1 year of membership. The surrender value of the policy is as shown below:

Membership Surrender Year	Percentage of Single Premium Paid
1	40%
2	30%
3	20%
4	10%
5	0%

1. Death Benefit - If a member dies while his/her coverage is in-force, the Sum Assured at Death for that member will be paid. The life insurance cover terminates after the payout of the death benefit. Sum Assured at Death is:
   • For a regular premium policy, the higher of:
     1. The sum assured
     2. 10 * annualised premium
     3. 105% of total paid premiums
   • For a single premium policy, the higher of:
     1. The sum assured
     2. 1.25 times the single premium

The plan also provides the facility to alter the premium payment frequency at the membership anniversary. This is, however, subject to the minimum modal premium criteria and the modal factor under the plan. Members can choose to pay premiums at yearly, monthly, or fortnightly intervals.

Plan Name	Entry Age (yrs)	Maturity Age (yrs)	Premium
Bajaj Allianz Life Jan Suraksha Yojna	Minimum - 18 Maximum - 65	Minimum - 23 Maximum - 70	Minimum Premium: Based on the minimum sum assured Maximum Premium: Single Premium - Rs.3,000 per member Regular Premium - Rs.750 per member, each year

Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana:

This is a non-participating, non-linked, one year renewable group term insurance plan for the Pradhan Mantri Jeevan Jyoti Bima Yojana, spearheaded by the Government. Customers can enroll into the programme through a simple proposal form, with no requirement of medical underwriting. Under the scheme, customers can avail life coverage that suits their affordability.

Benefits and Features of Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana:

• All the savings bank account holders of a Bank can enroll under the plan, if they are between 18 and 50 years of age.
• The bank will be the master policyholder, while the account holders will be members under the plan.
• Even if a member has multiple savings bank accounts, he/she can avail the benefits of the scheme through one savings bank account only.
• The premium is deducted from the member’s bank account automatically in one installment. The premium amount is Rs.330 plus service tax. Renewal premium is charged based on the rates decided from time to time.
• The enrolment rules will also be declared by the Government on a regular basis.
• If an account holder wishes to join the scheme after the commencement of the policy, he/she can do so after paying one full year’s premium. The account holder is also required to submit a Declaration of Good Health.
• There is no maturity benefit payable as this is a term life insurance cover.
• If a member dies during the coverage period, the sum assured is paid to the nominee as Death Benefit.
• The life insurance cover for a member will terminate if any of the following conditions are met:
  • When the member attains the age of 55 years on the annual renewal date.
  • When the insured member dies.
  • At non-payment of premium beyond 30 days, i.e., the grace period.
  • Closure of the bank account or if there is an insufficiency in balance to keep the insurance cover in-force.
  • If the account holder avails coverage through another savings account under the PMJJBY scheme.

Plan Name	Entry Age (yrs)	Maturity Age (yrs)	Premium
Pradhan Mantri Jeevan Jyoti Bima Yojana	Minimum - 18 Maximum - 50	Maximum - 55	Rs.330 per member Applicable taxes will be applied on this premium

Bajaj Allianz Group Income Protection Plan:

If your company undertakes land from small landowners to develop a Special Economic Zone (SEZ), you will greatly benefit from the Bajaj Allianz Group Income Protection Plan. The scheme helps you ensure that the landowners make the best use of the lump sum they receive from you. This is a group plan that provides the landowners and their families a regular income in the form of an annuity. In the event of death of a member, the death benefit is provided.

Benefits and Features of Bajaj Allianz Group Income Protection Plan:

• The plan provides the following benefit options:

Option 1 - A level amount is paid as annuity till the death of the member or the expiry of the annuity term, whichever is earlier. When the member faces death, the sum of the annuity payable from the time of death to the end of the annuity term is paid as a lump sum amount to the nominee.

Option 2 - This option provides an increasing annuity to the member till his/her death or the end of the chosen annuity term, whichever is earlier. The annuity increases every year at 3.33% per annum of the annuity payable in the first year. At the death of the member, the total annuity payable from the date of death to the end of the annuity term will be paid out as a lump sum amount to the nominee.

Option 3 - This option provides a level or increasing annuity to the member, as long as he/she survives till the end of the annuity term. The annuity term varies from 5 to 33 years. In the event of death of the member during the annuity term, a lump sum death benefit is paid to the nominee. This lump sum amount is equal to the sum assured chosen by the policyholder. The annuity payment continues till the end of the annuity term.

• At the inception of the policy, the policyholder can choose the following:
  1. The annuity term between 5 and 33 years.
  2. One of the annuity options.
  3. The rate of increase in annuity, if Option 3 is selected.
• The option chosen cannot be changed in the future.
• The policyholder pays a lump sum amount for all the members, based on the benefit option chosen.

Plan Name	Entry Age (yrs)	Maturity Age (yrs)	Premium
Bajaj Allianz Group Income Protection Plan	Minimum : 1 Maximum : For Options 1 and 2 - 80 For Option 3 - 100	Varies based on the annuity term chosen	Varies based on the amount required to secure the annuity amount

Bajaj Allianz Group Term Life Insurance Plan:

This is a traditional group term insurance plan that offers you the opportunity to provide adequate relief to the family of a member at a very low cost, in the event of premature death of the member. You may select any one of the following coverages:

• Uniform cover - This will be the same for all members of the group.
• Graded cover - The coverage varies based on:
  • Rank
  • Salary level
  • Cost to company
  • Outstanding loan
  • Liability amount
  • Size of the bank deposit
  • Future service gratuity of the Gratuity Scheme
  • Life cover with respect to the Employee Deposit Linked Insurance scheme
  • Any other means

Benefits and Features of Bajaj Allianz Group Term Life Insurance Plan:

• The policy will be assigned to the policyholder and all members will be covered under the single policy.
• The sum assured for each member is proposed by the policyholder.
• The member can choose the mode of disbursement of the death benefit.
• The sum assured is paid at the death of the member.
• Under joint life cover, self and spouse are offered coverage, and the death benefit is paid in the event of first death.
• The scheme can be contributory or non-contributory. A contributory scheme is one in which the employer contributes to the premium payable, with respect to the members.
• The plan offers no maturity and surrender benefits.
• The plan enables the policyholder to choose the premium payment frequency.
• The scheme enables policyholders to share the mortality profits based on the experience rating, subject to certain conditions.
• The Bajaj Allianz Group Term Life Insurance Plan offers the following payouts:
  1. Death Benefit - There are two options from which members can choose to avail the death benefit. The choice can be made at the inception of the policy or at the membership anniversary.
     • Option 1 - This is applicable to the death of the member or the first death of either of the members in a joint life policy. The sum assured is paid as a lump sum value.
     • Option 2 - This is applicable to the death of the member or the first death of either of the members in a joint life policy. At least 10% of the sum assured is paid as a lump sum value. The remaining amount of the sum assured is paid in equal installments over the installment period chosen by the policyholder. The installment period can be a maximum of 10 years.
  2. Additional Rider Benefit - The plan can be enhanced through the use of riders that can be bought from Bajaj Allianz at an extra cost.

Plan Name	Entry Age (yrs)	Maturity Age (yrs)	Premium
Bajaj Allianz Group Term Life Insurance Plan	Minimum : 14 for all groups Maximum: For Employer-Employee groups, 79 For Non-Employer-Employee groups, 69	Maximum: For Employer-Employee groups, 80 For Non-Employer-Employee groups, 70	Varies based on the chosen sum assured

Bajaj Allianz Group Employee Care Plan:

This is a non-participating, non-linked, fund-based group insurance plan that can be taken by an employer to manage employee benefits such a gratuity and leave encashment. The scheme helps in accumulating a substantial fund to ensure hassle-free discharge of the liabilities of an employer.

Benefits and Features of Bajaj Allianz Group Employee Care Plan:

• The policyholder makes contributions towards the Policy Account with respect to the employees. Deductions for premium allocation charges, fund management charges, mortality charges, and applicable taxes will be done on the contributions.
• The company provides a Guaranteed Interest Rate (GIR) of 1.5% compounding every year, as long as the policy is in-force. An Additional Interest Rate (AIR) may be declared by the company, each quarter.
• Non-zero positive residual additions may be credited to the Policy Account.
• The investment pattern of the fund is based on the IRDA regulations.
• The Bajaj Allianz Group Employee Care Plan offers the following payouts:
  1. Death Benefit - In the event of death of an employee while in service, the benefit payable is the sum assured plus the payout from the Policy Account, with respect to that employee.
  2. Surrender Benefit - A policyholder can surrender the policy, after a notice period of 3 months.
     • When such a request is raised, the balance amount in the Policy Account minus surrender penalty minus Market Value Adjustment shall be paid. The policy terminates following the payout.
     • When the policy is surrendered within the first 3 policy years, the surrender penalty is the lower of 0.05% of the Policy Account balance and Rs.5 lakh. The surrender penalty is otherwise nil.
  3. Other events - In the case of events like resignation, retirement, termination of employment, etc. benefits as decided by the policyholder according to the scheme rules will be paid. These benefits are paid from the Policy Account.

Plan Name	Entry Age (yrs)	Maturity Age (yrs)	Premium
Bajaj Allianz Group Employee Care Plan	Minimum - 18 Maximum - 79	Maximum - 80	Minimum Balance in the Policy Account: Rs.1 lakh Maximum Balance in the Policy Account: No limit

Bajaj Allianz Group Employee Benefit Plan:

The Bajaj Allianz Group Employee Benefit Plan enables employers to offer benefits to employees as part of their employee welfare requirements. The plan helps in setting up and managing funds for gratuity and leave encashment benefits offered to employees.

Benefits and Features of Bajaj Allianz Group Employee Benefit Plan:

• The plan offers a list of 9 funds from which the policyholder can choose.
• The plan also offers the flexibility of selecting the frequency of payments.
• The policyholder can switch between funds, free of cost. This enables better management of investments.
• The plan offers life insurance cover to enhance the protection of employees.
• Additional Units - On every policy anniversary, additional units will be added to the funds by the company. This is based on the average fund size that the employer holds during the policy year.
• The Bajaj Allianz Group Employee Benefit Plan offers the following payouts:
  1. Death Benefit - At the death of a member, the benefit payable is the sum of the following:
     • Sum assured paid by the company (not by the cancellation of units from the pooled unit fund).
     • An amount decided by the company in adherence to the scheme rules, through cancellation of units from the pooled unit fund.
  2. Surrender Benefit - The policy can be surrendered at any time. The surrender value payable is equal to the pooled unit fund value minus surrender charges, as on the date of surrender.
  3. Other Benefits - Benefits that are decided by the employer, and stated in the plan rules will be paid when the employee retires, resigns, etc. These benefits are paid through the cancellation of units from the pooled unit fund. The employer’s liability for these benefits are limited to the extent of the unit fund value.

Plan Name	Entry Age (yrs)	Maturity Age (yrs)	Premium
Bajaj Allianz Group Employee Benefit Plan	Minimum - 15 Maximum - 79	Maximum - 80, or normal retirement age, whichever is lower	Based on the pooled unit fund size. Minimum Pooled Unit Fund Size: Rs.1 lakh Maximum Pooled Unit Fund Size: No limit

Bajaj Allianz Group Term Care Plan:

The Bajaj Allianz Group Term Care Plan is a non-linked, non-participating, single premium group term insurance product that provides a proportionate return of premium at policy maturity. Members pay a single premium and receive benefits for the membership period.

Benefits and Features of Bajaj Allianz Group Term Care Plan:

• The plan offers attractive high sum assured rebates to members.
• The Bajaj Allianz Group Term Care plan provides the following payouts:
  1. Death Benefit - At the death of a member, the sum assured for that member is paid. Following the payout, the membership will terminate.
  2. Maturity Benefit - At policy maturity a certain percentage of the member’s premium will be paid back, as shown below:

Membership Term	Maturity Value
5 years	75%
7 years	90%
10 years	100%

1. Surrender Benefit - The membership can be surrendered at any time during the policy term. The surrender value is the highest among the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV). The SSV will be at least equal to GSV. When the membership is surrendered, the surrender value is paid and the membership terminates. Policy surrender is not possible for the master policyholder. However, the enrolment of new members can be stopped any time after the policy commences.

Plan Name	Entry Age (yrs)	Maturity Age (yrs)	Premium
Bajaj Allianz Group Term Care Plan	Minimum - 15 Maximum - 65	Minimum - 20 Maximum - 70	Varies based on the sum assured

Bajaj Allianz Group Superannuation Secure Plan:

The Bajaj Allianz Group Superannuation Secure Plan is a non-linked, non-participating, variable fund-based group Superannuation plan that can be taken by an employer to manage the pension fund of its employees. The scheme helps in building a good retirement corpus to ensure a regular income flow post retirement. A minimum Guaranteed Interest Rate is offered by the policy, along with an Additional Interest Rate.

Benefits and Features of Bajaj Allianz Group Superannuation Secure Plan:

• The policy can be maintained under two options:
  1. Pooled level
  2. Member level
• For each contribution, the applicable taxes and premium allocation charges will be deducted and the remaining amount will be credited to the pooled or individual policy account.
• A Guaranteed Interest Rate (GIR) is offered along with an Additional Interest Rate (AIR). The individual or pooled account is first credited with the GIR and then the AIR, if applicable.
• Fund management charges will also be deducted from the individual or pooled policy account.
• The investment of the fund is governed by IRDA guidelines.
• The Bajaj Allianz Group Superannuation Secure Plan offers the following benefits under Option 1 - Pooled level:
  1. Death Benefit - This amount is paid at the death of the member. The value of the Death Benefit is decided by the policyholder.
  2. Vesting Benefit - This amount is paid when the member retires. The value of the Vesting Benefit is also decided by the policyholder.
  3. Benefit paid at exit - This amount is paid as per the scheme regulations, and the size of the benefit is decided by the policyholder.
• The Bajaj Allianz Group Superannuation Secure Plan offers the following benefits under Option 2 - Member level:
  1. Death Benefit - This amount is paid at the death of the member. The value of the Death Benefit is the higher of the individual policy account value or 101% of the member’s contributions.
  2. Vesting Benefit - This amount is paid when the member retires. The value of the Vesting Benefit is the higher of the individual policy account value or 101% of the member’s contributions.
  3. Benefit paid at exit - This amount is paid as per the scheme regulations, and the size of the benefit is the individual policy account value.

Plan Name	Entry Age (yrs)	Maturity Age (yrs)	Premium
Bajaj Allianz Group Superannuation Secure Plan	Minimum - 18 Maximum - 79	Maximum - 80	Based on the pooled or individual policy account size. Minimum pooled or individual policy account size - Rs.1 lakh Maximum pooled or individual policy account size - No limit

Bajaj Allianz Group Annuity Plan:

The Bajaj Allianz Group Annuity Plan is a single premium immediate annuity plan that provides an assured regular pension to a member after his/her retirement. The plan covers only Employer-Employee groups. The plan can be bought by members of group deferred pension policies with Bajaj Allianz. The scheme also offers a range of immediate annuities from which the member can make a choice.

Benefits and Features of Bajaj Allianz Group Annuity plan:

• The available immediate annuity options are as follows:

Option A - Life Annuity

• The annuity is paid to the primary member till the end of his/her life.
• When the primary member faces death, all outstanding annuity installments are paid to the nominee.

Option B - Life Annuity with Return of Purchase Price

• The annuity is paid to the primary member till the end of his/her life.
• When the primary member faces death, all outstanding annuity installments and the purchase price are paid to the nominee.

Option C - Annuity Certain for 5, 10, 15 or 20 Years and Life Thereafter

• The annuity is paid to the primary member for a certain period of time.
• If the primary member faces death within that time, the annuity is paid to the nominee till the end of the chosen period.
• If the primary member faces death after the expiry of the chosen period, all outstanding annuity installments are paid to the nominee.

Option D - Joint Life Last Survivor with 50% of Annuity to Spouse

• The primary member and his/her spouse will be covered under the scheme.
• At the death of the primary member, any outstanding annuity installments will be paid to the spouse. The spouse also receives 50% of the annuity installments, till his/her death.

Option E - Joint Life Last Survivor with Return of Purchase Price on Death of Last Survivor

• The primary member and his/her spouse will be covered under the scheme.
• The annuity is paid to the primary member and spouse till their death.
• At the last death, the purchase price plus any outstanding annuity installments will be paid to the nominee.

Option F - Joint Life Last Survivor with 100% of Annuity to Spouse

• The primary member and his/her spouse will be covered under the scheme.
• The annuity is paid to the primary member and spouse till their death.
• At the death of the primary member, any outstanding annuity installments will be paid to the spouse. The spouse also receives 100% of the annuity installments, till his/her death.

Plan Name	Entry Age (yrs)	Maturity Age (yrs)	Premium
Bajaj Allianz Group Annuity Plan	Minimum - 40 Maximum - 80	Not applicable	Minimum purchase price - As required to get the minimum annuity amount If a member or nominee under a group deferred pension policy with Bajaj Allianz uses the proceeds from that policy to buy this annuity plan, then the minimum purchase price limit does not apply. Maximum purchase price - No limit

Bajaj Allianz Niyamit Sanchay Suraksha Plan:

The Bajaj Allianz Niyamit Sanchay Suraksha Plan is a non-linked, non-participating, traditional group savings variable insurance plan that provides the group members complete financial security. The scheme offers a Guaranteed Interest Rate (GIR) and an Additional Interest Rate (AIR) that is also guaranteed.

Benefits and Features of Bajaj Allianz Niyamit Sanchay Suraksha Plan:

• The plan provides the policyholder the flexibility to choose life insurance coverage for the members.
• There is also an option to choose from single, regular, or limited premium payment modes.
• Partial withdrawals from the policy are allowed.
• The premium payment frequency can also be altered.
• The plan provides a Guaranteed Death Benefit that amounts to 105% of the total paid premiums, excluding service tax.
• The Bajaj Allianz Niyamit Sanchay Suraksha Plan offers the following payouts:
  1. Death Benefit - At the death of a member, the Death Benefit payable to the nominee is the total of the sum assured and the single/regular premium account value.
  2. Maturity Benefit - At policy maturity, the single/regular premium account value is paid to the member through the policyholder.
  3. Surrender Benefit - A member can surrender his/her membership at any time.
     • When the membership is surrendered during the lock-in period of 5 years, the single/regular premium account value minus the discontinuance charge is transferred to the Discontinued Life Policy Fund. Following this, the risk cover is terminated. A surrendered membership cannot be revived. At the end of the lock-in period, the Discontinuance Value is paid to the member as surrender value.
     • When the membership is surrendered after the lock-in period of 5 years, the surrender value payable is the single/regular premium account value as on the surrender date.

The policyholder does not have the option to surrender the policy. But enrollment of new members can be stopped after the policy commencement.

Plan Name	Entry Age (yrs)	Maturity Age (yrs)	Premium
Bajaj Allianz Niyamit Sanchay Suraksha Plan	Minimum - 18 Maximum - 60	Maximum - 70	Minimum : For Single payment option, Rs.5,000 For Yearly payment option, Rs.1,000 For Half-Yearly payment option, Rs.600 For Quarterly payment option, Rs.300 For Monthly payment option, Rs.100 Maximum : No limit

Bajaj Allianz Group Credit Protection Plus Plan:

The Bajaj Allianz Group Credit Protection Plus Plan is a non-participating group insurance plan. It is a great way to protect the family of a member from the burden of loan repayment in the event of accidental permanent total disability or critical illness of the member.

Benefits and Features of Bajaj Allianz Group Credit Protection Plus Plan:

• The plan offers the choice of level or reducing coverage, to match the type of loan availed by the member.
• The scheme also provides the flexibility of single or regular premium payment options.
• The policy term can be chosen from 24 months to 360 months.
• The moratorium offered is 0 to 8 years.
• The insurance coverage can be extended to top-up loans, if required.
• Hassle-free and easy documentation process is another advantage of the plan.
• There is no maturity benefit under the plan.
• The Bajaj Allianz Group Credit Protection Plus Plan offers the following payouts:
  1. Death Benefit - At the death of a member, the sum assured for that member is paid. Following the payout, the membership will terminate.
  2. Optional Inbuilt Benefit - The policyholder can choose the optional in-built benefit for the members at the commencement of the policy. These are:
     • Accelerated Critical Illness Benefit - At the diagnosis of the first critical illness of the member, the sum assured will be paid out. Once the payment is made, the risk cover of the member is terminated.
     • Accelerated Accidental Permanent Total Disability Benefit - On accidental permanent total disability of the member, the sum assured is paid out. Once the payment is made, the risk cover of the member is terminated.
  3. Surrender Benefit - It is possible for the policyholder to surrender the policy at any time. After the policy is surrendered, new members cannot be enrolled under it. Existing members will continue to be covered under the policy, and they will be directly serviced by Bajaj Allianz. The members will also be intimated of this change in policy management.

If a member wishes to surrender the membership, the following should be kept in mind:

• Surrender value is not available if the member chooses the Regular Premium Level Cover Option.
• If the member had chosen the Regular Premium Reducing Cover Option, the membership can be