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    Bajaj Allianz Group Superannuation Secure Plan

    Life Insurance
    • 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 offers one of the most comprehensive and secure insurance plans available, that assures employees an independent, stable and secured life during their sunset years. The Group Superannuation Secure plan is a non-participating, non-linked plan that is variable fund based and can be procured by the employer in order to manage a pension for the employee. Through this scheme, a sizeable retirement fund can be built which ensures that employees receive regular income even after retirement.

    Minimum guaranteed rate of interest is one of the unique features of this plan which is 3% per year. An additional rate of interest can be declared by the company towards the end of the financial quarter. This plan can be maintained either at a member level which is an individual account, or at a pooled level.

    Eligibility - Who is the Bajaj Allianz Group Superannuation Secure Plan for?

    In order to avail the Bajaj Allianz Group Superannuation Secure plan, the following eligibility criteria will have to be satisfied. Conditions are dependent on the size of the account, size of the group and age, among other factors.

    Criteria Detail(s)
    Minimum age of entry (in years) 18
    Maximum age of entry (in years) 75
    Maximum age at maturity (in years) 80
    Minimum tenure of policy Renewable annually
    Minimum size of the entire group 10 members
    Minimum size of account Rs 1 lakh
    Maximum size of account No limit
    Regular frequency of contribution Annually/Semi-annually/Monthly/Quarterly

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

    Sum Assured:

    There are two options available for policy maintenance, one is at a Pooled-level and the other is at a Member-level. The contribution that is paid will be credited to either account based on what is chosen after the scheme administration fee has been deducted.

    A minimum of 3% Guaranteed Investment Return or GIR per annum is offered by Bajaj Allianz throughout the entire policy tenure. In addition to this, an Additional Interest Rate or AIR may be provided by the company at the beginning of the financial quarter for the upcoming period. The account will be credited with the Guaranteed Investment Return followed by the Additional Interest Rate, if applicable. The value of the account consists of the accumulated value of contributions after the rate of interest has been credited and scheme administration fee has been deducted. GIR and AIR is applicable only for the period for which the amount is invested in the fund.

    Premium Range:

    Criteria Detail(s)
    Minimum size of account Rs 1 lakh
    Maximum size of account No limit
    Regular frequency of contribution Annually/Semi-annually/Monthly/Quarterly

    Premiums vary based on age, location, plan term and other factors.

    How the Bajaj Allianz Group Superannuation Secure Plan works?

    The Bajaj Allianz Group Superannuation Secure Plan can be set up in the following methods:

    • A fund can be set up by the company by following the steps given below -
      • Trust deed, rules should be drafted and executed and Trustees must be appointed for administration of the same.
      • Company should apply for an approval from the Commissioner of Income Tax under Part B of the Fourth Schedule of Income Tax Act, 1961.
      • The Master Proposal Form will have to be signed by Trustees and submitted along with the completed employee data in the required format and copies of trust rules and deeds.
      • Future contributions must be paid as is defined by the rules.
    • Self-managed funds can also be outsourced or can be switched over from a current scheme with another company.
      • Securities can get transferred based on approval from the investment team of HDFC Life and based on the terms and conditions provided by them.
      • Approval should be sought by the Company from the Commissioner of Income Tax under Part B of the Fourth Schedule of Income Tax Act, 1961.
      • The Master Proposal Form will have to be signed by Trustees and submitted along with the completed employee data in the required format and copies of trust rules and deeds.
      • Future contributions will have to be paid as defined by the rules.
      • All this is also subject to the Execution of ‘Deed of Variations’ by the Trustees and approval of the Commissioner of Income Tax is also needed.

    Plan Coverage - What the Bajaj Allianz Group Superannuation Secure Plan covers?

    Benefits and coverage offered by the Bajaj Allianz Group Superannuation Secure Plan is based on the account option chosen.

    • If the Pooled Level option is chosen, the following are the benefits available:
    Death Benefit The amount that has been decided by the member in agreement with the rules of the scheme, will be paid immediately in case of untimely death of member, as allowed in the rules of the scheme.
    Retirement/Vesting Benefit The amount that has been decided by the customer in agreement with the rules of the scheme will be paid immediately on retirement of the individual, as allowed in the rules of the scheme.
    Withdrawal Benefit (subject to scheme rules) The amount that has been decided by the member in agreement with the rules of the scheme will be paid as allowed in the rules of the scheme.

    At any given point of time, the total amount of benefit that is to be paid on complete surrender will not be lower than 101% of the complete member contribution, including any withdrawal that has already been made from the said account.

    • If the Member level option has been chosen, the following are the benefits available:
    Death Benefit Value of the individual’s account or 101% of the member’s contribution, whichever is higher will be paid immediately in case of untimely death of member, as allowed in the rules of the scheme.
    Retirement/Vesting Benefit Value of the individual’s account or 101% of the member’s contribution, whichever is higher will be paid immediately on retirement of the individual, as allowed in the rules of the scheme.
    Withdrawal Benefit (subject to scheme rules) Value of the individual account will be paid as allowed in the rules of the scheme.

    Exclusions - What the Bajaj Allianz Group Superannuation Secure Plan does not cover?

    There are no suicide exclusions under the Bajaj Allianz Group Superannuation Secure Plan. In case of unfortunate death of a member due to suicide, the benefit as mentioned above will be paid.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Bulk Exit In case the total amount that has been withdrawn due to a particular event over the previous 90 days goes above 25% of the total account value during the start of the policy year, this amount will be known as bulk exits. Market Value Adjustment will be applicable to this amount which is over and above the bulk exit amount. Value payable under such as withdrawal is:
    • In case it is a Pooled level account, the amount requested by the individual as long as it does not exceed the policy account value in the pooled account will be paid. However, if this value is higher than the policy account then value minus the Market Value Adjustment will be paid.
    • In case it is a Member level account, the total of individual account amount of the withdrawing member that has been adjusted to Market Value Adjustment, if applicable, will be paid.
    Surrender
    • Member can completely surrender their policy by giving an advance notice of 3 months.
    • Once this request is received, the higher of the Guaranteed Surrender Value will be paid minus the surrender penalty and Market Value Adjustment, if applicable.
    • The Guaranteed Surrender Value will be 70% of the total contributions minus all benefits that have been paid since inception from the account.
    • In case policy is surrendered within the first three policy years, the penalty would be lower of 0.05% of the complete policy or Rs.5,00,000 or individual account value.
    Loan There are no loans available under the Bajaj Allianz Group Superannuation Secure Plan.
    Non-Forfeiture In case the account value is below Rs.1,10,000 then the member will be intimated to contribute within a period of one month in order to bring the account value to above Rs 1 lakh. In case this is not adhered to, the policy will be terminated and the surrender value that is noted on the date of termination will be paid.
    Adjustment due to Market Value This factor is applicable in order to cover losses sustained due to market value of the investment in relation to the policy account value.
    New Members Members can join or leave only during commencement of said policy and after if any member leaves, the company will have to send data of all members( under member level account) to the respective Bajaj Allianz Life Insurance Company unit.
    Nomination The proceeds will be paid to the policyholder. Individual members can then nominate the individual(s) who will receive the policy proceeds upon member’s death.
    Free Look Period The free-look period available for the Bajaj Allianz Group Superannuation Secure Plan is 15 days. In case the plan has been procured via distance marketing i.e., telephone or any other means that do not involve a face-to-face meeting, the applicable free-look period is 30 days.

    Tax Benefits - How you can save with the Bajaj Allianz Group Superannuation Secure Plan?

    Members can save up on tax by procuring the Bajaj Allianz Group Superannuation Secure Plan. The tax benefits that can be availed is based on prevailing tax laws.

    Other Benefits - How you can save with the Bajaj Allianz Group Superannuation Secure Plan?

    Individuals today need not have to physically visit any of the Bajaj Allianz Life Insurance if they wish to procure a life insurance policy. They can just visit the company website and access all details easily. One can also apply for the same online. Individuals need not worry about payments as well, as Bajaj Allianz Life Insurance Company Ltd. accepts payments via of credit cards, debit cards, net banking and even e-wallets such as ICashCard, JioMoney and PayCash.

    Additionally, an individual can also utilise the online chat facility in order to contact the company or a representative. Resolution of queries can be done this way.

    Why you should buy the Bajaj Allianz Group Superannuation Secure Plan?

    Purchasing an insurance plan should be done meticulously and with care as this plan will have a huge impact on the individual and his/her next of kin. Therefore individuals must choose their insurance plans with care and Bajaj Allianz Life Insurance Company Ltd. is one of the most foremost providers of insurance. This company boasts of some of the most unique plans that are being offered and there is something for everyone. All products are priced competitively and the company also has a highly responsive customer care service.

    Bajaj Allianz also boasts of a Claim Settlement Ratio of 98.07% and has also received multiple awards such as the ‘Best Life Insurance Company in the Private Sector’ in 2016.