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  • Bajaj Allianz Group Income Protection 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 Group Income Protect is a fixed term annuity plan offered by Bajaj Allianz which allows you to protect the interests of your land holders (members), by providing them and their family members with assured income during their membership duration by way of an annuity and death benefit, if the landholder passes away unexpectedly and unfortunately. The plan comes with three benefit options and multiple annuity frequency modes to suit different needs.

    Eligibility - Who is the Bajaj Allianz Group Income Protection Plan For?

    The Group Income Protection plan by Bajaj Allianz is open to all landowners or farmers whose land has been purchased by an organization or company working to develop the same into a SEZ (special economic zone). To be eligible to purchase the Bajaj Allianz Group Income Protect Plan, applicants must adhere to the following eligibility criteria.

    Parameter Eligibility
    Minimum Age At Entry 1 year
    Maximum Age At Entry For option I & II - 80 years For Option III - 100 years
    Minimum Group Size 50 members

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

    1. Sum Assured

    Under the Bajaj Allianz Group Income Protection plan, the minimum amount of sum assured that will be provided is Rs.1,000.

    Annuity - For the convenience of its customers, this plan comes with multiple annuity frequency modes which are yearly, half yearly, quarterly or monthly. Benefits are payable depending on the mode and option of annuity payment chosen and are payable a year, half a year, a quarter or a month after the purchase date.

    Minimum Annuity & Income Benefit

    Annuity Mode Amount Payable
    Monthly Mode Rs.960
    Quarterly Mode Rs.2,904
    Half-yearly Mode Rs.5,880
    Yearly Mode Rs.12,000

    Annuity Frequency Mode

    Option I

    Age/Yearly Annuity** 12,000 15,000 20,000
    50 175,392 219,240 292,320
    60 187,836 234,795 313,060

    Option II

    Age/Yearly Annuity** 12,000 15,000 20,000
    50 240,636 300,795 401,060
    60 263,580 329,475 439,300

    Option III

    Age/Yearly Annuity** 12,000 15,000 20,000
    50 222,369 277,881 370,400
    60 222,575 278,087 370,078

     

    2. Premium Range

    The minimum purchase price required under the Bajaj Allianz Group Income Protect Plan will be determined by the minimum annuity amount to be secured.

    Plan Coverage - What the Bajaj Allianz Group Income Protect Plan Covers?

    The Bajaj Allianz Group Income Protect Plan works in a manner that is quite simple to understand. At time of inception of the plan, the applicant must choose the following:

    • The annuity term which must be in the range of 3 years to 55 years
    • One of the offered annuity options (I, Ii or III)
    • If Option III has been chosen, the applicant must also choose the rate of increase of the annuity.
    • Once the customer has made the choice of the option, they will not be permitted to change it.
    • The policy taker must pay lump-sum amount for all the members covered under the policy on the basis of the benefit option chosen.
    • On the basis of the benefit option and mode chosen for the policy, the payment of benefits will commence after the end of the monthly, quarterly, half-yearly or yearly interval.

    Coverage Provided under the Bajaj Allianz Group Protect Plan:

    Option I
    • Under this option, a regular annuity amount will be paid to the member until their death or until the chosen annuity term has expired, whichever takes place earlier.
    • If the member covered under the policy passes away before the expiry of the annuity term, then the total annuity amount that is payable to the member counting from the date of their death to the date of expiry of the annuity term, will be paid to the member’s nominee as a lump sum.
    Option II
    • Under this option, annuity is paid to the member on an increasing basis (per year increase at the rate of 3.33% of annuity payable in the first year) is paid to the member until their death or till the chosen annuity term expires, whichever occurs earlier.
    • If the member covered under the policy passes away before the expiry of the annuity term, then the total annuity amount that is payable to the member counting from the date of their death to the date of expiry of the annuity term, will be paid to the member’s nominee as a lump sum.
    Option III
    • An increasing or stable annuity (per year increase at the rate of X% of the annuity payable in the first year, where 0=
    • If the policy member passes away before the end of the annuity term, then, death benefit equal to the amount of sum assured chosen by the policy taker will be given to the member’s nominee.
    • Also, the nominee or legal heirs(in case of death of nominee) will continue to receive the annuity payment till the expiry of the annuity term.

    Other Key Features - Annuity Term, New Entrants, Surrender Value, Loans:

    Some of the notable features of this group plan are as follows:

    Annuity Term The minimum annuity term is 5 years while the maximum is 3 years
    New Entrants If a member wishes to become a part of the policy either at the time of its commencement of even afterwards, they must provide their consent for the same to the policyholder. The policyholder will then relay the details of this new member(s) and also the purchase price to Bajaj Allianz. A minimum participation of 75% is required at commencement for new entrants, on the condition that the group size is not below 50.
    Nomination Each member covered under the policy is permitted to nominate an individual/individuals who will be entitled to receive the lump sum benefits in case the policy member passes away before the expiry of the policy term.
    Surrender This policy does not have any surrender value.
    Loans The facility of loans is not available under this policy.

    Tax Benefits - How you can save with Bajaj Allianz Group Income Protect Plan?

    Members and policyholders of the Bajaj Allianz Group Income Protect plan are eligible for tax benefits under applicable tax laws.

    Other Benefits - How you can save with Bajaj Allianz Group Income Protect Plan?

    • Bajaj Allianz has an online portal where customers can easily access their policy related details anytime.
    • On the website, customers can easily renew their policy without having to visit a Bajaj Allianz branch in person.
    • Customers can make payments for policy premiums via multiple channels such as credit cards, debit cards, net banking, e-wallets, bill junction, etc.
    • To help customers resolve any policy related query, Bajaj Allianz has set up a dedicated customer service helpline which customers can call on.
    • Bajaj Allianz also offers a SMs and Callback facility here customers can send a SMs to the insurance company to request for a call back for their queries.

    Why you should buy the Bajaj Allianz Group Income Protect Plan?

    Established as a joint venture between Bajaj Finserv Limited and Allianz SE, Bajaj Allianz is one of India’s leading insurance provider. With extensive experience and expertise in the field of insurance, Bajaj Allianz provides all-round smart insurance solutions to its customers. The insurer aims to offer to its customer’s products that are competitively priced, in addition to swift responses, both of which have helped Bajaj Allianz become one of the market leaders in the field of insurance.