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