Bajaj Allianz Group Income Protection Plan

• 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.

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 Benefits

Annuity Frequency Mode

Option I

Option II

Option III

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:

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

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

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.