"Spending a whole day looking for insurance is fun," said nobody, EVER!
Close

Tell us about yourself & we'll find the best Term/Cancer Life Insurance offers for you.

Bajaj Allianz Group Term Care Plan

 Group Term Care Plan is a non-participating, non-linked single premium group term assurance plan offered by Bajaj Allianz. This scheme is ideal for employer-employee groups and non employer-employee homogeneous groups. The plan provides life coverage to groups and offers maturity benefits, surrender benefit and high sum assured rebate. To avail protection under this plan, members have to pay a single premium only. Policyholders can also enjoy tax benefits on this plan.

Eligibility - Who is the Bajaj Allianz Group Term Care Plan for?

Bajaj Allianz Group Term Care Plan can be availed only by members who meet the following eligibility requirements:

Plan Type Traditional non-participating, non-linked single premium group term assurance plan
Group Type Employer-employee group, non employer-employee homogeneous group
Minimum Age at Entry 15 years
Minimum Group Size 50 members
Maximum Age at Entry 65 years
Minimum Age at Maturity 20 years
Maximum Age at Maturity 70 years
Available Membership Terms 5 years, 7 years or 10 years
Premium Payment Frequency Factor N.A.
Premium Payment Frequency Single

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

Sum Assured is a guaranteed amount that members will receive from the Bajaj Allianz Group Term Care Plan. The minimum and maximum Sum Assured offered by the plan is mentioned below:

Minimum Sum Assured Rs.1,00,000 per member
Maximum Sum Assured No Limit

Premium is the amount that policyholders have to pay to avail the plan. This amount has to be paid on the date of entry. Bajaj Allianz Group Term Care Plan requires policyholders to pay a single premium only. The membership terms available for this plan are 5 years, 7 years and 10 years.

Plan Coverage - What the Bajaj Allianz Group Term Care Plan covers?

Bajaj Allianz Group Term Care Plan provides the following benefits:

Death Benefit If a member dies before the date of maturity, then his/her nominee will receive the Sum Assured as per the terms and conditions of the policy. The member’s membership will be automatically terminated.
Maturity Benefit If a member is alive on the date of maturity and his/her membership is active, then a percentage of the premium will be paid as maturity benefit. His/her membership will automatically terminate on the date of maturity. The percentage of benefit that a member will receive depends on the membership term. The percentages of benefit for the different terms are:
5 years 75% of Single Premium
7 years 90% of Single Premium
10 years 100% of Single Premium
Surrender Benefit A member can surrender the life insurance cover through the policyholder at any time. If they surrender, they will receive either the Special Surrender Value or the Guaranteed Surrender Value (whichever is higher). The Guaranteed Surrender Value is calculated using the following formulae: (30+5*t)% of Single Premium Here, ‘t’ refers the number of years the surrendering member has completed from the date of entry. The Special Surrender Value is announced by the Company. A policyholder does not have the option of surrendering the policy.

Riders / Add-On Plans – Additional coverage under the Bajaj Allianz Group Term Care Plan:

Riders/Add-On Plans are not available for Bajaj Allianz Group Term Care Plan.

Exclusions - What the Bajaj Allianz Group Term Care Plan doesn’t cover?

Suicide Exclusion – If a member dies by suicide within 1 year from the date of entry, then Bajaj Allianz will pay highest of the following:

  • 80% of the premium amount; or
  • Surrender value on the date of death.

The Company will also terminate his/her membership on the date of death.

Other Key Features – Free Look Period, Grace Period etc.:

Bajaj Allianz Group Term Care Plan has many important features. Some of them are mentioned below:

Particulars Details
Nomination Nomination is allowed as per the conditions mentioned in Section 39 of the Insurance Act, 1938.
Modifications Changes to the policy can only be made by the policyholder.
Claim Payment Claim benefit is paid by the Company to the member through the policyholder. To receive the payment, member has to submit the following documents:
  • Insurance Certificate.
  • Recent Medical Record.
  • Hospital Treatment Certificate.
  • Discharge card/summary from clinics/hospitals where treatment was taken.
  • Death Certificate.
  • Medical reason of death.
  • Written intimation of claim within 180 days from the date of death.
  • Burial/crematorium record of death. It should mention the day, date and time.
  • FIR/Post Mortem Report/Coroner’s Report/Final Inquest Report/PIR in case of accidental or unnatural death.
  • Documents establishing claimant’s right to make the claim. This is required if no nominee is available.
High Sum Assured Rebate (HSAR) It is a discount on the premium that members can avail for every complete additional Sum Assured worth Rs.1,000. It is available for sum assured of more than Rs.1,00,000.
Membership Term HSAR
5 years Rs.15
7 years Rs.20
10 years Rs.25
Free Look Period 15 days from the date of receiving the Insurance Certificate. (30 days if the policy is issued through Distance Marketing Channels).

Tax Benefits – How you can save with the Bajaj Allianz Group Term Care Plan?

Bajaj Allianz Group Term Care Plan holders can avail tax benefits under the Income Tax Act, 1961. The tax benefits are in the form of exemptions and deductions, which the members can claim on the premium they pay.

Other Benefits – How you can save with the Bajaj Allianz Group Term Care Plan?

Bajaj Allianz Group Term Care Plan has many benefits to offer. Some of them are mentioned below:

Particulars Details
Customer Care Service The Company provides assistance 24x7 to its customers. People can contact the customer care team at any time by call, email or via live chat.
Claim Form and Status The claim form is available online on the Company’s website. People can also find out their claim status online on the website.
Online Premium Payment Customers can pay their premium online on the website. They can make payment using credit/debit card, net banking, e-Wallet, Bill Junction, etc.

Why you should buy the Group Term Care Plan from Bajaj Allianz?

You should buy the Group Term Care Plan from Bajaj Allianz because it is one of the most popular products offered by the Company. Bajaj Allianz is well-known for offering customized life insurance policies that are 100% transparent. It has a presence in different parts of the country, which makes the services offered by it easily accessible. It uses the best technology to provide an unforgettable experience. The customer service team of the Company is available 24x7 to answer to any queries of the customers and for processing claims quickly.