Bajaj Allianz Group Term Life Insurance Plan

 

The Group Term Life Insurance Plan from Bajaj Allianz provides members of the group as well as their families the insurance coverage through an employer, association or other organisation. The plan is designed in a manner such that the employees of a company as well as their beneficiaries receive the total reassurance of financial security in case of the unfortunate and untimely demise of the individual who forms part of the group. In addition to financial security, the plan also provides peace of mind to the group members and their families.

The Bajaj Allianz Group Term Life Insurance Plan can be set up by an Employer Employee group as well as Non-Employer Employee group. Setting up a scheme such as this offers a sense of security to the members of the group, especially in an uncertain world. The beneficiaries of a group member can receive benefits in the form of pension, PF accumulation or gratuity in case of the untimely demise of a group member.

The coverage selected under the Bajaj Allianz Group Term Life Insurance Plan could be either uniform cover (in which all members of the group have the same cover), or grader cover (in which cover is determined based on rank, cost to company, salary levels, liability amount, future service gratuity of gratuity scheme, outstanding loan, size of bank deposit, EDLI scheme, etc.).

The Bajaj Allianz Group Term Life Insurance Plan offers three additional riders, including the Bajaj Allianz Group Accidental Death Benefit Rider, the Bajaj Allianz Group Accidental Permanent Total/Partial Disability Benefit Rider, and the Bajaj Allianz Group Accelerated Critical Illness Benefit Rider. The premium payable under this policy will depend on the sum assured, and the minimum sum assured per member is Rs.1000. Tax benefits can also be claimed as per prevailing tax laws.

Eligibility – Who is the Bajaj Allianz Group Term Life Insurance Plan for?

To be eligible to purchase the Bajaj Allianz Group Term Life Insurance Plan, the group must have a certain number of minimum members, and the minimum and maximum age at entry and maturity must be adhered to. Following are the eligibility criteria to purchase a Bajaj Allianz Group Term Life Insurance Plan:

Parameter	Details
Plan Type	Traditional Group Term Insurance Plan
Minimum Entry Age	14 years in case of both, Employer Employee groups as well as Non-Employer Employee groups
Maximum Entry Age	79 years in case of Employer Employee groups and 69 years in case of Non-Employer Employee groups
Maximum Age at Maturity	80 years in case of Employer Employee groups and 70 years in case of Non-Employer Employee groups
Policy Term	One year renewable group term assurance
Minimum Group Size	10 in case of Employer Employee groups and 50 in case of Non-Employer Employee groups

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

When purchasing the Bajaj Allianz Group Term Life Insurance Plan, companies will have to insure their groups for a minimum amount of money, and the premium range in case of this particular plan will depend on the sum assured. The premium payments towards this policy can be made either on a monthly, quarterly, semi-annual or annual basis depending upon the preference of the buyer. Following are the sum assured and premium details of the Bajaj Allianz Group Term Life Insurance Plan:

Parameter	Details
Sum Assured	Minimum of Rs.1000 per member
Premium Range	Dependent on the sum assured
Payment Frequency	Monthly / Quarterly / Semi-Annual / Annual

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

Plan Coverage – What the Bajaj Allianz Group Term Life Insurance Plan Covers?

Following are the benefits offered by the Bajaj Allianz Group Term Life Insurance Plan:

Death Benefit

There are two options from which members can choose to receive the death benefit under the Bajaj Allianz Group Term Life Insurance Plan. Option 1: Under the first option, in case of the death of a member or in case of joint life on first death of either of the members, the sum assured will be paid as a lump sum. Option 2: Under the second option, in case of the death of the member or in case of joint life on first death of either of the member, a certain percentage exceeding 10% of the sum assured will be paid as a lump sum. The balance amount of the sum assured will be paid in equal instalments in arrears over the course of the instalment period selected by the policyholder, subject to a maximum of 10 years.

Maturity Benefit

The Bajaj Allianz Group Term Life Insurance Plan does not offer any maturity benefits.

Riders / Add-On Plans – Additional Coverage under the Bajaj Allianz Group Term Life Insurance Plan:

The Bajaj Allianz Group Term Life Insurance Plan offers three additional riders that can increase the value of the policy. These are the Bajaj Allianz Group Accidental Death Benefit Rider, the Bajaj Allianz Group Accidental Permanent Total/Partial Disability Benefit Rider, and the Bajaj Allianz Group Accelerated Critical Illness Benefit Rider. Following are the features of each of these riders:

Bajaj Allianz Group Accidental Death Benefit Rider:

The Bajaj Allianz Group Accidental Death Benefit Rider provides the family members of a group member with an income solution to deal the permanent income in case of the accidental death of the individual. This non-participating traditional rider must be attached to a base policy that offers accidental death benefit that is equal to the cover selected under the rider. In case of the death of a group member directly due to an accident, the beneficiary will receive an amount equal to the sum assured selected within 180 days from the date on which the accident had occurred. Following are the features of the Bajaj Allianz Group Accidental Death Benefit Rider:

Parameter	Details
Type	Non-participating traditional rider
Minimum Size of the Group	Same as base plan
Minimum Entry Age	18 years
Maximum Entry Age	64 years
Maximum Age at Maturity	65 years
Policy Term	Same as Premium Payment Term of the base plan
Minimum Sum Assured	As per base plan
Maximum Sum Assured	Cannot be more than the sum assured under the base plan and should not exceed Rs.1,00,00,000 under all group policies combined.
Premium Payment Frequency (if applicable)	As per base plan

Bajaj Allianz Group Accidental Permanent Total / Partial Disability Benefit Rider:

The Bajaj Allianz Group Accidental Permanent Total / Partial Disability Benefit Rider is a non-participating traditional rider that provides coverage to the group member in case of total or partial disability caused as the result of an accident. In case pf permanent partial disability, the benefit will be paid to the individual within 180 days from the date on which the accident occurred, and the benefit shall be the lower of either 50% of the sum assured under the rider or Rs.5,000,000 per member under all group policies purchased from Bajaj Allianz combined. In case of accidental permanent total disability, the benefit will be the lower of the sum assured under the rider or Rs.10,000,000 per member under all group policies purchased from Bajaj Allianz combined. Following are some of the other crucial details of the Bajaj Allianz Group Accidental Permanent Total / Partial Disability Benefit Rider:

Parameter	Details
Type	Non-participating traditional rider
Minimum Size of the Group	Same as base plan
Minimum Entry Age	18 years
Maximum Entry Age	64 years
Maximum Age at Maturity	65 years
Policy Term	Same as Premium Payment Term of the base plan
Minimum Sum Assured	As per base plan
Maximum Sum Assured	Cannot be more than the sum assured under the base plan and should not exceed Rs.1,00,00,000 under all group policies combined.
Premium Payment Frequency (if applicable)	As per base plan

Bajaj Allianz Group Accelerated Critical Illness Rider:

The Bajaj Allianz Group Accelerated Critical Illness Rider provides benefits in case the group member is diagnosed with a critical illness, providing the funds necessary for treatment in such cases. This rider covers 11 critical illnesses and if a member of the group or the first of the joint members is diagnosed, an amount equal to the rider sum assured will be paid out. The conditions covered under this rider include cancer, heart attack, open chest CABG, kidney failure, stroke, bone marrow / major organ transplant, permanent paralysis of limbs, aortic surgery, multiple sclerosis, Alzheimer’s disease and primary pulmonary hypertension. The terms and conditions for each of these problems may vary, so it is advised that you carefully read the fine print before purchasing the rider. Following are some of the crucial details regarding the Bajaj Allianz Group Accelerated Critical Illness Rider:

Parameter	Details
Minimum Size of the Group	Same as base plan
Minimum Entry Age	18 years
Maximum Entry Age	69 years
Maximum Age at Maturity	70 years
Rider Term	As per base plan
Rider Sum Assured	As per base plan
Premium Payment Frequency	As per base plan
Premium Payment Term	As per base plan

Other Key Features of Bajaj Allianz Group Term Life Insurance Plan:

Following are some of the other key features of the Bajaj Allianz Group Term Life Insurance Plan:

Surrender Value	The Bajaj Allianz Group Term Life Insurance Plan has no surrender value.
Policy Loan	The Bajaj Allianz Group Term Life Insurance Plan does not have an option that grants loans against the policy.
Free Cover Limit	Members who are eligible from Employer Employee groups can receive a Free Cover Limit to the following extent: Up to 50 lives: 2.5 x Average Sum Assured, subject to a maximum of Rs.10,00,000 51-100 lives: 3 x Average Sum Assured, subject to a maximum of Rs.20,00,000 101-200 lives: 4 x Average Sum Assured, subject to a maximum of Rs.30,00,000 201-500 lives: 5 x Average Sum Assured, subject to a maximum of Rs.35,00,000 501-1000 lives: 6 x Average Sum Assured, subject to a maximum of Rs.40,00,000 1000-2000 lives: 7 x Average Sum Assured, subject to a maximum of Rs.45,00,000 Over 2000 lives: 8 x Average Sum Assured, subject to a maximum of Rs.50,00,000
Profit Sharing	Mortality profits (profit sharing) is an option wherein the profits are shared based on the experience rating, but it is subject to certain conditions as follows: The computation of profit sharing shall be done once a minimum life years of 1000 years are completed under a Group Master Policy. The profit sharing for the group shall be applied in lowering the premium payable on the following renewal date. In case the premium is paid in part or wholly by the members then the reduction shall be shared by the members and the policyholder in the same proportion. If there are losses, they will be carried forward and then adjusted in following years’ profits.
Revival / Renewal	The Bajaj Allianz Group Term Life Insurance Plan can be renewed after one year has been completed on the Annual Renewal Date. The renewed terms and premium rates could change from the previous year, but not necessarily in every case. Membership under a Non-Employer Employee scheme can be renewed based on the renewal of the policy. In case the premium payment frequency is monthly, quarterly, or semi-annual, and the premiums have not been paid within the grace period, it can be revived within the one-year term of the membership/policy by submitting all the information and documents asked for by the company and paying all the premiums due. The company has the discretion to decide whether the policy can be revived at the revised / original terms and conditions.
Grace Period	The grace period for paying the premiums due is 30 days in case of annual, semi-annual and quarterly premium payment frequencies. In case of monthly frequency, the grace period will be 15 days. In case of a death of a group member during the grace period, the death benefit payable will be the sum assured after deducting the due unpaid premiums.
Termination	In case of the occurrence of the following events, the Bajaj Allianz Group Term Life Insurance Plan will terminate. On the date of termination of the policy by the policyholder. In case the premium has not been paid for the member prior to the expiry of the grace period while the policy term is still ongoing. On the death of the member or on the first death of either of the members in case of joint life cover, after the death benefit has been paid. In case the member has attained 70 years of age in case of Non-Employer Employee schemes and 80 years in case of Employer Employee schemes. On the payment of critical illness benefit, if chosen by the member under the Bajaj Allianz Group Accelerated Critical Illness Rider Benefit.
Free Look Period	Customers who purchase this policy have the option to return it within 15 days if they are not satisfied with the terms and conditions of the same. In case the policy is issued under the provisions of the IRDAI Guidelines on Distance Marketing, the free look period will extend to 30 days.
Assignment	Assignment under the Bajaj Allianz Group Term Life Insurance Plan should comply with provisions of Section 38 of the Insurance Act, 1938.
Nomination	Nomination under the Bajaj Allianz Group Term Life Insurance Plan should comply with the provisions of Section 39 of the Insurance Act, 1938.

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

Tax benefits can be claimed for the Bajaj Allianz Group Term Life Insurance Plan as per the prevailing tax laws.

Why you should choose the Bajaj Allianz Group Term Life Insurance Plan?

A joint venture between Allianz SE and Bajaj Finserv Limited, Bajaj Allianz is one of the biggest and most trusted life insurance providers in India. The company combines local experience with global expertise perfectly to enjoy a fine reputation of strength and stability. The company offers comprehensive life insurance solutions that are designed keeping an extensive customer base in mind. Quick responses coupled with competitive pricing makes Bajaj Allianz a quality insurance provider, and you can find comprehensive policies at affordable pricing to meet all your insurance requirements, and rest assured that you will receive assistance at any time thanks to the company’s 24x7 customer care centres.