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Bajaj Allianz Group Term Life Give your employees and their families the complete reassurance of a lasting financial security and peace of mind. What is the “Bajaj Allianz Group Term Life” Scheme? – It is a Group Term Insurance Scheme that provides basic Life Insurance protection to employees. – The main feature of this plan is to cover the risk of death. – Life Insurance Benefit for all members of the Scheme is provided by one policy document that is issued to the policyholder i.e. the Employer. The basic Life Cover can also be enhanced by adding the following additional benefits that provide for coverage of risks arising out of accidents. Accidental Death Benefit Accidents are always sudden and sometimes fatal. You can’t lessen the emotional shock, but you can certainly soften the financial one. Bajaj Allianz Accidental Death Benefit gives the love ones something to start with after the permanent loss of income by paying an amount equal to the sum assured. (Subject to maximum of Rs. 50,00,000/- under all policies with Bajaj Allianz taken together). Death should occur within 180 days of the accident and as a result of the accident. Accidental Permanent Total/Partial Disability Benefit Accidents are unpredictable and so are the consequences. They may lead to a disability – partial or total. This benefit provides a financial cushion against such misfortunes. You will get 50% of the Sum Assured in case of permanent partial disability and 100% of the Sum Assured in case of permanent total disability. In case of a permanent total disability following a permanent partial disability within one year, 50% of the Sum Assured is payable. In case of a permanent total disability following a permanent partial disability after one year, 100% of the Sum Assured is payable. The permanent disability payouts are subject to a maximum of Rs. 25,00,000/- for permanent partial disability and Rs. 50,00,000/- for permanent total disability under all policies with Bajaj Allianz taken together. Continuation option There will be a continuation option to be exercised under the policy at inception. Under this option if the employee leaves employment due to any reason other than ill-health retirement, fraud or misconduct he will have the option to continue his life cover by taking out an individual life insurance policy. The premium rates charged for the individual policy will be the standard individual premium rates applicable at the time of conversion. There
will be no medical evidence required at the time of issue of the individual policy upto the Free Cover Limit. For this option there will be an extra charge upto 20% on the mortality basis based on the group size and other characteristics of the group.
Who can set-up the “Bajaj Allianz Group Term Life” Scheme? As an Employer, you can set-up the Scheme. The purpose of setting up such a Scheme is to provide your employees with a sense of security in an increasingly uncertain world. The benefit is valuable because the amounts available to an employees' family as Gratuity, PF accumulation or Pension, in case of a premature death, is often small. The Group Term Life Cover balances the loss to some extent and gives the employee a sense of security. It can improve employee morale and productivity. This Scheme offers you the unique opportunity for providing adequate relief at a very low cost to the family of an employee in the event of his/her premature demise. The coverage selected may be uniform (same for all members of the group) or graded (on the basis of rank and salary levels). What does the “Bajaj Allianz Group Term Life" Scheme offer? To the Employer: – Provides valuable Life Cover to your employee at an attractive benefitto-premium ratio. – Contribution to the Group Term Life Scheme by the Employee is allowed as business expenses. – Improves staff relation and goodwill. – Helps in recruitment and retention of quality staff. – Helps raise employee motivation levels and productivity. – Easy to set up and administer. To the Employee: – In the event of untimely death of any employee, the Life Cover amount is paid. – Death benefit, when paid, will be exempted from Income Tax in the hands of beneficiaries / employees. – If the Scheme is contributory i.e. employees also contribute the premium, they are eligible to claim Income Tax rebate under Section 88 of the Income Tax Act. – The cover available upto Free Cover Limit without insisting upon any medical evidences, subject to some simple insurability conditions.
How is Life Cover provided under the “Bajaj Allianz Group Term Life” Scheme? – Life Cover is generally provided under One Year Renewable Group Term Insurance. – The premiums are renewable and reviewable on a yearly basis. – The scheme may be eligible for profit sharing in the form of a reduction in subsequent year’s renewal premium, depending on the size, the exposure in years and the experience of the scheme.
What are the eligibility conditions of the "Bajaj Allianz Group Term Life" Scheme? Eligibility Minimum Entry Age Maximum Maturity Age Criteria 18 years
Normal Retirement Age or 70 years whichever is lower* Minimum Sum Assured Rs 10,000 Maximum Sum Assured 7 times the gross salary subject to a maximum of Rs 1.5 crores Minimum Size of the Group 50 members. *Members above age 65 may be subject to special underwriting considerations on a case to case basis if necessary. Simple Insurability Conditions: Depending on the size of the group and other factors, each specific scheme will have a Free Cover Limit. The simple insurability conditions for the Free Cover Limit are that the member should be in good health on the date of entry and not absent from work for reasons of illness during the past 2 weeks preceding the date of scheme. However this condition may be waived if the group cover is being transferred from another insurance company. In addition, other underwriting criteria may be set depending on the nature of the group. For coverage over and above the Free Cover Limit, satisfactory medical evidence would be required individually.
The Free Cover Limit for employer-employee groups will depend on the number of lives in the group: Number of Lives Free Cover Limit Upto 50 2.5 x Average Sum Assured , max. Rs 1,000,000 51 – 100 3 x Average Sum Assured , max. Rs 2,000,000 101 – 200 4 x Average Sum Assured , max. Rs 3,000,000 201 – 500 5 x Average Sum Assured , max. Rs 3,500,000 501 – 1000 6 x Average Sum Assured , max. Rs 4,000,000 1001 - 2000 7 x Average Sum Assured , max. Rs 4,500,000 Over 2000 8 x Average Sum Assured , max. Rs 5,000,000 where Average Sum Assured = Total Sum Assured for the Group/Number of members covered.
New Entrants and Leavers: – At the commencement, and thereafter on each annual renewal date, the Employer will have to send all the employees data to the respective unit of Bajaj Allianz Life Insurance Company. – All new eligible employees are to be compulsorily covered, if they meet the eligibility criteria. – If an employee enters the scheme between two annual renewal dates, the particulars of the same may be submitted by the Employer on a monthly basis along with the proportionate premium for the balance part of the policy year.
Premiums: Normally, the Employer has to pay the premiums. However, the scheme can be contributory, i.e. employees may also contribute to the premium. Employer is responsible for remitting both Employer’s and Employees contributions in one sum. Premium Payment Mode: The Premiums are payable in yearly/half yearly / quarterly or monthly modes. The premium for frequencies other than annual is then given by the annual premium multiplied with the frequency factor. The factors are: Premium frequency Monthly Quarterly Half yearly Frequency factor 0.09 0.26 0.51 Premiums to be paid before expiry of one month but not less than 30 days from due date.
General Policy provisions: – Each member assured can nominate the person/persons to whom the death benefits will be payable. – Policies may be revived/reinstated within one year of unpaid premium on terms agreed at time of revival/reinstatement.
Profit Sharing: The Group Policy holder has the option of sharing in the mortality profits (Profit Sharing) based on experience rating subject to following conditions. i) Profit Share computation period will be on completion of minimum life years of 5000. ii) The expected number of deaths in the Profit Share computation period should be at least 10. iii) Share of Profit of the Group will be applied in reducing the premium payable on the next renewal date. iv) In case of loss, the same will be carried forward. Free Look Period Within 15 days from the date of receipt of policy, you have the option to review the terms and conditions and return the policy, if you disagree to any of the terms and conditions, stating the reason for your objections. You will be entitled to a refund of the premium paid, subject only to a deduction of proportionate risk premium for the period on the cover and the expenses incurred on medical examination and stamp duty charges.
Why Bajaj Allianz Life Insurance? Bajaj Allianz Life Insurance Company Limited is a union between Allianz AG, one of the world’s leading insurer with a Gross Written Premium of US$ 63.7 billion and Bajaj Auto, one of India’s most respected names. We at Bajaj Allianz realize that you seek an insurer who you can trust your hard-earned money with. Allianz AG with over 110 years of financial experience in over 70 countries and Bajaj Auto, trusted for over 55 years in the Indian market, together are committed to offering you financial solutions that provide all the security you need for your family and yourself. At Bajaj Allianz, customer delight is our guiding principle. Ensuring world class solutions by offering you customized products with transparent benefits supported by the best technology is our business philosophy.
For more details, kindly call us today on the numbers mentioned at the end. This brochure should be read in conjunction with the Policy Exclusions. Please ask for the same along with the quotation.
will be no medical evidence required at the time of issue of the individual policy upto the Free Cover Limit. For this option there will be an extra charge upto 20% on the mortality basis based on the group size and other characteristics of the group.
Who can set-up the “Bajaj Allianz Group Term Life” Scheme? As an Employer, you can set-up the Scheme. The purpose of setting up such a Scheme is to provide your employees with a sense of security in an increasingly uncertain world. The benefit is valuable because the amounts available to an employees' family as Gratuity, PF accumulation or Pension, in case of a premature death, is often small. The Group Term Life Cover balances the loss to some extent and gives the employee a sense of security. It can improve employee morale and productivity. This Scheme offers you the unique opportunity for providing adequate relief at a very low cost to the family of an employee in the event of his/her premature demise. The coverage selected may be uniform (same for all members of the group) or graded (on the basis of rank and salary levels). What does the “Bajaj Allianz Group Term Life" Scheme offer? To the Employer: – Provides valuable Life Cover to your employee at an attractive benefitto-premium ratio. – Contribution to the Group Term Life Scheme by the Employee is allowed as business expenses. – Improves staff relation and goodwill. – Helps in recruitment and retention of quality staff. – Helps raise employee motivation levels and productivity. – Easy to set up and administer. To the Employee: – In the event of untimely death of any employee, the Life Cover amount is paid. – Death benefit, when paid, will be exempted from Income Tax in the hands of beneficiaries / employees. – If the Scheme is contributory i.e. employees also contribute the premium, they are eligible to claim Income Tax rebate under Section 88 of the Income Tax Act. – The cover available upto Free Cover Limit without insisting upon any medical evidences, subject to some simple insurability conditions.
How is Life Cover provided under the “Bajaj Allianz Group Term Life” Scheme? – Life Cover is generally provided under One Year Renewable Group Term Insurance. – The premiums are renewable and reviewable on a yearly basis. – The scheme may be eligible for profit sharing in the form of a reduction in subsequent year’s renewal premium, depending on the size, the exposure in years and the experience of the scheme.
What are the eligibility conditions of the "Bajaj Allianz Group Term Life" Scheme? Eligibility Minimum Entry Age Maximum Maturity Age Criteria 18 years
Normal Retirement Age or 70 years whichever is lower* Minimum Sum Assured Rs 10,000 Maximum Sum Assured 7 times the gross salary subject to a maximum of Rs 1.5 crores Minimum Size of the Group 50 members. *Members above age 65 may be subject to special underwriting considerations on a case to case basis if necessary. Simple Insurability Conditions: Depending on the size of the group and other factors, each specific scheme will have a Free Cover Limit. The simple insurability conditions for the Free Cover Limit are that the member should be in good health on the date of entry and not absent from work for reasons of illness during the past 2 weeks preceding the date of scheme. However this condition may be waived if the group cover is being transferred from another insurance company. In addition, other underwriting criteria may be set depending on the nature of the group. For coverage over and above the Free Cover Limit, satisfactory medical evidence would be required individually.
The Free Cover Limit for employer-employee groups will depend on the number of lives in the group: Number of Lives Free Cover Limit Upto 50 2.5 x Average Sum Assured , max. Rs 1,000,000 51 – 100 3 x Average Sum Assured , max. Rs 2,000,000 101 – 200 4 x Average Sum Assured , max. Rs 3,000,000 201 – 500 5 x Average Sum Assured , max. Rs 3,500,000 501 – 1000 6 x Average Sum Assured , max. Rs 4,000,000 1001 - 2000 7 x Average Sum Assured , max. Rs 4,500,000 Over 2000 8 x Average Sum Assured , max. Rs 5,000,000 where Average Sum Assured = Total Sum Assured for the Group/Number of members covered.
New Entrants and Leavers: – At the commencement, and thereafter on each annual renewal date, the Employer will have to send all the employees data to the respective unit of Bajaj Allianz Life Insurance Company. – All new eligible employees are to be compulsorily covered, if they meet the eligibility criteria. – If an employee enters the scheme between two annual renewal dates, the particulars of the same may be submitted by the Employer on a monthly basis along with the proportionate premium for the balance part of the policy year.
Premiums: Normally, the Employer has to pay the premiums. However, the scheme can be contributory, i.e. employees may also contribute to the premium. Employer is responsible for remitting both Employer’s and Employees contributions in one sum. Premium Payment Mode: The Premiums are payable in yearly/half yearly / quarterly or monthly modes. The premium for frequencies other than annual is then given by the annual premium multiplied with the frequency factor. The factors are: Premium frequency Monthly Quarterly Half yearly Frequency factor 0.09 0.26 0.51 Premiums to be paid before expiry of one month but not less than 30 days from due date.
General Policy provisions: – Each member assured can nominate the person/persons to whom the death benefits will be payable. – Policies may be revived/reinstated within one year of unpaid premium on terms agreed at time of revival/reinstatement.
Profit Sharing: The Group Policy holder has the option of sharing in the mortality profits (Profit Sharing) based on experience rating subject to following conditions. i) Profit Share computation period will be on completion of minimum life years of 5000. ii) The expected number of deaths in the Profit Share computation period should be at least 10. iii) Share of Profit of the Group will be applied in reducing the premium payable on the next renewal date. iv) In case of loss, the same will be carried forward. Free Look Period Within 15 days from the date of receipt of policy, you have the option to review the terms and conditions and return the policy, if you disagree to any of the terms and conditions, stating the reason for your objections. You will be entitled to a refund of the premium paid, subject only to a deduction of proportionate risk premium for the period on the cover and the expenses incurred on medical examination and stamp duty charges.
Why Bajaj Allianz Life Insurance? Bajaj Allianz Life Insurance Company Limited is a union between Allianz AG, one of the world’s leading insurer with a Gross Written Premium of US$ 63.7 billion and Bajaj Auto, one of India’s most respected names. We at Bajaj Allianz realize that you seek an insurer who you can trust your hard-earned money with. Allianz AG with over 110 years of financial experience in over 70 countries and Bajaj Auto, trusted for over 55 years in the Indian market, together are committed to offering you financial solutions that provide all the security you need for your family and yourself. At Bajaj Allianz, customer delight is our guiding principle. Ensuring world class solutions by offering you customized products with transparent benefits supported by the best technology is our business philosophy.
For more details, kindly call us today on the numbers mentioned at the end. This brochure should be read in conjunction with the Policy Exclusions. Please ask for the same along with the quotation.
