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Bajaj Allianz Group Employee Benefit Plan and Policy

Bajaj Allianz Group Employee Benefit Plan and Policy - Bajaj Allianz Group Employee Benefit Plan helps the master policyholder to set aside funds for gratuity and leave encashment benefits of their employees. This policy is a non-participating unit linked fund based multi featured plan offering a complete employee benefit solution. The investment risk in the investment portfolio is borne by the policyholder and not by the employee. There are 9 funds to select from and you can choose the frequency at which you want to pay the premium and switching of funds is done for free. This is an employer-employee group plan only.

Key Features - Bajaj Allianz Group Employee Benefit Plan and Policy:

Type

A unit- linked group insurance plan.

Basis

Group

Coverage

  • Death Benefit: In the event the member dies, the sum assured along with the amount decided by you will be paid and will be cancelled from the pooled unit fund. The sum assured is to be paid by the company and not from the pooled unit fund.

  • Other benefits: other benefits can be paid after cancelling it from the pooled unit fund. But it should be in accordance with the scheme rules. The amount to be paid will be limited to the extent of the fund value in the pooled unit fund.

Premium amount

Minimum – Rs.1 lakh

Maximum – No limit

Sum assured

Minimum – Rs.1,000

Maximum – No limit

Policy term

One year- renewable

Premium paying term

Each year at the time of renewal.

Premium paying frequency

Monthly, quarterly, half-yearly and yearly.

Renewability

Available every year.

Riders

Not available.

Bonuses

No bonus offered.

Surrender Value

The policy can be surrendered at any time and the surrender value will be equal to the pooled unit fund subject to the surrender charge. The policy will be terminated after the fund value has been paid to the master policyholder.

Loan

Not available.

Free look period

The plan has a 15 days free look period from the date of receipt of the policy document. You will get 30 days if the policy was issued under IRDA Guidelines on Distance Marketing. You need to provide a written reason of objection along with the policy document. You will receive refund on the date of allocation along with deductions of proportionate risk charges and expenses incurred on medical examination and the stamp duty charges, if any.

Grace period

The policyholder gets 30 days grace to pay the premium for yearly and half yearly mode. But for the monthly mode, 15 days grace is given.

Tax benefits

Applicable as per the Tax Laws.

Nomination

The nomination is allowed as per Section 39 of the Insurance Act, 1938.

Exclusion

Suicide exclusion is not available. If the member commits suicide, the full death benefit as stated under death benefit is paid to the nominee.

Charges
  • Premium allocation charge: 2% of the contribution subject to a maximum of Rs.1 lakh.
  • Surrender charge: if you surrender between 1-35 months, minimum of 0.05% of the fund value or Rs.5 lakhs is to be paid. If you surrender after 36 months, then no surrender charge is to be paid.
  • Partial withdrawal charge: Nil
  • Switching charges: Free
  • Miscellaneous charges: Rs.100 charged to the company for request of duplicate policy document. The maximum charge can be Rs.200.
  • Mortality charge: depends on the age, sum assured and nature of the group. It is guaranteed for entire scheme term. It is applied on the sum at risk.
  • Service Tax on charges: All the charges will be applicable to service tax.
  • Fund management charge:

Group Equity Fund

1.35%

Group BlueChip Fund

1.35%

Group Asset Allocation Fund – II

1.25%

Stable Gain Fund

1.20%

Secure Gain Fund

1.20%

Group Balanced Gain Fund

1.20%

Group Debt Fund II

1%

Group Short Term Debt Fund III

0.90%

Group Liquid Fund II

0.70%

Eligibility Details - Bajaj Allianz Group Employee Benefit Plan and Policy:

Size of group

Minimum – 10 members

Maximum – No limit

If group member falls below 10 after commencement of the plan, it will still continue.

Entry Age

Minimum – 15 years

Maximum – 79 years

Maximum age at maturity

80 years

Benefits - Bajaj Allianz Group Employee Benefit Plan and Policy:

The advantages of this plan are:

  • It is an employer-employee group plan.
  • It helps the master policyholder to set aside funds for gratuity and leave encashment benefits of their employees.
  • This policy is a non-participating unit linked fund based multi featured plan offering a complete employee benefit solution.
  • The policyholder bears the investment risk in the investment portfolio.
  • You have the liberty of choosing the frequency at which you want to pay the premium and switching of funds is done for free.
  • There are 9 funds to select from and you can choose from.
  • In the event the member dies, the sum assured along with the amount decided by you will be paid and other benefits can be paid after cancelling it from the pooled unit fund will be paid to the nominee.

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