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Bajaj Allianz Life Jan Suraksha Yojana Plan and Policy

Bajaj Allianz Life Jan Suraksha Yojana Plan and Policy - Bajaj Allianz Life Jan Suraksha Yojana plan is a Micro Group Term Insurance Plan offered by Bajaj Allianz Life Insurance. This group scheme provides life insurance cover to all the members in the group. This non-linked regular or single group micro term assurance plan is one of the most sought-after group insurance plan offered by Bajaj Allianz Life Insurance. There is one master policy holder is the scheme and the others are called the members of the scheme. Bajaj Allianz Life Insurance is one of the top non-banking firms offering several group insurance plans in India.

Eligibility Details - Bajaj Allianz Life Jan Suraksha Yojana Plan and Policy:

Minimum Entry Age 18 years
Maximum Entry Age 65 years
Minimum maturity age 23 years
Maximum Maturity Age 70 years

Policy Terms - the Bajaj Allianz Life Jan Suraksha Yojana Plan

Policy terms allowed for members Upto 5 years
Premium payment term Single or Equal policy term
Minimum sum insured Rs.10,000 per member
Maximum sum insured Rs.2,00,000 per member
Minimum premium As per the sum assured.
Maximum premium
  • For regular premium- Rs.750 per annum, per member.
  • For single premium- Rs.3.000 per annum, per member.
Premium payment frequency Annually, monthly and fortnightly.
Minimum group size 5 members
Revival period Policy can be covered within 2 years from the date of the first unpaid premium.
Grace period
  • 15 days for monthly and fortnightly payment frequency.
  • 30 days for annual premium payment frequency.
Policy loan option Not available

Advantages and Benefits - Bajaj Allianz Life Jan Suraksha Yojana Plan

Death benefit:

On death of a member, the sum assured in case of death will be paid to that member provided the life insurance cover on the member is active.

Policy surrender:

A policyholder can surrender his/her policy anytime. Once a member surrenders the policy, no new member can be enrolled in the policy.

Tax benefits:

Premium paid towards Bajaj Allianz Life Jan Suraksha Yojana plan is exempted from taxes as per the applicable tax laws.

Free look period:

A policyholder or a member gets 15 days from the date the policy is issued to review the terms and conditions of the policy. If the insured doesn’t agree with any of the terms and conditions, he/she has an option to return the policy.

Surrender of member’s policy:

A member can surrender the policy anytime, however, for regular premium policy, no surrender value is available. On the other hand, for single premium policy, the surrender value is payable on completion of one year of membership. The amount is calculated using the below table:

Membership surrender year Percentage of single premium paid
1 40%
2 30%
3 20%
4 10%
5 0%

Changing the premium payment frequency

Policyholder or any member can change the premium payment frequency on any membership anniversary day. One can choose to pay yearly, monthly or fortnightly. The table used to calculate the premium other than annual premium frequency is as follows:

Premium frequency Fortnightly Monthly Yearly
Factors 0.05 0.09 1

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

Bajaj Allianz Term Life Insurance Plans and Policy