Bajaj Allianz Group Term Life Insurance Plan
Bajaj Allianz Life Group Term Life is a non-participating, life, group, pure risk premium product. Any Employer Employee groups and Non-Employer Employee groups can set up the scheme. The purpose of setting up such a scheme is to provide the family members of the insured person with a sense of security in an increasingly uncertain world. The benefit is valuable because the amount available to the member’s family in the form of Gratuity, PF accumulation, or Pension, in case of premature death, is often small. The Bajaj Allianz Life Group Term Life insurance cover balances the loss to some extent and gives the member a sense of security. This scheme offers a unique opportunity to provide adequate relief at a very low cost to the family of a member in the event of his/ her premature demise.
|Age at entry|
Minimum – 14 years for both Employer-Employee groups (EE) &Non-Employer Employee groups
Maximum – 79 years for EE (provided member is in active service on the date of entry) and 69 years for NEE
|Maximum age at maturity||80 years for EE & 70 years for NEE|
|Policy term||One-Year Renewable Group Term Assurance|
|Premium||As per chosen Sum Assured|
Minimum – Rs. 1000 per member
Maximum – No upper limit, subject to underwriting
|Minimum group size|
10 for the EE group and
50 for the NEE group
|Free look period||15 days and 30 days|
Benefits of The Bajaj Allianz Life Group Term Life Plan
This policy has come up with a sack full of benefits and facilities. The important mentions are as per the following.
The members can opt from the two available options to receive the death benefit. The option can be chosen by the members at inception or at any membership anniversary. In case no option is chosen, the default option will be Option I.
|On the death of the member||Sum assured as a lump sum will be paid|
|In case of joint life on the first death of either of the members|
|On the death of the member|
‘X’ should at least be 10
|In case of joint life on the first death of either of the members|
Additional Rider Benefits:
One can enjoy extra coverage by choosing the optional additional rider benefits at a nominal extra cost. The riders currently available with Bajaj Allianz Life Group Term Life are:
- Bajaj Allianz Life Group Accidental Death Benefit Rider
- Bajaj Allianz Life Group Accidental Permanent Total/ Partial Disability Benefit Rider
- Bajaj Allianz Life Group Accelerated Critical Illness Benefit Rider
- Bajaj Allianz Life Group New Terminal Illness Rider
Option To Choose Premium Payment Frequency:
One may opt to choose the premium payment frequency under the plan, that is yearly, half-yearly, quarterly, and monthly. The premium for frequencies other than yearly is arrived at by multiplying the annual premium with the frequency factor. The factors are given in the table below:
One has the option of sharing in the mortality profits (profit sharing) based on the experience rating, subject to the following conditions:
- Profit share computation will be done on completion of minimum life years of 1000 years covered under a Group Master Policy.
- The profit sharing for the group will be applied to reducing the premium payable on the next renewal date. If the premium in part/ whole is paid by the members, then the reduction will be shared by the policyholder & members in the same proportion.
- In case of losses, the same will be carried forward and will be adjusted in subsequent years’ profits.
Premium Under the Bajaj Allianz Life Group Term Life Plan
Under this plan, the clause of payment of premium is as per the followings:
- Premiums in respect of all the Members (including joint life cover, if opted) are payable on Entry Date and on subsequent Premium Due Date or within the Grace Period allowed without there being any obligation on the Company to notify the Policyholder and/or the Member of the due dates.
- Where the Premiums have not been paid on the Premium Due Dates or even during the Grace Period, in respect of the Member, the Membership (including joint life cover, if opted) of such Members under the Policy shall cease with effect from the Premium Due Date, subject to the Non-Forfeiture condition.
- In the event of the premium collected by the Policyholder during the grace period not being remitted to the insurer, the cover shall continue notwithstanding the expiry of the grace period.
What is the revival of the Bajaj Allianz Life Group Term Life Plan?
The policy may be renewed on completion of one year on the Annual Renewal Date. The renewed premium rates and the terms may or may not be different from that in the previous year. Membership under a NEE scheme can be renewed subject to renewal of the policy. If premium payment frequency is other than yearly, on non-payment of premiums due within the grace period, the policy can be revived within the one-year term of the policy/membership by;
- paying all the premiums due
- submitting all the documents & information required by the Company
The policy may be revived at the original/revised term & conditions as specified by the Company.
What are new entrants and leavers clauses under Bajaj Allianz Life Group Term Life Plan?
At the commencement and thereafter on each annual renewal date, the insured will have to send all the member’s data to the respective unit of Bajaj Allianz Life Insurance Company.
- New Member additions from a well-defined date shall be in accordance with the process as mentioned in the scheme rules and agreed to by the company.
- Under EE, all new eligible members are to be compulsorily covered if they meet the eligibility criteria.
- If any member enters the scheme between two annual renewal dates, the particulars of the same should be submitted on a monthly basis along with the proportionate premium for the balance part of the policy year.
- If any member leaves the scheme between two annual renewal dates, the particulars of the same should be submitted on a monthly basis.
- The membership register, as per the annexure to the proposal form, has to be updated by you for all additions and deletions and intimated to the Company. The updated data should be shared through CD or mail for updating the records.
General Exclusions of Bajaj Allianz Life Group Term Life Plan
Each policy comes up with certain exclusions for which it does not provide any benefit. Therefore, to avoid future complications and to avoid claim rejection, the general exclusions of Bajaj Allianz Life Group Term Life policy are as follows:
- Anything that does not follow the terms and conditions of the company as well as the policy, will fall under the category of exclusions.
- If there is any breach of law or foul play, that will be permanently excluded from the policy.
- Under the NEE scheme, where membership is not compulsory, then in case of the death of a member due to suicide within 12 months from the date of commencement of the membership, the contract of insurance with the member (including joint life membership, if opted) shall be terminated by paying 80% of the premium paid with respect to that member (Including joint life membership, if opted) as on the date of death, provided the cover with respect to that member is in force. Such exclusion is not applicable for all EE schemes and for NEE schemes where membership under the policy is compulsory for all.
Buying Process of Bajaj Allianz Life Group Term Life Plan
One can purchase this policy by visiting one of the official branches of the company. their customer executives are helpful and efficient enough to guide you through the entire buying process without any hazards. In that case, one has to carry certain documents such as valid ID proof, address proof, bank details, and any other documents as requested by the company.
Frequently Asked Questions
The installment amount for frequencies other than annual is given by the annual installment multiplied by the frequency factor. The factors are:
No maturity benefit and surrender benefit are available under this policy.
A policy loan facility under this product is not available.
Eligible members in the EE group insurance scheme will be accepted up to the Free Cover Limit as given in the table below, above which the acceptance will be subject to prevailing approved underwriting guidelines.
|Number of lives||Free cover limit|
|Up to 50||2.5 x Average Sum Assured, max Rs. 10,00,000|
|51-100||3 x Average Sum Assured, max Rs. 20,00,000|
|101-200||4 x Average Sum Assured, max Rs. 30,00,000|
|201-500||5 x Average Sum Assured, max Rs. 35,00,000|
|501-1000||6 x Average Sum Assured, max Rs. 40,00,000|
|1001-2000||7 x Average Sum Assured, max Rs. 45,00,000|
|Above 2000||8 x Average Sum Assured, max Rs. 50,00,000|
The average Sum Assured is equal to the total sum assured for the group divided by the number of members covered. For NEE group schemes, the non-medical limit will be as per the prevailing approved underwriting norms of the Company.
The life insurance cover, including additional rider benefit cover if any, for a member will terminate on the occurrence of any one of the following:
- on the date of termination of a policy by you
- in case a premium has not been paid for the member before the expiry of the grace period during the policy term.
- if the member or in case of joint life cover, the older member has attained age 70 years for NEE Scheme and 80 years for the EE scheme.
- on the death of the member or, in case of joint life cover, on the first death of either of the member, after the death benefit is paid
- on payment of any accelerated rider benefits if opted by the Member, and if the accelerated rider benefit paid is equal to the Sum Assured