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Term Insurance has been a component of an individual’s financial planning for its basic premise that it secures and protects the family’s financial interests in the policyholder’s absence. Similar principles are applicable in the group term plan, where instead of an individual plan, a single plan covers a group of people. They may be organization employees, society members, or a borrower group.
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A group term plan covers the member’s life, annuity, gratuity, superannuation, leave encashment, credit, among others, depending on the chosen scheme. The members are also entitled to a host of term insurance benefits, making it an ideal life insurance instrument.
The Bajaj Allianz Life Group Term Life Insurance, a traditional group term insurance plan, is designed to pay the member’s family with death benefit upon the policyholder’s demise during the policy term. The employer provides a group term plan as a prerequisite to its employees.
The primary requirements for the Group Term Life Insurance Bajaj plan to make one eligible for its benefits are:
Having understood the primary requirements, let us now learn all about the other eligibility criteria.
|
Parameter |
Conditions |
|
Minimum Entry Age |
EE and NEE14 years. *Applies to the lower Joint life’s age |
|
Maximum Entry Age |
EE: 79 years NEE: 69 years. *Applies to the older Joint life’s age |
|
Maximum Maturity Age |
EE: 80 years NEE: 70 years. *Applies to the older Joint life’s age *If in place of EDLI, till the member is under Provident Fund. |
|
Policy Term |
Renewable every year |
|
Premium |
Depends on the sum assured |
|
Minimum Sum Assured |
Rs.1000 per member |
|
Maximum Sum Assured |
No limit; subject to underwriting |
|
Minimum Group Size |
EE: 10 members NEE: 50 members |
|
*EE-Employer-Employee Group **NEE-Non-Employer Employee Group |
|
The Group Term Life Insurance Bajaj plan is designed for both employer-employee groups and non-employee groups. The Bajaj Allianz Life Group term Life and its variant Bajaj Allianz Life Extra Care Plus is one such plan which caters to the members in two ways:
Regardless of the chosen scheme, the group policy provides some critical benefits for the employees. The member can choose the death benefit to be paid in lump-sum in full or partly in instalments. The member’s spouse can be covered jointly where the death benefit is payable upon either’s demise. Depending on the organization, the scheme is either contributory or non-contributory. Most importantly, the Group Term Life Insurance Bajaj plan’s policy term is annual, meaning it is renewed every year.
The Group Term Life Insurance Bajaj plan has several features for the members that have opted for the scheme. The key features of the Bajaj Allianz Life Group Term Life Insurance are as follows:
The Group Term Life Insurance Bajaj master policy provides a host of benefits that equally apply to every member. Some of the critical benefits are:
The members are allowed to choose from the two offered options at inception or the policy anniversary.
The Group Term Life Insurance Bajaj plan provides for the following riders to enhance the coverage amount.
This plan does not offer any maturity benefits.
No surrender benefits are offered under Group Term Life Insurance Bajaj Plan.
The group policy is subject to compliance with the extant tax laws applied by the GOI. However, the premium is eligible for exemption under Section 80 C, while the policy receipts are exempt under section n 10 (10D) of the Income Tax Act, 1961.
The process to buy the policy has been simplified at the Bajaj Fiserv Markets in a few defined steps.
If the online mode is chosen, the applicant has to follow the steps described below:
Step 1: Enter the organization details, including the membership composition,
Step 2: Edit and verify the details.
Step 3: Receive a quote and make payment.
Step 4: The master policy is ready.
The organization enrols the members and the necessary internal procedures have to be complied with, including submission of requisite documents.
The following is the list of documents required for Bajaj Allianz Life Group Term Life Insurance Policy:
From the member’s point of view, the membership documentation is handled by the employer company. Since it has personal employee records, the internal KYC is carried out by the employer. Members' identity proofs, address proofs, DOB proofs, and photographs are required.
However, it is far more elaborate for the claim settlement process. Accordingly, an indicative list is described below.
Here are some other features of Group Term Life Insurance Bajaj Policy:
The Group Term Life Insurance Bajaj plan is highly cost-effective as the premiums are comparatively lower than individual term insurance plans.
Members under the EE ambit are entitled to the limit specified by the insurer by default. . Membership enrolment will depend upon the defined limits or based on underwritten guidelines.
The policyholder has the option to profit-sharing related to mortality profits subject to the following conditions:
The Group Term Life Insurance Bajaj plan does not provide any loan to the members.
The policyholder and the member must be aware of the several terms and conditions applied in the Group Term Life Insurance Bajaj plan. Only the crucial are described below.
The period of 15 days from the policy document receipt date is called the Free Look period. The policyholder can utilize this period to study the plan’s terms and conditions and return it if not satisfied, stating all the objections in writing.
The master policy must be renewed within the policy anniversary date, which is also the due date. The renewal premium amount is subject to review and may or may not remain similar to the previous year.
The permitted grace period for monthly premium payment frequency in the Group Term Life Insurance Bajaj plan is 15 days and 30 days for all other frequencies.
A policy that has defaulted after the grace period’s expiry on renewal for premium payment frequencies other than yearly can be revived with the policy term by paying the defaulted due amount and complying with the insurer’s conditions to restore the original terms.
The policy administrator is mandated to furnish the member’s list on risk commencement and thereafter on each renewal date to the nearest insurer office. The list should contain:
Here is a rundown of the key exclusions of Bajaj Allianz Life Group Term Life Insurance Policy:
The suicide clause does not apply to EE and NEE members where membership under the Group Term Life Insurance Bajaj plan is compulsory. On the other hand, where it is voluntary only under NEE, the clause is triggered upon a member’s suicide within twelve months of risk commencement. The membership, including that of the joint life, is cancelled by paying 80% of the paid premium on the death date.
A1. The policyholder can choose convenient frequencies for premium payment in yearly, half-yearly, quarterly, and monthly installments.
A2. While uniform coverage is identical for all the group members, the graded cover is determined based on factors like rank, salary scale or grade, the cost to the company, outstanding loan, total liabilities, bank deposits, future payable gratuity under the applicable Gratuity Scheme, life-cover in place of the EDLI 1976 scheme, and any other relevant factor is considered by the company.
A3. On receipt of the returned policy, the premium paid will be refunded to the policyholder minus the taxes, applicable charges, and the partial risk cover premium.
A4. New members are added, and old members are deleted in situations where new appointments have been made or members have superannuated during the policy term.
A5. The policy administrator is empowered to add and delete members as per norms, and the membership register is updated accordingly. These changes are compulsorily intimated to the insurer every month.
A6. The member can make a nomination as per the provision under Section 39 of the Insurance Act, 1938.
A7. No medical examination is necessary for the Group Term Life Insurance Bajaj plan, even if the coverage is Rs.1 Crore.
A8. The maximum coverage under the Critical Illness Benefit Rider is up to Rs.10 lacs.
A9. The Critical Illness Benefit rider covers several diseases, including Cancer, Renal Failure, Heart Attack, etc., and the coverage is paid upon its diagnosis, subject to compliance with applicable exclusions.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
**Tax benefit is subject to changes in tax laws
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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