Bajaj Allianz Life Group Term Life Insurance

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.  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. 

Eligibility for Bajaj Group Term Life Insurance

The primary requirements for the Group Term Life Insurance Bajaj plan to make one eligible for its benefits are:

  • The member must belong to an organization or a community.
  • All the members are entitled to the plan’s benefits.
  • The master policyholder is responsible for the plan’s administration and is empowered to add members to the existing policy.
  • New entrants are entitled to the plan’s benefits immediately upon enrolment.
  • The plan provides only basic coverage, meaning the member pays for any additional opted benefits.  

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

Salient Features of Bajaj Allianz Life Group Term Life Plan

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:

  • Uniform Plan: All the members enjoy the same coverage across the board.
  • Graded Plan: The cover is variable and determined by employee hierarchy and pay scales.  

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: 

  • There is a single master policy that covers all the members. 
  • The primary policyholder is also the policy’s administrator and empowered with certain privileges.
  • All employees under an employer are eligible for membership
  • The policy is initiated when the primary policyholder pays the premium to cover all the members for one year.
  • The member’s coverage is fixed according to salary, role, and grade approved by the company.
  • The members are allowed to choose the coverage disbursal in lump-sum or linked to the salary account.
  • The member has to pay additionally for enhanced coverage.
  • Joint life cover is allowed only for self and spouse only, and the benefit is paid for the death of either.
  • Members may be added or deleted during the policy’s currency by the  
  • The scheme is either contributory or non-contributory.
  • The master policy is annually renewable, and the primary policyholder has to continue paying the premium to insure the members. 

Core Benefits of Bajaj Allianz Life Group Term Life Plan

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:

Death Benefit

The members are allowed to choose from the two offered options at inception or the policy anniversary.

  • Option I – The death benefit is paid in lump-sum both for single and joint life members as per agreed terms.
  • Option II – The death benefit is paid in lump-sum (minimum 10% of SA) and the remaining in installments spread over a full ten years. The rule applies to both single and joint life cover. 

Additional Rider

The Group Term Life Insurance Bajaj plan provides for the following riders to enhance the coverage amount.

  • BAL Group Accident Benefit Rider
  • BAL Group Accident and Permanent T/P Disability Benefit Rider
  • BAL Group Accelerated Critical Illness Benefit Rider

Maturity Benefit

This plan does not offer any maturity benefits.

Surrender Benefit

No surrender benefits are offered under Group Term Life Insurance Bajaj Plan.

Tax Benefit

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 Purchase Bajaj Allianz Life Group Term Life Insurance Plan

The process to buy the policy has been simplified at the Bajaj Fiserv Markets in a few defined steps. 

Online Mode

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. 

Documents Required

The following is the list of documents required for Bajaj Allianz Life Group Term Life Insurance Policy:

For Enrollment

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.

For Claims

However, it is far more elaborate for the claim settlement process. Accordingly, an indicative list is described below.

  • Claim application form completed and duly signed
  • Copy of death certificate from the appropriate authority
  • NEFT mandate form attested by the bank
  • Nominee/ Beneficiary KYC documents, including Photo ID

For Natural/Medical Death

  • Attending Physician's certificate
  • Employer’s certificate

For Accidental Death

  • FIR /Panchnama /Police complaint
  • Police Medical Report
  • Police Investigation Report

Other Feature Bajaj Allianz Life Group Term Life Plan 

Here are some other features of Group Term Life Insurance Bajaj Policy:

Value for Money Option 

The Group Term Life Insurance Bajaj plan is highly cost-effective as the premiums are comparatively lower than individual term insurance plans. 

Free Cover Limit

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.

Profit-Sharing

The policyholder has the option to profit-sharing related to mortality profits subject to the following conditions:

  • Effected after a minimum 1000 years minimum life years under the plan is completed
  • It will be reflected in the reduced premium available on the renewal date
  • Will carry-over losses for future adjustments

Loan Facility

The Group Term Life Insurance Bajaj plan does not provide any loan to the members.  

Terms and Conditions

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.

Free Look

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. 

Renewal

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. 

Grace Period

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. 

Revival

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. 

List of Members

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:

  • Under EE, all the eligible members
  • The membership register should conform to the annexure in the proposal form and be updated by the Administrator from time to time
  • All mid-term additions and deletions should be intimated to insurer Bajaj Allianz Life as per prescribed norms

Exclusions for Bajaj Allianz Life Group Term Life Insurance Plan

Here is a rundown of the key exclusions of Bajaj Allianz Life Group Term Life Insurance Policy:

General Exclusion

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. 

Critical Illness Exclusion

  • The initial applicable waiting period during which no claim shall be entertained is 90 days from the policy date. 
  • Any pre-existing critical illness medical condition as defined in the policy document. 
  • If the insured suffers from self-inflicted injury or attempted suicide 
  • Suffering from HIV or AIDS
  • The medical condition arising out of alcoholism, substance abuse, or drug addiction
  • Perils attached with war, invasion, hostilities, civil commotion, or strikes
  • Participation in war games in peacetime
  • Participation in hazardous and extreme sports or pursuing a potentially dangerous hobby
  • Indulging in the aviation industry other than as a passenger

FAQs

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

Written By: PolicyBazaar
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 77 Reviews)
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about term plans.

Bajaj Allianz Life Group Term Life Insurance Reviews & Ratings

4.3 / 5 (Based on 80 Reviews)
(Showing Newest 25 reviews)
Niharika
Barapalli, April 05, 2021
Claim is easy
It is very easy to file for a claim for the term plan of bajaj Allianz. I bought this plan from the website of the policybazaar. The assistance given by the team of policybazaar and bajaj Allianz is good. They helped my friend in getting claim and that’s why I bought this plan from them. Thanks team.
Dinesh
Qadian, March 30, 2021
Get online updates
For my term insurance plan which I bought of bajaj Allianz, I got various updates at one place. I got to know about my plans and details regarding the same. It is convenient to use and understand. Thank you so much policybazaar.
Bhanu
Bagha Purana, March 30, 2021
Claim is easy
It is very easy to file for a claim for the term plan of bajaj Allianz. I bought this plan from the website of the policybazaar. The assistance given by the team of policybazaar and bajaj Allianz is good. They helped my friend in getting claim and that’s why I bought this plan from them. Thanks team.
Deepanshu
Asifabad, March 23, 2021
Get online updates
For my term insurance plan which I bought of bajaj Allianz, I got various updates at one place. I got to know about my plans and details regarding the same. It is convenient to use and understand. Thank you so much policybazaar.
Anushka
Mysore, March 17, 2021
Pay outs received
I have taken the life insurance policy from bajaj Allianz. And it has the best pay out options which can be received in the form of instalments as per your convenience. It has become easy for me and for my family.
Ratan
Parsa Bazar, March 09, 2021
Coverage of your family
The life insurance plan gives the coverage to me and my family. I have took this plan by taking the suggestion of my friend. As he suggested me to buy a bajaj Allianz life insurance plan. I visited the website of policybazaar and got a call from them and bought the product. Thanks team.
Nakul
Abu Road, March 08, 2021
Low premium prices
I have taken a bajaj life insurance plan from the website of the policybazaar. This plan is really nice and have given me great benefits. My life has been sorted when I took this plan. Thank you bajaj Allianz and policybazaar.
Mayank
Bavla, March 02, 2021
Protective layer
I have got the child insurance plan from the website of the policybazaar. It has been a protective layer for my child. I got this plan of bajaj Allianz. It has been a wonderful thing for me and for my child. Great work team.
Viram
Angara, February 19, 2021
Great plans at one place
I recently bought a child insurance plan of bajaj Allianz child plans and I checked this plan into the website of the policybazaar. I found this plan much innovative and into my budget. It is easy to secure my son’s future. Thanks.
Renu
Dabugam, February 16, 2021
Satisfied and happy
I am one of the happiest customer of policybazaar. I bought the bajaj Allianz term insurance plan 2 years back and having a good experience. Thanks team.
Lakshya
Baarod, February 16, 2021
Easy to pay
It is really easy to make the payment for the premium amount of the term insurance plan. I bought it online and has been making the payment on online basis. It is easy and hassle free. I bought the bajaj Allianz term plan from policybazaar.
Umakant
Panagarh, August 16, 2016
Ulip Insurance Plan
After a long while, got the insurance policy which i needed. The ulip insurance plan from bajaj life insurance. The policy coverage is high and claims are easy to sanctioned. Service provided by you is superb, the updates of the policy is regularly mailed to me at my email address.
Bhanu
Chapra, August 16, 2016
Term plan
The bajaj allianz term insurance policy of mine is good. The policy has low premium investments and the output is high. Claiming is simple and sanctioning amount is easy due to quick service given by the company members. Easy renewals through online portal service.
Pritum
Mahuva, August 16, 2016
Pension Policy
My retirement plan is fantastic with more benefits in less investments. The policy is from bajaj allianz life insurance. The policy covers maximum expenditures and premiums are less. Claiming process is easy and fast due to fast service provided by the executives and staff members.
Nakul
Nainital, July 15, 2016
Good
I have ulip plan from bajaj allainz life insurance company limited. The policy is great and it works for me and give me full satisfaction. Policy coverage and claims are good. Claiming is very easy because the service of the staff of the company is awesome.
Arun
Raj_nagar, July 15, 2016
Investment plan
The traditional plan of mine is good and the premium is less. Policy cover maximum expenditures and scenarios. Service is quick and good behaviour of the staff is nice. Online service is quite good actually which gives an option to renew the policy.
Abhinav
Ahmednagar, July 15, 2016
Good Service
My term insurance plan is fantastic and i bought it from bajaj life insurance. The service is fast and on time. Policy coverage is high and claims are even better. The internet portal is very simple to use and anybody can access it easily.
Tanishk
Kolhapur, July 15, 2016
Good Plan
The pension plan which i purchase from bajaj allianz life insurance company limited is fantastic with full coverage. Service facilitate by the company is perfect and hassle free documentation. Claiming is easy with fast service response given by the executives and staff members.
Ritesh
Indore, July 15, 2016
Child Plan
The child plan i purchase from bajaj allianz life insurance. Policy premium is less but the returns are not. Service facilitate is fantastic and hassle free documentation. Policy coverage is high and claiming is easy to do because of fast service given by the company members.
Manj
Jhalawar, July 04, 2016
Child insurance Policy
Child insurance policy for my child is come in less premiums and coverage is good which covers all future planing for his life. Service provided is fast and online service easy to use for renewals and hassle free documentations too.
Radhika
Adimali, June 29, 2016
Very Good
I got very good service
Kamal
Pipili, June 27, 2016
Good
I purchase child insurance plan which secure my child's future. The policy coverage is high and claims are easily sanctioned due to fast service of the company members. The hassle free documentation because of online service which is easy to access. Updates are also mailed to me regularly.
Rohit
Kishangarh, March 23, 2016
Wonderful
My child have secure future because i buy him child policy plan from bajaj allianz life insurance. Premiums are low ~30 K thrice per year and the returns are around Rs.49 L. The executives are highly responsive with any query or anything. Nice terms and conditions. Good tax cutter also, I like the policy plan.
Jigar
Lonavla, March 23, 2016
above average
The Child policy i have is above an average policy plan which i buy from bajaj allianz life insurance. The service providers doing there job very good and the web services are also working perfectly. The policy coverage and claims are high and the premiums are low.
Abhishek
Faizabad, March 23, 2016
Fair policy
I took bajaj allianz child insurance policy plan which has great benefits like the policy premium is low with high policy coverage about 81%. The claims are good and the return payback amount is around 47 L. Good policy with perfect services delivered by executives and staff members.
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL