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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.

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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. 

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

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