Bajaj Allianz Group Term Life

Give your employees and their families the complete reassurance of a lasting
financial security and peace of mind.

What is the “Bajaj Allianz Group Term Life” Scheme?

– It is a Group Term Insurance Scheme that provides basic Life Insurance
protection to employees.
– The main feature of this plan is to cover the risk of death.
– Life Insurance Benefit for all members of the Scheme is provided by one
policy document that is issued to the policyholder i.e. the Employer.

The basic Life Cover can also be enhanced by adding the following additional
benefits that provide for coverage of risks arising out of accidents.

Accidental Death Benefit

Accidents are always sudden and sometimes fatal. You can’t lessen the
emotional shock, but you can certainly soften the financial one. Bajaj Allianz
Accidental Death Benefit gives the love ones something to start with after the
permanent loss of income by paying an amount equal to the sum assured.
(Subject to maximum of Rs. 50,00,000/- under all policies with Bajaj Allianz
taken together).
Death should occur within 180 days of the accident and as a result of the
accident.

Accidental Permanent Total/Partial Disability Benefit

Accidents are unpredictable and so are the consequences. They may lead to a
disability – partial or total. This benefit provides a financial cushion against
such misfortunes. You will get 50% of the Sum Assured in case of permanent
partial disability and 100% of the Sum Assured in case of permanent total
disability. In case of a permanent total disability following a permanent partial
disability within one year, 50% of the Sum Assured is payable. In case of a
permanent total disability following a permanent partial disability after one
year, 100% of the Sum Assured is payable. The permanent disability payouts
are subject to a maximum of Rs. 25,00,000/- for permanent partial disability
and Rs. 50,00,000/- for permanent total disability under all policies with Bajaj
Allianz taken together.

Continuation option
There will be a continuation option to be exercised under the policy at
inception. Under this option if the employee leaves employment due to any
reason other than ill-health retirement, fraud or misconduct he will have the
option to continue his life cover by taking out an individual life insurance
policy. The premium rates charged for the individual policy will be the
standard individual premium rates applicable at the time of conversion. There
will be no medical evidence required at the time of issue of the individual
policy upto the Free Cover Limit. For this option there will be an extra charge
upto 20% on the mortality basis based on the group size and other
characteristics of the group.

Who can set-up the “Bajaj Allianz Group Term Life” Scheme?
As an Employer, you can set-up the Scheme. The purpose of setting up such a
Scheme is to provide your employees with a sense of security in an increasingly
uncertain world. The benefit is valuable because the amounts available to an
employees' family as Gratuity, PF accumulation or Pension, in case of a
premature death, is often small. The Group Term Life Cover balances the loss
to some extent and gives the employee a sense of security. It can improve
employee morale and productivity. This Scheme offers you the unique
opportunity for providing adequate relief at a very low cost to the family of an
employee in the event of his/her premature demise. The coverage selected may
be uniform (same for all members of the group) or graded (on the basis of rank
and salary levels).

What does the “Bajaj Allianz Group Term Life" Scheme offer?

To the Employer:
– Provides valuable Life Cover to your employee at an attractive benefit-
to-premium ratio.
– Contribution to the Group Term Life Scheme by the Employee is
allowed as business expenses.
– Improves staff relation and goodwill.
– Helps in recruitment and retention of quality staff.
– Helps raise employee motivation levels and productivity.
– Easy to set up and administer.

To the Employee:
– In the event of untimely death of any employee, the Life Cover amount
is paid.
– Death benefit, when paid, will be exempted from Income Tax in the
hands of beneficiaries / employees.
– If the Scheme is contributory i.e. employees also contribute the
premium, they are eligible to claim Income Tax rebate under Section 88
of the Income Tax Act.
– The cover available upto Free Cover Limit without insisting upon any
medical evidences, subject to some simple insurability conditions.
How is Life Cover provided under the “Bajaj Allianz Group Term Life”
Scheme?
– Life Cover is generally provided under One Year Renewable Group
Term Insurance.
– The premiums are renewable and reviewable on a yearly basis.
– The scheme may be eligible for profit sharing in the form of a reduction
in subsequent year’s renewal premium, depending on the size, the
exposure in years and the experience of the scheme.

What are the eligibility conditions of the "Bajaj Allianz Group Term Life"
Scheme?

Eligibility Criteria
Minimum Entry Age 18 years

Maximum Maturity Age Normal Retirement Age or 70 years whichever

is lower*
Minimum Sum Assured Rs 10,000
Maximum Sum Assured 7 times the gross salary subject to a maximum
of Rs 1.5 crores
Minimum Size of the Group 50 members.
*Members above age 65 may be subject to special underwriting
considerations on a case to case basis if necessary.

Simple Insurability Conditions:

Depending on the size of the group and other factors, each specific scheme will
have a Free Cover Limit.
The simple insurability conditions for the Free Cover Limit are that the
member should be in good health on the date of entry and not absent from
work for reasons of illness during the past 2 weeks preceding the date of
scheme. However this condition may be waived if the group cover is being
transferred from another insurance company. In addition, other underwriting
criteria may be set depending on the nature of the group. For coverage over
and above the Free Cover Limit, satisfactory medical evidence would be
required individually.
The Free Cover Limit for employer-employee groups will depend on the
number of lives in the group:

Number of Lives Free Cover Limit

Upto 50 2.5 x Average Sum Assured , max. Rs 1,000,000
51 – 100 3 x Average Sum Assured , max. Rs 2,000,000
101 – 200 4 x Average Sum Assured , max. Rs 3,000,000
201 – 500 5 x Average Sum Assured , max. Rs 3,500,000
501 – 1000 6 x Average Sum Assured , max. Rs 4,000,000
1001 - 2000 7 x Average Sum Assured , max. Rs 4,500,000
Over 2000 8 x Average Sum Assured , max. Rs 5,000,000
where Average Sum Assured = Total Sum Assured for the Group/Number of
members covered.

New Entrants and Leavers:

– At the commencement, and thereafter on each annual renewal date, the
Employer will have to send all the employees data to the respective unit
of Bajaj Allianz Life Insurance Company.
– All new eligible employees are to be compulsorily covered, if they meet
the eligibility criteria.
– If an employee enters the scheme between two annual renewal dates, the
particulars of the same may be submitted by the Employer on a monthly
basis along with the proportionate premium for the balance part of the
policy year.

Premiums:
Normally, the Employer has to pay the premiums. However, the scheme can be
contributory, i.e. employees may also contribute to the premium. Employer is
responsible for remitting both Employer’s and Employees contributions in one
sum.

Premium Payment Mode:

The Premiums are payable in yearly/half yearly / quarterly or monthly modes.
The premium for frequencies other than annual is then given by the annual
premium multiplied with the frequency factor. The factors are:

Premium frequencyMonthly Quarterly Half yearly

Frequency factor 0.09 0.26 0.51

Premiums to be paid before expiry of one month but not less than 30 days from
due date.
General Policy provisions:
– Each member assured can nominate the person/persons to whom the
death benefits will be payable.
– Policies may be revived/reinstated within one year of unpaid premium
on terms agreed at time of revival/reinstatement.

Profit Sharing:
The Group Policy holder has the option of sharing in the mortality profits
(Profit Sharing) based on experience rating subject to following conditions.
i) Profit Share computation period will be on completion of minimum life
years of 5000.
ii) The expected number of deaths in the Profit Share computation period
should be at least 10.
iii) Share of Profit of the Group will be applied in reducing the premium
payable on the next renewal date.
iv) In case of loss, the same will be carried forward.

Free Look Period

Within 15 days from the date of receipt of policy, you have the option to review
the terms and conditions and return the policy, if you disagree to any of the
terms and conditions, stating the reason for your objections. You will be
entitled to a refund of the premium paid, subject only to a deduction of
proportionate risk premium for the period on the cover and the expenses
incurred on medical examination and stamp duty charges.

Why Bajaj Allianz Life Insurance?

Bajaj Allianz Life Insurance Company Limited is a union between Allianz AG,
one of the world’s leading insurer with a Gross Written Premium of US$ 63.7
billion and Bajaj Auto, one of India’s most respected names. We at Bajaj Allianz
realize that you seek an insurer who you can trust your hard-earned money
with. Allianz AG with over 110 years of financial experience in over 70
countries and Bajaj Auto, trusted for over 55 years in the Indian market,
together are committed to offering you financial solutions that provide all the
security you need for your family and yourself. At Bajaj Allianz, customer
delight is our guiding principle. Ensuring world class solutions by offering you
customized products with transparent benefits supported by the best
technology is our business philosophy.

For more details, kindly call us today on the numbers mentioned at the end.
This brochure should be read in conjunction with the Policy Exclusions.
Please ask for the same along with the quotation.