For industrial growth and development of the nation as a whole, specialized economic zones have been created. Companies, small and large, are buying and undertaking immovable properties (land) from small farmers and landowners at attractive rates. However, most of the companies have one concern in common. That’s – the landowners might not be able to make the best possible use of the money (lump sum) they are being provided against their respective lands.
Considering the same as a sincere concern of the companies, Bajaj Allianz has brought ‘Group Income Protection’ policy. This insurance plan allows you to present the landowners, technically known as members with a source of regular income. It would be in the form of death benefit (if a landholder unfortunately dies) and annuity.
Benefit options available
Bajaj Allianz Group Income Protection provides the policyholder with 3 major benefit options. Here you go:
Option 1 – A certain amount of annuity benefit is payable to the member till his or her death or the date of expiration of the allowance period, whichever is the earlier of them.
Option 2 – An increasing amount of allowance is payable to the member till his or her death or the date of expiration of the allowance period, whichever is the earlier of them. The amount increases each year at the rate of 3.33% of the allowance payable in the very first year. In case of the death of the member, the amount of allowance payable since the death date to the expiration of the annuity term is given to the nominee of the policyholder in a lump sum.
Option 3 – An increasing or fixed amount of allowance is payable to the member till his or her death subject to the maximum allowance period. The period of allowance might differ from 5 to 33 years. If the member dies during that period, a death benefit in lump sum equal to the amount of the sum insured selected by you from the member is payable to his or her nominee. Also, the allowance is paid till the end of the term to his or her nominee. In case the nominee dies, then the amount is payable to the legal heirs.
How does this policy work?
This insurance plan is a fixed period annuity policy that offers death benefit if the member dies. At the commencement of the plan you have the following options to choose from:
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The annuity or allowance period ranging from 5 to 33 years
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Any of the annuity options available
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If Option 3 is chosen by you, then the increase rate of the annuity (X percent)
Note – Once a option has been selected by you cannot be changed later on. Also, you have to shell out an amount in lump sum in regard to all the members you have included in the policy according to the benefit option selected by you. The payment of the benefits would commence after the expiration of the yearly, half-yearly, quarterly and monthly intervals, as per the mode and benefit option chosen by you.
Some important details of the policy
|
Annuity or Allowance Term (Min.) |
5 Years |
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Annuity or Allowance Term (Max.) |
33 Years |
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Entry Age of the Member (Min.) |
1 Year |
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Entry Age of the Member (Max.) |
For Option 1 & 2 – 80 Years |
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For Option 3 – 100 Years |
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Purchase Price (Min.) |
As needed in order to secure annuity amount (Min.) |
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Income Benefit and Annuity (Min.) |
Mode |
Yearly |
Half-Yearly |
Quarterly |
Monthly |
|
Amount |
Rs. 12, 000 |
Rs, 5, 880 |
Rs. 2, 904 |
Rs. 960 |
|
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Sum Insured (Min.) |
Rs. 1000 |
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Group Size (Min.) |
50 People |
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Frequency Mode – Annuity
For the convenience of the customers, Bajaj Allianz Group Income Protection policy offers 4 different types of interval modes. In order to make things clearer to you, here is an illustration given below showing different levels of yearly annuities and different ages. Take a quick look:
For Option 1:
|
Annuity Yearly |
Rs. 12, 000 |
Rs. 15, 000 |
Rs. 20, 000 |
|
Age |
|||
|
60 Years |
Rs. 187, 836 |
Rs. 234, 795 |
Rs. 313, 060 |
|
50 Years |
Rs. 175, 392 |
Rs. 219, 240 |
Rs. 292, 320 |
For Option 2:
|
Annuity Yearly |
Rs. 12, 000 |
Rs. 15, 000 |
Rs. 20, 000 |
|
Age |
|||
|
60 Years |
Rs. 263, 580 |
Rs. 329, 475 |
Rs. 439, 300 |
|
50 Years |
Rs. 240, 636 |
Rs. 300, 795 |
Rs. 401, 060 |
For Option 3:
|
Annuity Yearly |
Rs. 12, 000 |
Rs. 15, 000 |
Rs. 20, 000 |
|
Age |
|||
|
60 Years |
Rs. 222, 575 |
Rs. 278. 087 |
Rs. 370, 078 |
|
50 Years |
Rs. 222, 369 |
Rs. 277, 881 |
Rs. 370, 400 |
Some frequently asked questions
Who can be included in the group?
Farmers or landowners whose lands have been taken by a company or an entity for the development of Special Economic Zones (SEZ) can be included in the plan.
Is there any surrender or loan benefit?
No, such benefits are not available till now.
