Your employees are your strength. So, you would definitely want them to live a happy and financially secured life. Won’t you? Bajaj Allianz Group Employee Benefit Plan is designed to let you demonstrate how much you care about your staff members. The plan allows you to provide your employees with amazing benefits as a part of your employee welfare norms. Also, it is quite obvious, that the financial obligations of your company towards this type of norm would increase along with number of employees, their tenure with you as well as their pay scales. However, with this employee benefit policy, managing your fund would become easy and prudent.
Key features offered by the plan
The plan provides you with a prospect to create a separate and different fund for leave encashment and gratuity benefits.
The plan allows you to select from 9 different types of funds, as per your financial plans.
The plan provides you with the option to select the frequency of contribution making.
The plan allows you to enjoy free and unlimited switch benefit in order to manage your finances prudently.
Functioning of the plan
It is plan meant for Employer-Employee (EE) group only.
The pooled accumulated unit fund would be build according to the rules of the scheme.
The contribution amount payable to fund the plan would be invested in your investment fund(s) according to your selection. The units would be allotted to the accumulated unit fund at the rate of the prevailing price of units in accordance to the investment fund(s).
The benefits offered to the employees would be reimbursed by cancelling out the units from the accumulated unit fund.
If there are any positive (non-zero) additions, those would be added to the accumulated unit fund for meeting the maximum amount of reduction in the yield criteria at the end of every policy term right from the commencement of the fifth year of the policy.
Setting up the plan
In order to set up Bajaj Allianz Group Employee Benefit Plan, all you need to do is follow three simple steps:
Firstly, you need to draft a trust deed or/and scheme rules as needed for the administration of the plan. Bajaj Allianz would provide you with the set of guidelines for the same.
Secondly, you need to apply for getting the Commissioner of Income Tax’s approval as per the rules.
Thirdly, you need you make the required payment along with the employee data, master or main proposal form, trust deed or/and scheme rules as applicable.
Main benefits offered by the plan
Death benefit
The death benefit comprises the amount of sum insured along with a certain amount as per your preference and also in accordance with the plan rules would be payable by cancelling the unit from the accumulated unit fund.
Surrender benefit
If you wish, you are allowed to surrender the plan anytime. This benefit would be the equivalent amount of the value of the pooled fund. If required, surrender charge would be applicable. Thereafter, the plan would terminate.
Eligibility parameters for the plan
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Eligibility Parameters |
Details |
|
Age of entry |
Minimum – 15 Years |
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Maximum – 79 Years |
|
|
Age of Maturity |
80 Years / up to the age of retirement |
|
Pooled/Accumulated unit fund size |
Minimum – Rs. 100, 000 |
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Maximum – No Limit |
|
|
Sum Insured |
Minimum – Rs. 1000 |
|
Maximum – No Limit |
|
|
Policy Term |
1 Year renewable |
|
Group Size at the time of inception |
Minimum – 10 people |
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Maximum – No Limit |
|
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Frequency of Contribution |
1 year, 6 months, 3 monthly, 1 month |
Some frequently asked questions
Can a loan be availed under this plan?
No such provisions are there.
What is suicide clause?
If an employee dies as a result of suicide, full death benefit would be paid.
