These days employers not only offer attractive salary packages to their employees, but also a number other benefits so that the latter can enjoy a good lifestyle. If you are an employer, then Bajaj Allianz has an amazing policy for you. It’s called Bajaj Allianz Group Annuity Plan. This plan offers guaranteed regular income to your staff members after their retirement. Furthermore, the plan also allows the members to secure the income for their significant others. Let’s take a closer look at the offerings of this policy especially designed EE (Employer-Employee) groups:
The benefits offered by the policy
The policy provides you with a number of immediate annuities or allowances to choose from. Refer to the table given below:
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Options |
Details |
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Option A |
Life allowance |
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Benefit is paid off to the primary or main member till he or she is alive
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Upon the demise of the main member, the outstanding allowance (if any) installments would be paid off to the nominee of the member or legal heir.
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Option B |
Life allowance along with Purchase Price Return |
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Benefit is paid off to the primary or main member till he or she is alive
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Upon the demise of the main member, the outstanding allowance (if any) and the price of purchase installments would be paid off to the nominee of the member or legal heir.
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Option C |
Allowance fixed for 5 or 10 or 15 or 20 years and after that |
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Allowance is payable for the selected term to the main member, if he or she is alive, or else to the nominee
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Upon the death of the main member before the expiration of the selected certain period, allowance is payable to the nominee or legal heir for the rest of that period.
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Upon the death of the main member before the expiration of the selected certain period, outstanding installments of allowance would be paid off to the nominee or legal heir.
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Option D |
Joint life survivor (Last) along with 50% allowance to the spouse |
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The main member and his or her husband or wife are protected under the plan
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Upon the death of the main member and of his or her husband or wife is alive, the installments of benefits (if any) as on the death date of the main member would be payable and 50% of the benefit would be given to the spouse, till he or she is alive.
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Option E |
Joint life survivor (Last) along with purchase price return on last survivor’s demise |
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The main member and his or her significant other are protected under the plan.
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The allowance is payable to the main member or/and his or her spouse till either of them is alive.
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Upon the last survivor’s demise, the price of purchase along with the outstanding allowance installment (if any) would be payable to the legal heir or nominee.
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Option F |
Joint life survivor (Last) along with 100 allowance to spouse |
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The main member and his or her significant other are protected under the plan.
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The allowance is payable to the main member and his or her spouse, till either of the couple is alive.
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Upon the main member’s death, the outstanding allowance installments (if any) and 100% of the allowance is payable to the spouse, till he or she is alive
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Terms and conditions about eligibility
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Criteria |
Detailed Information |
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Age at Entry (Minimum) |
40 Years (Main member’s and Spouse’s) – In case of Options D, E and F |
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0 Years (Annuitant’s) – In case of Options A, B and C |
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18 Years (Annuitant’s) – In case of Options D, E and F |
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Age at Entry (Maximum) |
80 Years |
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Purchase Price (Minimum) |
As needed for securing the minimum amount of annuity |
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Purchase Price (Maximum) |
No limit |
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Premium Paying Frequency |
Single |
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Installment for Allowance/member (Minimum) |
Yearly |
Rs. 5000 |
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Half-Yearly |
Rs. 3500 |
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Quarterly |
Rs. 2000 |
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Monthly |
Rs. 1000 |
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Installment for Allowance/member (Maximum) |
No Limit |
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Group Size (Minimum) |
10 Members (Primary) |
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Some frequently asked questions
What is free look cancellation?
The insurance provider provides you with a free look period of 15 days. During this period, you are allowed to go through the policy terms and conditions and offers. After doing the same, if you don’t find the policy to be suitable, you can cancel the same.
Can you get tax rebate?
Yes, you are eligible for the same.
