Niyamit Sanchay Suraksha

Providing your group members with immense peace of mind is a great gesture indeed. And with Bajaj Allianz Niyamit Sanchay Suraksha, it has become easier. It is non-linked, traditional, regular, non-participating, single and limited premium, variable insurance policy that provides your group members with total reassurance of long-lasting monetary stability and security. To know more about the plan, read on!

 

Prominent benefits offered by the plan

  • You are eligible to get GIR (Guaranteed Interest Rate) as well as AIR (Additional Interest Rate).

  • You are allowed to select life covers for your policy members.

  • You have the flexibility to select from different premium payment options – Single, limited and regular.

  • You are also provided with the option to make partial withdrawals.

  • If you want, you can also change the frequency of premium payment.

  • The policy offers guaranteed death benefit of 105 percent of premiums paid in total except service tax.

 

Policy functioning

  • The policy allows you to choose individual single or regular premium account for each of your members.

  • The premiums paid off by you would be credited and maintained in premium accounts (individual single or regular) of the group members respectively.

  • The total amount of premium, single or regular, minus the premium allocation fee, mortality charge and other applicable charges or tax would be maintained in the premiums accounts (single/regular) of the respective members.

  • Policy Administration Charge or PAC would be subtracted from the members’ account on a monthly basis. This deduction would start from the 6th year of the policy for limited/regular premium option. No PAC would be charged for single premium policies.

  • The insurance provider offers a GIR of 1.5 percent yearly all throughout the term of the policy of a member. An AIR of 2.5 % would be offered for the initial 5 years of the policy of the member group. Thereafter no AIR would be offered.

  • All these transactions are covered by the IRDA.

 

What benefits are offered?

Upon maturity of the scheme, the value of individual single/regular premium accounts is payable to the member via you. On demise of member, the benefits paid would be the equivalent amount of the total sum insured as well as the value of individual single/regular premium account. It is subject to a 105% of guaranteed death benefit. This benefit would be given to the nominee of the member via you.

 

Other important parameters and information

Criteria

Detailed information

Criteria

Detailed information

Group Size

Min.

20 people

Term of policy for members

Limited and Regular Premium – 10, 15-30 years

Single – 10 and 15 years

Max.

5000 people

Premium payment term

Regular – equivalent to term of policy of member

Limited – Term of Policy of member less 5 years

Single – Once

Age of Entry (Member)

Min.

18 years

Premium Min.

Mode

Single

1 yr

6 months

3 months

1 month

Sum

5000

1000

600

300

100

Max.

60 years

Premium Max.

No Limit

Age at Maturity (Member)

70 Years

Sum Insured (Member)

Minimum

45 Yrs

< 45

> 45

Regular/

Limited

10 X the annualized premium

7 X the annualized premium

Single

1.25 X the single premium

1.1 X the single premium

Maximum

Regular

Up to 50 times on the basis of the group’s nature

Single

Up to 10 times on the basis of the group’s nature

 

Some frequently asked questions

Who can get this policy?

This policy can be set up by both Employer-Employee (EE) and Non-Employer-Employee (NEE) groups. The latter comprises the following:

  • Associations wherein the members demonstrate a specific trade or profession or Anganwadi or domestic workers

    Cooperative societies

    Government agencies

    School or college students’ parents as member

    Any IRDA approved group

 

Can you avail tax benefits?

Well, of course, just like any other insurance plan from Bajaj Allianz, applicable tax benefits can be availed with this plan.