With inflation being one of the major issues these days, getting adequate insurance coverage seems a very taxing task. Considering the same on the top of the priority list, Bajaj Allianz has introduced Sarve Saral Suraksha. Upon paying the premiums, you not only buy protection, but also get the assurance that the same would be returned to you upon maturity. It is a non-participating, non-linked regular premium product.
What kind of scheme set up can be done?
The policy can be set up for Non-Employer-Employee (NEE) homogenous group as approved by the IRDA. This facility is not available to EE groups.
What does this policy offer?
The option of regular premium payment
Two policy terms to choose from – 7 years and 10 years
Life coverage for up to 25 times of the annualized premium
Return of premiums paid upon maturity
What benefits are payable?
Death benefit
On the unfortunate demise of a member, the amount of sum insured in regard to that particular members would be paid as death benefit, provided the cover is in-force. And the term insurance cover would terminate.
Maturity benefit
Upon maturity, the sum of all the premiums paid by a member would be returned to him or her, provided the cover is in-force.
Surrender benefit
Member surrender
The surrender of term insurance cover of a member can be done after either of the below mentioned criteria is fulfilled:
All the premiums should have been cleared for 2 complete years. This condition is applicable for premium payment term 7 years under the membership.
All the premiums should have been cleared for 3 complete years. This condition is applicable for premium payment term 10 years under the membership.
The surrender value for member is the higher of the SSV and GSV. The former stands for Special Surrender Value and Guaranteed Surrender Value. The GSV is equivalent to the proportion of the sum of premiums paid in regard to a particular member. For more details, refer to the table:
|
Surrender Year – Membership |
Sum of premiums paid for 7 year’s plan (%) |
Sum of premiums paid for 10 year’s plan (%) |
|
2 |
25 |
NA |
|
3 |
30 |
30 |
|
4 |
35 |
35 |
|
5 |
40 |
40 |
|
6 |
45 |
45 |
|
7 |
50 |
50 |
|
8 |
55 |
55 |
|
9 |
60 |
60 |
|
10 |
65 |
65 |
Policy Surrender
Policy surrender is not allowed to you. However, you can always stop enrolling new member as per your wish after policy commencement.
Eligibility details
|
Eligibility Parameters |
Detailed Information |
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|
Size of Group (Minimum) |
50 people |
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|
Age of Entry (Min.) |
18 years |
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|
Age of Entry (Max.) |
60 years |
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|
Age at Maturity (Min.) |
25 years |
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|
Age at Maturity (Max.) |
70 years |
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|
Terms available for members |
7 years and 10 years |
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|
Premium Payment Term (PPT) |
Equivalent to the term of policy of the member |
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|
Premium |
Premium Freq. |
Premium (Min) |
Premium (Max) |
||
|
Monthly |
Rs. 200/- |
Rs. 1000/- |
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|
Quarterly |
Rs. 600/- |
Rs. 3000/- |
|||
|
Half-Yearly |
Rs. 1200/- |
Rs. 6000/- |
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|
Yearly |
Rs. 1500/- |
Rs. 12000/- |
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|
Premium Paying Frequency |
Yearly, Half-Yearly, Quarterly, Monthly |
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|
Sum Insured |
Entry Age |
Multiplier |
|||
|
PPT = 7 Years |
PPT = 10 Years |
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|
40 Years |
15 |
25 |
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|
41 Years to 60 Years |
|
170 |
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