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Insurance Company
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Bajaj Allianz Life Insurance Company Ltd
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Plan Name
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Bajaj Allianz Group Seva Plan
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Plan Nature
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TRADITIONAL
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Plan Category
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Term Plan
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UIN No.
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116N073V01
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About Plan
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Bajaj Allianz Group Seva Plan gives your group members and thier families the complete reassurance of a lasting financial security and peace of mind. Any group (i.e. EE, Associations/Co-operatives, Affinity group etc) having proper rules, records and register can set-up the scheme . This Plan offers the unique opportunity for providing adequate relief at a very low cost to the family of a member in the event of his/her premature demise together with saving to earn a market rate of investment return from the well managed fund of the company.
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Minimum Entry Age
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18Years
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Maximum Entry Age
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65Years
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Maximum Maturity Age
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70Years
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Benefits
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| Particulars | Description |
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Maturity Benefits
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The policy holder decides about the maturity date. Once member reaches to the maturity date the account value as on that date will be paid to the member through master policyholder date followed by closure of the individual account. The minimum guaranteed maturity value is 70%.
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Death Benefits
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The death benefit shall be the Sum Assured plus the account vaue of an individual member as on date of intimation of death. The sum assured for each individual member shall be as proposed by the Policyholder having reference to some justifiable factor.
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Surrender Benefit
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Surrender of policy or membership is allowed after completion of one year of membership. The surrender value is the account value of the member's individual account, subject to the market value adjustment as applicable on the date of such closure less surrender penalty subject to minimum guaranteed surrender value.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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Group Accident Permanent Total Disability Benefit [116B004V01]
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Group Accident Death Benefit [116B005V01]
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Give you group members and their families the complete reassurance of a lasting financial security and peace of mind.
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The Bajaj Alliance Group Seva Plan comes with a host of features that allow your members to have the best of all worlds û protection and Investment with flexibility like never before.Some of the key features of this plan are:1) a single premium plan,2) Life Insurance cover, which includes additional rider benefit cover also if any, at nominal cost through a group term insurance.3) Opportunity to invest in a fund having most appropriate balance of equity and fixed interest securities at the judgment of our expert fund managers.4) On death, benefit equal to the sum assured plus the account value of the individual member.5) On maturity, benefit equal to the account value of the individual member shall be payable subject to minimum guaranteed maturity value of 70% (Single Premium less scheme administration fee charged at inception of membership less life insurance premium and rider premium, if any, deducted till maturity date).
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Group Accidental Death Benefit,Group Accidental Permanent Total/Partial Disability Benefit.
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Market Value Adjustment is the ratio of the market value of the fund to the value of the fund valued on the basis of the investment valuation as prescribed by IRDAÆs rules and regulations as applicable for the non-linked fund from time to time. Market value Adjustment, if any, shall be applied on account value on surrender of the account.
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03-Jul-09
10:49
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Bajaj Allianz has invested Rs 50 cr SKS Microfinance
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16-Jun-09
10:59
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Bajaj Allianz Life has launched Invest Plus
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21-May-09
11:46
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Bajaj Allianz Life Insurance posted profit of Rs 45 Cr in FY09
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13-May-09
12:59
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Bajaj Allianz Life launched ULIP plan
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21-Apr-09
10:41
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Allianz expands India presence into asset management
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11-Apr-09
10:45
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Policies for women : Bajaj Allianz
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31-Mar-09
09:46
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Bajaj Allianz to insure all Volkswagen vehicles
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17-Feb-09
16:20
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Bajaj Allianz launches CenturyPlus II
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20-Jan-09
12:50
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Private insurers see market share rise to 62%
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16-Jan-09
16:20
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Bajaj Allianz Life Insurance GWP is Rs 6726cr
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17-Dec-08
14:15
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Equity-based Ulips outdo indices
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13-Dec-08
11:20
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Allianz sees bright future for its Asian operations
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21-Nov-08
09:56
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Bajaj Allianz to infuse Rs.300 Cr
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30-Aug-08
10:12
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Vijender Singh snapped up by Bajaj Allianz Life Insurance
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22-Aug-08
17:00
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Bajaj Allianz Life Insurance is going in for a rejig
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18-Aug-08
11:40
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Bajaj Allianz Introducing Bajaj Allianz Fortune Plus
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