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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 Term Life (Employer Employee)
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Plan Nature
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TRADITIONAL
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Plan Category
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Employer Employee
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UIN No.
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116N021V01
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About Plan
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'1) It is a Group Term Insurance Scheme that provides basic Life Insurance protection to group members. 2) The main feature of this plan is to cover the risk of death. 3) Life Insurance Benefit for all members of the Scheme is provided by one policy document that is issued to the policyholder i.e. the Employer.
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Minimum Entry Age
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18 Years
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Maximum Entry Age
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Normal Retirement Age or 70 Years whichever is lower
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Minimum Sum Assured
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Rs. 10,000
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Maximum Sum Assured
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7 times the gross salary subject to a maximum of Rs. 1.5 Crores
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Minimum Group Size
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50 Members
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Benefits
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| Particulars | Description |
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Employees Benefit
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· In the event of untimely death of any employee,the Life Cover amount is paid.· The Life Cover amount paid is Tax-Free.· Death benefit, when paid, will be exempted from Income Tax in the hands of beneficiaries / employees.· The cover available upto Free Cover Limit without insisting upon any medical evidences, subject to some simple insurability conditions.
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Organisation Benefit
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· Provides valuable Life Cover to your employee at an attractive benefit-to-premium ratio.· Contribution to the Group Term Life Scheme by the Employee is allowed to be treated as business expenses. · Improves staff relation and goodwill.· Helps in recruitment and retention of quality staff.· Helps raise employee motivation levels and productivity.· Easy to set up and administer.
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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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SEC 88
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Premiums paid by the employee are elegible for tax deduction under section 88.
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Group Accident Permanent Total Disability Benefit [116B004V01]
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Group Accident Death Benefit [116B005V01]
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Provides valuable Life Cover to your employee at an attractive benefit-to-premiumratio. Contribution to the Group Term Life Scheme by the Employee is allowed to betreated as business expenses. Improves staff relation and goodwill. Helps in recruitment and retention of quality staff. Helps raise employee motivation levels and productivity. Easy to set up and administer.
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In the event of untimely death of any employee,the Life Cover amount is paid. The Life Cover amount paid is TaxûFree. Death benefit, when paid, will be exempted from Income Tax in the hands ofbeneficiaries / employees. If the Scheme is contributory i.e. employees also contribute the premium, they areeligible to claim Income Tax rebate under Section 88 of the Income Tax Act. The cover available upto Free Cover Limit without insisting upon any medicalevidences, subject to some simple insurability conditions.
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Depending on the size of the group and other factors, each specific scheme will have a Free Cover Limit.The simple insurability conditions for the Free Cover Limit are that the member should be in good health on the date of entry and not absent from work for reasons of illness during the past 2 weeks preceding the date of scheme. However this condition may be waived if the group cover is being transferred from another insurance company. In addition, other underwriting criteria may be set depending on the nature of the group.For coverage over and above the Free Cover Limit, satisfactory medical evidence would be required individually.
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The Group Policy holder has the option of sharing in the mortality profits (Profit Sharing)based on experience rating subject to following conditions. Profit Share computation period will be on completion of minimum life years of 5000. The expected number of deaths in the Profit Share computation period should be atleast 10. Share of Profit of the Group will be applied in reducing the premium payable on the next renewal date. In case of loss, the same will be carried forward. Not more than 60%
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It is a Group Term Insurance Scheme that provides basic Life Insurance protection to employees.The main feature of this plan is to cover the risk of death.Life Insurance Benefit for all members of the Scheme is provided by one policy document that is issued to the policyholder i.e. the Employer.
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Accidental Death BenefitAccidental Permanent Total/Partial Disability Benefit
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There will be a continuation option to be exercised under the policy at inception. Under this option if the employee leaves employment due to any reason other than ill-health retirement, fraud or misconduct he will have the option to continue his life cover by taking out an individual life insurance policy. The premium rates charged for the individual policy will be the standard individual premium rates applicable at the time of conversion. There will be no medical evidence required at the time of issue of the individual policy upto the Free Cover Limit. For this option there will be an extra charge upto 20% on the mortality basis based on the group size and other characteristics of the group.
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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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