Bajaj Allianz Sarve Saral Suraksha A Group Term Insurance plan In an increasingly uncertain world, providing for adequate cover at an affordable cost is now an easy task. Your premiums will not only buy you protection but also will be returned to you on maturity. Bajaj Allianz Sarve Saral Suraksha Presenting Bajaj Allianz Sarve Saral Suraksha a non-linked, non-participating regular premium group term assurance product, that also provides return of premiums at maturity.
A scheme under Bajaj Allianz Sarve Saral Suraksha may be set up for Non Employer-employee homogeneous group as defined / approved by IRDA from time to time; not available to Employer- Employee groups. What does the Scheme under Bajaj Allianz Sarve Saral Suraksha" offer? Regular premium payment option Two terms - 7 years & 10 years Return of premiums at maturity Life cover up to 25 times of annualised premium Benefits Death Benefit Provided the life insurance cover on a member is in force, on death of the member, the sum assured with respect to that member shall be paid and the life insurance cover of the member will terminate. Maturity Benefit Provided the life insurance cover on the member is in-force or paid-up, on maturity, the total of all premiums paid with respect to that member (excluding any extra premiums and service tax on premium) will be returned to the member. Surrender Benefit a) Surrender of the Member s cover under the policy The surrender of the life insurance cover of the member is allowed after o Two full years premium have been paid, if premium paying term under the membership is 7 years or o Three full years premium have been paid, if premium paying term under the membership is 10 years The member surrender value is the higher of Special Surrender Value (SSV) and Guaranteed Surrender Value (GSV). Guaranteed Surrender Value is equal to proportion of the total premiums paid with respect to that member (as per the table below based on the membership year of surrender), excluding the extra premiums, if any, and service tax. Membership Percentage of the total Percentage of the total Surrender Year premiums paid for PT 7 premiums paid for PT 10 2 25% - 3 30% 30% 4 35% 35% 5 40% 40% 6 45% 45% 7 50% 50% 8 55% 55% 9 60% 60% 10 65% 65%
Special Surrender Value: The company shall declare Special Surrender Value (SSV) from time to time, subject to the approval of IRDA. b) Policy Surrender Surrender of your policy is not allowed. However you can stop the enrolment of new members any time after commencement of the policy. Important Details of the Bajaj Allianz Sarve Saral Suraksha Parameter Minimum Group Size Minimum Entry Age Maximum Entry Age Minimum Age at Maturity Maximum Age at Maturity Terms allowed for members Premium Paying Term (PPT) Premium Premium Payment Frequency Details 50 members 18 years 60 years 25 years 70 years 7, 10 years Equal to policy term of the member Premium Minimum Maximum Frequency Premium Premium Yearly ` 1500/- ` 12000/- Half- Yearly ` 1200/- ` 6000/- Quarterly ` 600/- ` 3000/- Monthly ` 200/- ` 1000/- Yearly, Half-yearly, Quarterly, Monthly Monthly premium payment frequency will be available under salary deduction scheme & ECS. Sum Assured The sum assured will be Annualised premium * Multiplier Where the Multiplier is as per the table below Age at entry 40 years 41 to 60 years Multiplier PPT 7 years PPT 10 years 15 25 7 10 Features Non Forfeiture (1) On non-payment of any premium within the grace period during First two years if premium paying term under the membership is 7 years or First three years if premium paying term under the membership is 10 years then, the life insurance cover for that member would immediately cease.
(2) On non-payment of any premium within the grace period after First two years, premiums have been paid, if the premium paying term under the membership is 7 years or First three years premiums have been paid, if the premium paying term under the membership is 10 years then, the benefits under the scheme for that member would immediately be reduce to the paid up sum assured*. * The paid up sum assured will be the Reduced Sum Assured, arrived at by multiplying the sum assured by a factor equal to the proportion of the number of premiums paid to the total number of premiums payable for that member. If the cover of the member is reduced to paid up sum assured, on death of the member during the policy term of the member, the paid up sum assured shall be paid and the life insurance cover of the member will terminate. (3) If the member s association with the group policy continues, then, cover of the member can be revived within a revival period of 2 years from the due date of first unpaid premiums but before the end of the policy term of the member. Early Termination Early termination for a member is available if at least one (1) full year s premium have been paid and 12 months have been completed for the member from the date of entry but Two full years premium have not been paid if premium paying term under the membership is 7 years or Three full years premium have not been paid if premium paying term under the membership is 10 years In case of early termination by the member or non-payment of due premium during aforesaid period, the following Early Termination Value will be paid: Number of Full Years Premiums paid 1 2 Early termination value as a % of the premiums paid till date Policy Term is 7 years Policy Term is10 years 11% 11% NA 15% Where premiums considered are excluding the extra premiums, if any and service tax on premium. The Early Termination Value will be paid on request for termination of the policy by member, on death or at end of the revival period, whichever happens earlier. Loans There is no policy loan under the plan.
Revival The life insurance cover of the member under the Policy may be revived with the consent of the Company within two years from the date of first unpaid premium but before the end of the policy term of the member, subject to the receipt of the following by the Company: 1. A written application for revival 2. All due unpaid regular premiums of the member with applicable interest 3. Production of evidence of insurability satisfactory to the Company The revival of the life insurance cover shall be as per the prevailing Board approved underwriting norms of the company Flexibilities: Alteration of premium payment frequency At any time, your member can opt to alter the premium payment frequency to any other mode (i.e., yearly, half-yearly, quarterly or monthly), if the revised premium after applying the modal factors is applied meets the minimum premium criteria under the plan and the existing & requested frequency can be aligned. Termination of the life insurance cover The life insurance cover for a member will terminate on occurrence of any one of the following: On occurrence of death of the Member On Member reaching the Maturity Date On early termination of the member s cover On the Member surrendering the his/her life insurance cover under the Policy On non-payment of regular premium before the expiry of the Grace Period, if at least two years premium have not been paid where premium paying term is under the membership 7 years or three years premium have not been paid where premium paying term under the membership is 10 years Grace Period Grace period shall be 15 days for monthly frequency of premium payment and 30 days for other frequency of premium payment, from the premium due date. If death occurs during the grace period, the sum assured shall be payable subject to deduction of due but unpaid premium. Nomination The members can nominate the person(s) to whom the cover proceeds will be payable by you upon their death. Nomination is effected as per section 39 of the Insurance Act, 1938.
Suicide Exclusion If the life assured commits suicide, whether sane or insane, within one (1) year from the date of commencement of risk, or the date of latest revival of the life insurance cover of the member, the contract of insurance for that member shall be terminated by paying the higher of the member surrender value and 80% of the total premiums received for that member, whether or not any beneficial interest has been created therein. Tax Benefits As per the applicable tax laws. Free Look Period Within 15 days [thirty (30) days in case this policy is issued under the provisions of IRDA Guidelines on Distance Marketing* of Insurance Products] of the date of receipt of the policy, you will have the option to review the terms and conditions and return the policy and all the COI, if you disagree to any of the terms & conditions, stating the reasons for your objections. You will be entitled to a refund of the total premium of all members, subject only to a deduction of proportionate life insurance premium for the period of cover and the expenses incurred by the Company on medical examination of the members and the applicable stamp duty charges. Within 15 days [thirty (30) days in case this policy is issued under the provisions of IRDA Guidelines on Distance Marketing* of Insurance Products] of the date of receipt of the COI, the member will have the option to review the terms and conditions and return the COI, if member disagree to any of the terms & conditions, stating the reasons for members objections. Member will be entitled to a refund of the regular premium paid for that member, subject only to a deduction of proportionate life insurance premium for the period of cover and the expenses incurred by the Company on medical examination of the member and the applicable stamp duty charges. * Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through modes other than in person. Why Bajaj Allianz Life Insurance? Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE. Both enjoy a reputation of expertise, stability and strength. This joint venture Company incorporates global expertise with local experience. The comprehensive, innovative solutions combine the technical expertise and experience of Allianz SE, and in-depth market knowledge and goodwill of Bajaj brand in India. Competitive pricing and quick honest response have earned the Company the customer's trust and market leadership in a very short time. Prohibition of Rebate: Section 41 of the Insurance Act, 1938 No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. Any person making default in complying with the provisions of this section shall be punishable with a fine which may extend to five hundred rupees
Fraud & Misrepresentation: Section 45 of the Insurance Act, 1938 No Policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy-holder and that the policy holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose. Disclaimer This sales literature gives the salient features of the plan only. The policy document is the conclusive evidence of the contract, and provides in detail all the conditions, exclusions related to the Bajaj Allianz Sarve Saral Suraksha.
Contact Details Bajaj Allianz Life Insurance Co. Ltd. G.E. Plaza, Airport Road, Yerawada, Pune - 411006., IRDA Reg No.: 116,Visit : www.bajajallianz.com BALIC CIN : U66010PN2001PLC015959, Call on : Toll free no. 1800 209 5858, Fax No: 02066026789 SMS LIFE 56070 For any queries please contact: BSNL/MTNL (Toll Free) 1800 233 7272 Any Mobile & Landline (Toll Free) 1800 209 5858 Mail us : customercare@bajajallianz.co.in chat: bajajallianzlife.co.in/chat Bajaj Allianz Sarve Saral Suraksha (UIN : 116N119V01) BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDA clarifies to public that - IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDA does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number. For More Information: Kindly consult our Insurance Consultant or call us today on the TOLL FREE numbers mentioned above. This brochure should be read in conjunction with the Benefit Illustration and Policy Exclusions. Please ask for the same along with the quotation. Bajaj Allianz Sarve Saral Suraksha Plan is a Traditional Life Insurance Plan. Insurance is the subject matter of the solicitation BJAZ-PB-0422/3-Sep-14