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Assure your employees a financially secured, stable and independent post retirement life.
Group Superannuation Secure is a non-linked, non-participating plan, variable fund-based Group Superannuation Scheme which can be taken by you (an employer) to manage pension fund for your employees. This scheme helps in building a substantial retirement fund, to ensure a secure regular income flow after retirement. The plan offers a minimum Guaranteed Interest Rate, which will be guaranteed for the entire term of the policy and an Additional Interest Rate, which may be declared by the company at the start of each financial quarter.
Giving your members and their families the heartening reassurance of your care, and peace of mind in the event of premature demise of your member. Also an economical way to protect the member's family from the burden of repayment of any loan in case of death or accidental permanent total disability or critical
As the name suggests, group insurance policies provide insurance cover to a group of people – they may be employees of an organisation, members of a society or a group of borrowers. Under group insurance policy, members of the group can get life, annuity, superannuation, gratuity, leave encashment and loan cover, among others.
For employers, it is easier to attract and retain employees if they offer group insurance policy to their workforce. The employer can also meet statutory obligations through group insurance.
Most employers offer group insurance to their workforce to provide their families an additional financial security. It is also one of the key initiatives taken by employers to attract and retain employees. The employer can also meet statutory obligations through group insurance.
Bajaj Allianz Life is a trusted life insurance company with a wide reach and a commitment of enabling people to meet their life goals through insurance products. From experience gathered over two decades, the company has developed a comprehensive portfolio of group insurance products.
It offers many products covering a wide range of risks and various groups, be it employees, or non-employees like lender/borrowers or such other groups, as defined. The group insurance products range from a simple life cover to other products, like loan protector schemes, among others.
Any existing group of people, whether it is an employer-employee group or non-employer-employee group can purchase a group insurance policy to achieve their life goals.
The group should have a purpose of existence and not be formed only for purchasing of any group insurance policy. There will be a Master Policyholder who will act as the central administrative machinery on behalf of the members.
For employer-employee groups:
In case of employer-employee groups, the group insurance is purchased by the employer for the benefit of the employee. It is seen as a good practice which enhances employee satisfaction. In case the premium is paid by the employer, it could be treated as a business expense against which the employer can claim tax deductions. Some of the group insurance schemes also help the employer in meeting the statutory obligations.
For the employees, purchasing group insurance helps them in availing tax benefits on the premium paid for the group insurance. Further the funds in which they invest, are managed by experts which ensures that the members benefit by getting potentially good returns.
For non employer-employee groups:
Besides allowing the members of non-employee-employer groups to benefit by availing life cover, some group insurance policies also provide covers against outstanding loans to the group members.
The amount paid as premiums under group insurance policy is allowed as a deduction under Section 80C of the Income Tax Act, 1961. Further, any amount received under the group life insurance policy is eligible for exemption from income tax under Section 10(10D) of the Income Tax Act.
Please note the tax benefits under group insurance policy are subject to certain other conditions. You are suggested to check with your tax consultant to ensure the fulfilment of other conditions before making any claim.
The groups are classified in two types: employer-employee and non-employer-employee group. Most of the groups are employer-employee types. In the case of non-employer-employee group, the members should have “assembled together with a commonality of purpose or engaging in a common economic activity.” For instance, employee welfare associations or a society is an example of non-employee-employer group. A group should not be formed with intention of availing benefits of group insurance policy.
No, an individual cannot opt for a group insurance. You have to be part of a group to avail the benefits of group insurance policy.