Group Insurance Plans

Group insurance policies by Bajaj Allianz Life provide insurance cover to a employees of an organization, members of a society or a group of borrowers. Avail life, annuity, superannuation, gratuity, leave encashment and loan cover, among others in a group insurance plan.

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Written ByShruti Gujarathi

AboutShruti Gujarathi

Shruti Gujarathi has 5 years of experience in the BFSI sector, and as Manager- Digital Marketing at Bajaj Allianz Life Insurance, manages digital and content marketing. She has had hands-on experience in content strategy, performance marketing and Strategic Alliances over a career spanning 10 years.

Reviewed ByRituraj Singh

AboutRituraj Singh

Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.

Group Insurance Policy
Why Bajaj
How Policies Work
Benefits
FAQs

What is a Group Insurance Policy?

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.

Why Bajaj Allianz Life Group Plans?

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.

Group Insurance Plans

How do Group Insurance policies work?

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.

Benefits of Group Insurance

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.

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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.

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¹Conditions Apply – The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details please refer to sales brochure.

Call to Buy

1800-209-4040

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

CIN: U66010PN2001PLC015959 | Registered Office Address: Bajaj Allianz House, Airport Road, Yerawada, Pune-411006, Maharashtra

Email: customercare@bajajallianz.co.in | Tollfree: 1800 209 7272,

Disclaimer: Images used on this website and the models photographed in them are for representative purposes only and are not indicative of anyone's personal thoughts or ideas.

The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its “Bajaj” Logo and Allianz SE to use its “Allianz” logo.

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Disclaimer

For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

¹©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

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Group Insurance Plans

What is a Group Insurance Policy?

Why Bajaj Allianz Life Group Plans?