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Allianz Bajaj launches unit-linked group productsnews
Our Banking Bureau
03 July 2004

Mumbai: Allianz Bajaj Life Insurance (ABLI) the fastest growing private life insurance co. has recently received approval from IRDA for complete suite of group products which includes Unit-Linked Group Superannuation & Group Gratuity, Group Term Life, Group Term Life in Lieu of Employees Deposit Linked Insurance (EDLI) scheme. The gratuity and group superannuation products have been launched under a unit-linked platform so that policyholders can see that they are getting the returns that the funds earn. This also gives ABLI the flexibility to offer customers a choice of investment in short-term debt, balanced or income funds". Corporates can use the volatility in the markets to their advantage by buying additional units during a downtrend.

The new group insurance products including Keyman Insurance are aimed at targeting companies, which are looking at Insurance as well as outsourcing management of their gratuity funds and superannuation funds.

Sam Ghosh, ceo of ALBI said "With the launch of unit - link group products we are in a strong position to service all group insurance requirements of corporate clients. An employee's motivation level and productivity can increase when he has a complete reassurance of a lasting security, most importantly, financial security for his family and himself".

The group products come with a lot of value added services. The value-added service includes actuarial services to estimate the liability of the company. Companies will be allowed to shift funds across schemes. Data in respect of the net asset value of the funds would be provided periodically.

The salient features of Group Gratuity products is - Under the Payment of Gratuity Act, employers are required to compensate employees who quit after at least five years of service with a gratuity payment. This amounts to 15 days salary for every year of service they have put in.

Allianz Bajaj has also introduced complete range of insurance products for the corporate clients, which are as follows:

Group Term Life Insurance - A one-year renewable group cover available for Employer-Employee Groups and Non Employer-Employee Groups. It is available with accidental riders and covers death due to any reason.

Group Term Life in lieu of EDLI — Employees covered under the Employee's provident Fund and miscellaneous provision act, 1952 have to provide life Insurance cover under the EDLI scheme, 1976. The Allianz Bajaj Group Term life in Lieu of EDLI is a better alternative to provide more life insurance protection to the employees. The plan offers a uniform amount of coverage that can be chosen by employer starting at a minimum level of Rs. 62,000.

Group Gratuity - Consists of managing Gratuity funds and the cover also includes Life Insurance protection. The funds will be managed on the Unit Linked platform in turn generating higher returns. We have a choice of three funds 1) Secure Gain 2) Stable Gain 3) Accelerated Gain. We have very low management charges of around 0.8% and also a free actuarial valuation of the gratuity liability.

Group Superannuation - managing funds for superannuation/ retirement benefits. It is a Defined Contribution Scheme where a fixed contribution or a percentage of the salary of the member, which may not exceed 27% of the member's salary (including employer's contribution for P.F.) may be paid to the Insurance co. The scheme provides for the contribution either from Employer or from both the Employer and Employees. At the end of the contribution term the member has the option to purchase annuities from the Insurance co, which will enable him to earn pension through out his lifetime.

Key Man Insurance — A promising business opportunity - Keyman Insurance is a life insurance cover under a suitable plan, that provides corporates a unique opportunity to protect their business against the unfortunate loss of key people. It is a vital tool to build employee loyalty and also gain valuable tax advantage.

Allianz Bajaj Life Insurance Company has developed insurance solutions that cater to every segment and age-income profiles. Its products include InvestGain (a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lump sum), Cash Gain (Money Back), Child Gain (Children's plan), Risk Care (Pure Term), Lifetime Care (whole life), Term Care (term with return of premium), Swarna Vishranti (Retirement Plan), Protector (Mortgage term insurance plan), UnitGain (Unit Linked Whole of Life Plan) and UnitGain Single Premium.

Allianz Bajaj is poised for an accelerated growth in the market and has already become the fastest growing private life insurance company in India. Allianz Bajaj has a wide pan India presence of office network in 156 cities of the country and is aided with a strong and trained Agency network of over 27,000 agents. Allianz Bajaj has also forged strong Bancassurance and Corporate Agency relationships and continues to build on new tie-ups for fast track growth and deep market penetration.

Allianz Bajaj has launched a slew of need-based products to cater to each varied needs of the customer. Currently Allianz Bajaj has a product portfolio of 18 products and more need-based products are in the pipeline.


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Allianz Bajaj launches unit-linked group products