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
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
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.
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.
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
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.
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.