Allianz Bajaj launches unit-linked group products
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: