Group Suraksha of Bajaj Allianz Life Insurance is a single premium group term insurance policy that offers insurance coverage against the credit risk together with basic life insurance coverage to its group members. The policy provides benefit to all members in a group provided under a single policy.
Features and benefits of Group Suraksha:
- The minimum entry age of an insured should be 18 years and the minimum sum that is to be assured in this insurance policy must be Rs. 40,000/-. The term for the risk cover is from two to thirty years.
- The plan eliminates all the risk in the event of the death of the borrower.
- At any point of time you can add a new member in a group in this policy.
- Riders are also available in this; they offer additional insurance coverage to the family members of an insured member in a group. Riders like accidental death benefit rider and permanent /partial disability benefit rider.
- As the policy is a group policy therefore the premium for this policy are paid by all the members in a group. Here the amount of premium has been divided between the numbers of members in a group.
- The mode of making the payment of premiums is single and this is then one and only mode that is available in this policy. This means that the premium would be paid only once.
- In this policy the insured is not allowed to have any loan.
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