Group Term Life (Non Employer Employee) of Bajaj Allianz Life Insurance is an insurance policy that has been designed to offer basic insurance policy to the members in a group. This one is a single policy in which all the members in a group get benefited. It covers the risk of death.
Features and benefits of Group Term Life are:
• The minimum age entry for this policy is fifteen years and the minimum amount that is to be insured in this policy is Rs. 10,000/-. The maximum sum that is to be assured would be Rs. 1, 50, 00, 000/-.
• In this policy all the insured members in a group would be getting accidental death benefit as well as Permanent / Partial disability benefit.
a) In case of accidental death benefit, the family member of the insured member would be getting the equal amount of sum that has been assured in the policy.
b) In case of Permanent / Partial disability benefit, the insured would be getting hundred / fifty percent of the sum that has been assured.
• The policy is also very flexible and so do the frequency for making the payment of the premiums. The premium payments can be done yearly, monthly, quarterly and half-yearly.
• Free look period will be offered to the group, where they can check the policy. If the group didn’t like the policy then they can return the policy within the specified day that is fifteen and they would be getting back the premium amount. The amount that would be paid is subjected to deduction of charges such as medical examination and stamp duty charges.
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