Bajaj Allianz Group Income Protection Plan
Bajaj Allianz Group Income Protection Plan is a combination of a temporary life annuity. And also it is helpful to the member as long as long as alive and the lump sum of amount after the death of nominee.
Any farmer or landowner whose property was acquired for the development of special economic zone can become a member under the plan. Refer the Key Features, Benefits, and Eligibility of Bajaj Allianz Group Income Protection plan.
- BSLI Leave Encashment GULP Plan
- Bajaj Allianz Group Credit Shield Plan
- LIC Jeevan Vaibhav Withdrawn Plan
Eligibility for Bajaj Allianz Income Protection Plan
|Entry Age||1 year||Under Option I & II: 80 years
Under Option III: 100 years
|Annuity term||5 years||33 years|
|Group Size||50 members||–|
|Purchase Price||Depends on minimum pension amount|
|Type||Fixed annuity plan|
|Loan||No loan facility is available|
|Nomination||Each member can nominate a person/ persons to whom lump sum benefit after the death of the member will be payable.|
Group Income Protection Plan Benefits
A level annuity amount paid to the member until the death of the member or the expiry of the chosen annuity term. On the death of the member, the sum of the annuity payable from the date of mortality to the expiry of the annuity term paid as the lump sum to the nominee.
An increasing annuity paid to the member until the death of the member or the expiry of the chosen annuity term. On the death of the member, the sum of the annuity payable from the date of death to the expiry of the annuity term paid as the lump sum to the nominee.
In the option III, the annuity term may vary from 5 years to 33 years. In case of the death of the member during the annuity, a lump sum benefit is equal to sum assured chosen by you for your members. And it paid to the nominee and the annuity continues till the end of the annuity term.
This policy is eligible for the tax benefits as per applicable to tax law.