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How about checking some pre-approved offers you might be eligible for?

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Overview

Life is unpredictable, and every individual wants to ensure that his loved ones do not face any financial hardships, in case anything were to happen to him/her. This is where a group term insurance comes into the picture and plays a crucial role in providing financial security at a substantial cost, to the family of the policyholder. Under this group term insurance policy, a one-time death benefit amount is paid to the family of the insured in the unfortunate event of his death.

Reasons To Buy Group Term Life Insurance

  • Death Benefit

    The Bajaj Allianz Group Term Life Insurance plan offers life insurance coverage of up to Rs. 1 Crore. Thereby offering a financial assurance to your family in your absence.

  • No Medical Underwriting

    A unique Group Insurance plan that offers high life insurance coverage of up to Rs. 1 Crore, without the need to undergo any medical examination.

  • Critical Illness Rider

    Enhance your protection and customize your Group Insurance plan with an add-on cover for Critical Illnesses like Cancer, Kidney failure, Heart Attack, etc. up to Rs. 10 Lakh.

  • Cost Effective

    A Group Term Insurance plan is an extremely cost-effective option for any individual as the premiums are significantly low in comparison to that of individual term insurance plans.

  • Tax Benefits

    As per the prevailing Tax Laws, the premium paid towards a Group Term Life Insurance plan are exempt from any taxes, under Section 80C of Income Tax Act.

Exclusions

  • No critical illness benefit shall be paid on diagnosis of critical illness due to attempted suicide, or intentional self-inflicted injury, within one year from the date of commencement of membership.
  • There is a waiting period of 90 days applicable on critical illness, from the date of commencement of the policy.
  • If the insured commits or attempts a criminal act, whether alone or with anybody else.
  • AIDS, any AIDS-related illness or HIV infection.
  • Alcohol or solvent abuse or taking of drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner
  • Alcohol or solvent abuse or taking of drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner
  • War, invasion, act of foreign enemy, hostilities (whether war be declared or not), armed or Unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes
  • Taking part in any naval, military or air force operation during peace time
  • Engaging in or taking part in hazardous activities, including but not limited to, diving or riding or any kind of race; martial arts; hunting; mountaineering; parachuting; bungee-jumping; underwater activities involving the use of breathing apparatus or not. Hazardous Activities mean any sport or pursuit or hobby, which is potentially dangerous to the Insured Member whether he is trained or not
  • Participation by the insured person in any flying activity, except as a bona fide, fare-paying passenger of a recognized airline on regular routes and on a scheduled timetable
  • Any Pre-existing medical condition. “Pre-existing medical condition” definition will be as per health regulation.

Why Choose Finserv Markets 

Swift Claim Settlement

With no third party involved, Bajaj Allianz Insurance boasts a 92% settlement success rate and promises to offer speedy claim settlements.

Easy on Pocket

Affordable premiums that get you multiple coverage options with high sum assured amounts.

Trusted Companion

We have a customer base of 100+ million across the country. It’s time you choose us as your financial partner.

Extensive Coverage

To ensure the financial security of your family get a life insurance cover of up to Rs. 1 Crore.

Tailor-made Insurance Plans

Customize your plan by opting for a critical illness rider, providing cover for 11 such illnesses.

How to Apply for Group Term Life Insurance

No rocket science here! Follow 3 simple steps and you’re done

  • Check Your Offer

  • Verify/Edit Your Details

  • Make Payment

  • Policy Issued

Claim Process for Group Term Life Insurance

Filing claims was never so simple. Just follow these steps and you’re done!

  • 1

    Register your claim online

  • 2

    Upload documents online

  • 3

    Claim Assessment

  • 4

    Claim Decision

Family/nominee should contact Finserv Markets who will work with Bajaj Allianz for a speedy claims processing. The claim can be raised within 30 days after the requisite documents are ready with Finserv Markets, from where claim request can be taken after checking the documents and the same will then be sent to Insurance servicing department at TCS Bhosari – Centralized ops. Once Bajaj Allianz Life Insurance Corporation (BALIC) receives all the documents, the same will be processed within 30-60 working days of time frame to settle the claim.

Manage all your Group Term Life insurance Queries here

  • What does Group Term Life insurance mean?

    A single life insurance policy which covers a group of people is known as a Group Term Life

  • What is meant by group insurance?

    A group insurance is one master policy that covers all the members of a group under it. An individual must be part of that group in order to be able to take group insurance. A group can consist of lawyers, members of credit societies, doctors, members of cooperative banks, etc.

  • What are the benefits of a Group Term Life Insurance?

    A Group Term Life Insurance is a very beneficial insurance policy for two major reasons: (a) It provides a lump sum benefit amount in case of the death of an insured (2) The premium amount for the insurance policy under a group plan is substantially affordable as compared to that of an individual term life insurance plan.

  • What is the policy term of a Group Term Life Insurance?

    This Group Term Life Insurance policy is issued for a period of one year and can be renewed every year.

  • Why should I choose Group Term Life Insurance?

    You should choose a Group Term Life Insurance for the following reasons: (1) The plan offers a life insurance cover at subsidized premiums (2) Individuals who might otherwise not be able to get insured under an individual term life insurance policy become eligible to get a life cover as part of the group. (3) Group Term Life Insurance is substantially affordable than an individual retail term life insurance policy. (4) No medical examination required even for higher sum assured.