Group Employee Benefit Plan - Bajaj Allianz

Group Employee Benefit PlanKey Benefits of Bajaj Allianz Group Employee Benefit Plan• Gives you an opportunity to set up a separate fund for gratuity and leave encashment benefit• You have a choice of 9 funds to select from to suit your investment needs• Option to choose the frequency of making the contributions.• Unlimited free switches to manage your investments.Working of the Plan• The plan is for Employer-Employee Group only• A pooled unit fund will be created for your fund as per the scheme rules.• The contributions paid to fund the scheme shall be invested in the investment fund/s as chosen by youand units will be allocated to the pooled unit fund at the prevailing unit price of the respective investmentfund/s• Employee’s benefits shall be paid, as defined in the scheme rules, by cancelling the units from the pooledunit fund• Non-zero positive additions, if any, will be added to the pooled unit fund in order to meet the maximumreduction in yield criteria [as stipulated in Sub-regulation 37 of IRDA (Linked Insurance Products)Regulations, 2013] at the end of each policy year starting from the fifth policy year.How to set up the Scheme?Three easy steps to set up a fund under Bajaj Allianz Group Employee Benefit Plan:• Draft a scheme rules and/or trust deed as applicable for administration of the scheme. Bajaj Allianzprovides you with guidance on the same.• Apply for securing approval of Commissioner of Income Tax under Part C of the Fourth Schedule of theIncome Tax 1961, if applicable.• Pay the required contribution along with Master Proposal Form, employee data, scheme rules and/ortrust deed as applicableYou can also transfer your self-managed fund(s) or an on-going scheme to us under this plan based on preagreedterms and conditions.