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Performance Learning &

HR Operations Business HR ¦alent Acquisition
Management & Development
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ΠPayroll
ΠEmployee Benefits
ΠCompliance
ΠFull & Final Settlement
ΠInternal Movements (Transfer/Promotions)
ΠHRIS
ΠHR Audit
ΠHR MIS
ΠEmployee Relation Hub
ΠSingle Employee Database

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ΠEmployees Provident Fund
ΠGratuity
ΠGroup Term Life Insurance & Additional Death
Benefits
ΠEmployee Deposit Linked Insurance (EDLI)
ΠEmployees State Insurance Corporation (ESIC)
ΠGroup Personal Accident (GPA)
ΠMedicare

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ΠEmployee and Employer equal contribution, 12% of Basic
Salary.
ΠNew entrants could transfer the previous EPF & EPS
through filling up the form 13.
ΠEPF and EPS could be withdrawn through Form 19 and
Form 10C, provided there should be a non-
non-employment
declaration of 2 months.
ΠIn case of death of a employee the nominee claims the
Pension by filling up form 10D.
ΠFor any EPF and EPS Withdrawal / Transfer, a filled up
SSN form is preferred at the time of submission.
ΠAll Specific Forms are available in HRIS (HR4U).


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ΠWe have a Group Gratuity Scheme policy for all employees.
ΠAn employee who works for a complete 5yrs of continuous service is entitled
for Gratuity, as per the Payment of Gratuity Act.
Π(Last drawn basic /26 * 15 * no. of months/12) served in the period of
service. (subject to the provision of 5 yrs continuous service.
ΠGratuity Shall be payable to an employee on : Retirement / Resignation,
Superannuation & Death or disablement due to accident or disease.
ΠIn the event of death of an employee the gratuity amount goes to the
nominee as declared in the Form F a Nomination Form.
Œ The Gratuity claim gets settled and credited to the employee·s salary account
on line.
ΠTo the limit of Rs 10,00,000 is exempted from the taxable income in a life
time.

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Œ It·s a Group Life Insurance coverage extended to all
employees from the Date of Joining onwards.
ΠThe coverage amount varies from employee to
employee as its 60 times of the basic Salary and where
the minimum coverage is 5 lacs and the maximum is 30
lacs.
ΠThe Premium is borne by the company.
ΠIn case of an Accidental Death the GTL coverage gets
doubled.

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Œ It·s a Employee Deposit Linked Insurance, and all employees are
covered under this who are subscribed in the EPF.

ΠUnder the EDLIS scheme the life insurance benefit is equal to

the average balance to the credit of the deceased employee in the
provident fund during the last 12 months, provided that where
such balance exceeds Rs35,000/-
Rs35,000/- plus 25% of the amount in
excess of Rs35,000/-
Rs35,000/- subject to the max of 60,000/-
60,000/-
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ΠIf the employees length of service is low and / or the salary is
low, the average balance accumulated in the provident fund is
low and therefore the benefit to the employee·s family is an
inadequate. The alternative given by IRDA is that for the same
amount contributed by the employer can be paid to an insurance
company where the cover starts from Rs 62,000/-
62,000/- to a maximum
of Rs 1,50,000/-
1,50,000/-

ΠThe Bajaj Allianz Group Term Life in lieu of EDLI is a better

alternative to provide more life insurance protection to our
employees. As the premium is always less than the 0.5%
contributed by the employer and the life cover more than what
the PF provides, its beneficial for an employee.

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ΠCoverage of employees drawing wages upto Rs.15000/-
Rs.15000/-per
month engaged either directly or through contractor.

Œ Rate of Contribution of the wages Employers· 4.75%

Employees·1.75%

ΠBenefits: To the employees under the Act-

Act-Medical, sickness,
extended sickness for certain diseases, enhanced sickness,
dependents maternity, besides funeral expenses,
rehabilitation allowance, medical benefit to insured person
and his or her spouse.
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ΠWAGES FOR ESI CONTRIBUTIONS To be deemed as
wages: Basic pay Dearness allowance House rent allowance, City
compensatory allowance, Overtime wages (but not to be taken
into account for determining the coverage of an employee),
Payment for day of rest, Production incentive, Bonus other than
statutory bonus Night shift allowance Heat, Gas & Dust
ΠAllowance Payment for unsubstantiated holidays, Meal/food
allowance, Suspension allowance, Lay off compensation,
Children education, allowance (not being reimbursement for
actual tuition fee).
ΠMost of the above Benefits have been taken care from the
Insurer with an enhanced options.

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ΠUnder these policy employees are covered for disability
arising out of accidents.

ΠDeath is not covered under this policy. The Capital Sum

Insured (CSI) for Grade L1 and L2 is Rs. 5 lacs while it is Rs. 7.5lacs
for grades L3 to L5.

ΠIt compensates only loss of pay, arising out when leave balance gets
exhausted.

ΠThe Company pays the premium for this coverage.

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ΠThe entire premium is payable by the employee and will be recovered from
salary in 4 equal installments.

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ΠProbability of survival due to life threatening diseases is higher due to
advancement of medical technology
ΠUnique cover to meet emergency expenses not covered under Health
Insurance
Œ Take specialized treatment anywhere«..no area or provider restriction
ΠServes as a supplementary assistance to your health cover
ΠSource to incur extra expenses due to change in lifestyle
ΠFinance family expenses during temporary unemployment
ΠPayment on survival unlike Life Insurance

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M First Heart Attack
M Coronary Artery Disease requiring surgery
M Stroke
M Cancer
M Kidney Failure
M Major Organ Transplant
M Multiple Sclerosis
M Primary Pulmonary Arterial Hypertension
M Aorta Graft Surgery
M Paralysis

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M All Team Members are eligible to join the Medicare
Hospitalization policy entered into with The Medicare
Services Ltd.

M Employees have an option to select a Family Floater Cover

for self, spouse, 2 children and parents / in-
in- laws for a floater
amount of Rs.3, 5, 7.5, 10 or 15 lacs.

M Enrollment into this scheme is done only through Hr4U.

Incase an employee fails to do his/her enrollment within 15
days from the date of creation of his hr4u id, the company
gives him/her a default coverage of Rs. 3 Lakhs for self only.
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M The coverage amount once selected or given by default cannot
be changed during the policy period (1st September to 31st
August ) However, family members can be added at any time.

M There is a company subsidy of Rs.5,000/-

Rs.5,000/- (Sep ² Aug) towards
Medicare premium. Any premium amount exceeding Rs.5,000 is
recovered from the employee's salary. Details are uploaded on
Hr4U on the following path: Hr4U> Medicare> Medicare
Details

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To enroll your FAMILY MEMBERS
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ëanjyot Bhole
ëenior Manager

ëhruti ëhrivastava ëmriti ëaini

Assistant Manager ëenior Executive

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M The Talent Management & Employee Engagement
function undertakes & implements all Employee
development/Engagement initiatives in BALIC
M Currently the initiatives undertaken are:
M Talent Management Program (TMP) which is currently open
for L3B & above and aims to holistically assess both
performance & potential of employees & enables
enables us to
develop an organisation wide talent map
M Succession Planning that facilitates the successors for each
critical position to be determined.
M Excellence Awards which recognize all outstanding achievers
in BALIC in Non-
Non-Sales functions.

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ΠTo assess the performance of all employees against their pre-
pre-
defined targets /KRAs .
ΠAims to improve the job performance and satisfaction
ΠA platform for the supervisors to give feedback on performance,
managerial skills and behaviour/ attitude
ΠEnhancing performance and employee engagement.
ΠEnables all employees to make their full contribution to the
achievement of the organizations· strategic goals.
ΠReward good performers suitably.

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ΠThe performance appraisal process in BALIC is a
biannual ie all eligible employees are assessed against
their set KRAs twice a year ² in October and April.
ΠThe review period looks as under:
M Target Setting with in 1 month of Joining
M Mid--year Appraisals:1st April to 31st September
Mid
M Annual Appraisals :1st October to 31st March

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ΠAll employees who have joined on or before December 31st
of the previous year.

ΠAll employees in Non Sales functions across L1 to L5 grade

ΠAll HO Employees are eligible for appraisal

ΠSales Employees except front line Sales (approximately L2

and above)
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:: All Sales Employees of Grade L2B & Above ( Except
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Except Area Managers)
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ΠEmployees have to complete their Target setting with in 1
month of joining.

ΠEmployees have to discuss and finalize their targets with their

superiors

ΠThe target setting and appraisal process is done through the HR

Portal ie HR4U.
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ΠFollowing categories of employees have standard target templates that
are decided by the concerned functional head / department head :
M CSE
M ABS/AM
ABS/AM--Ops
M SOM
M Branch Accountant/State Accountant/Regional Accountant
M Branch Training Executives/Branch Training Manager/State
Training Manager/Regional Training Manager/Zonal Training
Manager (Includes all Agency/Alternate & Bancassurance & Direct
Marketing Trainers)
M Admin Executives
M HUB Employees
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targets
Leave approving authority is taken as Reviewer details missing
Appraiser by default

Input Target Description Some space is left blank. Press delete

on all the blanks rows

Weightage should be 100%: Sum of weightage is not equal to

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ëagar Vadapurkar
Manager

ëmriti Mahindra Adil Merchant ëhatabdi Nath ëmita Mishra

Assistant Manager Assistant Manager ëenior Executive ëenior Executive

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ΠOur Management Trainee program !4 involves
recruitment PAN India from management colleges.
colleges.
ΠThe Onboarding of the Management Trainees happen every year
on 1st of July
July..
Œ The MT·s undergo a comprehensive two weeks training at the
Head office, post which they are assigned their respective
locations..
locations
ΠThey are in the training period for one year .
ΠAppraisal happens next year in the month of June ,post which
depending on the overall performance & delivery they are
absorbed as ASSISTANT MANAGER in the organization.
organization.

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ΠAll Outsourced Employees are on the rolls of Bajaj Allianz
Staffing Solutions (BASS), a sister concern of Bajaj Allianz
Financial Distribution Ltd.
ΠWe have more than 4000 employees on the rolls of BASS.
ΠWe are responsible for the entire process pertaining to
outsourced employees starting from Hiring till the Exit of an
employee
ΠAbsorption on BALIC Rolls: The outsourced employees are also
eligible for absorption to BALIC rolls based on their
performance and tenure with the organization. The process is
followed by a written test & personal round of interview.


 

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ΠWe have the following Trainee program:

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M This trainee are taken in the IT Dept for a training period of 2
years.
years.
M Performance Appraisal happens every after 6 months and
depending on the overall performance and delivery, they are being
absorbed in Grade L2.
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M This trainee are taken in the Operations Dept for a training period
of 1 year.
year.
M Performance Appraisal happens after completion of 1 year and
depending on the overall performance and delivery, they are being
absorbed in Grade L1 |
 
 
ΠThe entire recruitment requirements for the Head Office
( HO ) is taken care by the Talent Acquisition team.
team.
ΠThe recruitment requirements that are covered under this
are :
M Fresh recruitments
M Internal Job Postings (IJP·s) : This is done for the entire organization
across regions.
regions.
M Rehiring
M Project / Summer Trainees


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 - Induction of all new employees (on-
(on-rolls
and off-
off-rolls)

Πm
  Soft Skills workshops

Π 
( ² Short duration interactions with
industry stalwarts

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( ² Elearning course for BALIC
employees  1

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ΠLeadership Development Programme

ΠHigh Impact Leadership

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Incentives given to employees for clearing exams
conducted by Insurance Institute of India

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Jaydeep Chaure
Head - HR

¦homas Augustine
AVP ± Business HR

Zonal HR Managers

ëtate HR Managers

ër Exe/Exe ± ëtate wise

CëR ± ëtate wise

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M Compliments the HO HR team as representation at the ground
level catering to the HR needs of the vast spread of offices
M Extended arm of the various HR product teams from HO
M One stop for all HR needs across the country across all
channels
M Implementation and feedback of all initiatives undertaken by
HR
M Undertakes Branch visits, HR Induction, Attendance
processing, employee grievance management, Policy awareness,
Talent Acquisition, Talent Management, Performance
management among a host of other HR activities

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