Date: 01 Jun, 2018
Provisional Emp. No. - PR21111 Strictly Confidential
Vipul Tyagi
162,DHEEMANPURA
SHIV COLONY
SHAMLI
Dear Vipul,
This has reference to your application and subsequent discussions. We are pleased to offer you the position of “Territory
Manager Virtual Office” with Bajaj Allianz General Insurance Company Limited.
1. Location
You shall be based at Delhi(Shamli (VSO)). However, the Company reserves the right to transfer you to any other location
where the Company has office or newly established office as per the requirements of the Company. Your services are
transferable at short notice, to any department or to any Office, Branch, division of this Company or you will be sent on
deputation to any subsidiary Company/holding Company/group Company/fellow subsidiary Company/group Company
associate Company/affiliate entity of this Company or to any other incorporated Company/unincorporated entities, as per the
discretion of this Company. In the event of your transfer/deputation, as the case may be, the terms and conditions of
employment outlined herein shall continue to apply along with any modifications thereof as may be applicable. However, you
shall be required to adhere to the rules and regulations as prevalent at the new place of posting/new company to which you
are sent on deputation.
2. Compensation Package
(a) Your compensation package will be as detailed in Annexure A. The Compensation package shall be governed by the
Policies and Guidelines of the Company presently applicable and as may be modified from time to time.(b) If entitled, you
shall become a member of Provident Fund and Employees Pension Scheme and other applicable Employee Welfare/ Benefit
Schemes as presently applicable and as may be modified from time to time.(c) If you were subscribing to the Employees
Provident Fund and Family Pension Scheme or Employees Pension Scheme in your previous employment, you shall furnish
the full particulars such as your Account Number, family particulars etc. at the time of joining.
3. Job Description
Although your normal work will consist of the duties assigned to you from time to time, you may at any time be called upon to
discharge any other duties which in the opinion of the Company are within your capacity to discharge and you will forthwith
undertake to discharge those duties with diligence and care.
4. Medical Fitness
Your appointment and continuation in employment is subject to your being found fit in the pre-employment Medical
Examination and in any Medical Examination during the course of your employment as may be prescribed by the Company.
5. Leave
(a) You will be entitled for leave and paid holidays as per the policy of the Company as presently applicable and as may be
modified from time to time. However, even if there is sufficient leave balance to your credit, you cannot remain absent from
duty/office [for the reason other than due to your sickness or similar urgency which is beyond your control] without prior
sanction from competent authority. Further, any such unauthorized absence continuously for more than the specified
Regd. & Head Office: Bajaj Allianz House, Airport Road, Yerwada, Pune 411 006. Tel (+91 20) 66026666 Fax (+91 20) 66026667
E-mail: customercare@[Link] Website: [Link] CIN No.: U66010PN2000PLC015329
Appointment letter of Vikas Kumar
Page number 2 of 7.
number of days as per policy of the Company will be treated as "absconding/disappearing" in which case your services are
liable to be terminated, at the option of the Company, by initially giving one notice to you after expiry of unauthorized absence
for more than the specified number of days as per policy of the Company and thereafter, by giving a further notice, if need
be, in which case your services will automatically stand terminated for absconding/disappearing at the expiry of the period
mentioned in the above further notice. Provided further, the service of notice referred to hereinabove may be served by the
Company at your email address available with the Company which will be deemed to be sufficient service of notice without
any further need to send such notice by courier/registered post AD/speed post/certificate of posting etc.,
(b) Upon your retirement, voluntary resignation or termination simplicitor of your services by the Company, the accrued
Earned Leaves will be encashed at the rate of Basic Salary for the number of Earned leaves to your credit. Provided however,
if there are any acts, commissions and omissions on your part for which disciplinary action is pending or contemplated, then
notwithstanding voluntary resignation or otherwise, encashment of Earned Leaves will depend upon the final outcome of such
disciplinary proceedings pending/contemplated and or as per legal provisions. Explanation: For the purpose of this clause,
the usage of one month’s Basic salary shall mean “Fixed Basic Salary” as mentioned in Annexure A [under the head “Fixed
Basic”] attached hereto. It is further clarified that the corresponding Basic Salary actually applicable at the time of retirement,
voluntary resignation or termination simplicitor, as the case may be, shall apply.
6. Compliances
You shall be responsible to meet all requirements under Indian Tax Laws, including tax compliance and filing of tax returns.
The Company may withhold from any compensation or benefits payable to you, all Central, State, or other taxes as may be
required to be paid by you pursuant to any legislation, regulation or notification.
7. Code of Conduct
You shall at all times comply with the service regulations, Code of Conduct for the employees, etc presently applicable and
amended from time to time.
8. Retirement
The normal age of your retirement shall be 58 years and accordingly it is the condition of employment that you will
automatically retire on attaining the age of 58 years and no further notice whatsoever to you will be necessary in this regard.
However the Company may, in its discretion require you to retire at any age after attaining the age of 50 years without
assigning any reason whatsoever.
9. Other Terms and Conditions
(a) During your employment, you will be subject to the Service Rules regulations applicable from time to time.
(b) The terms and conditions contained herein shall be read along with the instructions, guidelines, policies, etc. and
amendments thereof as presently applicable to you and as may be amended from time to time and as may be made applicable
to you by the Company subsequently during the course of your employment.
(c) Any other terms, conditions, stipulations not specifically mentioned herein shall be governed by the HR Manual and
other Policies and procedures of the Company as presently applicable and as may be amended from time to time.
(d) You will not, during the continuance of your employment undertake or carry on either alone or in partnership nor be directly
or indirectly employed in or concerned with as principal agent, clerk, assistant, consultant, servant or otherwise in any other
business, trade, or profession whatsoever. You will devote your whole time and attention to your duties with us.
(e) You shall not during the course of your employment engage, participate, whether directly or indirectly in any business
competitive to the business of the Company.
Regd. & Head Office: Bajaj Allianz House, Airport Road, Yerwada, Pune 411 006. Tel (+91 20) 66026666 Fax (+91 20) 66026667
E-mail: customercare@[Link] Website: [Link] CIN No.: U66010PN2000PLC015329
Appointment letter of Vikas Kumar
Page number 3 of 7.
(f) You shall not do anything or cause to do anything, which shall bring dishonor and/or disrepute to the Company or
engage in unlawful/immoral activities.
(g) If at any time you get involved in any legal / administrative / quasi- judicial proceeding(s) you shall immediately inform
the Company the details thereof.
(h) You shall not at any time use your association with the Company to gain unfair advantage for personal purposes.
(i) In compliance of various statutory provisions and to ensure the safety of its women employees, Bajaj Allianz General
Insurance Company Limited shall not require any of its women employees to remain in the office and work beyond 7 PM. In
the event a woman employee needs to stay back after 7 PM on account of official work she has to inform the same to her
reporting authority and obtain approval for the same and for any reason whatsoever such instances of staying back in office
after 7 PM shall not be more than five times in a month.
(j) It shall be the responsibility of the Branch Head/ Office Head to ensure that no women employee stays back to work in
the office after 7 PM without the approval from her reporting authority.
10. Termination:
(A) During employment:
It is understood and agreed that this engagement/your services (i) may be terminated, at any time, by either party without
assigning any reasons by giving to the other party notice in writing of 30 days, in which case the termination shall take effect
at the end of such notice period, and (ii) is/are liable to be terminated by either party with immediate effect, at any time, without
assigning any reasons, by:
(1) Employee paying 30 days’ Basic Salary, in lieu of 30 days’ notice, to the Company, (2) Company paying to the
employee an amount equivalent to 30 days’ Gross Salary, in lieu of 30 days’ notice.
(b) In the event the termination of this engagement/your services with 30 days’ notice is at the instance of the Employee:
(i) Who has not requested a specific date for relieving, [before expiry of 30 days’ notice period required to be served as per
this appointment letter] then the Company at its sole discretion reserves the right to relieve the Employee on any date during
the notice period by waiving the notice period in full or part by paying to the Employee, prorata Gross salary for the notice
period/balance notice period waived. Acceptance of salary in lieu of notice period or for the balance notice period shall be
deemed that the Employee has agreed to be relieved [upon resignation] on the date with effect from which the Company has
waived the notice.
(ii) Who has requested a specific date for relieving, [before expiry of 30 days’ notice period required to be served as per this
appointment letter] then the Employee shall pay prorata Basic salary in lieu of balance notice period sought to be waived by
the Company. Provided further that even if the employee has requested a specific date for reliving, the Company at its sole
discretion reserves the right to relieve the Employee on any date before the requested specific date by paying to the
Employee, prorata Gross salary for the balance notice period till the specific date requested by employee. Acceptance of
prorata Gross salary, in lieu of balance notice period till the specific date requested by employee shall be deemed that the
Employee has agreed to be relieved [upon resignation] on the date with effect from which the Company has waived the notice.
(c) For the purpose of sub-clauses 10(A)(a) and (b), (1) the usage of 30 days’ Gross salary or salary shall mean “Gross
Salary” as mentioned in Annexure A [under the component “Total Fixed Pay”] attached hereto, as revised/amended/modified
from time to time, and (2) the usage of 30 day's’ Basic salary shall mean “Fixed Basic Salary” as mentioned in Annexure A
[under the head “Fixed Basic”] attached hereto, as revised/amended/modified from time to time. It is hereby clarified that the
corresponding amounts actually applicable at the time of issuance of termination notice shall apply.
Regd. & Head Office: Bajaj Allianz House, Airport Road, Yerwada, Pune 411 006. Tel (+91 20) 66026666 Fax (+91 20) 66026667
E-mail: customercare@[Link] Website: [Link] CIN No.: U66010PN2000PLC015329
Appointment letter of Vikas Kumar
Page number 4 of 7.
(B) Notwithstanding what is stated in other clauses of this Appointment Letter, at the sole discretion of the Company your
services are liable to be terminated without any notice or without payment of any salary in lieu of notice, in the event of (i)
your involvement in any misconduct or misdemeanour or (ii) you are making any false or untrue allegations against the
Company or your higher authorities or other employees of the Company or (iii) you are/have been convicted by any competent
court of law for any criminal offence/s [which may or may not be directly connected with the business of the Company], or (iv)
issuing of Corrective Action Plan [CAP] and expiry of period mentioned in CAP with no marked improvement of performance
as per the expectation of the Company, and in such cases even if you submit resignation such resignation shall be deemed
to have been automatically rejected upon issuing of show cause notice by the Company and the employee shall continue to
be bound by the disciplinary proceedings initiated by issuing the show cause notice. Once the misconduct, misdemeanour or
any criminal offence/s against you/of you and or false allegations made by you are brought to the notice of the employee/you
by personal delivery or by RPAD or by speed post or by certificate of posting or by Email/other electronic modes and the
employee abruptly stop coming to work under alleged resignation not accepted by the Company, then such absence shall be
treated as unauthorized absence coming under absconding definition with consequences, which is without prejudice to taking
suitable disciplinary proceedings. In this regard it is clarified that any acts of Sexual Harassment as per provisions of Sexual
Harassment of Women at Workplace (Prevention. Prohibition and
Redressal) Act, 2013 [“SH Act”] or any amendments/new legislation shall be treated as a Misconduct attracting the suitable
disciplinary action, apart from/in addition to action under SH Act.
(C) Upon the termination of your employment/engagement, you shall return to the Company all documents and/or copies
thereof and any other articles/properties belonging to the Company, including Identity Card, data card, Laptop etc., which
may at the relevant time be in your possession. Failing to so return to the Company shall be treated as criminal breach of
trust, attracting suitable criminal action by the Company.
11. Reservation of Rights
(a) In the event of your leaving the service of the Company for any reason, you shall immediately repay all outstanding
amounts due from you to the Company.
(b) The Company at all times reserves the rights to have a lien over the dues payable to you for recovery of cash advances
/ loans advanced to you by the Company and which are outstanding against your name.
(c) Your obligation to repay the outstanding amounts will not cease till the time the outstanding dues have been paid back to
the Company, even if you have been relieved from the services of the Company. In the event of your leaving the employment
of the Company without settling the amounts due from you to the Company or if the same are not recoverable, either in full
or part, from the dues payable to you by the Company, the Company shall reserve the right to institute appropriate remedial
proceedings to recover the outstanding amounts.
12. Confidential Information
(a) You acknowledge that the business of the Company is highly competitive and that any information concerning the
Company’s business (including but not limited to strategies, methods, books, records and documents, technical information
concerning its products, equipment, services and processes, customer lists, procurement procedures, pricing techniques and
credit and financial data concerning Company’s customers and business affiliates) all comprise confidential business
information and trade secrets, vital to the business of the Company.
(b) You hereby agree that you will not, at any time during or after your employment with the Company, make any unauthorized
disclosure of any confidential business information or trade secrets of the Company, or make any use thereof, except for the
benefit of and on behalf of, the Company. For the purpose of this paragraph, the term “Company” shall also include all affiliates
of the company.
(c) Any disclosure that has not been expressly authorized by the Company shall be called ‘unauthorized disclosure’ For the
purpose of this paragraph; the term “Company” shall also include all affiliates of the Company.
Regd. & Head Office: Bajaj Allianz House, Airport Road, Yerwada, Pune 411 006. Tel (+91 20) 66026666 Fax (+91 20) 66026667
E-mail: customercare@[Link] Website: [Link] CIN No.: U66010PN2000PLC015329
Appointment letter of Vikas Kumar
Page number 5 of 7.
(d) Unauthorized disclosure and use of confidential information constitutes a serious misconduct & the Company shall be
entitled to take appropriate disciplinary action against you including termination of service. Disclosure and use of Confidential
information of the Company after the termination of your relationship with the Company shall entitle the Company to initiate
appropriate legal proceedings, including but not limited to seeking an “order of injunction’. Where disclosure of confidential
information is made by you in observance of order of a competent court or may be required to made under any applicable
law you shall inform the Company either before or immediately thereafter the nature and extent of disclosures made and the
circumstances under which those disclosures were required to be made by you.
13. Intellectual property
All Works developed by you during the course of your employment with the Company, shall belong exclusively to the Company
and you hereby assign the ownership of copyrights of such works and those of any other derivative works, to the Company.
You will promptly provide to the Company a complete written disclosure for each such work identifying the features or concepts
you or the Company believe to be new or different. You grant to the Company an irrevocable, nonexclusive, worldwide,
perpetual, paid-up license under these Works.
The license scope is to make, have made, use, have used, sell, license or transfer items of such Works and to practice and
have practiced methods pertaining to such Works. You are specifically made aware that you will not be liable to any
compensation for such acts of yours, and that any rewards which the company may choose to bestow will not be deemed to
confer any rights towards that invention, discovery or improvement in system or method, for you.
14. Indemnity
You shall indemnify the Company against any loss, damage, proceeding which the Company might suffer due to any wrongful
acts, malafide acts, negligence, negligence and/or gross dereliction of duties on your part. Such indemnity shall not prejudice
the right of the Company to terminate your services on such account or the right of the Company to seek other remedies,
which the Company may have to make good the loss/damage.
15. Severability
If any provision of this agreement shall be invalid or unenforceable by any court of competent jurisdiction, the remainder of
this agreement, other than that portion determined to be invalid or unenforceable, shall be unaffected thereby and each valid
provision of this agreement shall be enforced to the fullest extent permitted by law.
16. Governing laws & Jurisdiction
The Laws of the Union of India shall govern this relationship. Any dispute arising out of this agreement shall be subject to
exclusive jurisdiction of courts at Pune.
17. Relationship with Directors
You will declare your relationship [“relationship as defined in Section 2 (77) of The Companies Act 2013 or any amendments
thereof, from time to time], in terms of Section 2 (77) of The Companies Act 2013. In case you become related to any of the
Directors of the Company, you will inform the Company within 7 days of becoming so.
18. Validity
The offer of employment shall be valid till 14 Jun, 2018 and you are required to communicate your acceptance of the same in
writing on or before the said date. You should join duties latest by 12 Jun, 2018. In case you do not communicate your
acceptance of the offer or do not join duties on the dates mentioned above, the offer contained in this letter shall stand
automatically cancelled, unless specifically extended by the Company, in writing. Upon your joining duties this letter of offer
shall be deemed to be your appointment letter.
Regd. & Head Office: Bajaj Allianz House, Airport Road, Yerwada, Pune 411 006. Tel (+91 20) 66026666 Fax (+91 20) 66026667
E-mail: customercare@[Link] Website: [Link] CIN No.: U66010PN2000PLC015329
Appointment letter of Vikas Kumar
Page number 6 of 7.
19. Background Verification – Assurances & Undertakings:
We are offering you the employment in the Company as per the details mentioned in the appointment letter basing it on your
assurances, undertaking and agreement that the education/qualification certificates, work experience certificates, previous
employer’s certificates, and all other certificates, information, declarations and undertakings are
true and correct. This appointment/employment offer is issued by the Company subject to reserving and examining, verifying
and investigating [by the Company or through the Company’s agents/consultants/investigation team] the correctness, truth
or veracity of assurances, information, declarations, undertakings, the various documents submitted by you i.e.
Education/qualification certificates, work experience certificates, previous employer’s certificates, and all other certificates.
Further, if at any time after your appointment/joining services of the Company, if the Company [upon verification, examining,
investigation etc.,] finds and comes to a conclusion that any one or all documents of educational/qualification certificates,
work experience certificates, previous employer’s certificates, and all other certificates, information, declarations, assurances
and undertakings are wrong, false, fraudulent, forged, or wilful suppression of facts, wilful wrong statements by you, your
assertion of correctness of facts/statement though you do not believe them to be true and or not true, then the Company
reserves the right to cancel your appointment and services [without any requirements of issuing any show cause notice or
without conducting any disciplinary proceedings] from the Company with effect from the date of your joining the Company or
at the sole discretion of the Company if it deems fit take appropriate disciplinary action. If the Company cancels your
appointment for the reasons stated in this clause, then your appointment/employment with the Company shall be deemed to
be cancelled and non-exist with effect from the date of your joining/the Company issuing appointment letter. In suitable cases
the Company also reserves right to take suitable criminal action/proceedings for submitting forged educational/qualification
certificates, work experience certificates, previous employer’s certificates, and all other certificates, information, declarations,
assurances and undertakings.
20. Mode of serving notice:
Any notice or other communication to be served upon you as per terms and conditions of this appointment letter may be sent
by sending the letter in physical paper form or by way of email or other electronic modes of service and accordingly any mode
of service is sufficient service of notice or other communication upon you and no further confirmation of email or electronic
communication is required.
21. Please sign and return a copy of this communication in acknowledgement of receipt and acceptance
We take this opportunity to welcome you to the organization and look forward to having you on board soon as a part of the
team
For Bajaj Allianz General Insurance Company Ltd.
Authorised Signatory
Acknowledgement and Acceptance
I have gone through all the terms and conditions mentioned in this offer letter/ appointment letter. I hereby declare that I have
fully understood these terms and agree that they shall remain binding. As a token of acceptance I have hereby signed the
duplicate of this letter.
Signature: _________________________________
Name : _________________________________
Date : __________________________________
Regd. & Head Office: Bajaj Allianz House, Airport Road, Yerwada, Pune 411 006. Tel (+91 20) 66026666 Fax (+91 20) 66026667
E-mail: customercare@[Link] Website: [Link] CIN No.: U66010PN2000PLC015329
Appointment letter of Vikas Kumar
Page number 7 of 7.
ANNEXURE - A
COMPENSATION ENTITLEMENT SHEET
Provisional No. PR21111 Controlled Document
Name Vipul Tyagi
Position description Territory Manager Virtual Office 1st Copy : Personal File
Date of Joining June 11, 2018
Level & Grade L1 A ( Executive)
Place of posting Delhi(Shamli (VSO))
S No. Components Per month Per annum
1 Fixed Basic 8750 105000
2 HRA 3500 42000
3 Statutory Bonus 1750 21000
4 Personal Pay 9529 114352
Total Fixed Pay - A 23529 282352
5 Provident fund 1050 12600
6 Gratuity As per Act 421 5048
Total Retirals Pay - B 1471 17648
7 **Cost to Company A+B 25000 300000
A RULES for Personal pay package: Each team member is free to exercise his choice of apportionment of Personal
Benefit package subject to the total limit given above and individual limits as mentioned against [Link] above selection
of the team member shall be taxable / non taxable as provided for under the Income Tax Act and the rules made thereunder and
amended from time to time.
B Group Term Life:Each team member shall be insured for a sum of 60 times the fixed monthly basic salary as on 1st
April of the financial year. The premium for this sum assured shall be paid for by the Company directly to the Insurance
Corporation. This is not a part of the CTC.
C Gratuity amount would be payable as per the norms specified under the Gratuity Act.
D ESIC deductions (employer's and employees) where applicable will be as per the Rules under the
ESIC Act and its amendments from time to time.
E Next salary revision will be done as per Company norms.
** All future ex-gratia Variable pay/ Performance pay would include prospective/ retrospectively increased or
additional Statutory payments liable to be paid by the Company because of changes in statues. Also the Company
reserves the right to adjust/ recover such increased/ additional statutory payments from the Cost to Company (CTC).
Further the Company will not be liable to pay any amount over and above CTC which includes all statutory payments
applicable. Company reserves right to change your salary structure at any time by treating this as required notice,
if any, under any Law & without any separate/further notice/ intimation. This is basis the fact that the CTC is inclusive
of all liability/ compensation obligations of the Company [whether towards statutory payments as well as towards
Basic pay and other components of pay] as mentioned in this Annexure.
Authorised Signatory Signature of the team member
Regd. & Head Office: Bajaj Allianz House, Airport Road, Yerwada, Pune 411 006. Tel (+91 20) 66026666 Fax (+91 20) 66026667
E-mail: customercare@[Link] Website: [Link] CIN No.: U66010PN2000PLC015329