Bajaj Allianz Group Credit Protection Plus is an economical way of protecting your member’s family from loan repayment in case the member dies due to an accident or if he is permanently disabled or is suffering from a critical illness.
Level of sum assured or reducing sum assured or level of cover for interest-only loans can be chosen. You can also choose between single life and joint. You can also choose the type of premium from regular and single premium option. There is also an option to add Accelerated Critical Illness Benefit and Accelerated Accidental Permanent Total Disability Benefit cover. This policy covers the loan given by employers, financial institutions, cooperative societies, etc.
Size of the group | Minimum 50 members |
Entry Age | Minimum – 15 years Maximum – 68 years |
Maximum age at maturity | 70 years |
Type | A traditional group insurance plan. |
Basis | Group |
Coverage |
|
Sum assured | Minimum – Rs.10,000 Maximum – No limit |
Policy term | Minimum: For single premium option – 2 years For regular premium option – 5 years for level cover and 8 years for reducing cover Maximum: 30 years |
Premium amount | Minimum – Rs.1,00,000 Maximum – No limit |
Premium paying term | For reducing cover: 2/3rd of the policy term of individual members rounded to two years. Level cover: Policy term of individual members |
Premium paying frequency | Single, annual, half-yearly, quarterly and monthly. The premium payment frequency can be changed on the request of the member or the master policyholder at the anniversary of the membership. |
Riders | Not available. |
Bonuses | No bonus offered. |
Surrender Value | The surrender value depends on the option chosen under the policy. If level cover regular premium is chosen, you will not get any surrender value. If you have chosen the reducing cover regular premium option, the member can surrender after all the premiums have been paid. If you have chosen the single premium option, then the member can surrender the policy at any time. When surrender value is available, the higher or guaranteed surrender value or special surrender value is payable. Master policy cannot be surrendered. But the master policyholder can enrol a new member at any time after the commencement of the policy. |
Loan | Not available. |
Free look period | The plan has a 15 days free look period from the date of receipt of the policy document. You need to provide a written reason of objection along with the policy document. You will receive refund on the date of allocation along with deductions of proportionate risk charges and expenses incurred on medical examination and the stamp duty charges, if any. |
Grace period | The policyholder will get 15 days grace period for monthly frequency of premium payment or it is 30 days for other frequencies of premium payment. |
Tax benefits | Tax benefits are as applicable by law. |
Revival | The member’s cover can be revived from 2 years from the due date of the first unpaid premium. A written application must be submitted and all the unpaid premiums along with the interest should be paid. The revival is approved as per the laws of the company. |
Critical illness covered | Cancer of specified severity First heart attack Open chest CABG Kidney failure requiring regular dialysis Stroke Major organ and bone marrow transplant Permanent paralysis Multiple sclerosis Aortic surgery Pulmonary hypertension Alzheimer’s disease |
The advantages of Bajaj Allianz Group Credit Protection Plus are:
The master policyholder takes the policy on joint or single cover for its member. In the event of death or major critical illness or of disability, the policy will cover the death benefits and critical illness benefit and disability cover. But on paying this benefit, the risk cover will be terminated.
The premium starts at Rs.1 lakh. There is no upper limit. The term for reducing cover is 2/3rd of the policy term of individual members rounded to two years and for level cover it is the policy term of individual members. Premiums can be paid in either of the following modes- single, annual, half-yearly, quarterly and monthly. The premium payment frequency can be changed on the request of the member or the master policyholder at the anniversary of the membership. There are no riders available with this policy.
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