• Bajaj Allianz Group Credit Protection Plus Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Overview

    Bajaj Allianz Group Credit Protection Plus Credit Protection Plus is an economical way of protecting your member’s family from loan repayment in case the member dies due to 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 life cover . 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.

    Eligibility Conditions of Bajaj Allianz Group Credit Protection Plus

    Size of the group

    Minimum 50 members

    Entry Age

    Minimum – 15 years

    Maximum – 68 years

    Maximum age at maturity

    70 years

    Key Features of Bajaj Allianz Group Credit Protection Plus

    Type

    A traditional group insurance plan.

    Basis

    Group

    Coverage

    • Death Benefit: If the member or either one of the joint member dies, the sum assured is payable on the date of death. If it is a joint life, then the death benefit of the member or both of the members will be terminated.

    • Accelerated Critical Illness Benefit: On diagnosis of any critical illness on the life of the member, the sum assured as on the date of diagnosis is paid. After this payment is done, the risk cover shall be terminated.

    • Accelerated Accidental Permanent Total Disability Benefit: On permanent disability due to accident, the sum assured as on the date of the accident is paid. But on the payment, the risk benefit will be terminated.

    • Maturity Benefit: There is no maturity benefit with this plan.

    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

    Advantages of Bajaj Allianz Group Credit Protection Plus

    The advantages of Bajaj Allianz Life Group Credit Protection Plus are:

    • Protection for member’s family from the burden of repaying loan.
    • Can choose between single life and joint life cover and the type of premium can be chosen from regular and single premium option.
    • There is an option to add Accelerated Critical Illness Benefit and Accelerated Accidental Permanent Total Disability Benefit cover.
    • Policy covers the loan given by employers, financial institutions, cooperative societies, etc.

    How the Plan Works

    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.

    Premium Payment and Riders

    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.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Bajaj Allianz Group Credit Protection Plus Plan Reviews

  • Page 1 of 17 1 2 3 4 5
    • Bajaj Allianz Life Life Insurance
      "Best product offerings"
      0.5 4.0/5 "Great!"
      I have three policies from Bajaj Allianz life. The premium gets auto debited from the account(Check details here : https://www.bajajallianzlife.com). I don't have to worry about the due date and this makes life so much easier. The agents are very friendly and in case of any discomfort, they have always helped me understand and sort things out. I recommend Bajaj Allianz to everyone over any other company in the market
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
    • Bajaj Allianz Life Life Insurance
      "Excellent Policy"
      0.5 5.0/5 "Blown Away!"
      Got a Bajaj Allianz Life insurance policy around 4 years ago. The policy tenure 18 years with a premium amount of Rs. 12,000 in a year. The customer support is very responsive, and I loved their support every time. The plan benefit is excellent and most of the services can be availed online(https://www.bajajallianzlife.com).
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • Bajaj Allianz Life Life Insurance
      "Satisfied"
      0.5 3.5/5 "Pretty good"
      I have a Bajaj Allianz life insurance from more than 10 years and it is a long term policy. There are not much branches of Bajaj. I am happy with the coverage and returns of this insurance policy. I pay my premium once in a year and i am convenient with the payment options. I have taken this policy mainly for tax savings.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2018
    • Bajaj Allianz Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The main issue with the Life Insurance policy from Bajaj is that I've been receiving n number of fake calls. I never had any issues pertaining to this policy. I pay the premium either via check or online. Overall Their service is not as good as I expected.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • Bajaj Allianz Life Life Insurance
      "GOOD POLICY"
      0.5 5.0/5 "Blown Away!"
      I took this policy mainly because of the good returns, its long tenure process , the payment can be done through easy monthly ecs . The best about the policy is claim rate is high compared to other policy available in the market. There customer service and customer response is good .
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 30, 2018
    • Bajaj Allianz Life Life Insurance
      "Life insurance with BAJAJ"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from BAJAJ ALLIANZ and the policy premium is 30000 annually. This is an investment come insurance policy so i will get some interest from mutual funds. We have to pay the premium for 5 years. The customer service and response with the card is fine.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have four policy's with Bajaj Allianz Life Insurance service. Tenure period is good with Bajaj Allianz Life Insurance service. The payments options are through online. It was an good experience with Bajaj Allianz Life Insurance service.
      Was this review helpful? 0
      , thane
      Reviewed on Apr 25, 2018
    • Bajaj Allianz Life Life Insurance
      "Worst company to buy insurance from"
      0.5 1.0/5 "Really Bad"
      I had bought Super Saver policy which is Super Loser policy. Instead of giving returns, it actually eats up all your money. Agents mislead you that the policy can be withdrawn at early stage of 3 or 5 years. But actual term is 15 years or so. Absolutely rubbish plan. Customer support is pathetic an unhelpful. No knowledge about the product as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 31, 2018
    • Bajaj Allianz Life Life Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I hold a my life insurance with Bajaj Allianz from last 15 years and it is a long term policy. The tenure of this policy is 10 years. I have to pay a premium for 4-5 years and for remaining years the company will pay. It is an average policy, i am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 29, 2018
    • Bajaj Allianz Life Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 7-8 years and it is a term insurance. The tenure of this life insurance policy is 20 years. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the Life insurance policy from the BAJAJ ALLIANZ LIFE INSURANCE Company. I have got this policy around a year ago. The customer support service is good with the BAJAJ ALLIANZ LIFE INSURANCE company. This policy has the tenure of life time and I have paid Rs,12,000 to this policy .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 14, 2018
    • Bajaj Allianz Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the Life insurance policy from the BAJAJ ALLIANZ LIFE INSURANCE Company. I have got this policy around a year ago. The customer support service is good with the BAJAJ ALLIANZ LIFE INSURANCE company. This policy has the tenure of life time and I have paid Rs,12,000 to this policy .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 14, 2018
    • Bajaj Allianz Life Life Insurance
      "better experience"
      0.5 4.0/5 "Great!"
      I had applied and got a life insurance policy from the famous private sector insurance company BAJAJ ALLIANZ LIFE INSURANCE. Most of all benefits are covered under one policy. I feel that there are no benefits to renew my health policy so I withdrawn my health policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 03, 2018
    • Bajaj Allianz Life Life Insurance
      "Better "
      0.5 3.0/5 "Satisfactory"
      I have taken the life insurance policy with the Bajaj allianz life insurance company. The premium amount is nominal one for me and the coverage value is reasonable one for me with them. Every aspects are better one with the Bajaj allianz life insurance company.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 03, 2018
    • Bajaj Allianz Life Life Insurance
      "Very Good Investment"
      0.5 4.0/5 "Great!"
      This is absolutely a delight to have this Insurance. I took it last November. Their return is around 9.5%. I have been paying Rs.50000 as an annual premium for it. I just need to pay for 6 years and after that it has a 6 years locking period after which I can take out a good return out of it.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 02, 2018
    • Bajaj Allianz Life Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Bajaj Life insurance service is good. I have taken one policy with Bajaj for the period of 15 years. The payments are generally through online and the new schemes and offers they provide is good,it is totally a good experience with Bajaj Life insurance service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 02, 2018
    • Bajaj Allianz Life Life Insurance
      "Good policy to use"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with Bajaj Allianz from last 5 years and it is a short term policy. This policy has a tenure period of 2 years and my premium amount gets auto deducted from the salary account. I am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 27, 2018
    • Bajaj Allianz Life Life Insurance
      "Okay"
      0.5 2.5/5 "Just OK"
      I am having the life insurance policy with the Bajaj allianz life insurance company. I would like to say that the customer service is good one and the coverage value too. Every aspects are not yet experienced with the Bajaj allianz life insurance company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 26, 2018
    • Bajaj Allianz Life Life Insurance
      "Good policy"
      0.5 4.5/5 "Excellent!"
      Recently I took a life insurance with Bajaj Allianz. It was taken through an agent. The representative was very kind and helpful. It is good and secured policy. I paid 25K yearly for this insurance. I made the payment through cheque. The total tenure period is 7 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 08, 2018
    • Bajaj Allianz Life Life Insurance
      "Good Products"
      0.5 5.0/5 "Blown Away!"
      Bajaj Finserv issued insurance for the loan products, its a life insurance cum accidental cover from Bajaj Allianz company. They have taken one time premium around Rs. 3100 for the tenure of six years. They are providing critical illness, accidental care as well. I got the policy copy on time, I am satisfied about it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2018
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