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  • Bajaj Allianz Group Credit Protection Plus Plan

    Bajaj Allianz Life Insurance

    Overview

    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 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.

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