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Bajaj Allianz Group Credit Protection Plus Plan and Policy

Bajaj Allianz Group Credit Protection Plus Plan and Policy - 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.

Key Features - Bajaj Allianz Group Credit Protection Plus Plan and Policy:

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

Eligibility Details - Bajaj Allianz Group Credit Protection Plus Plan and Policy:

Size of the group

Minimum 50 members

Entry Age

Minimum – 15 years

Maximum – 68 years

Maximum age at maturity

70 years

Benefits - Bajaj Allianz Group Credit Protection Plus Plan and Policy:

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.

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