Bajaj Allianz Group Credit Protection Plus Plan
Bajaj Allianz Group Credit Protection Plus Plan offered by the Bajaj Allianz Group Insurance Plans. The Bajaj Allianz Group Credit Protection Plus, a non-participating Group Insurance Plan. Group Credit Protection has an economical way of protecting the family from loan repayment. In case the member dies due to the accident. Or if he had permanently injured or is suffering from a critical illness. And a peace of mind in the event of the premature demise of your member.
Key Features of Group Credit Protection Plus of Bajaj Allianz
- The plan provides financial security from the burden of repayment of the loan.
- Choice of level sum assured or reducing sum assured, level cover for interest-only loans.
- Choice of single life and joint life coverage.
- Tenure from 2 to 30 year.
- Choice of natural/single premium payment options.
- Option to add Accelerated Critical Illness Benefit and Accelerated Accidental Permanent Total Disability Benefit cover.
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Eligibility for the Bajaj Allianz Group Insurance Plans
Eligibility of Bajaj Allianz Group Credit Protection Plus Plan refers To table.
|Age at Entry||15 Years||68 Years|
|Maximum Age at Maturity||–||70 Years|
|Policy Term of Individual members||Single Premium Option: 2 years Regular Premium Option: 5 years (for level cover) & 8 years (for reducing cover)||30 Years|
|Premium payment term for Regular Premium option||Reducing Cover – 2/3rd policy term of individual members, rounded down in entire years Level Cover – Policy term of individual members|
|Sum Assured||Rs. 10,000/-||No Limit|
|Minimum Size of the Group||50 Members|
|Premium Payment Mode||Single, Annually, Half-Yearly, Quarterly, Monthly|
Benefits for Bajaj Allianz Group Credit Protection Plus Plan
Bajaj Allianz Group Credit Protection Plus Plan Provides the Benefits as given below.
If the members of policy, have not terminated already for any reason. In the event of unfortunate death of either of the two members. The sum assured as per the schedule of insurance as on date of death shall be payable. On the payment of the death benefit, all the risk of the member or both the members shall be terminated.
Accelerated Critical Illness Benefit
The policy members have not stopped already for any reason. On the diagnosis of any of the critical illness. Critical Illness on the life of a member or in the life of any of the two members. The sum assured as per the schedule of insurance as on date of diagnosis shall be payable. On the payment of the critical illness benefit, all the risk cover of the member or both can terminate.
Accelerated Accidental Permanent Total Disability Benefit
If the policy Members has not ended already for any reason, on the accidental permanent total disability. Of the member or any of the two members. The sum assured as per the plan of insurance as on date of the accidental permanent total disability Should payable. On Payment of the accidental permanent total disability benefit, all the risk of the member or both shall be terminated.
There is no maturity benefit in this Plan.
General Exclusion of Group Protection Plus Plan
In case the member commits suicide, whether sane or insane, within one (1) year from the date of commencement of risk, the member’s cover should terminate by paying 80% of the premium paid, whether or not any beneficial interest has created therein.
The member’s cover validity have determined by the actual date of death of the life assured and not the date of intimation of mortality.
- Disability as a result of the member/s committing any breach of law.
- War, invasion, civil war, rebellion or riot.
- Disability of member/s as a consequence of the war, invasion, civil war, rebellion or riot.
- Disability as a result of the member/s taking part in any naval, military or air force operation.
- Any critical illness or its signs or symptoms having occurred within six months of the Entry Date or the date of revival.
Bajaj Allianz Group Plans